(MENAFN- EIN Presswire) EINPresswire/ -- What Is The Hydrogen Fuel Cell Vehicle Market Size And Growth?
The market for hydrogen fuel cell vehicles has witnessed significant expansion in recent periods. hydrogen fuel cell vehicles market size is set to increase from $9.61 billion in 2024 to $11.48 billion in 2025, with a compound annual growth rate (CAGR) of 19.5%. The historical growth has been driven by factors such as the upsurge in the automobile industry, infrastructure advancements, stricter emission rules, and heightened consumer consciousness.

Anticipations of swift progression are imminent within the hydrogen fuel cell vehicle market size, over the subsequent years, growing to a considerable size of $23.6 billion by 2029 with a compound annual growth rate (CAGR) of 19.7%. This projected growth within the stipulated timeframe can be credited to global market sprawl, strategies to cut down costs, commercialization endeavors, research and developmental pushes, and mounting ecological apprehensions. Dominant trends in the forecast session consist of tactics to reduce costs, quick prototyping and commercialization, emissions regulations, enhancing supply chain, and consumer demand and consciousness.

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What Are The Current Leading Growth Drivers For Hydrogen Fuel Cell Vehicle Market?
The growth of the hydrogen fuel cell vehicle market is being fueled by the escalating adoption of electric vehicles. Instead of an internal combustion engine, electric vehicles operate on an electric motor. The surge in fuel prices and pollution has escalated the demand for electric vehicles. A hydrogen fuel cell is utilized by the electric vehicle to power its on-board electric motor. These EVs convert chemical energy into mechanical energy to facilitate propulsion and leverage sustainable energy sources which don't produce greenhouse gases or ozone-damaging precursors. For example, the International Energy Agency, located in France, reported in July 2023 that electric vehicle sales reached 10 million in 2022, projecting an increase to 14 million sales in 2023. Consequently, the hydrogen fuel cell vehicle market is expected to expand in line with the growing demand for electric vehicles.

Which Companies Are Currently Leading In The Hydrogen Fuel Cell Vehicle Market?
Major players in the Hydrogen Fuel Cell Vehicle include:
. Toyota Motor Corporation
. Daimler AG
. General Motors Company
. BMW AG
. Honda Motor Company Ltd
. Hyundai Motor Company
. Bosch
. Ballard Power Systems Inc
. Kia Motor Corporation
. Groupe Renault

What Are Some Emerging Trends In The Hydrogen Fuel Cell Vehicle Market?
The hydrogen fuel cell vehicle market is seeing a rise in strategic partnerships, a trend which is increasingly becoming popular. Partnerships are being utilized by industry-leading companies to make the most of each other's assets and break into fresh markets. A prime example of this was in March 2022, when South Korean automotive manufacturer Hyundai Motor Company, known for their work in hydrogen fuel cell vehicles, formed a partnership with Iveco Group, who specialize in powertrain technology and are based in the Netherlands. This collaboration aims to harness the capabilities of both businesses in areas such as electric drivetrains, communication, automated driving, fuel cell technology, and platform development for commercial vehicles. Furthermore, in September 2024, Toyota Motor Corporation, a Japanese firm that also focuses on hydrogen fuel cell vehicles, partnered up with the German car maker Bayerische Flugzeuge-Werke AG(BMW), demonstrating the importance of collaboration in the hydrogen realm. The objective of this partnership is to strengthen their teamwork in the hydrogen sector for the establishment of a hydrogen society and achieving complete carbon neutrality. This would be done through the development and enhancement of fuel cell systems and associated infrastructure.

How Is The Hydrogen Fuel Cell Vehicle Market Segmented?
The hydrogen fuel cell vehiclemarket covered in this report is segmented –

1) By Vehicle Type: Commercial Vehicle, Passenger Cars
2) By Technology: Proton Exchange Membrane Fuel Cell, Alkaline Fuel cell, Solid Oxide Fuel Cell, Other Technologies
3) By End User: Private, Commercial

Subsegments:
1) By Commercial Vehicle: Heavy-Duty Trucks, Buses, Delivery Vans, Forklifts And Material Handling Equipment
2) By Passenger Cars: Fuel Cell Electric Vehicles (FCEVs), Hydrogen Hybrid Vehicles

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Which Is The Dominating Region For The Hydrogen Fuel Cell Vehicle Market?
In 2024, North America held the leading position in the hydrogen fuel cell vehicle market. The market report for hydrogen fuel cell vehicles incorporates regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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