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Hydrogen Vehicle Market Growth Will Escalate Rapidly 2018-2026 by Global Top Players - Toyota Motor Corporation, Hyundai Motor Company, Honda Motor Co. Ltd., Daimler AG., Audi, BMW, General Motors, MAN, Ford Motor Company, and VOLVO.

11-13-2018 07:24 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: coherenet market insights

Hydrogen Vehicle Market Growth Will Escalate Rapidly 2018-2026

Hydrogen vehicles use hydrogen fuel cells instead of conventional fuel. This fuel cell converts chemical energy into electrical energy. Increasing environmental concerns of government bodies to reduce the emissions of harmful gases and increasing adoption of technological advancements are likely to foster growth of the hydrogen vehicle market during the forecast period.

Lack of conventional fuel sources along with concerns regarding growing carbon footprint is fuelling growth of the global hydrogen vehicle market

Factors driving growth of the global market include increasing CO2 emissions in conjunction with stringent regulations being formulated to control emission of such harmful gases. Hydrogen vehicles are responsible for controlling the CO2 emission, as hydrogen combines with oxygen in the fuel cell to produce water, which is a clean by-product. . Hydrogen vehicles are eco-friendly, thus the demand for these vehicles is increasing, in turn, boosting growth of the hydrogen vehicles market.

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Reduction in prices of the hydrogen cell is expected to drive market growth in the near future

Reducing fuel cell prices is a key factor driving growth of the hydrogen vehicles market. In the present market scenario, fuel cell manufacturing companies are investing in new technologies to help reduce the overall cost of hydrogen fuel cells. For instance, in September 2017, Nisshinbo Holdings Inc., introduced the carbon alloy catalyst for the replacement of platinum catalyst, as cost of platinum is higher than carbon alloys. This in turn, helps reduce the overall price of the hydrogen fuel cell. For instance, According to the U.S. Department of Energy, a single fuel-cell vehicle requires US$ 3,650 for catalyst materials, which accounts for 40-45% of the cost of the cell's internal components. Platinum is sold for US$ 36.35 (4,000 yen) per gram. Therefore, manufacturers are developing new catalysts for hydrogen vehicles which in turn, is fuelling growth of the market

Global Hydrogen Vehicle Market: Regional Insights

The market for Asia Pacific accounted for the largest share in the 2016 and this region is expected to retain its dominance during the forecast period. The increasing adoption of hydrogen fuel cell in emerging economies such as India and China is driving growth of the market. Owing to rise in industrialization and commercialization and growing working class population in these economies, is increasing the overall disposable income of individuals. As per International Monetary Fund (IMF) GDP growth trend, the economic activities in advanced and emerging economies increased by 3.1% in 2017 from 2016. This in turn, is expected to increase the purchasing power of consumers, thus propelling growth of the hydrogen vehicles market. Moreover, the increasing government regulations to reduce emissions from vehicles is further expected to boost the demand for hydrogen fuel cells. For instance, according to the European Union, EU Regulation No 443/2009 sets an average CO2 emissions target for new passenger cars of 130 grams/kilometer. A target of 95 grams/kilometer will be applicable from 2021. These factors in turn, are expected to propel growth of the regional market.

Global Hydrogen Vehicle Market: Taxonomy

By Vehicle Type

Commercial
Passengers
Others
By Technology

Proton Exchange Membrane Fuel Cell
Alkaline Fuel cell,
Solid Oxide Fuel Cell

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Major players operating in the global hydrogen vehicle market include Toyota Motor Corporation, Hyundai Motor Company, Honda Motor Co. Ltd., Daimler AG., Audi, BMW, General Motors, MAN, Ford Motor Company, and VOLVO.

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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