The global hydrogen fuel cell electric vehicles market is anticipated to grow at a significant CAGR of 18.1% during the forecast period (2022-2028). Increased environmental concerns, supportive government initiatives for the development of hydrogen fuel cell infrastructure, rising infrastructural development investments, and technological advancement are some of the important factors influencing the growth of the global hydrogen fuel cell electric vehicles market.
As public awareness of environmental damage and natural resource depletion grows, numerous technologies supporting the eco-friendly notion of environmental sustainability are being introduced to the market. Furthermore, as people become more conscious of the growing traffic and greenhouse gas emissions, hydrogen fuel cell vehicles are becoming more popular as they are more environmentally friendly than conventional automobiles.
Furthermore, several initiatives taken by the various governments and organizations are expected to propel the market growth during the forecast period. For instance, the state of California in the US has committed funds to the construction of 100 hydrogen filling stations in order to fulfill its goal of 1.5 million zero-emission vehicles by 2025, which is propelling the hydrogen fuel cell vehicle market forward. Similarly, the Indian government revealed its green hydrogen program in February 2021, promising economical renewable energy. The policy creates a significant opportunity for hydrogen infrastructure to be built, making the market for fuel cell electric vehicles more attractive. Furthermore, Tata Motors received an order from Indian Oil Corp. Ltd. for 15 hydrogen-based fuel cell buses in June 2021. The buses will be used to assess India’s interest in developing hydrogen-based fuel cell technology.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Vehicle Type
- By Technology
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape– AUDI AG.,BMW GROUP, Ballard Power Systems., Mercedes-Benz Group AG., and General Motors, among others.
A full report Hydrogen Fuel Cell Electric Vehicles Market of is available at: https://orionmarketreports.com/hydrogen-fuel-cell-electric-vehicles-market/108702/
Global Hydrogen Fuel Cell Electric Vehicles Market Report by Segment
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
By Technology
- Proton Exchange Membrane Fuel Cell
- Phosphoric Acid Fuel Cells
- Others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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