Make Hydrogen Happen

In a recently published report by Allied Market Research (AMR), they revealed that the hydrogen fuel cell vehicle market will reach almost $58 billion within the next 6 years.

According to the report, Asia-Pacific, which accounts for one-third of the market, will likely maintain dominance in 2032. AMR shared that increasing environmental concerns, government initiatives, and advancements in technology are factors leading to market growth. The report also identifies the top 10 entities that are leading the hydrogen cell vehicle market.

AMR published a report, titled, “Hydrogen Fuel Cell Vehicle Market by Vehicle Type (Sedan, SUV, and Others), Technology (Proton Exchange Membrane Fuel Cell and Phosphoric Acid Fuel Cell), and Range (0-250 Miles, 251-500 Miles, and Above 500 Miles): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global hydrogen fuel cell vehicle market size was valued at $1,479.3 million in 2022 and is projected to reach $57,899.1 million by 2032, registering a CAGR of 43.0% from 2023 to 2032.

Asia-Pacific to maintain its dominance by 2032

By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for one-third of the Hydrogen Fuel Cell Vehicle market revenue. However, North America is a dominant market for hydrogen fuel cell vehicles with the presence of major players that offer HFCVs.

Further, the rapid development of hydrogen refuelling stations (HRS) in this region drives the market growth. For instance, in December 2022, at its Performance Manufacturing Centre (PMC) in Marysville, Ohio, Honda revealed that it would begin producing a brand-new hydrogen fuel cell electric vehicle (FCEV) in 2024 that will be based on the recently released, all-new Honda CR-V.

Surge in environmental concerns, increase in government initiatives for the development of hydrogen fuel cell infrastructure, and technological advancement drive the growth of the market.

 

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