Commercial Hydrogen Vehicle Market to Accumulate Revenue of US$ 57.9 Billion By 2032

The commercial hydrogen vehicle market for has reached US$ 4 billion as of 2022, and by the end of 2032, it is expected to grow at a rapid CAGR of 30.6% to reach US$ 57.9 billion. By the end of 2032, sales of commercial hydrogen vehicles are anticipated to have increased 14.4X globally.

Despite being the most prevalent element in the universe, hydrogen lacks independence, i.e., it must be separated from other substances, such as water or natural gas. However, there are trade-offs regarding cost and environmental impact, not all are made equal. Some of the features of FCEVs are high driving range, quick refilling, silent operation, and zero emissions of greenhouse gases & air pollutants. Therefore, using fuel cells for transportation and automotive purposes is suitable.

Download Sample Copy of This Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=7918?AS

Key Companies Profiled

• Anglo American
• DAF
• Daimler Truck
• General Motors
• Hinduja Group
• Hyundai Motor Group
• Hyzon Motors
• International Truck
• Komatsu
• MAN
• New Flyer Industries Ltd.,
• Nikola Corporation

Key findings of the commercial hydrogen vehicle study:

• The global commercial hydrogen vehicle market is projected to expand at an impressive CAGR of 30.6% and create an absolute dollar opportunity US$ 54.7 billion by 2032.
• The market expanded at 10.8% CAGR for the period of 2017-2021.
• Under fuel cell technology, PEMFC commercial hydrogen vehicles dominate the market and are valued at US$ 3.5 billion in 2022.
• Buses & coaches dominated the market with 43.1% market share in 2022.
• Demand for commercial hydrogen vehicles is expected to increase at CAGRs of 33.9% and 31.5%, respectively, in the Americas and EMEA.

Competitive Assessment:

For years, fuel cell car prices have been dropping significantly, and throughout the course of the next ten years and beyond, they will keep declining. The cost of fuel cell vehicles, particularly buses, has decreased by 65% in the last few years, despite their low production volume.

Significant advancements in fuel cells have been made thanks to technological advances and product upgrades by many manufacturers. A variety of additional factors, such as the following, have also helped to lower the overall cost of fuel cell electric vehicles:

Lower cost and better integration of the vehicle's electric drivetrain, decreased cost of the hydrogen storage tank, hybridization of the vehicle's fuel cell and batteries.

• In Nov. 2021, Hinduja Group's premier Ashok Leyland revealed that the corporation is working on commercial vehicles powered by hydrogen, and a team is actively building these vehicles.
• In Sept. 2021, Hyundai Motor Group hopes to be the first vehicle maker in the world to power all of its commercial vehicle models with fuel cell systems to make hydrogen vehicles more widely available by lowering the cost of the technology by 2028.
• In Jan. 2021, truck manufacturer Navistar International Corp. announced that it will partner with American automobile maker General Motors Co. and others to create a commercial truck powered by hydrogen fuel cells and an accompanying fueling infrastructure.

Industry Research

• By Fuel Cell Technology :

o PAFC
o DMFC
o PEMFC

• By Fuel Capacity :

o Up to 75 kW
o 75-100 kW
o 100-150 kW
o Above 150 kW

• By Vehicle Category :

o LCV s
o HCVs
o Buses & Coaches
o Industrial Trucks

Geographically, this report is segmented into several key Regions along with their respective countries

• North America[United States, Canada, Mexico]
• South America[Brazil, Argentina, Columbia, Chile, Peru]
• Europe[Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
• The Middle East & Africa[GCC, North Africa, South Africa]
• Asia-Pacific[China, Southeast Asia, India, Japan, Korea, Western Asia]
How can Fact.MR Make Difference?
• Comprehensive analysis of several aspects of market that may impact the growth rate of the market
• Sheds light on recent developments and marketing strategies undertaken by leading companies in the market worldwide
• Described key factors that are likely to influence market growth during the forecast period.
• Provides estimated growth rate on the basis of historic growth rate and future prospects
• Latest innovations and product launch done in the global landscape
• Provides detailed description about competitive landscape with reference to leading companies and new entrants in the market

Get Customization on this Report for Specific Research Solutions:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=7918?AS

Contact:
US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232 (D)
Email : sales@factmr.com

About Fact.MR

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That's why focus on offering insights that can actually make a difference to bottom-lines.

This release was published on openPR.