Hydrogen fuel cell vehicle is a type of vehicle that uses a hydrogen fuel cell to power its on-board electric motor. This vehicle does not release any greenhouse gas (GHG) emissions during vehicle operation unlike diesel-powered and gasoline vehicles. Further, extensive support from the government to propel hydrogen fuel cell infrastructure fuels the market growth.
Major Key Players of the Hydrogen Fuel Cell Vehicle Market are:
Honda, Toyota, Hyundai, Daimler, Audi, BMW, Volvo, Ballard Power Systems, General Motors, and MAN.
The hydrogen fuel cell vehicle market is expected to witness significant growth during the forecast period, owing to the development of infrastructure to produce hydrogen. Further, domestic presence of hydrogen fuel cell vehicle (HFCV) OEMs globally 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. Moreover, increase in launch of government initiatives to propel hydrogen fuel cell infrastructure provides a major growth opportunity.
