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Global Fuel Cell Vehicle Market Size, Share And Forecast To 2030
(MENAFN- Straits Research)
Global fuel Cell Vehicle market Grows at a Staggering CAGR of 48.3%
An oxidant and chemical energy are transformed into electricity by an electrochemical reactor called a fuel cell. Recently, a hydrogen-powered reactor has been referred to as a“fuel cell.” Hydrogen is the preferred fuel cell technology in the modern world because it can convert oxygen and water into electricity. The combustion of hydrogen in early internal combustion engines was accomplished analogously by burning gasoline in modern engines by lighting the hydrogen itself on fire. However, this was unsuccessful because of safety and low energy density worries.
Market Dynamics
Growing Demand for Renewable Energies and Green Technology and Rising Investments in Research and Development Drives the Global Market
Population growth has resulted in increased pollution, driving the trend toward clean fuels and green technology to reduce carbon emissions successfully. The transition from traditional fuel automobiles to environmentally friendly vehicles has recently increased the market for fuel cell vehicles. Other factors, such as strict environmental legislation, the availability of incentives and subsidies for clean fuels, and hazardous gas emissions from internal combustion engine vehicles, are expected to drive market growth over the forecast period.
Most of the research and development efforts being put forth on a global scale are focused on the creation and advancement of automobiles powered by fuel cells. Despite this, research and development efforts focused on utilities, the defense industry's uncrewed aerial vehicles (UAVs), and portable power generation units have seen significant growth. Governments worldwide are putting more emphasis on using renewable energy sources, which has resulted in an overall increase in investments in the use of fuel cells to produce electricity. Consequently, the increased investment contributes to an improvement in the future and the present growth of the innovation market for fuel cells.
Growing Applications of Hydrogen Fuel Cell Vehicles Creates Tremendous Opportunities
Hydrogen fuel cell vehicles are expanding their applications to include heavy commercial trucks to improve efficiency. For example, Hyzon Motors Inc., a leading global participant in zero-emission hydrogen fuel cell-based commercial vehicles, announced the development of a hydrogen storage system technology that can reduce the cost and weight of the commercial vehicle's production. This new technique can reduce the number of manufacturing components by 75%, the system weight by 43%, and the cost of system storage by 52%. This method uses lightweight composite material for system metal printing and is based on a single rack system that can store five hydrogen cylinders at the same time. Hyzon Motors Inc.'s European and American divisions have collaborated on developing this onboard storage system technology. Due to ongoing technological advancements to reduce costs and carbon emissions, there are efforts to integrate hydrogen fuel cell technology as the primary power source for future vehicle production.
Regional Analysis
Asia-Pacific is anticipated to dominate the global fuel cell vehicle market. The key factor driving the growth of the passenger cars market in this region is the rising sales of automobiles in countries like South Korea and Japan. Government actions in Japan encouraging fuel cell vehicles and giving consumer assistance in vehicle subsidies are also driving market growth in this region. Europe is expected to have the second highest CAGR during the projection period.
Key Highlights
The global fuel cell vehicle market was valued at USD 1.11 billion in 2021. It is projected to reach USD 38.51 billion by 2030, growing at a CAGR of 48.3% during the forecast period (2022–2030).
Based on vehicle type, the market is segmented into passenger automobiles, light commercial vehicles, and heavy commercial vehicles. The passenger car segmentis expected to dominate the global fuel cell vehicle market.
Based on range, the market is divided into short-range and long-range short-distance sector is anticipated to dominate the global fuel cell vehicle market.
Asia-Pacific is anticipated to dominate the global fuel cell vehicle market.
Competitive Analysis
The global fuel cell vehiclemarket's major key players are Daimler AG, Honda Motors Co. Ltd., Nikola Corporation, Toyota Motor Corporation, Hyundai Motor Group, Ballard Power System Inc., Volvo AB, General Motors, BMW AG, Audi AG, General Motors Company, Man Se, American Honda Motor Co., Toshiba.
Market News
May 2022- Mercedes-Benz eCampus readies Untertürkheim site for an all-electric future.
May 2022- Mercedes-Benz and Sila achieve breakthroughs with high silicon automotive batteries.
June 2022- Toyota and Woven Planet Have Developed a New Portable Hydrogen Cartridge Prototype.
June 2022- Second-life use: Audi e-Tron battery modules power electrifies rickshaws in India.
