Hydrogen Fuel Cell Vehicle Market Insights and Growth by 2031
The Hydrogen Fuel Cell Vehicle Market is expected to register a CAGR of 45.0% during 2023–2031. The rise in focus towards minimizing the environmental pollution from transportation sector is likely to remain a key trend in the market.
Hydrogen Fuel Cell Vehicle Market Analysis
- The key factors fueling the growth of the global hydrogen fuel cell vehicle market are increasing environmental concerns, government initiatives to develop hydrogen fuel cell infrastructure, and increasing investments in research and development activities.
- Moreover, factors such as high initial investment in infrastructure and lack of HFC refueling infrastructure hinder the growth of the market.
Hydrogen Fuel Cell Vehicle Market Overview
- Economic development has been driven by the rapidly growing of passenger cars and vans as well as heavy trucks, Since the amount of energy stored in the system is determined by the size of its hydrogen tanks, not its batteries, a hydrogen fuel cell truck or bus can have a much smaller battery than an all-electric truck or bus. Hydrogen may also be rapidly filled up to maximize productivity, The Hydrogen fuel cell vehicle is powered by compressed hydrogen gas that feeds into an onboard fuel cell stack that does not burn the gas, but instead turns the fuel's chemical energy into electrical energy.
- This electricity will then be used to power the Vehicle electrical motor. Today, the use of fossil fuels for steam methane reforming and fertilizer production and refining are largely responsible for hydrogen demand. These industries are expected to lead the uptake of blue and green hydrogen until 2031 in the slower scenarios, as they switch their hydrogen-based operations to clean hydrogen.
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Hydrogen Fuel Cell Vehicle Market: Strategic Insights
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Hydrogen Fuel Cell Vehicle Market: Strategic Insights
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Hydrogen Fuel Cell Vehicle Market Drivers and Opportunities
Increasing Investment towards Hydrogen Infrastructure to Favor the Market
- Rise in government initiatives and investment towards the development of hydrogen fueling infrastructure is expected to drive the market growth in the coming years.
- The Biden-Harris Administration announced $623 million in incentives to help build hydrogen fueling infrastructure and an EV charging network across the US. The funding is expected to support projects in California, Colorado and Texas that provide clean hydrogen fueling infrastructure for medium—and heavy-duty (MD/HD) vehicles.
Rise in Adoption of Hydrogen Powered Vehicles
- Due to climatic changes, an increasing acceptance of clean mobility solutions can be observed worldwide. The continued utilization of fossil fuels in automobiles is a major factor in climate change. Vehicles running on alternative fuels such as natural gas, electricity, biofuel, biodiesel, fuel cell, liquid nitrogen and dimethyl ether produce lower carbon emissions.
- Increasing environmental pollution concerns among consumers, the introduction of stringent emissions regulations and the introduction of advanced vehicles propelling alternative fuels are expected to increase the adoption of alternative fuels and hybrid vehicles market during the forecast period.
Hydrogen Fuel Cell Vehicle Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Hydrogen Fuel Cell Vehicle Market analysis are electrolyte, power, vehicle, and component.
- Based on electrolyte, the Hydrogen Fuel Cell Vehicle Market is divided into PEMFC and PAFC.
- On the basis of power, the market is divided into Less Than 100 KW, 100-200 KW, More Than 200 KW.
- Based on vehicle, the Hydrogen Fuel Cell Vehicle Market is divided into passenger car, bus, light commercial vehicle (LCV), and truck.
- On the basis of component, the market is divided into fuel processor, fuel stack, and power conditioner.
Hydrogen Fuel Cell Vehicle Market Share Analysis by Geography
- Hydrogen Fuel Cell Vehicle Market Report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
- Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering Hydrogen Fuel Cell Vehicle Market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
- Also, the report covers PEST analysis, which involves the study of major factors that influence the Hydrogen Fuel Cell Vehicle Market in these regions.
