The Hydrogen Vehicle Market is expected to register a CAGR of 3% during the forecast period 2021-2031, generating a cumulative opportunity worth US $ 150 million
ROCKVILLE, MARYLAND, USA, Sep 22, 2021 /EINPresswire.com/ – A recently released Fact.MR study examines that the global hydrogen vehicle market is expected to register a CAGR of 3% over the forecast period 2021-2031, generating an additional opportunity worth US $ 150 million. Growth is expected to remain strong amid a growing rush towards alternative fuel sources to power automobiles.
From 2016 to 2020, sales of hydrogen vehicles increased modestly, at a CAGR of 2%, attributed to the highly specialized characteristics of the market. A general slowdown in the global auto industry coupled with recession shocks suffered amid the coronavirus pandemic has further limited prospects for expansion. However, as restrictions ease, automakers are reporting higher profit margins, which bodes well for sales of hydrogen vehicles.
Green hydrogen is expected to grow in the future. Hydraulic fuels can greatly benefit clean energy transitions if adopted in sectors where they are virtually absent, such as transportation, buildings and power generation. All over the world, hydrogen is today a major source of energy for industrial customers. Over the past three decades, the demand for hydrogen has tripled, and almost all of it is supplied by coal and gas, with 6% of global natural gas consumption going to hydrogen production. .
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Key companies profiled
Key segments covered
Hydrogen passenger vehicles
Hydrogen commercial vehicles
Heavy Duty Hydrogen Commercial Vehicles
Buses and coaches Hydrogen vehicles
Trucks and trailers Hydrogen vehicles
Proton membrane hydrogen exchange vehicles
Phosphoric Acid Fuel Cell Hydrogen Vehicles
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Key points of the market research
Hydrogen trucks and trailers to witness growing demand, increase to 3% CAGR
By technology, hydrogen phosphoric acid fuel cell vehicles account for 60% of global demand
Sales of hydrogen vehicles in the United States will increase at a CAGR of around 4% through 2031
Asia will be the most lucrative market, accounting for 40% of the global demand for hydrogen vehicles
âWhile manufacturers are focusing on new markets, they are committed to using sustainable renewables without releasing harmful gases into the air,â says Fact.MR analyst.
Key Hydrogen Vehicle Survey Highlights and Projections
Despite the impact of COVID-19 on the consumer goods industry, the Hydrogen Vehicles market is expected to achieve a good rating. This can be attributed to the increasing prevalence of chronic diseases.
With a very advanced healthcare sector and the presence of key market players, the United States will continue to dominate the hydrogen vehicle market.
By drug class, corticosteroids dominate the hydrogen vehicle market with a significant share.
Due to the demand for advanced hydrogen vehicle products in the medical field and increasing investments in the healthcare sector, the UK will become a very lucrative market for hydrogen vehicles.
The hydrogen vehicle market in East Asia is growing rapidly owing to increased investment in the healthcare sector, favorable government policies and the high prevalence of life-threatening diseases.
Strategic collaborations allow hydrogen vehicles to increase their revenues and market share. The implementation of new technologies and equipment allows manufacturers to expand their presence in the market.
On May 25, 2021, Faurecia finalized the merger of Chinese manufacturer of hydrogen tanks, CLD. Following the announcement of the planned acquisition by Faurecia in February, CLD was selected by reputable Chinese OEMs, such as SAIC, for several different commercial vehicle models.
On April 22, 2021, Toyota Motor Corporation announced its goal of creating a zero-emission mobility company, as well as its hydrogen engine development program. In addition, the engine will be mounted on a Corolla Sport racing car, competing under the ORC ROOKIE Racing banner from the NAPAC Fuji SUPER TEC24 Hours Race on May 21-23.
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Key questions addressed in the report
What are the most lucrative hydrogen vehicle markets?
What factors will impact the growth of hydrogen vehicles?
How will changing trends impact the strategies of market players?
How can market players seize the opportunities at their fingertips in all regions?
Which companies dominate the hydrogen vehicle industry?
What are the winning strategies of market players?
More information available
Fact.MR’s, in its new offering, presents an unbiased analysis of the hydrogen vehicle market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study discloses essential market information based on vehicle type (passenger, commercial, heavy-duty, bus and coach, and trucks and trailers), technology (proton membrane exchange and phosphoric acid fuel cell), in seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East and Africa).
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