Global Fuel Cell Vehicle Market: Segmentation
By Vehicle
Passenger Cars
LCV's
HCV's
By Range
Short Range
Long Range
By Regions
North America
Europe
Asia-Pacific
LAMEA
An oxidant and chemical energy are transformed into electricity by an electrochemical reactor called a fuel cell. Recently, a hydrogen-powered reactor has been referred to as a“fuel cell.” Hydrogen is the preferred fuel cell technology in the modern world because it can convert oxygen and water into electricity. The combustion of hydrogen in early internal combustion engines was accomplished analogously by burning gasoline in modern engines by lighting the hydrogen itself on fire. However, this was unsuccessful because of safety and low energy density worries.
Market Dynamics
Growing Demand for Renewable Energies and Green Technology and Rising Investments in Research and Development Drives the Global Market
Population growth has resulted in increased pollution, driving the trend toward clean fuels and green technology to reduce carbon emissions successfully. The transition from traditional fuel automobiles to environmentally friendly vehicles has recently increased the market for fuel cell vehicles. Other factors, such as strict environmental legislation, the availability of incentives and subsidies for clean fuels, and hazardous gas emissions from internal combustion engine vehicles, are expected to drive market growth over the forecast period.
Most of the research and development efforts being put forth on a global scale are focused on the creation and advancement of automobiles powered by fuel cells. Despite this, research and development efforts focused on utilities, the defense industry's uncrewed aerial vehicles (UAVs), and portable power generation units have seen significant growth. Governments worldwide are putting more emphasis on using renewable energy sources, which has resulted in an overall increase in investments in the use of fuel cells to produce electricity. Consequently, the increased investment contributes to an improvement in the future and the present growth of the innovation market for fuel cells.
Growing Applications of Hydrogen Fuel Cell Vehicles Creates Tremendous Opportunities
Hydrogen fuel cell vehicles are expanding their applications to include heavy commercial trucks to improve efficiency. For example, Hyzon Motors Inc., a leading global participant in zero-emission hydrogen fuel cell-based commercial vehicles, announced the development of a hydrogen storage system technology that can reduce the cost and weight of the commercial vehicle's production. This new technique can reduce the number of manufacturing components by 75%, the system weight by 43%, and the cost of system storage by 52%. This method uses lightweight composite material for system metal printing and is based on a single rack system that can store five hydrogen cylinders at the same time. Hyzon Motors Inc.'s European and American divisions have collaborated on developing this onboard storage system technology. Due to ongoing technological advancements to reduce costs and carbon emissions, there are efforts to integrate hydrogen fuel cell technology as the primary power source for future vehicle production.
Regional Analysis
Asia-Pacific is anticipated to dominate the global fuel cell vehicle market. The key factor driving the growth of the passenger cars market in this region is the rising sales of automobiles in countries like South Korea and Japan. Government actions in Japan encouraging fuel cell vehicles and giving consumer assistance in vehicle subsidies are also driving market growth in this region. Europe is expected to have the second highest CAGR during the projection period.
Key Highlights
The global fuel cell vehicle market was valued at USD 1.11 billion in 2021. It is projected to reach USD 38.51 billion by 2030, growing at a CAGR of 48.3% during the forecast period (2022–2030).
Based on vehicle type, the market is segmented into passenger automobiles, light commercial vehicles, and heavy commercial vehicles. The passenger car segmentis expected to dominate the global fuel cell vehicle market.
Based on range, the market is divided into short-range and long-range short-distance sector is anticipated to dominate the global fuel cell vehicle market.
Asia-Pacific is anticipated to dominate the global fuel cell vehicle market.
Competitive Analysis
The global fuel cell vehiclemarket's major key players are Daimler AG, Honda Motors Co. Ltd., Nikola Corporation, Toyota Motor Corporation, Hyundai Motor Group, Ballard Power System Inc., Volvo AB, General Motors, BMW AG, Audi AG, General Motors Company, Man Se, American Honda Motor Co., Toshiba.
Market News
May 2022- Mercedes-Benz eCampus readies Untertürkheim site for an all-electric future.
May 2022- Mercedes-Benz and Sila achieve breakthroughs with high silicon automotive batteries.
June 2022- Toyota and Woven Planet Have Developed a New Portable Hydrogen Cartridge Prototype.
June 2022- Second-life use: Audi e-Tron battery modules power electrifies rickshaws in India.
Global Fuel Cell Vehicle Market: Segmentation
By Vehicle
Passenger Cars
LCV's
HCV's
By Range
Short Range
Long Range
By Regions
North America
Europe
Asia-Pacific
LAMEA
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