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Rising Demand for Clean Sources of Automobile Fuel to Drive Sales of Commercial Hydrogen Vehicles, States Fact.MR

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Vehicle Brands Are Adopting Hydrogen Gas Mobile (HFC) Know-how to Get an Early Advantage in the Vehicle Marketplace

Rockville, Nov. 23, 2022 (Globe NEWSWIRE) — Climbing Desire for Clean up Sources of Car Gasoline to Push Product sales of Commercial Hydrogen Vehicles, States Truth.MR

Automobile Producers Are Adopting Hydrogen Gas Mobile (HFC) Know-how to Attain an Early Gain in the Vehicle Industry

In 2021, the world-wide professional hydrogen motor vehicle current market expanded 23.3% calendar year-on-calendar year, bucking skepticism about how the world-wide market place would complete owing to the COVID-19 pandemic. Throughout the planet, in 2021, overall gross sales of commercial hydrogen automobiles arrived at US$ 3.2 billion. Based mostly on Reality.MR’s report, the world-wide sector for business hydrogen vehicles is expected to achieve US$ 57.9 billion by 2032 increasing at a remarkable CAGR of 30.6% from 2022 to 2032.

Even with being the most common component in the universe, hydrogen lacks independence, i.e., it ought to be divided from other substances, this kind of as h2o or organic fuel. On the other hand, there are trade-offs about expense and environmental impression, not all are created equivalent. Some of the capabilities of FCEVs are significant driving vary, fast refilling, silent operation, and zero emissions of greenhouse gases & air pollutants. Hence, utilizing fuel cells for transportation and automotive applications is suited.

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For substantial programs in transportation, these kinds of as buses, autos, trains, defence cars, product managing autos, and gentle professional autos, gasoline cells are adaptable and conveniently scalable resources of energy. Need for gasoline cells in the automotive and transportation sectors may possibly also boost as a end result of a number of govt initiatives.
To date, hydrogen use in the sector has been limited to considerably less than .01% of the electricity consumed, and two many years again, hydrogen gas cell electric autos accounted for a really smaller share of the world wide fleet of vehicles (<0.01%) and of electric vehicles (0.3%). At the end of June 2022, 50,000 FCEVs were on the roads across the world.

Key Takeaways from Market Study

  • The global commercial hydrogen vehicle market is projected to expand at an impressive CAGR of 30.6% and create an absolute dollar opportunity US$ 54.7 billion by 2032.

  • The market expanded at 10.8% CAGR for the period of 2017-2021.

  • Under fuel cell technology, PEMFC commercial hydrogen vehicles dominate the market and are valued at US$ 3.5 billion in 2022.

  • Buses & coaches dominated the market with 43.1% market share in 2022.

  • Demand for commercial hydrogen vehicles is expected to increase at CAGRs of 33.9% and 31.5%, respectively, in the Americas and EMEA.

Market Development

Various governments have implemented several policies to address environmental issues. The Regional Hydrogen Hub, the Electrolysis and Clean Hydrogen Manufacturing, Recycling Programs, and the Bipartisan Infrastructure Law were all designed with inputs from stakeholders in mind. Two requests for information (RFI) were published by the U.S. Department of Energy (DOE). This will speed up development, lower technology costs, and increase the use of hydrogen as a source of clean energy.
For instance, to fulfil its goal of 1.5 million zero-emission vehicles by 2025, the U.S. state of California committed investment for the building of more than 100 hydrogen filling stations, which is boosting the market for commercial hydrogen fuel cell vehicles in the region.       

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Competitive Landscape

For years, fuel cell car prices have been dropping significantly, and throughout the course of the next ten years and beyond, they will keep declining. The cost of fuel cell vehicles, particularly buses, has decreased by 65% in the last few years, despite their low production volume.

Significant advancements in fuel cells have been made thanks to technological advances and product upgrades by many manufacturers. A variety of additional factors, such as the following, have also helped to lower the overall cost of fuel cell electric vehicles: Lower cost and better integration of the vehicle’s electric drivetrain, decreased cost of the hydrogen storage tank, hybridization of the vehicle’s fuel cell and batteries.

