Fuel Cell Vehicle Market Revenue to Surpass USD 6,051.17 Million by 2028 at a CAGR of 40.1%: Global Analysis by The Insight Partners

According to our new research study on “Fuel Cell Vehicle Market Forecast to 2028 – Impact of COVID-19 and Global Electrolyte Analysis (PEMFC and PAFC), Power Output (less than 100kW, 100-200 kW and above 200 kW), and type of vehicle (passenger car, bus, truck and light commercial vehicle).

Fuel Cell Vehicle Market is expected to reach US$6,051.17 million by 2028 from US$570.43 million in 2021; it is estimated to register a CAGR of 40.1% between 2021 and 2028.

Fuel cell vehicles are powered by hydrogen which can be produced from renewable and non-renewable energy sources. Air pollution remains one of the main concerns of government agencies around the world. Air pollution affects both people and the environment. Some of the common impacts on citizens include respiratory and heart disease. Moreover, air pollution also causes many environmental effects such as global warming, acid rain and ozone layer depletion. Air pollutants released by automotive internal combustion engines are among the world’s top air pollutants. The U.S. government has many strategies in place aimed at a full clean energy economy by 2050. For example, the state government of California in the U.S. has committed to invest $20 million annually until 100 hydrogen fueling stations are built in the state. Countries in Europe have also taken many initiatives to boost the demand for fuel cell vehicles in the region. For example, according to the European Hydrogen Roadmap, 45 million hydrogen-powered fuel cell vehicles are expected to be on European roads by 2050. clean energy by various countries around the world are expected to drive demand. for the fuel cell vehicle market over the forecast period.

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Companies profiled in this report include: Hyundai Motor Company; Toyota Motor Corporation; Cummins Inc; General Motors; ABVolvo; Honda Motors Co., Ltd. ; Riversimple; Hyzon engines; Daimler AG; and Ballard Power Systems Inc.

Impact of the COVID-19 pandemic on the fuel cell vehicle market

According to the latest situation report from the World Health Organization (WHO), the United States, India, Brazil, Russia, United Kingdom, France, Italy, Germany, l Argentina and South Africa are among the hardest hit countries due to COVID-19. 19 epidemic. The COVID-19 crisis has affected industries around the world and the global economy has been the most affected until mid-2021. The pandemic has disrupted fuel cell vehicle market companies and vendors across the globe. Factory shutdowns, travel bans, trade bans, and border closures have hurt the fuel cell vehicle market.

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The fuel cell vehicle market is highly fragmented and competitive due to the presence of a large number of small and medium scale manufacturers in both developed and developing economies. The top 5 market players are majorly focusing on various organic and inorganic growth strategies to survive in the fuel cell vehicle market. Such as innovating new technologies to deliver enhanced product portfolios to customers, mergers and acquisitions, and expansion strategies.

Most of the fuel cell vehicle market initiatives have been witnessed in the Asia-Pacific region, which has high potential of fuel cell vehicle manufacturers. Some of the important fuel cell initiatives market initiatives and industry product developments are mentioned below:

In 2020, Toyota Motor Corporation had introduced the Mirai fuel cell electric vehicles which are compact in size, efficiency and productivity which enable hydrogen fuel cell vehicles.

In 2022, Hyundai Motor Company had opened the first overseas fuel cell system factory in Guangzhou. It had initially produced 6,500 fuel cell systems per year with the aim of increasing capacity in line with growing demand.

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