Major factor driving growth of the global hydrogen fuel cell vehicle market is rising environmental concern and increasing government initiatives for hydrogen fuel cell infrastructure. In addition, increasing fossil fuel price and demand for alternative fuel is expected to support growth of the global hydrogen fuel cell vehicle market.
Global hydrogen fuel cell vehicle market is segmented into vehicle type, technology type, and region.
On the basis of vehicle type the global hydrogen fuel cell vehicle market is segmented into passenger vehicle and commercial vehicle. The commercial vehicle segment is expected to account for highest share in the global hydrogen fuel cell vehicle market in terms of revenue, owing to increasing transportation activities in developed and developing countries and increasing demand for alternative fuel which emits less pollution and have high efficiency compared to conventional fuel. The passenger vehicle segment is projected to register highest CAGR over the forecast period.
On the basis of technology type, the market is segmented into proton exchange membrane fuel cell, alkaline fuel cell, and solid oxide fuel cell.
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Market in North America is expected to account for major revenue share in the global hydrogen fuel cell vehicle market. This can be attributed to increasing government initiatives with factorable policies. The U.S. Department of Energy (DOE) has announced US$ 15.8 million for 30 new projects that aimed at discovery and development of new, low-cost materials necessary for hydrogen production and storage and for fuel cells onboard light-duty vehicles. Asia Pacific market is estimated to register highest CAGR in terms of revenue over the forecast period.
Key players operating in the global hydrogen fuel cell vehicle market include Honda Motor Co., Ltd., Toyota Motor Corporation, Hyundai Motor Company, Daimler AG, AUDI AG, Bayerische Motoren Werke Aktiengesellschaft, Volvo Car Corporation, Ballard Power Systems Inc., General Motors Company, and MAN SE.