According to our latest market study on “Fuel Cell Vehicle Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Electrolyte, Power Output, Vehicle Type, and Geography,” the market is projected to reach US$ 6,051.17 million by 2028 from US$ 570.43 million in 2021; it is expected to grow at a CAGR of 40.1% from 2021 to 2028.
Fuel cell vehicles are powered by hydrogen which can be generated from both renewable and nonb-renewable energy sources. Air pollution remains one of the major concerns for government bodies across the globe. Air pollution impacts both the population and the environment. Some of the common impacts on the citizens include respiratory and heart diseases.
The US government has setup numerous strategies targeting a complete clean energy economy by 2050. For instance, the state government of California in the US has committed to invest USD 20 million every year until 100 hydrogen fueling stations are built in the state. Countries in Europe have also taken up numerous initiatives to boost the demand for fuel cell vehicles in the region. For instance, according to the Hydrogen Roadmap Europe, 45 million hydrogen powered fuel cell vehicles are expected to be on the European roads by 2050. Such initiatives to boost the adoption of clean energy sources by various nations across the globe is expected to drive the demand for the fuel cell vehicles market during the forecast period.
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The fuel cell vehicles market is highly fragmented and competitive due to occurrence of huge number of small scale and medium scale manufacturers in both developed and developing economies. The top 5 market players are majorly focusing on various organic and inorganic growth strategies to survive in the fuel cell vehicles market. Such as, innovation of new technologies to offer enhanced product portfolios to the customers, merger and acquisitions, and expansion strategies.
Based on electrolyte, the fuel cell vehicle market is bifurcated into PEFC and PAFC. In 2020, the PEMFC segment led the fuel cell vehicle market, accounting for a larger market share. By power output, the fuel cell vehicle market is segmented into up to 100 kW, 100-200 kW, and above 200 kW. In 2020, the up to 100 kW segment accounted for the largest market share.
According to the latest situation report from World Health Organization (WHO), the US, India, Brazil, Russia, the UK, France, Italy, Germany, Argentina, and South Africa are among the worst-affected countries due to the COVID-19 outbreak. The COVID-19 crisis affected industries worldwide, and the global economy was worst hit until mid-2021.
Hyundai Motor Company; Toyota Motor Corporation; Cummins Inc; General Motors; AB Volvo; Honda Motors Co., Ltd.; Riversimple; Hyzon Motors; Daimler AG; and Ballard Power Systems Inc are among the major companies operating in the fuel cell vehicle market.
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