North America Hydrogen Fuel Cell Forklift Market Size By Type (PEMFC Forklift, DMFC Forklift), By Application (Warehouse Logistics, Dock Handling), By Geographic Scope And Forecast
North America Hydrogen Fuel Cell Forklift Market Size By Type (PEMFC Forklift, DMFC Forklift), By Application (Warehouse Logistics, Dock Handling), By Geographic Scope And Forecast
Published Date: July - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
North America Hydrogen Fuel Cell Forklift Market Size By Type (PEMFC Forklift, DMFC Forklift), By Application (Warehouse Logistics, Dock Handling), By Geographic Scope And Forecast
North America Hydrogen Fuel Cell Forklift Market Size And Forecast
North America Hydrogen Fuel Cell Forklift Market size was valued at USD 929.63 Million in 2020 and is projected to reach USD 3123.82 Million by 2028, growing at a CAGR of 18.38% from 2021 to 2028.
The growing adoption of Forklift in warehouses is likely to boost the market. With increasing awareness regarding environmental concerns, government initiatives and increasing efforts for cost-effective solutions, there is a rising number of small and medium-sized enterprises that are expected to purchase hydrogen fuel cell forklifts in the forecast period. The North America report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
North America Hydrogen Fuel Cell Forklift Market Definition
So, a fuel cell basically creates electricity through a chemical reaction – think of it as a tiny power plant! This electricity can then power things like, say, a forklift. And because hydrogen is becoming a more realistic alternative energy source, these hydrogen fuel cells are looking like a pretty good swap for how we usually power our machines. Hydrogen fuel cell forklifts, in particular, are gaining traction because they could really help the environment. It's a bit of a balancing act – we still need natural resources to make the fuel cells, but they produce zero carbon emissions. This combination is really driving the potential growth of the hydrogen fuel cell forklift market.
Hey, more and more industries are looking at hydrogen these days! If you're thinking about it, chat with your suppliers to see if fuel cells could work for you. Things like demos, pilot projects, and trials can really help figure things out. Plus, it helps suppliers find the perfect hydrogen fuel supply for your needs, since that can depend on things like your existing infrastructure, what you need to install, and how much you'll actually use. Hydrogen fuel cells are becoming super popular in places like warehouses, factories, retail stores, and even in the food industry. One of the coolest applications right now is forklifts! They're kind of leading the charge because they don't need as much tech or infrastructure compared to other vehicles. Think about ita forklift only needs about 10% of the power of a passenger car, and you only need a few hydrogen refueling stations. Check out this website to learn more.
North America Hydrogen Fuel Cell Forklift Market Overview
Warehouse managers are starting to see the advantages of hydrogen fuel cell forklifts. They're not just better than old-fashioned lead acid batteries; they can really boost lift truck uptime, meaning less downtime and more productivity. It's no surprise that more warehouses are choosing them, which is great news for the market! Companies in North America are really thinking hard about their power options now. They want to increase productivity, cut costs, free up space, and maybe even ditch those hefty electricity bills. All of this makes hydrogen fuel cell forklifts look even more attractive. Plus, with everyone becoming more aware of environmental issues, and with government incentives pushing for greener solutions, even smaller businesses are considering the switch. This growing customer base is a real opportunity for the market to boom.
The growth of the market for hydrogen fuel cell forklifts is however restrained due to the high initial investment required for the hydrogen infrastructure. While there is a growing need for zero-emission solutions in North America, the uncertainty about fuel cell market growth is hampering the confidence for infrastructure investments.
North America Hydrogen Fuel Cell Forklift MarketSegmentation Analysis
The North America Hydrogen Fuel Cell Forklift Market is segmented on the basis of Type, Application, and Country.
North America Hydrogen Fuel Cell Forklift Market, By Type
• PEMFC Forklift• DMFC Forklift• Others
To Get Summarized Market Report By Type-
Based on the Type, the North America Hydrogen Fuel Cell Forklifts Market has been segmented into PEMFC Forklift, DMFC Forklift, Others. PEMFC Forklift accounted for the largest market share in 2020 and is projected to grow during the forecast period. Proton exchange membrane (PEM) fuel cells have attracted great attention owing to their numerous advantages, like high energy conversion efficiency, high power density, low sensitivity to orientation, and environmental friendliness. Moreover, With supporting government regulations and increasing company research developments, the market for the segment is expected to grow during the forecast period.