Hydrogen Fuel Cell Vehicle Market Report Scope
Hydrogen Fuel Cell Vehicle Market News and Recent Developments
The Hydrogen Fuel Cell Vehicle Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Hydrogen Fuel Cell Vehicle Market are listed below:
- General Motors and Komatsu will co-develop a hydrogen fuel cell power module for Komatsu’s 930E electric drive mining truck, the world’s best-selling ultra-class haul truck. GM, a leader in hydrogen fuel cell technology, and Komatsu, a global manufacturer of mining and construction equipment, will jointly design and validate the technology. (Source: General Motors, Company Website, December 2023)
- GILLIG, a leading manufacturer of heavy-duty transit buses in the United States, announced today the expansion of its zero-emission product lineup. The company will be expanding its diverse transit bus portfolio with a hydrogen fuel cell powered bus, to be developed in collaboration with BAE Systems and Ballard Power Systems. This innovative venture underlines GILLIG's ongoing commitment to innovation, sustainability, and delivering adaptable, high-quality transit solutions tailored to the diverse needs of fleets nationwide. (Source: GILLIG, Company Website, April 2024)
Hydrogen Fuel Cell Vehicle Market Report Coverage and Deliverables
The “Hydrogen Fuel Cell Vehicle Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Hydrogen Fuel Cell Vehicle Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Hydrogen Fuel Cell Vehicle Market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Hydrogen Fuel Cell Vehicle Market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Hydrogen Fuel Cell Vehicle Market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The global Hydrogen Fuel Cell Vehicle Market is expected to grow at a CAGR of 45.0% during the forecast period 2023 - 2031.
Increasing investment towards hydrogen infrastructure is the major factors driving the Hydrogen Fuel Cell Vehicle Market.
The rise in focus towards minimizing the environmental pollution from transportation sector is the key future trend in the global Hydrogen Fuel Cell Vehicle Market in the coming years.
The leading players operating in the Hydrogen Fuel Cell Vehicle Market include Honda Motor Co., Ltd., AUDI AG, Toyota Motor Corporation, General Motors, Ballard Power Systems, AB Volvo, BMW Group, MAN SE, Hyundai Motor Group, and Mercedes-Benz Group AG (former Daimler AG).
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on the request are an additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Hydrogen Fuel Cell Vehicle Market - By Electrolyte
1.3.2 Hydrogen Fuel Cell Vehicle Market - By Power
1.3.3 Hydrogen Fuel Cell Vehicle Market - By Vehicle
1.3.4 Hydrogen Fuel Cell Vehicle Market - By Component
1.3.5 Hydrogen Fuel Cell Vehicle Market - By Region
1.3.5.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. HYDROGEN FUEL CELL VEHICLE MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER’S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. HYDROGEN FUEL CELL VEHICLE MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. HYDROGEN FUEL CELL VEHICLE MARKET - GLOBAL MARKET ANALYSIS
6.1. HYDROGEN FUEL CELL VEHICLE - GLOBAL MARKET OVERVIEW
6.2. HYDROGEN FUEL CELL VEHICLE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. HYDROGEN FUEL CELL VEHICLE MARKET - REVENUE AND FORECASTS TO 2028 - ELECTROLYTE
7.1. OVERVIEW
7.2. ELECTROLYTE MARKET FORECASTS AND ANALYSIS
7.3. PEMFC
7.3.1. Overview
7.3.2. PEMFC Market Forecast and Analysis
7.4. PAFC
7.4.1. Overview
