London, March 01, 2023 (GLOBE NEWSWIRE) -- The critical global need to slash the carbon footprint predominantly drives innovations like fuel cell vehicles. As more automakers from across the globe realize that the fuel cell-powered electric vehicles can potentially reduce the environmental impact to a large extent that the conventional EVs can, the global fuel cell vehicle market is expected to be on an uptrend. “Although in their infancy at the point in time, fuel cell vehicles will most likely travel a long way in future. European brands like Audi, and BMW already have these vehicles in their plans, whereas others like Honda, Toyota, and Hyundai have jumped in the (experimental) game as well,” states the analyst at Fairfield Market Research in a new study. The primary findings of this study reveal rapidly rising influence of hydrogen technology across the key markets, which will drive the growth of global fuel cell vehicle market in long term.
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Insights into Segmental Analysis
Application-wise analysis of the fuel cell vehicle market shows fuel cell vehicle will witness the maximum application in the commercial vehicle segment. Industry pioneers like Hyzon Motors Inc. will lead their way into this segment, says the study. Furthermore, in terms of the type if fuel cell, the polymer electrolyte membrane cell is likely to retain primacy over other type-based categories, i.e., proton exchange membrane fuel cell, and phosphoric acid fuel cell. The study attributes the lead of this segment to the lesser start-up time, higher power density, and lower working temperature of polymer electrolyte membrane fuel cell.
Insights into Regional Analysis
Regional analysis of the global fuel cell vehicle market reveals dominance of Asia Pacific that currently accounts for over 65% revenue share in the market. The primary report findings suggest this lead will prevail through the next few years as the region continues to witness a consistent hike in passenger car sales, especially in Japan, and South Korea. The overall growth of auto industry continues to receive strong tailwinds from supportive government initiatives such as subsidies that encourage fuel cell vehicle purchases. The clean energy drive in auto industry is likely to contribute a heavy share toward the growth of fuel cell vehicle market of the region. However, in terms of CAGR, the primary report findings indicate the fastest growth of European market. Growing integration of fuel cell and fuel cell systems in both the commercial and passenger vehicles is expected to accelerate market expansion across Europe. France especially represents an important market in line with the extensively growing commercial vehicle application across both government and public sectors.
Leading Players in Global Fuel Cell Vehicle Market
The global fuel cell vehicle market report would cover some of the most prominent players steering the competitive landscape of the market. A few of the potentially profiled brands include BMW Group, Ballard Power Systems Inc., Audi AG, Volvo Group, General Motors Company, Daimler AG, Honda Motor Co Limited, Toyota Motor Corporation, Toshiba, Man Se, and American Honda Motor Co.
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Fuel Cell Vehicle Market is Segmented as Below:
Based on Vehicle
- Passenger Vehicles
- Light commercial vehicles
- Bus
- Trucks
- Heavy-Duty Vehicles
- Agriculture
- Automotive
- Others
Based on Type
- Proton Exchange Membrane Fuel Cell
- Phosphoric acid Fuel Cell
- Polymer Electrolyte Membrane Fuel Cell (PEMFC)
- Others
Based on Range
- Short Range
- Long Range
By Region
- North America
- Europe
- Asia Pacific
- LAMEA
Key Elements Included In The Study: Global Fuel Cell Vehicle Market
- Fuel Cell Vehicle Market by Product/Technology/Grade, Application/End-user, and Region
- Executive Summary (Opportunity Analysis and Key Trends)
- Historical Market Size and Estimates, Value and Volume, 2018 - 2021
- Volume Consumption at Regional and Country Level, 2022 - 2029
- Market Dynamics and Economic Overview
- Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2022 - 2029
- Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies
- Regional and Product/Grade/Application/End-user Price Trends Analysis
- Value Chain and Five Force’s Analysis
- Regional/Sub-region/Country Market Size and Trend Analysis
- Company Market Share Analysis and Key Player Profiles
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About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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