According to a market report, published by Sheer Analytics and Insights, The global hydrogen fuel cell vehicles market was valued at $1.29 billion in 2021 and it is expected to reach $260.1 billion at a CAGR of 64.3% between 2022 and 2032. Due to the harmful effects that vehicle emissions have on both the environment and human life, numerous governmental organizations have adopted strict emission laws. Fuel cell vehicles will be in great demand as long as regulatory requirements are met. The development of alternative powertrains and manufacturers' increasing awareness of the harm that automobile emissions do to the environment are driving the market's expansion. The development and installation of hydrogen refueling stations is the primary objective of the government in developed nations. In developing nations, the government's top priority is to create a strategic strategy for the commercial adoption of fuel cell technology. Therefore, another factor influencing market expansion is the urgent requirement for infrastructure investment. A wide spectrum of hydrogen filling stations is being sought after by numerous nations, including Australia, Canada, and South Korea, to accelerate the market expansion for fuel cell vehicles.
An FCEV's fuel efficiency can be increased via hybridization by up to 3.2%. An FCEV typically gets around 55 MPGe on urban roads, compared to ICE vehicles' 20 MPGe. On a full tank or a full charge, the driving range of FCEVs and BEVs differs significantly. In addition, Honda Clarity boasts the greatest US zero-emission vehicle EPA driving rating. Improved fuel economy and a longer range will therefore raise demand for FCEVs, which will in turn propel the automotive fuel cell market. Furthermore, the demand for fuel cells in the automotive and transportation sectors may also increase as a result of government initiatives and the promotion of fuel cells for transportation.
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For automotive and transportation purposes, fuel cells are perfect. For significant applications in transportation, such as material handling vehicles, buses, trains, cars, defense vehicles, and light commercial vehicles, fuel cells are flexible and easily scalable sources of electricity. In commercial applications, stationary fuel sources for fuel cells are also utilized. In combined heat and power (CHP) systems, fuel cells can be utilized to create heat and power as well as primary and backup power. These major factors are anticipated to accelerate market growth during the forecast period. Additionally, to create cutting-edge automotive machines and present this technology to the market, many industry participants are concentrating on R&D. The vehicles may now be comprehended more fully thanks to extensive primary research, which is carried out before the vehicles are released onto the automotive marketplaces.
Researchers are constantly able to satisfy public demand for research. Due to the development of a low-cost technology to produce hydrogen energy, more hydrogen-powered vehicles are now available on the market. Growing scientific knowledge inspired automakers to create eco-friendly vehicles for the market to reduce carbon emissions in the environment. Hence, these primary factors are expected to create more growth opportunities for the hydrogen fuel cell vehicles market in the future.
On the other side, through a chemical reaction, fuel cells generate energy using hydrogen and oxygen. Because oxygen helps other compounds burn at lower temperatures, hydrogen is a highly flammable gas. Fuel can catch fire if handled improperly because hydrogen flames can erupt and are undetectable. Fuel cells are installed inside the FCEVs, and hydrogen gas is pressure-stored. The hydrogen may catch fire if an electrical spark comes into touch with it. Although there are several electronic and electrical components in a car that can produce heat or electric sparks, fuel cells produce electricity without combustion, which reduces the likelihood of a vehicle catching fire.
According to the study, key players dominating the global hydrogen fuel cell vehicles market are Daimler AG, Honda Motors Co. Ltd., Nikola Corporation, Toyota Motor Corporation, Hyundai Motor Group, Ballard Power System Inc., Volvo AB, General Motors, BMW AG, Audi AG and among others.
The Global Hydrogen Fuel Cell Vehicles Market – by Vehicle Type:
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