7.4.2. PAFC Market Forecast and Analysis
8. HYDROGEN FUEL CELL VEHICLE MARKET - REVENUE AND FORECASTS TO 2028 - POWER
8.1. OVERVIEW
8.2. POWER MARKET FORECASTS AND ANALYSIS
8.3. LESS THAN 100 KW
8.3.1. Overview
8.3.2. Less Than 100 KW Market Forecast and Analysis
8.4. 100-200 KW
8.4.1. Overview
8.4.2. 100-200 KW Market Forecast and Analysis
8.5. MORE THAN 200 KW
8.5.1. Overview
8.5.2. More Than 200 KW Market Forecast and Analysis
9. HYDROGEN FUEL CELL VEHICLE MARKET - REVENUE AND FORECASTS TO 2028 - VEHICLE
9.1. OVERVIEW
9.2. VEHICLE MARKET FORECASTS AND ANALYSIS
9.3. PASSENGER CAR
9.3.1. Overview
9.3.2. Passenger Car Market Forecast and Analysis
9.4. BUS
9.4.1. Overview
9.4.2. Bus Market Forecast and Analysis
9.5. LIGHT COMMERCIAL VEHICLE (LCV)
9.5.1. Overview
9.5.2. Light Commercial Vehicle (LCV) Market Forecast and Analysis
9.6. TRUCK
9.6.1. Overview
9.6.2. Truck Market Forecast and Analysis
10. HYDROGEN FUEL CELL VEHICLE MARKET - REVENUE AND FORECASTS TO 2028 - COMPONENT
10.1. OVERVIEW
10.2. COMPONENT MARKET FORECASTS AND ANALYSIS
10.3. FUEL PROCESSOR
10.3.1. Overview
10.3.2. Fuel Processor Market Forecast and Analysis
10.4. FUEL STACK
10.4.1. Overview
10.4.2. Fuel Stack Market Forecast and Analysis
10.5. POWER CONDITIONER
10.5.1. Overview
10.5.2. Power Conditioner Market Forecast and Analysis
11. HYDROGEN FUEL CELL VEHICLE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
11.1. NORTH AMERICA
11.1.1 North America Hydrogen Fuel Cell Vehicle Market Overview
11.1.2 North America Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis
11.1.3 North America Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis - By Electrolyte
11.1.4 North America Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis - By Power
11.1.5 North America Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis - By Vehicle
11.1.6 North America Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis - By Component
11.1.7 North America Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis - By Countries
11.1.7.1 United States Hydrogen Fuel Cell Vehicle Market
11.1.7.1.1 United States Hydrogen Fuel Cell Vehicle Market by Electrolyte
11.1.7.1.2 United States Hydrogen Fuel Cell Vehicle Market by Power
11.1.7.1.3 United States Hydrogen Fuel Cell Vehicle Market by Vehicle
11.1.7.1.4 United States Hydrogen Fuel Cell Vehicle Market by Component
11.1.7.2 Canada Hydrogen Fuel Cell Vehicle Market
11.1.7.2.1 Canada Hydrogen Fuel Cell Vehicle Market by Electrolyte
11.1.7.2.2 Canada Hydrogen Fuel Cell Vehicle Market by Power
11.1.7.2.3 Canada Hydrogen Fuel Cell Vehicle Market by Vehicle
11.1.7.2.4 Canada Hydrogen Fuel Cell Vehicle Market by Component
11.1.7.3 Mexico Hydrogen Fuel Cell Vehicle Market
11.1.7.3.1 Mexico Hydrogen Fuel Cell Vehicle Market by Electrolyte
11.1.7.3.2 Mexico Hydrogen Fuel Cell Vehicle Market by Power
11.1.7.3.3 Mexico Hydrogen Fuel Cell Vehicle Market by Vehicle
11.1.7.3.4 Mexico Hydrogen Fuel Cell Vehicle Market by Component
11.2. EUROPE
11.2.1 Europe Hydrogen Fuel Cell Vehicle Market Overview
11.2.2 Europe Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis
11.2.3 Europe Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis - By Electrolyte
11.2.4 Europe Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis - By Power
11.2.5 Europe Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis - By Vehicle
11.2.6 Europe Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis - By Component
11.2.7 Europe Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis - By Countries
11.2.7.1 Germany Hydrogen Fuel Cell Vehicle Market
