FUEL CELL COMMERCIAL VEHICLE MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 Asia-Pacific is expected to lead the market owing to the immense automotive industry size in major countries like China, India, Indonesia, and Thailand. The region is also home to major manufacturers of fuel cell vehicle technology. Toyota is conducting extensive R&D to develop hydrogen fuel cell-powered vehicles during the forecast period.

Additionally, several new developments in the way of investments into fuel cell-powered vehicles are further expected to increase the demand for fuel cell commercial vehicles in the region. Several major cities and countries have released their goals to reduce commercial vehicle emissions, with plans for hydrogen technology and investments in this sector.

The Japanese government is banking on hydrogen vehicles to achieve carbon neutrality by 2050. It has set an ambitious target of having 200,000 FCVs on the road by 2025, compared to about 3,600 in 2019, along with 320 hydrogen filling stations under its third Strategic Roadmap for Hydrogen and Fuel Cells.

The fuel cell commercial vehicle market was valued at USD 2 billion in 2021 and is expected to grow to USD 14 billion by 2027, registering a CAGR of over 40% during the forecast period (2022 - 2027).

The COVID-19 pandemic adversely affected the global automotive industry. However, the impact was relatively low due to the beginning stages of the technology and its usage. However, most alternative fuel commercial vehicles (buses) were used in public transport worldwide, which took a huge blow in monetary terms due to the lockdown and social distancing norms.

Some of the major factors driving the market's growth are the enactment of stringent emission norms, growing mass urban transportation, rising demand for alternate fuel vehicles, and continuous government support. However, environmental concerns related to hydrogen production may hinder the market's growth.


Japan-based Toyota and Honda Motor Co. Ltd have been the pioneers in commercial passenger hydrogen models. However, South Korean rival Hyundai Motor Co. also entered the fray, encouraged by its government's plans to produce 6.2 million FCVs and build at least 1,200 refilling stations by 2040.

Read Full Market Report:

Comments

Post a Comment

Popular posts from this blog

Shipping Containers Market Projected to Reach USD 12.77 Billion by 2030, Driven by E-commerce Growth and Cold-Chain Expansion

  Introduction   The global shipping containers market is experiencing steady growth, with projections indicating an increase from USD 10.27 billion in 2025 to USD 12.77 billion by 2030, reflecting a compound annual growth rate (CAGR) of 4.46%. According to Mordor Intelligence Shipping Containers Market Report , this expansion is primarily fueled by the surge in e-commerce activities, the need for efficient cold-chain solutions, and advancements in intermodal transportation.   Key Trends   E-commerce Fulfillment   The rapid growth of e-commerce has significantly impacted on the shipping containers market. The demand for faster and more efficient delivery systems has led to increased use of standardized containers, particularly 40-foot units, which accounted for 52.64% of the market share in 2024.   Cold-Chain Expansion   The pharmaceutical and food industries' need for temperature-controlled transportation has driven the demand for refrigerated c...
Read more

DATA CENTER POWER MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

  The IT industry requires on-premise private data storage and hyper-scale data centres for its operations, depending on the size of the organization. Additionally, the adoption of cloud storage has increased over the years due to growth among SaaS providers, enabling cloud storage providers to expand their capacities. Hence, the increasing data load requires more power. This creates a requirement for efficient power solutions in IT applications. According to the Data Center Survey recently published by Vertiv, 98% of the participants voted for IT utilization to be above 20% by 2025. This indicates that IT companies are focusing on deploying an efficient power source for their data centres and increasing their utilization rate. Cloud storage providers, like AWS, Microsoft, and Google, are expanding their storage capabilities to offer more efficient workflows in the cloud. These companies are making investments in hyperscale deals. For instance, in June last year, Amazon Web Service...
Read more

Second Hand Furniture Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 The Off-the-Shelf Second Hand Furniture Market is segmented into the distribution channel, which is further segmented into online and offline, out of which the offline segment, with a larger market share in 2021, is anticipated to have the largest share during the forecast period. However, with the rise of an increasing number of smartphone users and increasing penetration of internet users, the market share for the online segment is expected to grow at a higher rate over the forecast period. The Asia Pacific is expected to account for a larger share in terms of revenue during the forecast period. The increasing size of the online marketplace for second-hand goods is anticipated to drive the growth of the Asia Pacific regional market.  The Off-The-Shelf Second Hand Furniture Market size is estimated at USD 21.30 billion in 2023, and is expected to reach USD 29.28 billion by 2028, growing at a CAGR of 6.57% during the forecast period (2023-2028). The market is increasi...
Read more