Hydrogen Vehicle Market Ongoing Trends, Recent Developments & Forecast till 2031 | PDC Machines, McPhy Energy N.A., and IVYS Energy Solutions
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In a bid to improve fuel efficiency, there has been a rise in R&D activity for the development of fuel cell technology for commercial purposes, with automotive players looking into hydrogen vehicles as an avenue to explore.
The preference of consumers is also gradually shifting towards cars that have a smaller or no carbon footprint, even as the awareness of the impact of air pollution rises among people.
Both these factors are likely to have a significant impact on the growth of the global hydrogen vehicle market.
The advantages of hydrogen vehicles for the stakeholders in the industry and the consumers in the market, like fuel efficiency, zero-emission and reduced oil dependency.
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The growth of the hydrogen vehicle market is likely to be restrained by factors that include the danger of being unable to detect the leakage of hydrogen and high flammability, and the high cost of the vehicles and the infrastructure needed to refuel them as well.
Despite these restraints, the growing demand for hydrogen fuel cell vehicles, is expected to drive the hydrogen vehicle market forward.
Global Hydrogen Vehicle Market: Snapshot
The global hydrogen vehicle market is foreseen to increase growth while riding on important changes caused due to shifts in competitive powers, acceleration of technological innovation, and improving customer expectations.
It could bank on increased funding and commitments for the development and commercialization of refueling infrastructure.
The new trend of performing extensive research and development for fuel efficiency is expected to set the tone for valuable growth of the market. Large emphasis on innovation of products in the automotive sector could emerge as a strong factor augmenting the demand in the market.
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Unrivaled leadership in hydrogen infrastructure and fuel cell vehicle (FCV) incentives attained by the U.S. is foretold to push the North America hydrogen vehicle market in the coming years.
California is desperately looking to become the first state in the world to see commercial zero-emission FCVs running on its roadways.
On the other hand, Asia Pacific is prognosticated to take advantage of the significant production and demand for automobiles to gain growth in the market.
South Korea and Japan could continue to provide support for fuel cell technology. High demand for passenger cars is envisaged to create rewarding market opportunities in the near future.
In its newly compiled research report, Fact.MR provides valuable perspectives on the global hydrogen vehicle market and crucial information pertaining to its growth prospects.
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Valuable insights compiled in the research report highlight the impact of technological developments on the demand for hydrogen vehicles and various opportunities and challenges for manufacturers.
Based on the recent market developments and trends identified in the global market, the research report offers accurate forecast and analysis on the hydrogen vehicle market.
The research report serves as a comprehensive business document for the major market participants identified in the global hydrogen vehicle market.
Some of the leading participants operating in the global market include Ballard Power System, GM Hydrogenics, FuelCell Energy, Daimler AG. Other prominent market participants identified in the global market include Toyota, Hyundai, BMW, Audi, and Honda.
The report provides insightful data pertaining to various marketing strategies adopted by the leading market players over the coming years.
Gradual shift from gasoline and fuel towards hydrogen is redefining the energy system globally.
As governments in various countries are pushing for environment-friendly fuel solutions, the leading automotive manufacturers such as Toyota and Daimler SA are concentrating on adopting hydrogen fuel cells in the vehicles.
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Hydrogen fuel cells are increasingly gaining popularity among the leading automotive companies such as BMW and Audi as they offers higher efficiency and low heat transmission.
Hydrogen Vehicle Market: Demand to Remain Concentrated in the Transportation and Aviation Industry
Transportation system across the globe entirely depends on fossil fuels, which leads to increasing emission of carbon dioxide in the environment. Increased emission of carbon dioxide can adversely impact human health, and lead to an increase in the prevalence of chronic diseases.
In order to implement environment-friendly solutions, governments across countries are pushing the automotive manufacturers to adopt relatively cleaner fuels, such as hydrogen fuel cells.
Incorporation of hydrogen fuel cells in the automotive industry can lower emission levels, reduce greenhouse effect, and offer enhanced driving experience.
With the growing emphasis on decarbonization by the ruling authorities in various countries, leading manufacturers are also diversifying their focus towards developing hydrogen fuel cells for aircraft and ships.
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To offer improved services, major manufacturers such as Airbus and Hyundai in the aviation and shipping industry are utilizing battery cells and hydrogen for effective outcome and improved efficiency of the aircraft and ships. Governments in both developing and developed countries are significantly pushing leading manufacturers to use hydrogen vehicles as it lowers the dependence on other oil imports, while augmenting the domestic energy production.
Hydrogen Vehicle Market: Innovative Product Launches to Boost Market Growth
To consolidate their position, leading automotive manufacturers are focusing on developing innovative combustion engine central to the requirements of various vehicles. For instance, UK-based companies Innovate UK and ULEMCo entered into a partnership recently and developed world’s first hydrogen combustion truck. These companies jointly developed a new hydrogen-fuelled zero-emission truck that does not emit carbon monoxide and minimizes the cost of change for potential customers.
In addition, major automotive companies such as Toyota Motor Corporation are focusing on diversifying their scope of developing hydrogen fuel cells towards hydrogen refueling station in the U.S. Recently, Toyota Motor Corporation collaborated with Shell, an energy company to develop world’s first hydrogen truck refueling station.
The companies have received an award of nearly US$ 8 Mn for this project and stated that with the invention of the hydrogen truck refueling station, they intend to encourage decarbonization with the increased use the zero-emission hydrogen fuel cell electric trucks.
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