11.2.7.1.1 Germany Hydrogen Fuel Cell Vehicle Market by Electrolyte
11.2.7.1.2 Germany Hydrogen Fuel Cell Vehicle Market by Power
11.2.7.1.3 Germany Hydrogen Fuel Cell Vehicle Market by Vehicle
11.2.7.1.4 Germany Hydrogen Fuel Cell Vehicle Market by Component
11.2.7.2 France Hydrogen Fuel Cell Vehicle Market
11.2.7.2.1 France Hydrogen Fuel Cell Vehicle Market by Electrolyte
11.2.7.2.2 France Hydrogen Fuel Cell Vehicle Market by Power
11.2.7.2.3 France Hydrogen Fuel Cell Vehicle Market by Vehicle
11.2.7.2.4 France Hydrogen Fuel Cell Vehicle Market by Component
11.2.7.3 Italy Hydrogen Fuel Cell Vehicle Market
11.2.7.3.1 Italy Hydrogen Fuel Cell Vehicle Market by Electrolyte
11.2.7.3.2 Italy Hydrogen Fuel Cell Vehicle Market by Power
11.2.7.3.3 Italy Hydrogen Fuel Cell Vehicle Market by Vehicle
11.2.7.3.4 Italy Hydrogen Fuel Cell Vehicle Market by Component
11.2.7.4 United Kingdom Hydrogen Fuel Cell Vehicle Market
11.2.7.4.1 United Kingdom Hydrogen Fuel Cell Vehicle Market by Electrolyte
11.2.7.4.2 United Kingdom Hydrogen Fuel Cell Vehicle Market by Power
11.2.7.4.3 United Kingdom Hydrogen Fuel Cell Vehicle Market by Vehicle
11.2.7.4.4 United Kingdom Hydrogen Fuel Cell Vehicle Market by Component
11.2.7.5 Russia Hydrogen Fuel Cell Vehicle Market
11.2.7.5.1 Russia Hydrogen Fuel Cell Vehicle Market by Electrolyte
11.2.7.5.2 Russia Hydrogen Fuel Cell Vehicle Market by Power
11.2.7.5.3 Russia Hydrogen Fuel Cell Vehicle Market by Vehicle
11.2.7.5.4 Russia Hydrogen Fuel Cell Vehicle Market by Component
11.2.7.6 Rest of Europe Hydrogen Fuel Cell Vehicle Market
11.2.7.6.1 Rest of Europe Hydrogen Fuel Cell Vehicle Market by Electrolyte
11.2.7.6.2 Rest of Europe Hydrogen Fuel Cell Vehicle Market by Power
11.2.7.6.3 Rest of Europe Hydrogen Fuel Cell Vehicle Market by Vehicle
11.2.7.6.4 Rest of Europe Hydrogen Fuel Cell Vehicle Market by Component
11.3. ASIA-PACIFIC
11.3.1 Asia-Pacific Hydrogen Fuel Cell Vehicle Market Overview
11.3.2 Asia-Pacific Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis
11.3.3 Asia-Pacific Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis - By Electrolyte
11.3.4 Asia-Pacific Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis - By Power
11.3.5 Asia-Pacific Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis - By Vehicle
11.3.6 Asia-Pacific Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis - By Component
11.3.7 Asia-Pacific Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis - By Countries
11.3.7.1 Australia Hydrogen Fuel Cell Vehicle Market
11.3.7.1.1 Australia Hydrogen Fuel Cell Vehicle Market by Electrolyte
11.3.7.1.2 Australia Hydrogen Fuel Cell Vehicle Market by Power
11.3.7.1.3 Australia Hydrogen Fuel Cell Vehicle Market by Vehicle
11.3.7.1.4 Australia Hydrogen Fuel Cell Vehicle Market by Component
11.3.7.2 China Hydrogen Fuel Cell Vehicle Market
11.3.7.2.1 China Hydrogen Fuel Cell Vehicle Market by Electrolyte
11.3.7.2.2 China Hydrogen Fuel Cell Vehicle Market by Power
11.3.7.2.3 China Hydrogen Fuel Cell Vehicle Market by Vehicle
11.3.7.2.4 China Hydrogen Fuel Cell Vehicle Market by Component
11.3.7.3 India Hydrogen Fuel Cell Vehicle Market
11.3.7.3.1 India Hydrogen Fuel Cell Vehicle Market by Electrolyte
11.3.7.3.2 India Hydrogen Fuel Cell Vehicle Market by Power
11.3.7.3.3 India Hydrogen Fuel Cell Vehicle Market by Vehicle
11.3.7.3.4 India Hydrogen Fuel Cell Vehicle Market by Component
11.3.7.4 Japan Hydrogen Fuel Cell Vehicle Market
11.3.7.4.1 Japan Hydrogen Fuel Cell Vehicle Market by Electrolyte
11.3.7.4.2 Japan Hydrogen Fuel Cell Vehicle Market by Power
