Hydrogen Fuel Cell Vehicle Market Global Size, Share, Trends, Growth 2018 Industry Analysis Report To 2023

Hydrogen Fuel Cell Vehicle Market Analysis From 2018 To 2023. Hydrogen Fuel Cell Vehicle Market by Technology (Proton Exchange Membrane Fuel Cell, Alkaline Fuel cell, Solid Oxide Fuel Cell), By Vehicle Type(Commercial Vehicle and Passenger Cars)and Region - Forecast To 2023.

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Global Hydrogen Fuel Cell Vehicle Market Highlights:

The global hydrogen fuel cell vehicle market is a very dynamic market and is expected to witness high growth over the forecast period. The growth of hydrogen fuel cell vehicle market is influenced by the long-term air quality and climate goals. Hydrogen car accounts for lower global warming emissions than a comparable gasoline car. Hydrogen can connect different energy sectors with energy transmission & distribution, thus increasing the operational flexibility of future low-carbon energy systems. Hydrogen with a low-carbon footprint, has the potential to facilitate significant reductions in energy-related CO2 emissions for lower local air pollutants and noise emissions compared to direct fossil fuel combustion. However entirely new and expensive infrastructure system acts as a major restraint for the growth of the market.

A new trend in research and development carried out by automotive manufacturers into fuel efficiency with focus on advantageous locations for production and short-distance supply to reduce costs. Hydrogen fuel cell vehicle market is expected to flourish during the forecast period due to the major driving factors such focus on high-quality products, changing lifestyle of consumers and rising spending power. Automotive companies including passenger car manufacturers are constantly trying to emphasize more on innovation for their product offering in order to enhance the efficiency in automotive sector.

The hydrogen fuel cell vehicle market is undergoing various changes with evolving customer expectations, acceleration of technological innovation, and shifts in competitive power. Increasing number of funding commitments for the commercialization and development of refueling infrastructure will be crucial factors for the growth of the market in the years to come. The global hydrogen fuel cell vehicle market has been segmented, based on technology, of which the proton exchange membrane fuel cell (PEMFC) segment accounted for the largest market share in the forecasted period. On the basis of vehicle type, it is segmented into commercial car and passenger cars. Passenger cars segment stands at the first place, and is expected to grow further in the forecast period. Hydrogen fuel cell vehicle market is expected to grow at a CAGR of more than 8.12%.

In terms of geography, North America accounted for the majority market share and will continue to dominate the market in the forecast period. California continues to witness unparalleled leadership in the area of FCV incentives and hydrogen infrastructure. The state’s ongoing planning and support led it to be one of the first places in the world to have commercial zero-emission FCVs on its roadways. The developments of hydrogen fueling infrastructure are majorly accelerated by companies such as Toyota Motor Sales, and countries such as U.K., Germany, Japan, and California has announced plans to help the funding of hydrogen fueling station.

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