Portland, OR -- (SBWIRE) -- 06/22/2018 -- North America is expected to dominate the global hydrogen fuel cell vehicle market in 2023, in terms of revenue. Japan is expected to register the highest growth in the Asia-Pacific market in terms of revenue. Moreover, the U.S. is anticipated to dominate the market in North America during the forecast period, whereas the UK is anticipated to lead the European region.
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, according to the latest report published by Allied Market Research.
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.
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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.
Rise in environmental concern
Due to rise in concerns of environment degradation and depletion of natural resources, various technologies are being launched in the market that support the eco-friendly concept to sustain the environment. People are being aware of the consequences of air pollution, rise in levels of exposure to carbon footprint, and greenhouse gas emission. All these factors surge the demand for hydrogen fuel cell vehicle as it is eco-friendly as it does not use fossil fuel as other conventional vehicles.
High Initial investment in infrastructure
Hydrogen fuel cell technology offer powertrain that emits no tailpipe greenhouse gases and other harmful pollutants such as nitrogen oxides and particulate matter, which attract vendor towards this technology. However, costly materials such as platinum in the fuel cell anode and carbon fiber to produce the hydrogen fuel tanks and others required to develop hydrogen infrastructure is expected to hamper the market growth.
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.
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The key players profiled in the report include Honda, Toyota, Hyundai, Daimler, Audi, BMW, Volvo, Ballard Power Systems, General Motors, and MAN.