Global Hydrogen Fuel Cell Vehicle Market valued approximately USD 465.0 million in 2017 is anticipated to grow with a healthy growth rate of more than 70.13% over the forecast period 2018-2025. The Hydrogen Fuel Cell Vehicle Market is continuously growing in the global scenario at significant pace. Hydrogen fuel cell vehicles (HFCVs) are a class of electric vehicles that power the drive train of the vehicles through the energy generated from fuel cells. The fuel cell converts chemical energy generated from the positively charged hydrogen ions into electricity. The fuel cell technology has been adopted from the aerospace industry where it was first used to power space shuttles and satellites. Growing environmental concerns and development of infrastructure to produce hydrogen are the substantial driving factors of the market during the forecast period. Additionally, growth in adoption of automobiles in developing regions is another factor that boosting the demand of hydrogen fuel cell vehicle across the globe. Moreover, rising developments in aggressive hydrogen refueling stations (HRS) is the major factors that likely to create numerous opportunity in the near future. Moreover, hydrogen fuel cell have higher efficiency than the diesel or gas engines and can eliminate pollution by which demand of hydrogen fuel cell vehicle is increasing among its end-users across the globe. However, initial capital investment, reduced HRS and high cost of the vehicles are the factors that limiting the market growth of hydrogen fuel cell vehicles during the forecast period.
The regional analysis of Global Hydrogen Fuel Cell Vehicle Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share due to rising development of hydrogen fueling infrastructure in the region. Europe is estimated to grow at reasonable growth rate in the global Hydrogen Fuel Cell Vehicle market over the upcoming years. Further, Asia-Pacific anticipated to exhibit higher growth rate / CAGR over the forecast period 2018-2025 owing to strong support of fuel cell technology in economies such as Japan and South Korea across the region.
The major market player included in this report are:
- Ballard Power Systems
- Fuel Cell Energy
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
- Proton Exchange Membrane Fuel Cell
- Phosphoric Acid Fuel Cells
- Commercial Vehicle
- Passenger Cars
- Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2015, 2016
Base year – 2017
Forecast period – 2018 to 2025
Target Audience of the Global Hydrogen Fuel Cell Vehicle Market in Market Study:
- Key Consulting Companies & Advisors
- Large, medium-sized, and small enterprises
- Venture capitalists
- Value-Added Resellers (VARs)
- Third-party knowledge providers
- Investment bankers