New York, NY, March 13, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Hydrogen Fuel Cell Vehicle (HFCV) Market Share, Size, Trends, Industry Analysis Report, By Technology (Proton Exchange Membrane Fuel Cell, Alkaline Fuel cell, Solid Oxide Fuel Cell); By Vehicle Type (Commercial Vehicle, Passenger Car); By Region; Segment Forecast, 2023 - 2032” in its research database.

“According to the latest research study, the global hydrogen fuel cell vehicle (HFCV) market size/share is anticipated to be valued at approximately USD 1.51 Billion in 2022 and is projected to hit a revenue of around USD 62.88 Billion By 2032, at a CAGR of around 45.2% between 2023 and 2032.”

What are Hydrogen Fuel Cell Vehicles (HFCV)? How Big is Hydrogen Fuel Cell Vehicles (HFCV) Market Share?

Hydrogen fuel cell vehicles have the ability to address both the environmental and oil dependence issues in transportation, although the development of infrastructure is a significant problem that has to be resolved. Fuel cell vehicles produce current by passing charged hydrogen ions over an electrolyte membrane, converting chemical energy into electrical energy. The market is predicted to increase significantly as infrastructure for producing hydrogen is developed.

Unlike electric cars, HFCVs are completely emission-free and have no engine noise. Also, compared to electric automobiles, it has a faster charging time. Rising technological development in the automotive sector is expected to create growth opportunities for the hydrogen fuel cell vehicles (HFCV) market. National tax rebates, the rising number of OEMs, and the potential of hydrogen refueling stations (HRS) will drive market growth.

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What are New Additions in 2023?

Some of the Top Companies Operating in the Market Are:

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Market dynamics

Key Growth Driving Factors

Increase in government investments in the development of HFC vehicles is expected to boost the hydrogen fuel cell vehicles (HFCV) market size. Rising petrol prices worldwide are also likely to accelerate the industry's growth. Increased awareness about environmental concerns due to air pollution coupled with an increase in levels of traffic & greenhouse gas emissions fuels the adoption of hydrogen fuel vehicles. Rising number of R&D activities for hydrogen fuel cell technology has led to an increase in the hydrogen fuel cell vehicles (HFCV) market demand. Further, a surge in the prevalence of reimbursement policies in the automation industry is positively influencing market expansion.

Recent Trends Influencing the Market

Favorable government policies propel the industry's growth

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Segmental Analysis

By technology, the proton exchange membrane fuel cell (PEMFC) category held the highest hydrogen fuel cell vehicles (HFCV) market share in 2022. A PEM (Proton Exchange Membrane) cell uses hydrogen and oxygen gas as fuel, and the results of the cell's reaction are water, electricity, and heat. Fuel cells eliminate the "thermal bottleneck" by turning chemical potential energy directly into electrical energy.

On the basis of vehicle type, the passenger car segment is predicted to account for the largest revenue share in the market over the foreseen period. An emerging trend among automakers is advancing R&D efforts to improve fuel efficiency, concentrating on good manufacturing locations and close supply chains to cut costs. A surge in emphasis on high-quality products, a change in customer habits, and more purchasing power are some of the key hydrogen fuel cell vehicles (HFCV) market trends positively influencing its growth.

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Hydrogen Fuel Cell Vehicles (HFCV) Market: Report Scope

Report Attribute Details
Revenue forecast in 2032 USD 62.88 Billion
Market size value in 2023 USD 2.19 Billion
Expected CAGR Growth 45.2% from 2023 – 2032
Base Year 2022
Forecast Year 2023 – 2032
Top Market Players The Hyundai Motor Company, Toyota Motor Sales, USA Inc., Daimler AG (Mercedes-Benz), BMW, General Motors Company, Groupe Renault, Mazda Motor Corporation, Hydrogenics, Kia Motor Corporation, Tata Motors Limited.
Segments Covered By Technology, By Vehicle Type, By Region
Customization Options Customized purchase options are available to meet any research needs. Explore customized purchase options

Geographic Overview

In terms of geography, the hydrogen fuel cell vehicles (HFCV) market in North America dominated the market and is estimated to maintain its dominance throughout the predicted period. The United States continues to demonstrate unmatched leadership in the development of hydrogen infrastructure and HFCV incentives. Also, a number of nations, including Japan, the UK, Germany, and California, have made plans to assist in funding hydrogen refueling stations in the United States.

Moreover, Asia Pacific is anticipated to register the fastest growth rate owing to the significant level of automotive manufacturing development and demand in the area, especially in China.

Browse the Detail Report “Hydrogen Fuel Cell Vehicle (HFCV) Market Share, Size, Trends, Industry Analysis Report, By Technology (Proton Exchange Membrane Fuel Cell, Alkaline Fuel cell, Solid Oxide Fuel Cell); By Vehicle Type (Commercial Vehicle, Passenger Car); By Region; Segment Forecast, 2023 - 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/hydrogen-fuel-cell-vehicle-market

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Recent Developments

Some of The Key Questions Answered in This Report

Polaris Market Research has segmented the hydrogen fuel cell vehicle (HFCV) Market report based on technology, vehicle type, and region:

By Technology Outlook

By Vehicle Type Outlook

By Region Outlook

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