Hydrogen Fuel Cell Vehicle Market Poised to Reach $57.89 Billion Globally by 2032 with a 43.0% CAGR | AMR
Hydrogen Fuel Cell Vehicle Market Growth
OREGAON, PORTLAND, UNITED STATESย , April 25, 2024 /EINPresswire.com/ -- Allied Market Research published a report, titled, "Hydrogen Fuel Cell Vehicle Market by Vehicle Type (Sedan, SUV, and Others), Technology (Proton Exchange Membrane Fuel Cell and Phosphoric Acid Fuel Cell), and Range (0-250 Miles, 251-500 Miles, and Above 500 Miles): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global hydrogen fuel cell vehicle market size was valued at $1,479.3 million in 2022 and is projected to reach $57,899.1 million by 2032, registering a CAGR of 43.0% from 2023 to 2032.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ - https://www.alliedmarketresearch.com/request-sample/4558
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.
๐๐ซ๐ข๐ฆ๐ ๐๐๐ญ๐๐ซ๐ฆ๐ข๐ง๐๐ง๐ญ๐ฌ ๐จ๐ ๐ ๐ซ๐จ๐ฐ๐ญ๐ก
Surge in environmental concerns, increase in government initiatives for the development of hydrogen fuel cell infrastructure, and technological advancement drive the growth of the market. Thus, the hydrogen fuel cell vehicle manufacturing and automotive component manufacturing sector is witnessing prominent growth in growing economies such as Japan, South Korea, and China, which is expected to provide lucrative opportunities for the growth of the hydrogen fuel cell vehicle market in the region. Sales of hydrogen fuel cell vehicles are directly associated with automotive production and sales activities across the globe. The COVID-19 crisis is causing uncertainty in the hydrogen fuel cell vehicle market by delaying supply chains, hampering business growth, and generating uncertain demand scenarios.
๐๐ก๐ ๐๐๐ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ข๐ฌ ๐๐ฑ๐ฉ๐๐๐ญ๐๐ ๐ญ๐จ ๐ซ๐๐ฆ๐๐ข๐ง ๐๐จ๐ฆ๐ข๐ง๐๐ง๐ญ ๐ญ๐ก๐ซ๐จ๐ฎ๐ ๐ก๐จ๐ฎ๐ญ ๐ญ๐ก๐ ๐๐จ๐ซ๐๐๐๐ฌ๐ญ ๐ฉ๐๐ซ๐ข๐จ๐.
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.
๐๐ก๐ ๐ฉ๐ซ๐จ๐ญ๐จ๐ง ๐๐ฑ๐๐ก๐๐ง๐ ๐ ๐ฆ๐๐ฆ๐๐ซ๐๐ง๐ ๐๐ฎ๐๐ฅ ๐๐๐ฅ๐ฅ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ข๐ฌ ๐ฉ๐ซ๐จ๐ฃ๐๐๐ญ๐๐ ๐ญ๐จ ๐ซ๐๐ฆ๐๐ข๐ง ๐๐จ๐ฆ๐ข๐ง๐๐ง๐ญ ๐ญ๐ก๐ซ๐จ๐ฎ๐ ๐ก๐จ๐ฎ๐ญ ๐ญ๐ก๐ ๐๐จ๐ซ๐๐๐๐ฌ๐ญ ๐ฉ๐๐ซ๐ข๐จ๐.
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.
๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ: https://www.alliedmarketresearch.com/hydrogen-fuel-cell-vehicle-market/purchase-options
๐๐ก๐ ๐๐๐-๐๐๐ ๐๐ข๐ฅ๐๐ฌ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ข๐ฌ ๐๐ฑ๐ฉ๐๐๐ญ๐๐ ๐ญ๐จ ๐ฆ๐๐ข๐ง๐ญ๐๐ข๐ง ๐ข๐ญ๐ฌ ๐๐จ๐ฆ๐ข๐ง๐๐ญ๐ข๐ง๐ ๐ฉ๐จ๐ฌ๐ข๐ญ๐ข๐จ๐ง ๐๐ฎ๐ซ๐ข๐ง๐ ๐ญ๐ก๐ ๐๐จ๐ซ๐๐๐๐ฌ๐ญ ๐ฉ๐๐ซ๐ข๐จ๐.
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.
๐๐๐๐๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ: -
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.
๐๐ง๐ญ๐๐ซ๐๐ฌ๐ญ๐๐ ๐ญ๐จ ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐ญ๐ก๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ? ๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ - https://www.alliedmarketresearch.com/purchase-enquiry/4558
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.At 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 Motorโฏwill deploy 30 Class 8 6x4 XCIENT Fuel Cell heavy-duty tractors at the Port of Oakland, California, in 2023.
๐๐ข๐ฆ๐ข๐ฅ๐๐ซ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐๐ ๐๐๐ฏ๐ ๐จ๐ง ๐ ๐ฎ๐๐ฅ ๐๐๐ฅ๐ฅ ๐๐ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ:
https://www.alliedmarketresearch.com/automotive-fuel-cell-market-A08903 - Global Opportunity Analysis and Industry Forecast, 2023-2032
https://www.alliedmarketresearch.com/fuel-cell-bikes-market-A10059 - Global Opportunity Analysis and Industry Forecast, 2030-2040
https://www.alliedmarketresearch.com/hydrogen-fuel-cell-train-market-A07806 - Global Opportunity Analysis and Industry Forecast, 2025-2035
https://www.alliedmarketresearch.com/hydrogen-fuel-cell-truck-market-A74607 - Global Opportunity Analysis and Industry Forecast, 2023-2032
https://www.alliedmarketresearch.com/fuel-cell-uav-market-A10660 - Global Opportunity Analysis and Industry Forecast, 2023-2032
David Correa
Allied Market Research
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