Hydrogen fuel cell vehicle is a vehicle which uses a hydrogen fuel cell to power the on-board electric motor. The hydrogen is used for operating a hydrogen fuel cell to generate the electricity. The hydrogen fuel cell vehicles is able reduce emissions associated to transportation. It can also store & may quickly replenish a large amount of energy being making it a good option for drivers that need a longer range and more cargo capability. It is also supportive for those that lack access to home recharging. It also has primarily been designed to decrease the weight and improving the driving experience. One of the key reasons for use of hydrogen fuel cell vehicles (HFCVs), is it also a significant way to reduce the emissions. In terms of efficiency the hydrogen fuel cell vehicles are much more efficient over IC engine vehicles and hybrid vehicles as it has efficiency of more than 60-70% over the other two. The demands for fuel-efficient vehicles have further increased owing to rise in price of petrol and diesel. This have further resulted in depleting fossil fuel reserves and growth in the tendency of companies for gaining maximum profit from the oil reserves.
According to study, “Global Hydrogen Fuel Cell Vehicle Market to reach USD 37645.9 million by 2026” the key companies operating in the global hydrogen fuel cell vehicle market are Daimler, Ballard Power Systems, Honda, Fuel Cell Energy, Hyundai, Hydrogenics, Toyota, BMW, Audi, GM.
Based on vehicle type, hydrogen fuel cell vehicle market is segmented as commercial vehicle and passenger vehicle. In addition, based on technology, market is segmented as phosphoric acid fuel cells, proton exchange membrane fuel cell and others.
The hydrogen fuel cell vehicle market is driven by increase in environmental concern, followed by surge in levels of traffic & greenhouse gas emission, growth in developments in aggressive hydrogen refueling stations (HRS), domestic presence of hydrogen fuel cell vehicle (HFCV) OEMs, growth in adoption of automobiles in developing regions and rise in government initiatives for development of hydrogen fuel cell infrastructure. However, high cost of the vehicles and high initial investment in infrastructure may impact the market. Moreover, growth in technological advancement and future potential in hydrogen fuel cell vehicle market are key opportunities for market.
Based on geography, the North-American region dominates the global hydrogen fuel cell vehicle market owing to rise in government initiatives coupled with the increase in fuel cell infrastructure across the region. Whereas, the Asian-Pacific and European regions are anticipated to witness substantial growth rate due to growth in development of infrastructure to produce hydrogen over the forecast period. In upcoming years, it is predicted that future of the global market will be bright as a result of increase in awareness toward the consequences of air pollution during the forecast period. The global hydrogen fuel cell vehicle market is valued approximately US $673.4 million in 2018 and is expected to grow with a healthy growth rate of more than 65.36% over the forecast period 2019 to 2026.
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Ankur Gupta, Head Marketing & Communications