New York, July 25, 2023 (GLOBE NEWSWIRE) -- The global hydrogen vehicle market size is slated to expand at ~45% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 45 billion by the end of 2035, up from a revenue of ~USD 1 billion in the year 2022. The major factor driving the growth of the market is the growing preference for fuel-efficient cars such as hydrogen vehicles. In 2021, globally, the sales of hydrogen cars were about 15,400 units. When operating, this kind of vehicle emits only water, which renders the environment fully unharmed. Due to the high fuel value of hydrogen, vehicles powered by it have ranges that are comparable to those of combustion engines and have rapid recharging times, exactly like LPG. Hence, there are considered to be fuel efficient which is in high demand.
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Extreme heat, air pollution, and ozone layer depletion are caused by the vast usage of these fossil fuels. Additionally, the pollution caused by the emission of greenhouse gases from vehicles is also growing. An average passenger car produces roughly 5 metric tonnes of CO2 annually. The most promising form of renewable energy may be hydrogen. Chemical gases and oxidants can be used as reactants in hydrogen fuel cells to generate power. Water is a byproduct of the entire technique and it is environmentally benign. Fuel cells and hydrogen provide a number of advantages, but these advantages won't become completely obvious until they are widely used. Therefore, using hydrogen to fuel the fleet of cars will improve energy efficiency and lower greenhouse gas emissions.
Hydrogen Vehicle Market: Key Takeaways
- Market in North America region to propel the highest growth
- The Passenger vehicle segment to garner the highest growth
- Market in Asia Pacific region to grow at a significant rate
Growing Investment in Clean & Renewable Sources of Energy to Boost the Growth of the Global Hydrogen Vehicle
There has been growing investment made in clean and renewable sources process. Global investments in energy are anticipated to total over USD 3 trillion in 2023, of which more than USD 2 trillion is anticipated to go to clean technologies, such as renewable energy, electric vehicles, nuclear power, grids, storage, low-emissions fuels, efficiency upgrades, and heat pumps. Hence, this factor is set to dominate the growth of the market. Furthermore, a change in the political climate, according to major automakers including BMW and Audi, might favor hydrogen vehicles over electric vehicles. As part of the transition away from fossil fuels, they are currently constructing prototype hydrogen fuel cell passenger vehicles in addition to their battery cars.
Hydrogen Vehicle Market: Regional Overview
The global hydrogen vehicle market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Adoption of Hydrogen Bus to Boost the Market Growth in North America
The hydrogen vehicle market in North America is estimated to hold the largest market share over the forecast period. This could be owing to the growing influence of hydrogen vehicles which has further influenced the adoption of hydrogen buses. In the US, the introduction of hydrogen-powered buses has been slowly taking off; about 4% of all zero-emission buses that have been or are scheduled to be introduced in the nation are hydrogen-powered. The deployment is projected to grow significantly over the next decade, with the “scalability' factor outweighing the high procurement costs. Further, one of the most important factors to take into account when evaluating the viability of hydrogen buses is the availability of sufficient hydrogen fueling stations. Hence, the US government has set in place a number of projects to guarantee the development of suitable fueling infrastructure, pushing transit operators and agencies to purchase hydrogen buses. Thus, this is estimated to boost the overall growth of the market in North America.
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Rising Government Initiatives to Influence the Growth of the Market in the Asia Pacific
The hydrogen vehicle market in Asia Pacific is also estimated to have significant growth over the forecast period. The growth of the market in this region could be attributed to growing government initiatives. For instance, the Union Cabinet authorized the National Green Hydrogen Mission on January 4, 2022, with the stated goals of making India a major producer and supplier of green hydrogen globally and creating export prospects for green hydrogen and its derivatives. Moreover, in Japan and South Korea, in addition to serving as a zero-emission vehicle fuel, hydrogen is seen as being essential for decarbonization, energy diversification, and green economy. Additionally, there has been a rise in the adoption of hydrogen fuel cell vehicles as a result of people being more aware of the harmful impacts of air pollution, the expansion in traffic, and the greenhouse gas emissions in this region. The majority of hydrogen exhaust is made up of steam and condensed water, which improves the driving experience. Particularly in cities where noise pollution is a problem, this is crucial. Hence with the growing urban population in this region the market demand is set to have significant growth.
Hydrogen Vehicle, Segmentation by Vehicle Type
- Commercial
- Passenger
- Others
The passenger segment is set to generate the highest revenue by the end of 2035. The growth of the segment could be attributed to the growing middle-class population. The global middle class is projected to grow by about 699 million individuals by 2030, accounting for more than half of the world's population. Hence, middle-class people are expected to spend more on purchasing hydrogen vehicles. However, the price of hydrogen vehicles is high with the growing government initiatives people would be able to afford hydrogen vehicles.
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Hydrogen Vehicle, Segmentation by Technology
- Proton Exchange Membrane (PEM) Fuel Cell
- Phosphoric Acid Fuel Cell
- Alkaline Fuel Cell
- Solid Oxide Fuel Cell
- Others
The proton exchange membrane (PEM) fuel cell segment is set to have noteworthy growth over the forecast period. The growth of the segment could be attributed to the increased development of PEM fuel cells for transport applications, along with the rising suitability of in-vehicle applications. a growing number of hydrogen fuel stations. China is the nation with the most hydrogen fueling stations in the world. For instance, PEM fuel cells are components of high energy densities as far as 39.7 KW/kg, as compared to 2.5 KW/Kg for solid oxide fuel cells.
A few of the well-known market leaders in the global hydrogen vehicle market that are profiled by Research Nester are Ballard Power System Inc., Toyota Motor Corporation, Mercedes-Benz Group AG, Hyundai Motor Company, Hydrogenics, Bayerische, Motoren Werke AG, Cummins Inc., General Motors Company, Power System PLC, Horizon Fuel Cell Technologies, and others.
Recent Development in the Market
- Tata Motors Limited has placed an order for 15 70-kilowatt FCmoveTM-HD fuel cell "modules" with Ballard Power Systems, a researcher and producer of proton exchange membrane fuel cell products.
- Together with Linde, the Mercedes-Benz Group AG, a leader in the automotive industry, will develop liquid-hydrogen refueling technology for hydrogen-powered automobiles.
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