An improve in environmental considerations, supportive authorities initiatives for the event of hydrogen gas cell automobiles the world over, and rising funding in analysis and developments are anticipated to drive the worldwide hydrogen gas cell automobile market. Based on area, Asia-Pacific held the most important share in 2021, contributing to almost one-third of the worldwide hydrogen gas cell automobile market share.
Portland, OR, Jan. 31, 2023 (GLOBE NEWSWIRE) — According to the report revealed by Allied Market Research, the worldwide hydrogen fuel cell vehicle market garnered $923.8 million in 2021 and is estimated to generate $43,208.3 million by 2031, manifesting a CAGR of 45.5% from 2022 to 2031. The report gives an in depth evaluation of fixing market dynamics, main segments, worth chains, aggressive situations, and regional landscapes. This analysis provides useful steering to main gamers, buyers, shareholders, and startups in devising methods for sustainable development and gaining a aggressive edge available in the market.
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Report protection & particulars:
Market Size in 2021
Market Size in 2031
No. of Pages in Report
automobile kind, know-how, vary, and area
Increase in environmental considerations
Government initiatives for the event of hydrogen gas cell infrastructure
The rise in funding in R&D actions
Technological development and future potential within the hydrogen gas cell automobile market
Rise in adoption of HFCV in growing economies
The excessive preliminary funding in infrastructure
Lack of refueling infrastructure for HFCV
The outbreak of the COVID-19 pandemic harm the expansion of the worldwide hydrogen gas cell automobile market, owing to the implementation of world lockdown which resulted to hamper the end-use business.
Curfew practices globally affected the home in addition to international manufacturing of hydrogen gas cell automobiles, which, in flip, hampered the expansion of the general market.
Supply chain was disrupted due to import & export restrictions. Manufacturers confronted a scarcity of labor and unavailability of uncooked supplies.
The hydrogen gas cell automobile market has a excessive scope of development alternatives sooner or later due to elements reminiscent of excessive demand for automobiles with higher gas effectivity, and larger adoption of different gas automobiles. Moreover, the introduction of security rules for hydrogen gas cell automobiles in international locations.
The analysis gives detailed segmentation of the worldwide hydrogen gas cell automobile market primarily based on automobile kind, know-how, vary, and area. The report discusses segments and their sub-segments intimately with the assistance of tables and figures. Market gamers and buyers can strategize in accordance to the very best revenue-generating and fastest-growing segments talked about within the report.
Based on automobile kind, the SUV phase held the very best share in 2021, accounting for greater than one-third of the worldwide hydrogen gas cell automobile market, and is predicted to proceed its management standing through the forecast interval. However, the SUV phase is predicted to register the very best CAGR of 45.7% from 2022 to 2031.
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Based on know-how, the proton alternate membrane gas cell phase accounted for the very best share in 2021, contributing to greater than 60% of the worldwide hydrogen gas cell automobile market, and is predicted to preserve its lead when it comes to income through the forecast interval. However, the proton alternate membrane gas cell phase is predicted to manifest the very best CAGR of 45.6% from 2022 to 2031.
Based on vary, the 251-500 miles phase accounted for the very best share in 2021, holding greater than two-thirds of the worldwide hydrogen gas cell automobile market, and is predicted to proceed its management standing through the forecast interval. However, the 0-250 miles phase is estimated to develop on the highest CAGR of 47.4% through the forecast interval.
Based on area, Asia-Pacific held the most important share in 2021, contributing to almost half of the worldwide hydrogen gas cell automobile market share, and is projected to preserve its dominant share when it comes to income in 2031. In addition, the identical area is predicted to manifest the quickest CAGR of 47.5% through the forecast interval.
Leading market gamers of the worldwide hydrogen gas cell automobile market analyzed within the analysis embody Honda, Toyota, Hyundai, Daimler, Audi, BMW, Volvo, Ballard Power Systems, General Motors, and MAN.
The report gives an in depth evaluation of those key gamers within the international hydrogen gas cell automobile market. These gamers have adopted totally different methods reminiscent of new product launches, collaborations, growth, joint ventures, agreements, and others to improve their market share and preserve dominant shares in numerous areas. For occasion, in January 2022, General Motors (GM) Planned to broaden electrification, by increasing gas cells past automobiles it additionally continues to speed up its development as a platform innovator and has introduced new industrial functions of its HYDROTEC gas cell know-how. The report is effective in highlighting enterprise efficiency, working segments, product portfolio, and strategic strikes of market gamers to showcase the aggressive situation.
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