Research Nester published a report titled “Hydrogen Vehicle Market: Global Demand Analysis & Opportunity Outlook 2030″ which delivers detailed overview of theglobalhydrogen vehicle market in terms of market segmentation by vehicle type, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The globalhydrogen vehicle market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022 – 2030. The market is branched by vehicle type into commercial, passenger, and others. Among these, the passenger segment is estimated to hold a modest market over the forecast period owing to the rising demand for low-emission vehicles amongst the highly aware consumers, backed by increasing environmental awareness. The increasing production of hydrogen powered vehicles, is estimated to further boost the segment growth.
The globalhydrogen vehicle market is estimated to experience growth on the back of growing adoption of hydrogen as a fuel. The increasing global demand for hydrogen is also estimated to drive the market growth. According to the statistics by the International Energy Agency (IEA), the global hydrogen demand touched 90 metric tons in 2020. Moreover, the rising investment in the research activities, regarding the development of hydrogen technology, is anticipated to boost the market growth throughout the forecast period.
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On the basis of geographical analysis, the global hydrogen vehicle market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to garner the largest market share throughout the forecast period on account of the presence of major automotive companies investing in the R&D activities for the hydrogen technology. Moreover, higher awareness amongst the population in the region, is anticipated to boost the market growth.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Increasing Adoption of Hydrogen as a Fuel to Propel the Market Growth
Hydrogen is used as a fuel primarily in spacecrafts, and aircrafts, as it is highly efficient. Comparatively, hydrogen as a fuel for cars is novel and unaccustomed technology. Hydrogen is a clean fuel, if not produced through methane, and can help curb the increasing level of air pollution. Such beneficial features of hydrogen fuel can boost the market growth.
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However, high competition from hydrogen fuel cell technology is expected to operate as key restraint to the growth of the global hydrogen vehicle market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global hydrogen vehicle market which includes company profiling of Ballard Power System, Toyota Motor Corporation, Daimler AG, and Hyundai Motor Company. Major automotive manufacturers, such as, BMW AG, are estimated to enter the market in the upcoming years. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global hydrogen vehicle market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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