11.3.7.4.3 Japan Hydrogen Fuel Cell Vehicle Market by Vehicle
11.3.7.4.4 Japan Hydrogen Fuel Cell Vehicle Market by Component
11.3.7.5 South Korea Hydrogen Fuel Cell Vehicle Market
11.3.7.5.1 South Korea Hydrogen Fuel Cell Vehicle Market by Electrolyte
11.3.7.5.2 South Korea Hydrogen Fuel Cell Vehicle Market by Power
11.3.7.5.3 South Korea Hydrogen Fuel Cell Vehicle Market by Vehicle
11.3.7.5.4 South Korea Hydrogen Fuel Cell Vehicle Market by Component
11.3.7.6 Rest of Asia-Pacific Hydrogen Fuel Cell Vehicle Market
11.3.7.6.1 Rest of Asia-Pacific Hydrogen Fuel Cell Vehicle Market by Electrolyte
11.3.7.6.2 Rest of Asia-Pacific Hydrogen Fuel Cell Vehicle Market by Power
11.3.7.6.3 Rest of Asia-Pacific Hydrogen Fuel Cell Vehicle Market by Vehicle
11.3.7.6.4 Rest of Asia-Pacific Hydrogen Fuel Cell Vehicle Market by Component
11.4. MIDDLE EAST AND AFRICA
11.4.1 Middle East and Africa Hydrogen Fuel Cell Vehicle Market Overview
11.4.2 Middle East and Africa Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis
11.4.3 Middle East and Africa Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis - By Electrolyte
11.4.4 Middle East and Africa Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis - By Power
11.4.5 Middle East and Africa Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis - By Vehicle
11.4.6 Middle East and Africa Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis - By Component
11.4.7 Middle East and Africa Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis - By Countries
11.4.7.1 South Africa Hydrogen Fuel Cell Vehicle Market
11.4.7.1.1 South Africa Hydrogen Fuel Cell Vehicle Market by Electrolyte
11.4.7.1.2 South Africa Hydrogen Fuel Cell Vehicle Market by Power
11.4.7.1.3 South Africa Hydrogen Fuel Cell Vehicle Market by Vehicle
11.4.7.1.4 South Africa Hydrogen Fuel Cell Vehicle Market by Component
11.4.7.2 Saudi Arabia Hydrogen Fuel Cell Vehicle Market
11.4.7.2.1 Saudi Arabia Hydrogen Fuel Cell Vehicle Market by Electrolyte
11.4.7.2.2 Saudi Arabia Hydrogen Fuel Cell Vehicle Market by Power
11.4.7.2.3 Saudi Arabia Hydrogen Fuel Cell Vehicle Market by Vehicle
11.4.7.2.4 Saudi Arabia Hydrogen Fuel Cell Vehicle Market by Component
11.4.7.3 U.A.E Hydrogen Fuel Cell Vehicle Market
11.4.7.3.1 U.A.E Hydrogen Fuel Cell Vehicle Market by Electrolyte
11.4.7.3.2 U.A.E Hydrogen Fuel Cell Vehicle Market by Power
11.4.7.3.3 U.A.E Hydrogen Fuel Cell Vehicle Market by Vehicle
11.4.7.3.4 U.A.E Hydrogen Fuel Cell Vehicle Market by Component
11.4.7.4 Rest of Middle East and Africa Hydrogen Fuel Cell Vehicle Market
11.4.7.4.1 Rest of Middle East and Africa Hydrogen Fuel Cell Vehicle Market by Electrolyte
11.4.7.4.2 Rest of Middle East and Africa Hydrogen Fuel Cell Vehicle Market by Power
11.4.7.4.3 Rest of Middle East and Africa Hydrogen Fuel Cell Vehicle Market by Vehicle
11.4.7.4.4 Rest of Middle East and Africa Hydrogen Fuel Cell Vehicle Market by Component
11.5. SOUTH AND CENTRAL AMERICA
11.5.1 South and Central America Hydrogen Fuel Cell Vehicle Market Overview
11.5.2 South and Central America Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis
11.5.3 South and Central America Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis - By Electrolyte
11.5.4 South and Central America Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis - By Power
11.5.5 South and Central America Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis - By Vehicle
11.5.6 South and Central America Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis - By Component
