The Hydrogen fuel cell vehicle is a form of vehicle that utilizes a hydrogen fuel cell to power its on-board electric motor. This vehicle does not relief any greenhouse gas (GHG) emissions throughout the vehicle operation contrasting diesel-powered and gasoline vehicles. Further, widespread support from the government to influence the hydrogen fuel cell infrastructure propels the market growth.
According to the report analysis, ‘Hydrogen Fuel Cell Vehicle Market by Vehicle Type (Passenger Vehicle and Commercial Vehicle) and Technology (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cells, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026’ states that in the hydrogen fuel cell vehicle market there are several corporates which presently functioning more actively for leading the fastest market growth and registering the greatest value of market share around the globe throughout the near years while analyzing an studying the favorable policies of the government and competitive strategies of the competitors, implementing the profitable strategies, delivering the better consumer satisfaction, decreasing the linked prices, advancing the applications o such, spreading the awareness related to the features of such and employing the young work force includes Honda, Toyota, Hyundai, Daimler, Audi, BMW, Volvo, Ballard Power Systems, General Motors, MAN and several others.
Although, the hydrogen fuel cell vehicle market is projected to witness progressive growth throughout the forecast period, due to the advancement of infrastructure to produce hydrogen. Further, domestic existence of hydrogen fuel cell vehicle (HFCV) OEMs across the globe and developments in antagonistic hydrogen refueling stations (HRS) propel the market growth. However, the initial large investment in infrastructure is projected to limit the market growth. Moreover, augment in launch of government initiatives to influence the hydrogen fuel cell infrastructure delivers a foremost growth opportunity.
In addition, the foremost factors that affect the growth of the worldwide market involve surge in environmental concerns, effective growth in government initiatives for advancement of hydrogen fuel cell infrastructure, great initial investment in infrastructure, and technological advancement and forthcoming potential. Each of these aspects is anticipated to have a definite impression on the hydrogen fuel cell vehicle market during the estimate period.
Whereas, owing to increase in concerns of atmosphere degradation and lessening of natural resources, several technologies are being established in the market that supports the eco-friendly concept to endure the environment. Moreover, augment in awareness toward the significances of air pollution and increase in levels of traffic & greenhouse gas emission propel the implementation of hydrogen fuel cell vehicles, as it is eco-friendly than other conventional vehicles.
The hydrogen fuel cell vehicles are more effectual over IC engine vehicles and hybrid vehicles and have effectiveness of 60-70% over the other two. The requirement for fuel-efficient vehicles has augmented recently due to increase in price of petrol and diesel. This has also resulted owing to diminishing fossil fuel reserves and growth in propensity of companies to obtain the maximum profit from these oil reserves. Thus, such factors boost the requirement for the advanced fuel-efficient technologies, leading to increase in requirement for hydrogen fuel cell vehicles for travel. Therefore, in the near years, it is predicted that the market of hydrogen fuel cell vehicle will increase around the globe more actively over the upcoming years.
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Ankur Gupta, Head Marketing & Communications