Hydrogen Vehicle Market- Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2022-2028

 

Hydrogen Vehicle Market

A vehicle that runs on hydrogen fuel is known as a Hydrogen Vehicle. Space rockets powered by hydrogen, as well as ships and aircraft, are examples of hydrogen vehicles. The chemical energy of hydrogen is converted to mechanical energy, either by the reaction of hydrogen with oxygen in a fuel cell to power electric motors or, less frequently, through the burning of hydrogen in internal combustion engines.

The Toyota Mirai, the first mass-produced specialised fuel cell electric vehicle (FCEV) in the world, and the Hyundai Nexo are the two models of hydrogen vehicles that will be widely accessible in a few markets by the year 2021. Fuel cell buses are also available. Before the 2030s at the earliest, hydrogen aircraft are not anticipated to carry many passengers long distance.

Long driving distances on a single fill-up are a benefit of hydrogen technology, but there are a number of drawbacks as well, including high carbon emissions when hydrogen is produced from natural gas, high capital costs, low energy content per unit volume at ambient conditions, production and compression costs, the cost of building refuelling infrastructure around the world to dispense hydrogen, and transportation costs.

Numerous eco-friendly technologies are being introduced onto the Hydrogen Vehicle Market as a result of growing worries about environmental degradation and the depletion of fossil fuel resources. In addition, as hydrogen fuel cell vehicles are more environmentally friendly than other conventional vehicles, there is a growing awareness of the effects of air pollution.

Different governments have implemented a variety of strategies to address environmental concerns. For instance, to reach its goal of 1.5 million zero-emission vehicles by 2025, the U.S. state of California committed funds for the creation of 100 hydrogen filling stations, which is propelling the expansion of the Hydrogen Vehicle Market.

Top Manufacturers are-  Toyota Motor Corporation, Hyundai Motor Company, Honda Motor Co. Ltd., Daimler AG., Audi, BMW, General Motors, MAN, Ford Motor Company, and VOLVO.

 

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