11.5.7 South and Central America Hydrogen Fuel Cell Vehicle Market Forecasts and Analysis - By Countries
11.5.7.1 Brazil Hydrogen Fuel Cell Vehicle Market
11.5.7.1.1 Brazil Hydrogen Fuel Cell Vehicle Market by Electrolyte
11.5.7.1.2 Brazil Hydrogen Fuel Cell Vehicle Market by Power
11.5.7.1.3 Brazil Hydrogen Fuel Cell Vehicle Market by Vehicle
11.5.7.1.4 Brazil Hydrogen Fuel Cell Vehicle Market by Component
11.5.7.2 Argentina Hydrogen Fuel Cell Vehicle Market
11.5.7.2.1 Argentina Hydrogen Fuel Cell Vehicle Market by Electrolyte
11.5.7.2.2 Argentina Hydrogen Fuel Cell Vehicle Market by Power
11.5.7.2.3 Argentina Hydrogen Fuel Cell Vehicle Market by Vehicle
11.5.7.2.4 Argentina Hydrogen Fuel Cell Vehicle Market by Component
11.5.7.3 Rest of South and Central America Hydrogen Fuel Cell Vehicle Market
11.5.7.3.1 Rest of South and Central America Hydrogen Fuel Cell Vehicle Market by Electrolyte
11.5.7.3.2 Rest of South and Central America Hydrogen Fuel Cell Vehicle Market by Power
11.5.7.3.3 Rest of South and Central America Hydrogen Fuel Cell Vehicle Market by Vehicle
11.5.7.3.4 Rest of South and Central America Hydrogen Fuel Cell Vehicle Market by Component
12. INDUSTRY LANDSCAPE
12.1. MERGERS AND ACQUISITIONS
12.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
12.3. NEW PRODUCT LAUNCHES
12.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
13. HYDROGEN FUEL CELL VEHICLE MARKET, KEY COMPANY PROFILES
13.1. APTIV
13.1.1. Key Facts
13.1.2. Business Description
13.1.3. Products and Services
13.1.4. Financial Overview
13.1.5. SWOT Analysis
13.1.6. Key Developments
13.2. BALLARD POWER SYSTEMS INC.
13.2.1. Key Facts
13.2.2. Business Description
13.2.3. Products and Services
13.2.4. Financial Overview
13.2.5. SWOT Analysis
13.2.6. Key Developments
13.3. CUMMINS, INC
13.3.1. Key Facts
13.3.2. Business Description
13.3.3. Products and Services
13.3.4. Financial Overview
13.3.5. SWOT Analysis
13.3.6. Key Developments
13.4. HYUNDAI MOTOR COMPANY
13.4.1. Key Facts
13.4.2. Business Description
13.4.3. Products and Services
13.4.4. Financial Overview
13.4.5. SWOT Analysis
13.4.6. Key Developments
13.5. HONDA MOTOR CO., LTD.
13.5.1. Key Facts
13.5.2. Business Description
13.5.3. Products and Services
13.5.4. Financial Overview
13.5.5. SWOT Analysis
13.5.6. Key Developments
13.6. ITM POWER
13.6.1. Key Facts
13.6.2. Business Description
13.6.3. Products and Services
13.6.4. Financial Overview
13.6.5. SWOT Analysis
13.6.6. Key Developments
13.7. NISSAN MOTOR CORPORATION
13.7.1. Key Facts
13.7.2. Business Description
13.7.3. Products and Services
13.7.4. Financial Overview
13.7.5. SWOT Analysis
13.7.6. Key Developments
13.8. PANASONIC
13.8.1. Key Facts
13.8.2. Business Description
13.8.3. Products and Services
13.8.4. Financial Overview
13.8.5. SWOT Analysis
13.8.6. Key Developments
13.9. TOYOTA MOTOR CORPORATION
13.9.1. Key Facts
13.9.2. Business Description
13.9.3. Products and Services
13.9.4. Financial Overview
13.9.5. SWOT Analysis
13.9.6. Key Developments
13.10. TOSHIBA
13.10.1. Key Facts
13.10.2. Business Description
13.10.3. Products and Services
13.10.4. Financial Overview
13.10.5. SWOT Analysis
13.10.6. Key Developments
14. APPENDIX
14.1. ABOUT THE INSIGHT PARTNERS
14.2. GLOSSARY OF TERMS
The List of Companies
1. APTIV
2. Ballard Power Systems Inc.
3. Cummins, Inc
4. Hyundai Motor Company
5. Honda Motor Co., Ltd.
6. ITM Power
7. Nissan Motor Corporation
8. Panasonic
9. Toyota Motor Corporation
10. Toshiba
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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