Hydrogen Vehicle Market Will Rise Due To High Demand for Passenger Cars

March 09, 2020: The global hydrogen vehicle market is expected to grow stupendously in the years to come. This could be attributed to notable changes caused owing to acceleration on the part of technological innovation, shift in the competitive powers, and enhancement in customers’ expectations. The market is also banking on the ever-increasing commitments and funding’s for commercialization and development of refueling infrastructure.

The hydrogen vehicle market is catalyzed further by extensive research being conducted with regards to fuel efficiency. Plus, the automotive sector is subject to undeterred inventions. This would add to the augmentation of the market. North America dominates the market; thanks to incentives attained by the U.S. on the count of FCV (fuel cell vehicle) and hydrogen infrastructure. Asia Pacific is expected to grow at the fastest pace in the near future; the reason being – it is at an advantage due to remarkable demand for automobiles. Japan and South Korea would continue to lend their support to hydrogen fuel cell technology. The other factor driving the market of hydrogen vehicle is that of high demand for passenger cars.

The hydrogen vehicle market is segmented by type of vehicle, technology, and geography. By type of hydrogen vehicle, the segmentation goes like commercial and passenger. By technology, the market spans phosphoric acid fuel cells, proton exchange membrane fuel cell, and others. By geography, the segmentation says North America (Canada, U.S.), Europe (Russia, France, Germany, UK, and the rest of Europe), Asia Pacific (South Korea, Japan, China, India, and the rest of Asia Pacific), and LAMEA (Latin America, Middle East, Africa). 

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The players contributing to the market include Toyota, Honda, Hyundai, Audi, Daimler, BMW, Volvo, General Motors, MAN, and Ballard Power Systems. They are shifting from fuel and gasoline to hydrogen; which is re-organizing energy system at the global level. The aviation industry would create ripples due to developing economies like India fostering affordable air travel. This will bolster the market for hydrogen vehicle further.

The global Hydrogen Vehicle market was valued at $XX million in 2018, and MAResearch analysts predict the global market size will reach $XX million by the end of 2028, growing at a CAGR of XX% between 2018 and 2028.

This report provides detailed historical analysis of global market for Hydrogen Vehicle from 2013-2018, and provides extensive market forecasts from 2019-2028 by region/country and subsectors. It covers the sales volume, price, revenue, gross margin, historical growth and future perspectives in the Hydrogen Vehicle market.

Leading players of Hydrogen Vehicle including:

• Toyota
• Hyundai
• Honda
• Foton
• SAIC
• FeiChi Bus
• Dongfeng

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Market split by Type, can be divided into:

• Passenger Vehicle
• Commercial Vehicle

Market split by Application, can be divided into:

• Commercial Use
• Home Use

Market split by Sales Channel, can be divided into:

• Direct Channel
• Distribution Channel

Market segment by Region/Country including:

• North America (United States, Canada and Mexico)
• Europe (Germany, UK, France, Italy, Russia and Spain etc.)
• Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
• South America Brazil, Argentina, Colombia and Chile etc.)
• Middle East & Africa (South Africa, Egypt, Nigeria and Saudi Arabia etc.)

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Market Reporters Joined: January 2nd, 2018