Asia Pacific Drives Growth in Hydrogen Vehicles Market with Government Support and Emission Reduction Goals

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Sep 08, 2023, 13:45 ET

DUBLIN, Sept. 8, 2023 /PRNewswire/ -- The "Hydrogen Vehicles Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user and Region" report has been added to ResearchAndMarkets.com's offering.

The global hydrogen vehicles market is expected to experience substantial growth, driven by the global push for sustainable transportation solutions and the need to reduce air pollution.

Hydrogen vehicles have gained traction as a viable solution, with increasing government support across major economies and the establishment of hydrogen stations.

Key Highlights:

PAFC Technology Drives Growth: The integration of phosphoric acid fuel cells (PAFC) in heavy commercial vehicles has gained traction and is expected to significantly contribute to the growth of the hydrogen vehicles market. PAFC technology offers zero emissions and economic advantages, aligning with sustainability and greenhouse gas reduction goals.
Hydrogen-Powered Passenger Cars: Hydrogen-powered passenger cars continue to thrive, driven by the demand for highly efficient vehicles for short-distance travel. Their perceived benefits in terms of charging time and fuel efficiency are expected to drive growth in this segment.
Asia Pacific Leads in Adoption: Developing economies in Asia Pacific, such as China and India, are witnessing a significant increase in the adoption of hydrogen vehicles as they target rapid emission reduction and sustainable transportation solutions. Government subsidies, incentives for hydrogen vehicles, and the development of fueling stations in China present substantial growth opportunities.

Notable Companies in the Market:

Foshan Feichi Automobile Manufacturing Co., Ltd.
SAIC Motor Corp. Ltd.
Ford
Stellantis N.V.
Sunlong Bus
BMW AG
GM Corp.
Daimler AG
Audi AG
Toyota Motor Corporation
Hyundai Motor Company
FuelCell Energy Inc.
Honda Motor Company Ltd.
Tata Motors

The global hydrogen vehicles market is poised for growth as governments and automakers prioritize sustainability and seek to reduce emissions. The adoption of hydrogen vehicles is expected to play a significant role in achieving these goals.

For more information about this report visit https://www.researchandmarkets.com/r/2t52v3

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