April 17, 2020
According to the research report titled ‘Global Hydrogen Fuel Cell Vehicle Market Size study, by Product (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cells, and Others), by Application (Commercial Vehicles, and Passenger Cars), And Regional Forecasts 2019-2026’, available with Market Study Report LLC, worldwide hydrogen fuel cell vehicle market was worth USD 673.4 million in 2018 and is presumed to expand with a CAGR of 65.36% during 2019-2026.
Development of suitable infrastructure for producing hydrogen along with rising environmental concerns are major factors driving the growth of global hydrogen fuel cell vehicle industry. The market is further expected to expand owing to rising sales of automobiles in emerging economies.
Favorable government initiatives which promote integration of hydrogen cells in vehicles along with advancements in cell technology is also stimulating the industry outlook. For instance, California state in the United States allocated substantial funds for the development of around 100 hydrogen refueling stations in order to meet its objective of 1.5 million green vehicles by the year 2025.
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Increasing awareness pertaining to adverse effects of air pollution and surging traffic as well as focus towards reducing greenhouse gas emissions are fostering the adoption of hydrogen fuel cell vehicles across the globe. However, factors such as high costs associated with these automobiles and high capital investments may hinder the market growth.
As per the regional analysis, hydrogen fuel cell vehicle market in North America is predicted to acquire commendable gains in the ensuing years, primarily due to growing hydrogen refueling infrastructure and favorable government initiatives.
GM, Fuel Cell Energy, BMW, Ballard Power Systems, Audi, Toyota, Hyundai, Honda and Daimler are some of the major contenders in the global hydrogen fuel cell vehicle industry.