Hydrogen Vehicles Market Overview by Business Growth, Challenges, Emerging Trends, Top Key Players (2022-2027)

The depleting natural resources, and swelling vehicle parc on roads worldwide have been prompting automakers to find out the viable alternatives that would not only reduce air pollution but also deliver superior performance. Hydrogen vehicles, being one of such solutions that have been receiving government support across the major economies, represent a measurably large market at a global level. With the global e-mobility drive gaining pace, hydrogen vehicles market is likely to see an uptrend in future. Fairfield Market Research in its latest upcoming study intends to analyse how the growth of global hydrogen vehicles market would unfold over the next few years. The report suggests that the market will receive an impetus from more governments extending support to establishment of hydrogen stations in addition to framing a favourable regulatory structure.

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PAFC Technology Vehicles to Significantly Contribute to Market Growth

The zero-emission, and economic aspects of hydrogen vehicles continue to position them as a more efficient alternative than their hybrid or electric counterparts, which continues to garner interest of the research community. Sustainability being the core concept along with reduction in greenhouse gas emissions, research on the use of hydrogen powered automobile is being emphasised worldwide. In line with this, soaring demand for high-performance, fuel-efficient vehicles is projected to create a favourable breeding ground for hydrogen vehicle sales in the near future. Phosphoric acid fuel cells (PAFC) have been recently finding application in heavy commercial vehicles. PAFC technology-integrated vehicles are likely to heavily contribute toward the growth of hydrogen vehicles market.
Sales of Hydrogen-powered Passenger Cars Remain Afloat
Hydrogen-powered passenger cars continue to sell higher as demand for highly efficient passenger cars prevails for short distance travels. Although hydrogen-powered vehicles were initially considered as a more viable choice for longer distances that are typically covered by commercial vehicles, the perceived benefits in terms of customer convenience and satisfaction have enabled hydrogen vehicles to penetrate passenger cars deeper. The current perception of hydrogen vehicles as superior to their electric counterparts in terms of charging time, and fuel efficiency is expected to uphold the growth of hydrogen vehicles market.

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Asia Pacific Surges Ahead as Developing Economies Eye Zero-emission Targets

Registering an increase in adoption of hydrogen vehicles, developing economies across Asia Pacific are expected to present lucrative markets for key players. China, and India have especially been targeting faster emission reduction, well complemented by the swelling auto industry. India's National Thermal Power Corporation (NTPC) has plans to invest in procuring hydrogen vehicles for pilot projects. While this initiative is further backed by the biggies like Tata Motors, KPIT Technologies, and Ashok Leyland, the market in Asia Pacific is likely to reap a major benefit from this. China also holds a significant opportunity, says preliminary findings, attributing to the China Government's subsidies, and incentives related to hydrogen vehicles, as well as fuelling stations.

Key Players in Global Hydrogen Vehicles Market

The report would cover detailed company profiles of some of the leaders in hydrogen vehicles landscape, which include BMW AG, Audi AG, Daimler AG, GM Hydrogenics, Toyota, Honda Motor Company Ltd., and Hyundai.

Global Hydrogen Vehicles Market is Segmented as Below:

By Vehicle Type
• Passenger Vehicles
• Commercial Vehicles
• Heavy Commercial Vehicles

By Technology
• Proton Exchange Membrane Fuel Cell
• Phosphoric Acid Fuel Cell

By Region
• NORTH AMERICA
• EUROPE
• ASIA-PACIFIC
• LAMEA

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