United States/WA: Hydrogen Vehicle Market is developing rapidly with Volvo and Daimler launching a joint venture to develop hydrogen-based fuel cell technology to power heavy goods vehicles Report Pages:[130 Pages] A hydrogen vehicle is simply a form of alternative power vehicle which makes use of hydrogen fuel as motive power instead of gasoline. Hydrogen vehicles come […]
Volvo and Daimler Join Forces to Advance Hydrogen Fuel Cell Technology
United States/WA: Hydrogen Vehicle Market is developing rapidly with Volvo and Daimler launching a joint venture to develop hydrogen-based fuel cell technology to power heavy goods vehicles
Report Pages:[130 Pages]
A hydrogen vehicle is simply a form of alternative power vehicle which makes use of hydrogen fuel as motive power instead of gasoline. Hydrogen vehicles come with hydrogen-powered space shuttles, cars, and other transport vehicles. This alternative power source has been around for quite some time now. There have been numerous reports that reveal a great deal of potential in using hydrogen. When it comes to regional impact, Asia Pacific seems to exhibit a positive outlook in the hydrogen vehicle market. This is due to growing adoption of hydrogen fuel cells and rapid industrialization in emerging economies such as China and India. On the contrary, Europe is registering significant traction as regional governments are implementing stringent regulations on carbon emissions.
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Over the years, governments of many countries have started investing in the development of hydrogen fuel cell infrastructure. Recently, in May 2021, the Government of Germany announced to launch of 62 large-scale hydrogen projects as part of a joint European hydrogen project. Since hydrogen vehicles are highly efficient as compared to conventional gasoline-powered cars, government authorities are focused on developing such infrastructures, in order to reduce carbon footprint. Hence, such factors can stimulate growth of the hydrogen vehicle market.
There have been many claims that the Hydrogen Vehicle will revolutionize transportation. Hydrogen-fueled cars will be able to cut down emissions that contribute to global warming. Furthermore, there are plans to build Hydrogen fueled buses and even trains. Hydrogen can also power vehicles and even tailpipe emissions. Hydrogen is believed to have similar attributes to fossil fuels like gasoline and diesel. Regardless of these factors, there are certain aspects that can potentially limit the development of the market. For instance, high costs associated with raw materials such as platinum in the fuel cell anode and carbon fiber to produce hydrogen fuel tanks, which impedes growth of the hydrogen vehicle market in the near future.
The hydrogen fuel cell technology has improved over the years with the advent of different technological advancements. Key companies in the field of hydrogen fuel are focused on continuous research and development activities, in order to develop novel technologies in hydrogen fuel cells. Thus, these factors can potentially augment growth of the hydrogen vehicle market in the near future. Recently, in April 2021, Volvo and Daimler launched a joint venture to develop hydrogen0based fuel cell technology to power heavy goods vehicles.
Global Hydrogen Vehicle Market Taxonomy
On the basis of vehicle type, the global hydrogen vehicle market is classified into:
- Commercial
- Passengers
- Others
On the basis of technology, the global hydrogen vehicle market is classified into:
- Proton Exchange Membrane Fuel Cell
- Alkaline Fuel cell
- Solid Oxide Fuel Cell
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