Global Hydrogen Vehicle Market Set to Exceed $28 Billion in 2024

Dublin, May 23, 2024 (GLOBE NEWSWIRE) -- The "Hydrogen Vehicle Market Report 2024-2034" has been added to's offering.

Revenue for the Hydrogen Vehicle Market is forecast to surpass US$28.53 billion in 2024, with strong revenue growth through to 2034.

Environmental Regulations and Emissions Reduction Targets

Stringent environmental regulations and emissions reduction targets imposed by governments around the world are driving automakers to explore alternative fuel options, including hydrogen fuel cell technology, to meet regulatory requirements and mitigate the environmental impact of transportation. Hydrogen vehicles offer zero-emission transportation solutions, emitting only water vapour and heat during operation, making them attractive options for achieving carbon neutrality and improving air quality.

Regulatory initiatives such as vehicle emission standards, carbon pricing mechanisms, and zero-emission vehicle mandates are incentivizing automakers to invest in hydrogen fuel cell technology as part of their long-term sustainability strategies. For instance, the European Union has set ambitious emission reduction targets for the automotive sector, spurring automakers to accelerate the development and deployment of hydrogen vehicles to comply with regulatory requirements.

Rising Demand for BEV and HEVs Restraining Hydrogen Vehicle Opportunity

The market for hydrogen vehicles faces a significant restraining factor due to the rising demand for Battery Electric Vehicles (BEVs) and Hybrid Electric Vehicles (HEVs). As consumer preferences shift towards electric vehicles, particularly BEVs, the demand for hydrogen vehicles faces stiff competition. BEVs and HEVs offer appealing advantages such as lower operating costs, reduced reliance on fossil fuels, and a more established charging infrastructure compared to hydrogen vehicles.

Additionally, advancements in battery technology have led to increased driving ranges and shorter charging times for BEVs, further enhancing their appeal to consumers. This rising demand for BEVs and HEVs limits the market opportunity for hydrogen vehicles, as automakers and consumers alike prioritise electric alternatives. Despite the potential environmental benefits of hydrogen vehicles, the current market dynamics favour the widespread adoption of BEVs and HEVs, presenting a significant challenge for the growth of hydrogen vehicle technology.

Key Market Dynamics

Market Driving Factors

  • Reduced Oil Dependency Driving the Market Growth for Hydrogen Vehicle
  • Global Efforts to Reduce Gas Emissions Driving the Market Growth
  • Government Initiatives Promoting Hydrogen Infrastructure Driving the Market Growth

Market Restraining Factors

  • Rising Demand for BEV and HEVs Restraining Hydrogen Vehicle Opportunity
  • High Cost of Platinum Catalyst for Fuel Cells Hinder the Market Growth
  • High Initial Investment in Hydrogen Fuelling Infrastructure Hinder the Market Growth

Market Opportunities

  • Collaboration and Partnership Between Market Players Opportunities for Market Growth
  • Expansion into New Geographic Regions, Opportunities for the Market
  • Investment in Hydrogen Vehicle and Infrastructure

Key Questions Answered

  • How is the hydrogen vehicle market evolving?
  • What is driving and restraining the hydrogen vehicle market?
  • How will each hydrogen vehicle submarket segment grow over the forecast period and how much revenue will these submarkets account for in 2034?
  • How will the market shares for each hydrogen vehicle submarket develop from 2024 to 2034?
  • What will be the main driver for the overall market from 2024 to 2034?
  • Will leading hydrogen vehicle markets broadly follow the macroeconomic dynamics, or will individual national markets outperform others?
  • How will the market shares of the national markets change by 2034 and which geographical region will lead the market in 2034?
  • Who are the leading players and what are their prospects over the forecast period?
  • What are the hydrogen vehicle projects for these leading companies?
  • How will the industry evolve during the period between 2024 and 2034? What are the implications of hydrogen vehicle projects taking place now and over the next 10 years?
  • Is there a greater need for product commercialisation to further scale the hydrogen vehicle market?
  • Where is the hydrogen vehicle market heading and how can you ensure you are at the forefront of the market?
  • What are the best investment options for new product and service lines?
  • What are the key prospects for moving companies into a new growth path and C-suite?

Forecasts to 2034 and other analyses reveal commercial prospects

  • In addition to revenue forecasting to 2034, the new study provides you with recent results, growth rates, and market shares.
  • You will find original analyses, with business outlooks and developments.
  • Discover qualitative analyses (including market dynamics, drivers, opportunities, restraints and challenges), cost structure, impact of rising hydrogen vehicle prices and recent developments.

Report Segmentation

Market Segment by Technology Type

  • Fuel Cell Electric Vehicles (FCEVs)
  • Hydrogen Internal Combustion Engine Vehicles (HICEVs)

Market Segment by Range

  • Short Range
  • Medium Range
  • Long Range

Market Segment by Type

  • Passenger Vehicles
  • Commercial Vehicles
  • Public Transport Vehicles
  • Other Vehicle Type

Market Segment by Distribution Channel

  • Direct Sales (OEMs)
  • Dealerships
  • Fleet Leasing Companies
  • Online Platforms
  • Other Distribution Channels

In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for four regional and 20 leading national markets.

The report also includes profiles and for some of the leading companies in the Hydrogen Vehicle Market, with a focus on this segment of these companies' operations.

Leading companies profiled in the report

  • Alstom
  • Audi
  • Ballard Power Systems
  • BMW
  • Cummins
  • General Motors
  • Hino Motors
  • Hyundai Mobis
  • Hyundai Motor Company
  • MAN Truck & Bus
  • Mercedes-Benz Group
  • Nikola Corporation
  • Riversimple
  • Symbio
  • Toyota Motor

For more information about this report visit

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