North America Hydrogen Fuel Cell Forklift Market, By Application
• Warehouse Logistics• Dock Handling• Others
To Get Summarized Market Report By Application-
On the basis of Application, the North America Hydrogen Fuel Cell Forklift Market has been segmented into Warehouse Logistics, Dock Handling, and Others. Warehouse Logistics accounted for the largest market share in 2020, with a market value of USD 641.56 Million and is projected to grow during the forecast period. The growing adoption of Automated material handling system is also a factor that is driving the growth of the market in North America. Furthermore, the growth of large-scale warehouses in the region is also presenting a need for automated hydrogen fuel cell forklifts,
North America Hydrogen Fuel Cell Forklift Market, By Country
• US• Mexico• Canada
To Get Summarized Market Report By Country-
On the basis of Country Analysis, the North America Hydrogen Fuel Cell Forklift Market is classified into the US, Mexico, and Canada. U.S. accounted for the largest market share of 96.88% in 2020, with a market value of USD 900.58 Million and is projected to grow at a long term CAGR of 18.25% during the forecast period. The growing adoption of Automated material handling system is a main factor that is driving the growth of the market in the US.
Key Players
This report, "North America Hydrogen Fuel Cell Forklift Market," gives you the inside scoop on the North American market. We're talking about the big names in the game like Toyota Industries Corporation, Hyster-Yale Materials Handling Inc., Toyota Industries Corporation, STILL GmbH, Oorja Corporation, Hydrogenics Corporation and others. We've even got a whole section just for these key players. Our team's dug deep, looking at their financial performance, comparing their products, and even doing a SWOT analysis to see their strengths, weaknesses, opportunities, and threats. Plus, you'll see who's doing what to stay ahead, their share of the market, and how they rank against each other in the competitive landscape section.
Key Developments
Company Name
Key Development
Description
HYSTER-YALE MATERIALS HANDLING INC
Partnership
• Nuvera Fuel Cells, LLC, a provider of fuel cell power solutions announced a partnership between Hyster-Yale Group and Capacity Trucks to develop electric and hydrogen-powered terminal tractors to be deployed in shipping ports across the world
LINDE MATERIAL HANDLING
Product Launch
• The company introduced a new range of forklift trucks with fuel cell drive
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2017-2028
BASE YEAR
2020
FORECAST PERIOD
2021-2028
HISTORICAL PERIOD
2017-2019
UNIT
Value (USD Million)
KEY COMPANIES PROFILED
Toyota Industries Corporation, Hyster-Yale Materials Handling Inc., Toyota Industries Corporation, STILL GmbH, Oorja Corporation, Hydrogenics Corporation, and others.
SEGMENTS COVERED
Type
Application
Country
CUSTOMIZATION SCOPE
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Reasons to Purchase this Report
We'll dig into the market using both numbers and deeper insights, breaking it down by segments considering everything from the economy to social trends. You'll get the market size (in USD Billion!) for each of these segments. We'll pinpoint which region and segment are poised for the biggest boom and dominate the scene. Expect a geographic breakdown, exploring product/service use and the factors shaping each region's market. The competitive landscape will be mapped out, ranking the big players and detailing their new moves – launches, partnerships, expansions, and acquisitions – from the last five years. You'll find detailed company profiles with overviews, insights, product comparisons, and SWOT analyses of key market players. We'll also give you our take on the industry's current and future, highlighting recent developments, growth potential, driving forces, plus the challenges and limitations in both up-and-coming and mature regions. We'll provide an in-depth look at the market from various angles using Porter’s five forces. Plus, you'll get a better understanding through our Value Chain analysis. Look out for a market dynamics scenario with growth opportunities expected in the coming years. And to top it off, you'll receive 6 months of post-sales analyst support.
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