According to the recent study the hydrogen power engine market is projected to reach an estimated $XX billion by 2028 from $XX billion in 2023, at a CAGR of 10% to 12% from 2023 to 2028. Growth in this market is primarily driven by growing demand for fuel cells electric vehicle (FCEV), government initiatives encouraging the adoption of fuel cell vehicles, and increase in demand for passenger transportation.
Browse XX figures / charts and XX tables in this 150 -page report to understand trends, opportunities and forecast in hydrogen power engine market by installation (OEM and retrofit), technology (proton membrane exchange, phosphoric acid fuel cell, and others), application (passenger vehicle, commercial vehicle, and others), propulsion (hybrid, electric, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Proton membrane exchange market is expected to remain the largest segment during the forecast period.”
Based on technology, the hydrogen power engine market is segmented into proton membrane exchange, phosphoric acid fuel cell, and others. Lucintel forecasts that the Proton membrane exchange market is expected to remain the largest segment due to the growing need for proton membrane exchange for successful completion of electrochemical process in engine.
“Within the hydrogen power engine market, the Commercial vehicle segment is expected to remain the largest application”
Based on application the Commercial vehicle segment is expected to witness the highest growth over the forecast period growing demand for buses, trucks, vans, and others which are categorized under commercial vehicle and helps in mobility of both people and product is driving the demand for this segment.
“North America will dominate the hydrogen power engine market in near future”
North America will remain the largest region due to the increasing use of fuel cell vehicles in response to pollution and environmental concerns and rising government support towards the use of hydrogen internal combustion engines in order to reduce negative impacts of CO2 emissions in the region.
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Major players of hydrogen power engine market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Honda, Toyota, Hyundai, Daimler, Audi, BMW, and Volvo are among the major hydrogen power engine providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/hydrogen-power-engine-market.aspx or [email protected]