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Hydrogen Powered Tractor Market by Application (Agriculture, Industries and Mining) and Technology (Proton Membrane Exchange, Phosphoric Acid Fuel Cell and Others): Global Opportunity Analysis and Industry Forecast, 2021–2027

A07808
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Dec 2020 | 115 Views
 
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Hydrogen Powered Tractor Market Outlook - 2027

The hydrogen powered tractor market has gained focus after the successful progress with electric cell vehicles, wherein the fuel cell vehicles came into existence depending on hydrogen powered. The initial rollout of fuel cell electric vehicles is supported by the increase in number of retail hydrogen fueling locations in select markets. In many developed countries, companies even manufacture FCEVs for sale or lease to customers in markets where hydrogen fuel is available. Hydrogen fuel under careful planning should be considered as the future fuel to compete with the existing gasoline or electric engine vehicles. Therefore, increase in demand among farmers for clean and green tractors, which cause less pollution, is expected to drive the growth of the market over the forecast period.

Market scope and structure analysis:

               Report Metric

                                                Details

  Market size available for years

  2020–2027

  Base year considered

  2019

  Forecast period

  2021–2027

  Forecast unit

  Value (USD)

  Segments covered

  Application and Technology

  Regions covered

North America (the U.S. and Canada), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM), and the Middle East and Africa

  Companies covered

Honda, Toyota, Hyundai, Daimler, Audi, BMW, Volvo, Ballard Powered Systems, General Motors, and MAN

 

COVID-19 scenario analysis:

  • COVID-19 has resulted in many advantages and disadvantages for companies in the hydrogen vehicle market, which are expected to boost the fuel market growth over the coming years.
  • The global pandemic of COVID-19 has redefined business strategies and is expected to change customer's buying behavior, which may be beneficial for the market.
  • This pandemic has created uncertainty within the industry and has left all parties involved in a state of panic.
  • Considering the nature of the industry, once the coronavirus situation improves, the hydrogen powered tractor market is estimated to easily bounce back.

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

Increase in emphasis on decarbonizing energy end-use and growth in the expatriate population are expected to spur the demand for hydrogen powered tractor over the forecast period. Moreover, high energy consumption of hydrogen generation technologies is anticipated to hamper the growth of the market. Furthermore, increase in safety measures of hydrogen technology is expected to offer lucrative opportunities for the market growth in the coming years.

The hydrogen powered tractor market trends are as follows:

Emphasis on decarbonizing energy

Decarbonization is the decrement of the average carbon intensity of primary energy over time. Decarbonization of the global energy system is considered to be the biggest challenge faced at present that has raised concerns for green energy technology such as hydrogen and related products. Hydrogen is a clean energy fuel and is expected to reduce the dependence on oil in the coming future. In addition, it reduces the emission of greenhouse gases and other pollutants. This is estimated to further boost the growth of the hydrogen powered tractor market over the forecast period.

Growth in the expatriate population 

The growing world’s population at a tremendously high rate has created severe issues of pollution, and fuel powered engine plays a crucial role in degrading the quality of the atmosphere. Growth in awareness among customers regarding the environment has created a high demand for vehicles, which create less pollution. This is expected to boost the growth of the market over the forecast period.

Key segments covered:               

               Segments

                                   Sub-segments

  Application

  • Agriculture
  • Industries
  • Mining

  Technology

  • Proton Membrane Exchange
  • Phosphoric Acid Fuel Cell
  • Others

 

Key benefits of the report:

  • This study presents the analytical depiction of the hydrogen powered tractor market along with current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the hydrogen powered tractor market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the hydrogen powered tractor market scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed analysis based on competitive intensity and how the competition will take shape in the coming years. 

Questions answered in the hydrogen powered tractor market research report:

  • Which are the leading market players active in the market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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