According to a recent report published by Allied Market Research, titled, Hydrogen Fuel Cell Vehicle Market by Vehicle Type and Technology: Global Opportunity Analysis and Industry Forecast, 20172023, the global hydrogen fuel cell vehicle market was valued at $278 million in 2016, and is projected to reach at $12,133 million by 2023, growing at a CAGR of 72.4% from 2017 to 2023.
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Presently, North America dominates the hydrogen fuel cell vehicle market. However, Japan is expected to register the highest growth in Asia-Pacific by 2023. Moreover, the UK is anticipated led the overall market in Europe in 2023. At present, the U.S. dominates the North American market.
Rise in environmental concern and government initiatives for the development of hydrogen fuel cell infrastructure drive the market growth. Furthermore, tax rebates and developments in aggressive hydrogen refueling stations (HRS) fuel the market growth. However, initial large investment in infrastructure is expected to restrain the market growth.
In 2016, the proton exchange membrane fuel cell segment dominated the global hydrogen fuel cell vehicle market, in terms of revenue. However, based on vehicle type, passenger vehicle led the global market in 2016.
Key Hydrogen Fuel Cell Vehicle Market:
- Passenger vehicle generated the highest revenue in 2016.
- In 2016, the proton exchange membrane fuel cell segment accounted for the highest revenue in the hydrogen fuel cell vehicle market.
- Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
- The key players profiled in the report include Honda, Toyota, Hyundai, Daimler, Audi, BMW, Volvo, Ballard Power Systems, General Motors, and MAN.