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Fuel Cell Vehicle Market Report 2023-2032: Global Outlook, Competitive Landscape, Growth Rate And Major Players | Toyota Motor Corporation, Honda Motor Co., Ltd., Hyundai Motor Company, Volvo AB, General Motors
Fuel Cell Vehicle Market
The Business Research Company's Fuel Cell Vehicle Global Market Report 2023 identifies The increased demand for fuel-efficient, high-performance, and low-emission cars as the major driver for the Fuel Cell Vehicle Market's growth in the forecast period. Electric vehicles are vehicles that consist of a motor that is powered by electricity stored in batteries. Additionally, with defense against COVID-19 and aspirations to achieve net-zero emissions, EV and hybrid vehicles are suddenly adopted. These vehicles are more environmentally friendly and efficient than standard combustion-powered engines, which raises demand for the low-emission cars market.
The global fuel cell vehicle market size is expected to grow from $0.94 billion in 2022 to $1.44 billion in 2023 at a compound annual growth rate (CAGR) of 52.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global fuel cell vehicle market size is expected to reach $7.24 billion in 2027 at a CAGR of 49.6%.
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Major competitors in the fuel cell vehicle market are Toyota Motor Corporation, Honda Motor Co., Ltd., Hyundai Motor Company, Volvo AB, General Motors, BMW AG, Audi AG, Ford Motor Company, Ballard Power System Inc., Nikola Corporation, SAIC Motor Corporation Limited, Mercedes-Benz Group, MAN SE, Plug Power Inc., and Bloom Energy Corporation.
A key trend in the Fuel Cell Vehicle Market includes technological advancement. Major companies operating in the fuel cell vehicle market are focusing on developing new technologies to increase the efficiency and cost effectiveness of fuel cells. For instance, in July 2021, Hyzon Motors Inc. a US-based supplier of zero-emission hydrogen fuel cell-powered heavy vehicles developed new onboard hydrogen storage system technology capable of decreasing the weight and manufacturing cost of commercial vehicles driven by Hyzon's hydrogen fuel cells. It reduces overall system weight by 43%, storage system costs by 52%, and the number of required manufacturing components by 75% based on a single-rack system with the capacity to store five hydrogen cylinders.
Read More On The Global Fuel Cell Vehicle Market Report Here:
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The Fuel Cell Vehicle Market is segmented -
By Vehicle Type: Passenger Vehicle, Commercial Vehicle
By Technology: Proton Exchange Membrane Fuel Cells (PEMFC), Solid Oxide Fuel Cells (SOFC), Direct Methanol Fuel Cells (DMFC), Phosphoric Acid Fuel Cells (PAFC), Molten Carbonate Fuel Cells (MCFC)
By End-User: Private, Commercial
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Fuel Cell Vehicle Market.
The Business Research Company's "Global Fuel Cell Vehicle Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Fuel Cell Vehicle Market Include:
1. Executive Summary
2. Fuel Cell Vehicle Market Characteristics
3. Fuel Cell Vehicle Market Trends And Strategies
4. Fuel Cell Vehicle Market - Macro Economic Scenario
5. Fuel Cell Vehicle Market Size And Growth
……
26. Africa Fuel Cell Vehicle Market
27. Fuel Cell Vehicle Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Fuel Cell Vehicle Market
29. Fuel Cell Vehicle Market Future Outlook and Potential Analysis
30. Appendix
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