![]() ![]() This feature helps to attract vendors towards use of this technology. Hydrogen fuel cell technology offers powertrains that do not emit tailpipe greenhouse gases and other harmful pollutants such as nitrogen oxides and particulate matter. High initial investment in infrastructure Thus, these types of subsidies and incentives are expected to drive the production and sales of HFCV vehicles during the forecast timeframe. Similarly, each $60k Nexo was sold with a $30k subsidy in 2021 as a result of national and state incentives in South Korea. The IRA will also provide a tax credit of $3 per KG for the generation of clean hydrogen. The law will grant hydrogen fuel cell vehicles a $7,500 tax credit. will be boosted by the Inflation Reduction Act 2022. ![]() Moreover, the sales of hydrogen electric vehicles in the U.S. committed funds for the development of 100 hydrogen refueling stations to meet its target of 1.5 million zero-emission vehicles by 2025 which is driving the growth of the market. For instance, the state of California in the U.S. Several policies have been deployed by the different governments to cater with environment conditions. Government initiatives for development of hydrogen fuel cell infrastructure Moreover, increase in awareness toward the consequences of air pollution and rise in levels of traffic & greenhouse gas emission drive the adoption of hydrogen fuel cell vehicle, as it is eco-friendly than other conventional vehicles. ![]() Various technologies are being launched in the market that support the eco-friendly concept to sustain the environment owing to rise in concerns of environment degradation and depletion of natural resources. Based on region, the hydrogen fuel cell vehicle market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.The major companies profiled in the hydrogen fuel cell vehicle market share include Honda, Toyota, Hyundai, Daimler, Audi, BMW, Volvo, Ballard Power Systems, General Motors, and MAN. According to fuel cell technology type, the market is classifiedinto proton exchange membrane fuel cells, phosphoric acid fuel cells, and others. Based on vehicle type, it is bifurcated into passenger vehicle and commercial vehicle. The hydrogen fuelcell vehicle industry is segmented on the basis of vehicle type, fuel cell technology type, and region. Each of these factors is anticipated to have a definite impact on the hydrogen fuel cell vehicle market during the forecast period. The key factors that impact the growth of the global market include surge in environmental concerns, increase in government initiatives for development of hydrogen fuel cell infrastructure, high initial investment in infrastructure, and technological advancement and future potential. This vehicle does not generate any greenhouse gas (GHG) emissions during vehicle operation unlike diesel-powered and gasoline vehicles. Hydrogen fuel cell vehicles possess high potential to reduce emissions related to the transportation sector. Hydrogen is used to operate a hydrogen fuel cell to generate electricity. Hydrogen fuel cell vehicles utilize a hydrogen fuel cell to power its on-board electric motor. The global hydrogen fuel cell vehicle market size was valued at $0.92 billion in 2021, and is projected to reach $43.2 billion by 2031, growing at a CAGR of 45.5% from 2022 to 2031. ![]()
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