Hydrogen Fuel Cell Vehicle Market Segments, Expansion, Demand, and Opportunities

1. Hydrogen Fuel Cell Vehicle Market Segments, Expansion, Demand, and Opportunities During 2023-2035 Global Hydrogen Fuel Cell Vehicle Market Key Insights During the forecast period of 2023-2035, the global hydrogen fuel cell vehicle market is expected to reach an estimated value of ~USD 50 billion by 2035, by expanding at a CAGR of ~60%. The market further generated a revenue of ~USD 1 billion in the year 2022. Major key factors propelling the growth of hydrogen fuel cell vehicle market worldwide are the advancement in hydrogen fuel technology, and rising production of hydrogen cell fuel vehicles. Market Definition of Hydrogen Fuel Cell Vehicle The onboard electric motor of hydrogen fuel cell vehicles is powered by a hydrogen fuel cell. Electricity is produced using a hydrogen fuel cell, which is powered by hydrogen. Vehicles powered by hydrogen fuel cells have a great potential to cut emissions in the transportation industry. Unlike vehicles powered by diesel and gasoline, this one does not emit any greenhouse gases (GHG) while it is in motion. Get a Sample PDF Brochure: https://www.researchnester.com/sample-request-3616 Global Hydrogen Fuel Cell Vehicle Market: Growth Drivers The growth of the global hydrogen fuel cell vehicle market can majorly be attributed to the sale of hydrogen fuel cell vehicles. For instance, according

2. to the US Department of Energy, 68,500 fuel cell units were sold for a variety of uses in 2018 and generated USD 2.3 billion in income. Approximately 560 MW of fuel cell power was used for transportation. Additionally, growing government initiatives to develop hydrogen fuel infrastructure, owing to the growing concern for pollution is also expected to boost the growth of the market further. The World Health Organization (WHO) reports that more than 99% of people worldwide breathe air that is unhealthy.As a result, the government is adopting measures to encourage the development of hydrogen vehicles. For instance, in order to reach its goal of 1.6 million zero- emission automobiles by 2025, the state of California in the United States has committed funds for the construction of 100 hydrogen refueling stations. The global hydrogen fuel cell vehicle market is also estimated to grow majorly on account of the following: •Growing Demand for Clean Vehicles Among Consumer •Advancement in Hydrogen Fuel Technology •Surge in Production of Hydrogen Fuel Cell Vehicle Global Hydrogen Fuel Cell Vehicle Market: Restraining Factor The biggest challenge for the hydrogen fuel cell vehicle market is the high cost of fuel cells. Hydrogen atoms are oxidized in a fuel cell to produce protons and electrons. A catalyst aids the chemical reaction. Platinum is frequently used as a catalyst in PEM fuel cells, which are primarily used in automotive applications. However, platinum is one of the most expensive metals. Since the catalyst makes up around 46% of the total cost of a fuel cell, they are more expensive than the batteries used in BEVs. Hence this factor is estimated to hinder the growth of the market.

3. Request for customization @ https://www.researchnester.com/customized-reports-3616 Global Hydrogen Fuel Cell Vehicle Market Segmentation •By Vehicle Type (Commercial, Personal, and Passenger) The passenger segment is anticipated to hold the largest market share over the forecast period. The growth of this segment can be attributed to growing demand for hydrogen fuel cell vehicle. The majority of road vehicles that use hydrogen fuel cell technology are passenger cars. There were 25,932 such vehicles registered as of 2020. Buses ranked second, but much behind, with 5,648 of them running on hydrogen. Additionally, in Poland, enthusiasm for hydrogen-powered cars is rising. The nation had 79 hydrogen-powered vehicles in its fleet at the end of 2021. •By Technology (Proton Exchange Membrane, Alkaline Fuel Cell, Solid Oxide Fuel Cell, and Others) •By Region The Asia Pacific hydrogen fuel cell vehicle market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions, backed by growing adoption of clean-fuel vehicles, growing awareness among people regarding pollution, and surge in government initiatives to reduce carbon emission. In the Asia Pacific region, 2.3 billion people are exposed to levels of air pollution that are many times higher than the WHO recommendation for clean air. Hence the adoption of hydrogen fuel cell vehicle is expected to increase in this region. Further, there has been growth in number of hydrogen fuel station in this region which could also

4. influence the growth of the market. China is the nation with the most hydrogen fueling stations in the world. There were 250 operational hydrogen refueling stations in the nation as of April 2022. Japan came in second with 161 such stations. Given that Japanese automakers Toyota and Honda are among only a few automobile manufacturers supplying hydrogen cars to the public, Japan's position as the major provider of hydrogen automotive fuel is expected. The market research report on global hydrogen fuel cell vehicle also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa). Key Market Players Featured in the Global Hydrogen Fuel Cell Vehicle Market Some of the key players of the global hydrogen fuel cell vehicle market are Toyota Motor Sales, U.S.A., Inc. and Hyundai Motor Company. These are the only two company manufacturing hydrogen fuel cell vehicles commercial. Obtain this Report @ https://www.researchnester.com/reports/hydrogen-fuel-cell- vehicle-market/3616

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