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Hydrogen Fuel Cell Vehicle Market to Exhibit 82% CAGR 2017- 2021, Driven by Government Initiatives and Incentives

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Published on : Apr 14, 2017

Albany, New York, April 14, 2017: According to the report, incentives offered by governments are encouraging users to make use of hydrogen fuel cell vehicles. Since hydrogen fuel cell vehicles offers advantages such as reduced carbon emission and optimal fuel economy, it is becoming increasingly popular. Moreover, infrastructure development to produce hydrogen has also improved in recent times and is boosting the adoption of these vehicles. Governments across nations are investing heavily in research and development, which is ensuring innovation and progress of this market. As per the report, the global hydrogen fuel cell vehicle market is expected to expand at a whopping 82% CAGR between 2017 and 2021. 

This research report takes into account the historical and current data to predict the future growth of the market. It includes important information regarding the leading segment and sub-segment, recent developments, and future opportunities within the global hydrogen fuel cell vehicles (HFCVs) market. In addition to this, the study comprises the competitive landscape of the HFCV market, including the strategies of growth adopted, information on mergers and acquisitions, business and financial overview, and challenges faced by companies. 

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The fuel cell technology used in hydrogen fuel cell vehicles reduce the dependence on conventional energy resources and at the same time enable efficient operation with low noise pollution and vibrations. In addition to these, HFCVs are light in weight and compact, owing to which, the mileage of these vehicles is high. Moreover, the long term monetary benefits associated with HFCV is expected to motivate many other users in the coming years, boosting the market. On the other hand, the initial cost for the development of these vehicles is high, which is acting as a restraint. Another challenge faced by the market is the reduced hydrogen refueling stations (HRS).

The global HFCV market is segmented on the basis of vehicle type and geography. By vehicle type, the market is segmented into commercial and passenger vehicles. The commercial vehicle segment is the fastest growing segment. By geography, Asia Pacific not only led in the past, but will continue to do so in the coming years.  

The market is highly competitive and is characterized by the presence of a large number of domestic and international players. Players are striving to expand their market share by offering customers improved and new energy vehicles. In order to scale up the production of hydrogen and develop technologies that enable the production of clean and emission free hydrogen, investments are being made. Some of the technologies enabling clean production of hydrogen are thermochemical conversion of fossil fuels to hydrogen, biomass gasification, and use of renewable energy for water electrolysis. Some of the players operating in the hydrogen fuel cell vehicle market include Daimler, Hyundai, Ballard Power Systems, Honda, BMW, Toyota, Audi, Fuel Cell Energy, Hydrogenics, GM, MAN, and Volvo.

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