iCrowdNewswire Jan 13, 2021 6:00 AM ET
Hydrogen fuel cell vehicles use a hydrogen fuel cell to power its on-board electric motor. It is used to operate a hydrogen fuel cell to generate electricity. These vehicles possess high potential to reduce emissions related to the transportation sector. A hydrogen fuel cell vehicle does not generate any greenhouse gas (GHG) emissions during vehicle operation unlike diesel-powered and gasoline vehicles.
Market Drivers
The global hydrogen fuel cell vehicles market is constantly evolving and it is anticipated to witness high growth during this forecast period. The increase in development of new and diversified technologies will positively influence the market growth. Conventional vehicles run on diesel or gasoline whereas fuel cell cars and trucks combine oxygen and hydrogen to produce electricity that runs on motor. A hydrogen fuel cell car is entirely powered by electricity and is considered an electric vehicle. It can store a large amount of energy and it is a good option for drivers who need longer range & more cargo capability. Furthermore, the increase in environmental concern and depletion of natural resources is expected to drive the growth of global hydrogen fuel cell vehicles market across the globe.
High cost of raw materials to is major restraining factor which expected to hamper the global hydrogen fuel cell vehicles market growth over the forecast period.
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Market Segmentation
The Global Hydrogen Fuel Cell Vehicles Market is segmented into Passenger Vehicle, and Commercial Vehicle. Further, market is segmented into technology such as Proton Membrane Exchange, Phosphoric Acid Fuel Cell, and Others.
Also, the Global Hydrogen Fuel Cell Vehicles Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market key Players
Various key players are discussed in this report such as Toyota Motor Sales, USA, Inc.,The Hyundai Motor Company, Daimler AG (Mercedes-Benz), General Motors Company, Groupe Renault , Mazda Motor Corporation , Hydrogenics , Kia Motor Corporation, Tata Motors Limited, etc.
Market Taxonomy
By Type
- Passenger Vehicle
- Commercial Vehicle
By Technology
- Proton Membrane Exchange
- Phosphoric Acid Fuel Cell
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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