  • In Nov. 2021, Hinduja Group’s premier Ashok Leyland revealed that the corporation is working on commercial vehicles powered by hydrogen, and a team is actively building these vehicles.

  • In Sept. 2021, Hyundai Motor Group hopes to be the first vehicle maker in the world to power all of its commercial vehicle models with fuel cell systems to make hydrogen vehicles more widely available by lowering the cost of the technology by 2028.

  • In Jan. 2021, truck manufacturer Navistar International Corp. announced that it will partner with American automobile maker General Motors Co. and others to create a commercial truck powered by hydrogen fuel cells and an accompanying fueling infrastructure.

Key Companies Profiled

  • Anglo American

  • DAF

  • Daimler Truck

  • General Motors

  • Hinduja Group

  • Hyundai Motor Group

  • Hyzon Motors

  • International Truck

  • Komatsu

  • MAN

  • New Flyer Industries Ltd.,

  • Nikola Corporation

  • PACCAR Inc

  • SAIC Motor Corporation Limited

  • SANY Heavy Truck

  • Toyota Motor Corporation

  • Van Hool

  • Volvo AB

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Segmentation of Commercial Hydrogen Vehicle Industry Research

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global commercial hydrogen vehicle market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of type of fuel cell technology (PAFC, DMFC, PEMFC), fuel cell capacity (up to 75 kW, 75-100 kW, 100-150 kW, above 150 kW), and vehicle category (LCVs, HCVs, buses & coaches, industrial trucks), across major regions of the world (Americas, APAC, and EMEA).

Check out more related studies published by Fact.MR Research:

Hydrogen Vehicles MarketAccording to Fact.MR- a market research and competitive intelligence provider- sales of hydrogen vehicles expand at a moderate trajectory, registering a CAGR of around 2% across the 2016-2020 historical period. As this technology is relatively nascent, growth prospects were largely limited. et they represent an important part of the transportation market, and they are also called FCEVs. From 2021 to 2031, the global market is expected to surge at a CAGR of 3%.

Hybrid Electric Vehicles Market – The global market for hybrid electric vehicles is anticipated to showcase a stellar growth trajectory registering a CAGR of over 14% over the forecast period 2021-2031, according to Fact.MR. Gasoline hybrid vehicles are projected to surpass a value of over US$ 100 Million by 2031.

Recreational Off-Highway Vehicles Market – The global recreational off-highway vehicles market is estimated at USD 15.7 Billion in 2022 and is forecast to surpass USD 54.4 Billion by 2032, growing at a CAGR of 13.2% from 2022 to 2032. The sales of recreational off-highway vehicles (ROVs) is likely to increase in the forthcoming years because of the shifting trends of the consumers towards power sports leading to higher additional demand for all-terrain vehicles (ATVs).

Automotive Hydrogen Fuel Cell Market – Hydrogen has been proposed as a future transportation fuel for zero emission vehicles, because of its potential to reduce greenhouse gas emissions in the transport sector as well as air pollutant emissions. Subsequently, hydrogen fuel cells are developed to offer a sustainable mobility in the future. Although a hydrogen fuel cell vehicle has no tailpipe emissions of carbon or air pollutants, there can be “upstream” emissions from producing hydrogen.

Wheelchair Accessible Vehicle Market – According to the research report on wheelchair accessible vehicle market, it is projected to expand at a steady CAGR of 5.4% throughout the period of assessment with respect to value, 2018-2028. The report also reveals that sales of wheelchair accessible vehicles continue to remain concentrated in developed countries of North America and Europe. That said, North America is expected to reflect a higher market attractiveness with respect to adoption of wheelchair accessible vehicles during the assessment period.

About Fact.MR

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That’s why focus on offering insights that can actually make a difference to bottom-lines.

Specialties: Competition Tracking, Customized Research, Syndicated Research, Investment Research, Social Media Research, Business Intelligence, Industry Analysis, Thought Leadership.

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