Fort Collins, Colorado, Feb. 28, 2024 (GLOBE NEWSWIRE) -- The Hydrogen Fuel Cell Vehicle Market size was valued at USD 2.2 Billion in 2023 and is anticipated to reach USD 82.1 Billion by 2032 at a CAGR of 49.1%.
The rising demand for sustainable fuel sources drives the growth of the hydrogen fuel cell vehicle market. Hydrogen fuel cells do not emit harmful greenhouse gases. Hydrogen is gaining prominence as a sustainable energy source because it can help decarbonize industries like transportation and manufacturing. According to the International Energy Association, hydrogen fuel-based renewable energy capacity is expected to increase by 45 GW from 2023 to 2028. Furthermore, supportive policies, incentives, and subsidies from governments worldwide also encourage the adoption of hydrogen fuel cell technology vehicles. For instance, programs initiated by the U.S. Department of Energy (DOE) have been planned to reduce the cost of fuel cell systems to USD 80/kW from the current approximate price of USD 200/kW.
The emergence of hydrogen retrofit kits for converting traditional vehicles into hydrogen fuel cell-powered vehicles is also contributing to market growth. Various prominent players are developing fuel cell technology for retrofitting vehicles. For instance, in February 2024, Hyundai Motor launched its Nexo SUV, which runs on hydrogen fuels, at the Bharat Mobility Global Expo 2024. Additionally, expanding hydrogen refueling infrastructure is also addressing issues about the availability and accessibility of fuel for hydrogen-powered vehicles, thereby driving the market growth.
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Segmentation Overview:
The global hydrogen fuel cell vehicle market has been segmented into vehicle type, range, technology, and region. The hydrogen fuel cell vehicle market has been segmented based on technology as polymer electrolyte membrane fuel cell (PEMFC), alkaline fuel cell (AFC), and others. Polymer electrolyte membrane fuel cells accounted for the greater market share owing to their high power density, low weight, and volume compared to other fuel cells.
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Hydrogen Fuel Cell Vehicle Market Report Highlights:
- The global fuel cell vehicle market growth is anticipated at a CAGR of 49.1% by 2032.
- Demand for clean fuel and a growing preference for hydrogen for vehicles will shape market growth in the coming years.
- The hydrogen fuel cell vehicle market segmentation comprises vehicle type, range, technology, and region.
- North America will likely account for a significant market share in the forthcoming years. The regional market is expected to grow significantly, driven by government initiatives and investments in clean energy technologies.
- Some prominent players in the hydrogen fuel cell vehicle market report include Daimler AG, Toyota Motor Corporation, Honda Motor Co., Ltd., Hyundai Motor Group, Nikola Corporation, BMW Group, Audi AG, Ballard Power System Inc., SAIC Motor Company, AB Volvo, and General Motors.
Industry Trends and Insights:
- In January 2024, Hyundai Motors and KIA Corporation collaborated with W. L. Gore & Associates to develop an advanced polymer electrolyte membrane for hydrogen fuel cells.
- Celadyne, a Chicago based startup developed a nanoparticle membrane coating to boost efficiency of hydrogen fuel cell. This could enhance the productivity by 20 percent according to company officials.
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Hydrogen Fuel Cell Vehicle Market Segmentation:
By Vehicle Type: Passenger, commercial.
By Range: 0-250 miles, 251-500 miles, more than 500 miles.
By Technology: Polymer electrolyte membrane fuel cell (PEMFC), alkaline fuel cell, others.
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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