Hydrogen Fuel Cell Vehicle Market: Global Opportunity Analysis & Industry Forecast, 2017-2023
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By vehicle type, passenger vehicle is a dominant segment in 2016. Based on technology, the others fuel cell segment is expected to register the highest CAGR of 72.4% during the forecast period, followed by proton exchange membrane fuel cell and phosphoric acid fuel cell with CAGR 71.9% and 69.9% respectively.
Honda, Toyota, Hyundai, Daimler, Audi, BMW, Volvo, Ballard Power Systems, General Motors, and MAN are the key market players operating in the hydrogen fuel cell vehicle market.
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Global Hydrogen Fuel Cell Vehicle Market was valued at $278 million in 2016, and is projected to reach at $12,133 million by 2023, growing at a CAGR of 72.4% from 2017 to 2023. Hydrogen Fuel Cell Vehicle Market is a device that generates electricity from hydrogen while the vehicle is running. It uses a hydrogen fuel cell to power its on-board electric motor. Hydrogen fuel cell vehicles do not create any greenhouse gas (GHG) emissions during vehicle operation unlike diesel-powered and gasoline vehicles. Furthermore, the remarkable potential of hydrogen fuel cell vehicles to reduce emissions from the transportation sector fuels the market growth rate.
This study comprises analytical depiction of the global hydrogen fuel cell vehicle market with current trends and future estimations to portray the imminent investment pockets.
The overall market potential is determined to understand the profitable trends to gain a stronger foothold.
The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
The current market is quantitatively analyzed from 2017 to 2023 to highlight the financial competency of the market.
Porters Five Forces analysis illustrates the potency of the buyers and suppliers in the industry.
Factors that are expected to impact the global hydrogen fuel cell vehicle market during the forecast period are as follows
Rise in environmental concern
Government initiatives for development of hydrogen fuel cell infrastructure
High initial investment in infrastructure
Advance in technology and future potential in hydrogen fuel cell vehicle market
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