Hydrogen Fuel Cell Vehicle Market is anticipated to rise at a CAGR of 72.1%

The Global Hydrogen Fuel Cell Vehicle Market size is estimated to be USD 1.41 billion in 2019 and is predicted to reach USD 553.11 billion by 2030 with a CAGR of 72.1% from 2020-2030. Hydrogen Fuel Cell Vehicle is operated by the means of hydrogen fuel cell which utilizes the hydrogen fuel cell for the generation of electricity to power the vehicle. It does not generate any greenhouse gas during the operation as compared to petrol diesel and gasoline vehicles. These vehicles not only help in the reduction of greenhouse gases but also help in the development of advanced vehicles for the future.

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There has been tremendous growth in the automotive industry owing to the increased demand of vehicle but there are various concerns with regards to the environment due to the emission of greenhouse gases which are expected support the growth of hydrogen fuel cell vehicle market over the forecast period.

The other factors such as technological advancement, increased awareness among people, hike in petroleum prices and stringent government regulation about environment conservation are further expected to augment the growth of Hydrogen fuel cell vehicle market. However, high cost of these vehicles and high initial cost are expected to hamper the market growth. Moreover, innovation, research and developments are expected to create ample opportunities in the hydrogen fuel cell market over the forecast period.

Market Segmentations and Scope of the Study:

The global hydrogen fuel cell vehicle market share is analyzed on the basis of vehicle type, fuel cell technology type and geography. On the basis of vehicle type, the market is segmented into Passenger Vehicle and Commercial Vehicle. On the basis of hydrogen fuel cell technology, the market is divided into Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cells, and Others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America represents to hold the major market share over the forecast period owing to the increased adoption of hydrogen fuel cell vehicles, technological advancement and others. Furthermore, increase in environmental concerns, hike in fuel prices coupled with technological advancement are further expected to enhance the market growth.

Asia Pacific is expected to represents the gradual increase in market size with significant growth rate owing to the increased awareness, stringent government regulation and increasing adoption of advanced technology coupled with increase in disposable income are expected to contribute the growth of hydrogen fuel cell vehicle market over the forecast period.

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The hydrogen fuel cell vehicle market is highly competitive, and also consists of various market players. Some of the major market players include Honda, Toyota, BMW, Ballard Power Systems, Daimler, General Motors, Audi, MAN, and Volvo among others.

There have been various developments taken place and will take place in the future which led to the increase in hydrogen fuel cell vehicle market. For instance, in September 2019, BMW showed off the i Hydrogen Next development X5 SUV at Frankfurt Auto Show.