New York, United States , March 29, 2023 (GLOBE NEWSWIRE) -- The Global Fuel Cell Vehicle Market Size is to grow from USD 1.37 billion in 2021 to USD 38.57 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 44.9% during the forecast period. The increasing adoption of electric vehicle in various application types such as LCV, HCV, passenger vehicles, buses, trucks, forklift, e-bikes, and other applications will boost the demand for the fuel cell vehicle market.
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The industry for fuel cell vehicles is now in its early stages of adoption and development. By 2030, hydrogen is predicted to be utilized in a wide range of modes of transportation, including heavy vehicles, buses, and rail, as well as the early stages of commercial ships and airplanes. The fuel cell electric vehicle market is constantly growing as a result of increased demand for fuel-efficient, high-performance, and low-emission vehicles, as well as tight rules and limitations on vehicular emissions, decreased battery costs, and rising fuel costs.
The primary goal of governments in developed countries is to develop a strategic plan for commercializing fuel cell technology. Many countries plan on having a nationwide network of hydrogen recharge stations in place by 2030. The number of hydrogen stations available is growing, and nations such as China, which has a robust supply chain for parts like as motor drives, fuel cells, and others, continue to have an impact on the passenger vehicle and advanced electric bus industries.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Fuel Cell Vehicle Market Size, Share, and COVID-19 Impact Analysis, By Component (Fuel Stacks, Humidifiers, Air Compressor, Fuel Compressor, Power Conditioners, Others), By Vehicle Type (LCV, HCV, Passenger Vehicles, Buses, Trucks, Forklift, E-Bikes, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030." Get Detailed Report Description Here:
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The fuel stacks accounted the largest market share of more than 43% over the forecast period.
On the basis of component, the global fuel cell vehicle market is segmented into fuel stacks, humidifiers, air compressor, fuel compressor, power conditioners, and others. Among these, the fuel stacks segment is dominating the market with more than 43% and is expected to continue its dominance over the forecast period. The size of the stack determines the maximum power of the fuel cell. The number of fuel cell stacks can be increased to generate more electricity and power.
The passenger vehicles segment accounted the largest revenue share of more than 68% over the forecast period.
On the basis of vehicle type, the global fuel cell vehicle market is segmented into LCV, HCV, passenger vehicles, buses, trucks, forklift, e-bikes, and others. Among these, the passenger vehicles accounted for the largest revenue share of over 68% over the forecast period. The expanding broad acceptance and desire for personal mobility, as well as increased concerns about low-emission autos, are expected to boost the fuel cell passenger vehicle industry. The Toyota Mirai, Honda Clarity Fuel Cell, Hyundai Nexo SUV, Riversimple RASA, Nissan X-Trail FCEV, and Mercedes-Benz GLC FCEV are among the FCEV passenger vehicles on the market.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 65% market share over the forecast period due to notable government programs promoting low-emission transportation solutions. The growing popularity and need for personal mobility, as well as growing concerns about low-emission vehicles, are likely to drive growth in the fuel cell passenger vehicle market. Among the FCEV passenger vehicles on the market are the Toyota Mirai, Honda Clarity Fuel Cell, Hyundai Nexo SUV, Riversimple RASA, Nissan X-Trail FCEV, and Mercedes-Benz GLC FCEV.
Because of the smaller number of fuel cell vehicles, North America is expected to see constant growth in the fuel cell vehicle market over the forecast period. The lack of competitively priced hydrogen stations in places where vehicles will be deployed remains a key impediment to this technology's development. On the contrary, Europe is predicted to expand the fastest during the projection period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global fuel cell vehicle Market include Ballard Power System Inc., Daimler AG, Hyundai Motor Group, Plug Power, Volvo AB, General Motors, Nikola Corporation, BMW AG, US Hybrid, Audi AG, EVBus GmbH, Xiamen King Long Motor Co. Ltd., and many others.
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Key Market Developments
On January 2023, Nikola Corporation, a global leader in zero-emission transportation, energy supply, and infrastructure solutions, recently disclosed the creation of a new, heavy-duty 700 bar (10,000 psi) hydrogen mobile fueler capable of directly filling hydrogen fuel cell electric vehicles. Nikola's mobile fueler program includes both its own mobile fuelers and a number of third-party mobile fuelers, giving Nikola's clients a range of flexible fueling alternatives.
On June 2021, Renault Group and Plug Power Inc. inaugurated HYVIA, a full ecosystem of fuel cell powered LCVS, green hydrogen, and refuelling stations across Europe, as a joint venture. The HYVIA integrated hydrogen technology complements Renault's E-TECH technology, increasing vehicle range to 500 km and allowing for a 3-minute recharging time. These benefits are especially well-suited to certain applications of light commercial vehicles, while also solving the regulatory hurdles of decarbonizing city centers.
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