New York, Oct. 05, 2023 (GLOBE NEWSWIRE) --
The global hydrogen fuel cell vehicle market size is slated to expand at ~ 47% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 58 Billion by the end of 2035, up from a revenue of ~USD 2 Billion in the year 2022. The growth is projected to be dominated by growing pollution cause by carbon emission from vehicles. The annual carbon dioxide emissions from a typical passenger car are approximately 4.6 metric tons. This amount may fluctuate depending on the fuel type, fuel efficiency, and annual mileage of a vehicle. Hence, the demand for hydrogen fuel cell vehicles is on surge since it emits only water vapor.
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Additionally, in comparison with numerous other energy sources, including many green energy options, hydrogen fuel cells are more effective. With this fuel efficiency, more energy may be produced from a given amount of fuel. For instance, a typical combustion-based power plant is capable of producing electricity with an efficiency of 33–35%, however hydrogen fuel cells can achieve up to 65%. The same is true for automobiles, where hydrogen fuel cells give a 50% reduction in fuel usage while utilizing 40–60% of the fuel's energy.
Hydrogen Fuel Cell Vehicle Market: Key Takeaways
- Market in Asia Pacific market region to propel the highest growth
- The Passenger cars segment to garner the highest growth
- Market in Europe to grow at the highest rate
Growing Need for Vehicles in Rural Region to Boost the Growth of Global Hydrogen Fuel Cell Vehicles Market
The need for vehicles in rural region is growing. Approximately 3.42 billion of population were living in rural region in 2021. However, this population is expected to depict in near future owing to lack of facilities available from this one includes availability of fuel. Moreover, the need for vehicles is also growing in this regions for transportation and agriculture purpose. Hence, the adoption of hydrogen fuel cell vehicles is growing. The availability of hydrogen through local production and storage might turn out to be a substitute for diesel-based electricity and heating in distant places where local conditions permit. Not only would this lessen the need for fuel transportation, however it will also enhance the quality of life for people who live in remote areas by providing them with a non-polluting fuel made from an easily accessible natural resource.
Hydrogen Fuel Cell Vehicle Market: Regional Overview
The global hydrogen fuel cell vehicle market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Surge in Production of Hydrogen to Drive Market Growth in Asia Pacific
The hydrogen fuel cell vehicle market in Asia Pacific is set to capture the largest share of about ~37% over the forecast period. The major factor for its growth is the rising production of hydrogen in this region. For instance, by the end of 2026, the Neom green hydrogen and ammonia complex in Saudi Arabia is anticipated to produce about 2 million tons of NH3 annually. Hence, the market for hydrogen fuel cell is projected to expand on a wide scale in this region.
Growing Government Initiatives to Influence the Market Expansion in Europe
The hydrogen fuel cell vehicle market in Europe is projected to capture significant share of about 27% over the coming years. The growth of the market in this region could be dominated by growing government initiatives. Zero-emission initiatives have been gradually growing in every sector across Europe since 2021. The "Alternative Fuels Infrastructure Facility" was officially launched by the European Commission in October 2021. An about USD 2 billion fund encourages the construction of infrastructure that produces no emissions, including fast charging and hydrogen refueling facilities.
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Hydrogen Fuel Cell Vehicle, Segmentation by Vehicle Type
- Passenger Cars
- LCVs
- HCVs
The passenger cars segment is estimated to generate the highest share of about 57% over the forecast period. This is set to be attributed by growing middle population in world. The global middle class is anticipated to grow by about 699 million individuals by 2030, accounting for more than half of the world's population. Hence, this middle-class people are expected to afford the passenger cars working on hydrogen further boosting the market growth.
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Hydrogen Fuel Cell Vehicle, Segmentation by Technology
- Proton Exchange Membrane
- Alkaline Fuel Cell
- Solid Oxide Fuel Cell
The proton exchange membrane segment is projected to hold the notable market share over the coming years. The growth of the segment is set to be influenced by growing demand for commercial vehicles. Around 48 billion people were expected to utilize buses or tram buses as urban public transportation in China in 2021, which is the largest number. Hence, the proton exchange membrane fuel cell is growing in commercial vehicles since it is also estimated to cause zero emission.
Hydrogen Fuel Cell Vehicle, Segmentation by Range
- 0-250 Miles
- 251-500 Miles
- Above 500 Miles
A few of the well-known market leaders in the global hydrogen fuel cell vehicle market that are profiled by Research Nester are General Motors Company, Volvo Group, AUDI AG, Ballard Power Systems, Inc. MAN SE, BMW Group, Daimler AG, Hyundai Motor Group, and others.
Recent Development in the Market
- The XCIENT Fuel Cell tractor, a fuel cell electric vehicle created for the North American commercial vehicle market, was unveiled by Hyundai Motor Company. On display at the Advanced Clean Transportation Expo (ACT Expo) was this class 8 6x4 vehicle.
- Recent plans by Daimler Truck AG and Volvo Group for the venture celicentric, which seeks to encourage the use of hydrogen-based fuel cells in long-haul trucks and other applications, were made public. This is an agreement between the two businesses to advance the usage of this technology in the transportation sector.
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