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Hydrogen Fuel Cell Vehicle Market Set To Soar, Reaching $57.89 Billion Globally By 2032 At A Staggering 43% CAGR: AMR
(MENAFN- EIN Presswire)
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The hydrogen fuel cell vehicle industry holds great potential in the near future to change the scenario of global environment concerns regarding pollutions and carbon emissions. Though developing hydrogen fuel cell vehicles in countries and adoption of HFCV globally support the market growth during the forecast timeframe. Nations are rapidly changing the policies regarding the subsidies for hydrogen fuel cell vehicles for achieve the net zero carbon emission target. Also, the other local government activities on climate may increase the opportunity for fuel cell electric buses in the U.S. Furthermore, the newly formed Fuel Cell Electric Bus Commercialization Consortium is also promoting deployments, supported by the California Air Resources Board. Such establishments will give notable growth to the hydrogen fuel cell vehicle market.
For instance, Hyundai Auto Canada Corp has announced the arrival of fuel cell SUV named "NEXO" in March 2019. The NEXO is powered with the hydrogen and has a range of 570 km. In addition, by collaborating with Vancouver based carsharing service -Modo, this NEXO will be available for customer use. Furthermore, in April 2019, Ballard Unmanned Systems (subsidiary of Ballard Power Systems, Inc.) announced the launch of the FCair fuel cell product line for commercial UAVs.
The SUV segment is expected to remain dominant throughout the forecast period.
By vehicle type, the SUV segment held the highest market share in 2022, accounting for more than half of the global hydrogen fuel cell vehicle market revenue , and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 43.2% from 2023 to 2032, owing to the increase in demand for Hydrogen Fuel Cell SUVs.
Procure Complete Research Report Now: /purchase-options
The proton exchange membrane fuel cell segment is projected to remain dominant throughout the forecast period.
By technology, the proton exchange membrane fuel cell segment held the highest market share in 2022, accounting for more than half of the global Hydrogen Fuel Cell Vehicle market and is projected to grow at a CAGR of 43.4% during the forecast period.
The 251-500 Miles segment is expected to maintain its dominating position during the forecast period.
By range, the 251-500 miles segment accounted for the largest share in 2022, contributing to more than half of the global Hydrogen Fuel Cell Vehicle market revenue. However, 0-250 Miles is projected to lead the market during the forecast period with a CAGR of 44.8% during the forecast period.
Asia-Pacific to maintain its dominance by 2032
By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for one-third of the Hydrogen Fuel Cell Vehicle market revenue. However, North America is a dominant market for hydrogen fuel cell vehicles with the presence of major players that offer HFCVs. Further, the rapid development of hydrogen refueling stations (HRS) in this region drives the market growth. For instance, in December 2022, at its Performance Manufacturing Center (PMC) in Marysville, Ohio, Honda revealed that it would begin producing a brand-new hydrogen fuel cell electric vehicle (FCEV) in 2024 that will be based on the recently released, all-new Honda CR-V.
Interested to Procure the Research Report? Inquire Before Buying -
Leading Market Players: -
BMW Group
Hyundai Motor Group
AUDI AG
Ballard Power Systems
Toyota Motor Corporation
MAN SE
Honda Motor Co. Ltd.
Mercedes-Benz Group AG
General Motors
AB Volvo
The report provides a detailed analysis of these key players in the global Hydrogen Fuel Cell Vehicle market . These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Moreover, the U.S. cities are looking forward to eliminating the emissions from their public transit fleets. For instance, the mayor of Los Angeles has set an objective of 2030 for an emissions-free fleet. Also, the companies are expanding the U.S. market for increasing their revenue which increases the market share of the U.S. during the forecast period. For instance, Hyundai Motor planned to expand into U.S. Market with Hydrogen-powered XCIENT Fuel Cells at ACT Expo the ACT Expo, the largest advanced transportation technology and clean fleet event, Hyundai Motor will share the progress of the NorCAL ZERO Project. Through the project, also known as Zero-Emission Regional Truck Operations with Fuel Cell Electric Truck, Hyundai Motor will deploy 30 Class 8 6x4 XCIENT Fuel Cell heavy-duty tractors at the Port of Oakland, California, in 2023.
