Hyundai Motor Company unveiled its model the XCIENT Fuel Cell tractor, which is a fuel cell electric vehicle designed for the North American commercial vehicle market. This class 8 6x4 model was showcased at the Advanced Clean Transportation Expo (ACT Expo).
Daimler Truck AG and Volvo Group have recently announced their groundbreaking plan for the venture cellcentric, which aims to promote the adoption of hydrogen based fuel cells in long haul trucks and other applications. This marks a commitment from both companies to advance the use of this technology, in the transportation industry.
Author Credits: Payel Roy, Dhruv Bhatia
Report ID: 3616
Published Date: Aug 05, 2023
Report Format: PDF, PPT
Frequently Asked Questions (FAQ)
The major factors driving the growth of the hydrogen fuel cell vehicle market include higher efficiency compared to traditional internal combustion engines, lower emissions, and lower noise pollution levels.
The market size of hydrogen fuel cell vehicle is anticipated to attain a CAGR of 47% over the forecast period, i.e., 2023 Ã¢â‚¬â€œ 2035.
The major players in the market are General Motors Company, Volvo Group, AUDI AG, Daimler AG, Hyundai Motor Group, Mazda Motor Corporation, Toshiba Energy Systems and Solutions Corp., Toyota Motor Corp., Honda Motor Company, and others.
The Passenger cars segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.