Hydrogen Fuel Cell Vehicle Market Report 2023-2028: Size, Share, Trends, Analysis & Research

Hydrogen Fuel Cell Vehicle Market Report 2023 By Technology and Vehicle Type, Key
Regions and Competitive Landscape
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Report Description and Highlights
Report Description
Hydrogen Fuel Cell Vehicle Market Outlook 2023-2028:
The global hydrogen fuel cell vehicle market size reached US$ 1,130.9 Million in 2022. Looking forward,
IMARC Group expects the market to reach US$ 12,324.9 Million by 2028, exhibiting a growth rate
(CAGR) of 45.11% during 2023-2028.
Hydrogen fuel cell vehicles (FCVs) use a hydrogen fuel cell to power their onboard electric motor
instead of an internal combustion engine. They include a direct current (DC) converter, electric traction
motor, battery, fuel cell stack, fuel filler, power electronics controller, fuel tank, transmission, battery
pack, and thermal system.
They rely on hydrogen (H2) and oxygen (O2) to generate electricity with heat and water. They also
provide various benefits, such as minimized carbon footprint, reduced visual and noise pollution, zero
emission level, low maintenance, and no dependency on fossil fuel. Owing to these benefits, hydrogen
fuel cell vehicles are gaining traction across the globe.

Report Description and Highlights
Report Description
Global Keywords Market Trends:
The rising awareness among the masses about the benefits of using hydrogen FCVs represents one of
the key factors driving the market. Besides this, governments of several countries are undertaking
initiatives to develop hydrogen fuel cell infrastructure. They are also promoting the use of hydrogen
FCVs to reduce greenhouse gas emissions, which is contributing to the growth of the market. In
addition, there is a rise in the demand for fuel-efficient vehicles due to the inflating prices of petrol and
diesel across the globe. This, along with the depleting fossil fuel reserves, is catalyzing the demand for
hydrogen FCVs.
Moreover, key market players are extensively investing in research and development (R&D) activities
to introduce enhanced fuel cell trucks and hydrogen fuel cell-powered buses to transport passengers,
which is positively influencing the market. Apart from this, there is an increase in the utilization of
hydrogen fuel cell technology that offers powertrains that do not emit harmful pollutants, such as
nitrogen oxides (NOX) and particulate matter. This, coupled with the burgeoning automotive industry,
is propelling the growth of the market. Additionally, the rising development of hydrogen fuel cell
infrastructure is offering lucrative growth opportunities to industry investors.
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Report Description Report Description and Highlights
Market Summary:
Breakup by Technology:
• Proton Exchange Membrane Fuel Cell
• Phosphoric Acid Fuel Cell
• Others
Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
On account of the aforementioned factors, the market is anticipated to witness strong growth during
2023-2028.

Report Description
Report Description and Highlights
Breakup by Vehicle Type:
• Passenger Vehicle
• Commercial Vehicle
Competitive Landscape:
• Ballard Power Systems Inc.
• Bayerische Motoren Werke AG
• Cummins Inc.
• General Motors Company
• Hyundai Motor Company
• Toyota Motor Corporation
View Report TOC, Figures and Tables: https://www.imarcgroup.com/hydrogen-fuel-cell-vehiclemarket

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Report Description and Highlights
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