Similar Reports We Have on Fuel Cell EV Industry:
- Global Opportunity Analysis and Industry Forecast, 2023-2032
- Global Opportunity Analysis and Industry Forecast, 2030-2040
- Global Opportunity Analysis and Industry Forecast, 2025-2035
- Global Opportunity Analysis and Industry Forecast, 2023-2032
- Global Opportunity Analysis and Industry Forecast, 2023-2032
Hydrogen fuel Cell Vehicle industry Size
WILMINGTON, NEW CASTLE, DE, UNITED STATES, September 19, 2024 /EINPresswire / -- According to a new report published by Allied market Research, titled,“Hydrogen Fuel Cell Vehicle Market ," The hydrogen fuel cell vehicle market was valued at $1.5 billion in 2022, and is estimated to reach $57.9 billion by 2032, growing at a CAGR of 43% from 2023 to 2032.Download Sample Pages -
The hydrogen fuel cell vehicle industry holds great potential in the near future to change the scenario of global environment concerns regarding pollutions and carbon emissions. Though developing hydrogen fuel cell vehicles in countries and adoption of HFCV globally support the market growth during the forecast timeframe. Nations are rapidly changing the policies regarding the subsidies for hydrogen fuel cell vehicles for achieve the net zero carbon emission target. Also, the other local government activities on climate may increase the opportunity for fuel cell electric buses in the U.S. Furthermore, the newly formed Fuel Cell Electric Bus Commercialization Consortium is also promoting deployments, supported by the California Air Resources Board. Such establishments will give notable growth to the hydrogen fuel cell vehicle market.
For instance, Hyundai Auto Canada Corp has announced the arrival of fuel cell SUV named "NEXO" in March 2019. The NEXO is powered with the hydrogen and has a range of 570 km. In addition, by collaborating with Vancouver based carsharing service -Modo, this NEXO will be available for customer use. Furthermore, in April 2019, Ballard Unmanned Systems (subsidiary of Ballard Power Systems, Inc.) announced the launch of the FCair fuel cell product line for commercial UAVs.
The SUV segment is expected to remain dominant throughout the forecast period.
By vehicle type, the SUV segment held the highest market share in 2022, accounting for more than half of the global hydrogen fuel cell vehicle market revenue , and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 43.2% from 2023 to 2032, owing to the increase in demand for Hydrogen Fuel Cell SUVs.
Procure Complete Research Report Now: /purchase-options
The proton exchange membrane fuel cell segment is projected to remain dominant throughout the forecast period.
By technology, the proton exchange membrane fuel cell segment held the highest market share in 2022, accounting for more than half of the global Hydrogen Fuel Cell Vehicle market and is projected to grow at a CAGR of 43.4% during the forecast period.
The 251-500 Miles segment is expected to maintain its dominating position during the forecast period.
By range, the 251-500 miles segment accounted for the largest share in 2022, contributing to more than half of the global Hydrogen Fuel Cell Vehicle market revenue. However, 0-250 Miles is projected to lead the market during the forecast period with a CAGR of 44.8% during the forecast period.
Asia-Pacific to maintain its dominance by 2032
By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for one-third of the Hydrogen Fuel Cell Vehicle market revenue. However, North America is a dominant market for hydrogen fuel cell vehicles with the presence of major players that offer HFCVs. Further, the rapid development of hydrogen refueling stations (HRS) in this region drives the market growth. For instance, in December 2022, at its Performance Manufacturing Center (PMC) in Marysville, Ohio, Honda revealed that it would begin producing a brand-new hydrogen fuel cell electric vehicle (FCEV) in 2024 that will be based on the recently released, all-new Honda CR-V.
Interested to Procure the Research Report? Inquire Before Buying -
Leading Market Players: -
BMW Group
Hyundai Motor Group
AUDI AG
Ballard Power Systems
Toyota Motor Corporation
MAN SE
Honda Motor Co. Ltd.
Mercedes-Benz Group AG
General Motors
AB Volvo
The report provides a detailed analysis of these key players in the global Hydrogen Fuel Cell Vehicle market . These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Moreover, the U.S. cities are looking forward to eliminating the emissions from their public transit fleets. For instance, the mayor of Los Angeles has set an objective of 2030 for an emissions-free fleet. Also, the companies are expanding the U.S. market for increasing their revenue which increases the market share of the U.S. during the forecast period. For instance, Hyundai Motor planned to expand into U.S. Market with Hydrogen-powered XCIENT Fuel Cells at ACT Expo the ACT Expo, the largest advanced transportation technology and clean fleet event, Hyundai Motor will share the progress of the NorCAL ZERO Project. Through the project, also known as Zero-Emission Regional Truck Operations with Fuel Cell Electric Truck, Hyundai Motor will deploy 30 Class 8 6x4 XCIENT Fuel Cell heavy-duty tractors at the Port of Oakland, California, in 2023.
Similar Reports We Have on Fuel Cell EV Industry:
- Global Opportunity Analysis and Industry Forecast, 2023-2032
- Global Opportunity Analysis and Industry Forecast, 2030-2040
- Global Opportunity Analysis and Industry Forecast, 2025-2035
- Global Opportunity Analysis and Industry Forecast, 2023-2032
- Global Opportunity Analysis and Industry Forecast, 2023-2032
David Correa
Allied Market Research
+1 800-792-5285
email us here
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