Rockville, June 26, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a provider of market research and competitive intelligence, the global hydrogen vehicles market stands at US$ 46.11 billion in 2023. Worldwide demand for hydrogen vehicles is forecasted to increase at a CAGR of 30.8% from 2023 to 2033.
Rising awareness of the adverse environmental effects of conventional diesel and gasoline vehicles is predicted to boost the demand for more sustainable and cleaner transportation alternatives. Market players are expected to benefit from the increasing government initiatives in the form of incentives aimed at developing advanced hydrogen fuel cell infrastructure, coupled with continuous advancements in technology.
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Key Takeaways from Market Study
- The global hydrogen vehicles market was valued at US$ 35.26 billion in 2022.
- The market is predicted to advance at a CAGR of 30.8% from 2023 to 2033.
- Worldwide demand for hydrogen vehicles is forecasted to reach a valuation of US$ 675.19 billion by 2033-end.
- Sales of hydrogen passenger vehicles are projected to increase at a CAGR of 31.2% through 2033.
- The United States market is set to expand at a 30.5% CAGR from 2023 to 2033.
- Demand for hydrogen vehicles in China is estimated to reach a value of US$ 120.18 billion by the end of 2033.
- Sales of hydrogen vehicles in Japan are predicted to increase at a 31.2% CAGR from 2023 to 2033.
“Rising awareness about the adverse environmental effects of conventional gasoline and diesel vehicles and supportive government initiatives promoting the adoption of sustainable transportation alternatives are fueling the sales of hydrogen vehicles,” says a Fact.MR analyst.
Manufacturers’ Growing Emphasis on Zero Emission Technology Propelling Demand for Hydrogen Vehicles
Hydrogen vehicles are predicted to hold a noteworthy share of the automotive industry in the coming decade. The increasing inclination towards hydrogen vehicles as alternative fuel vehicles, which use hydrogen for motive power is predicted to contribute to market growth. In the global markets, demand for hydrogen vehicles is increasing due to their zero-emission features.
Ease of maintenance and low weight of hydrogen vehicles are also boosting their demand. Environmentally conscious people are turning to automotive hydrogen fuel technology to contribute to emission reduction.
Growing Environmental Awareness and Demand for Automation Propelling Adoption of Hydrogen Vehicles
The growing awareness about the environment is persuading the majority of consumers from the United States to adopt hydrogen vehicles. The United States market is expected to capitalize on the advantages of this emerging technology due to the consistent demand for automation and its potential for high-profit margins.
Adoption of advanced automated technologies in the country has not only stimulated the automobile industry but also facilitated the development of hydrogen vehicles. These factors have significantly contributed to the increased adoption of hydrogen fuel and consequently fueled market growth.
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Competitive Landscape
Major players with a prominent share in the market are focusing on expanding their customer base.
- On April 1st, 2021, Alstom strengthened its presence in hydrogen with its purchase of Helion Hydrogen Power. Alstom has expanded its portfolio of innovative, competitive solutions and pursued the implementation of its Alstom in Motion strategic plan by acquiring this company.
- On February 9th, 2021, Hydron Motors announced a business combination with Decarbonization Plus. Through this acquisition, the company will be able to fully fund and support Hyzon's long-established plan for growth in the hydrogen fuel cell-powered, zero-emission commercial transportation sector.
Key Market Players
Prominent players in the hydrogen vehicles market include:
- Ballard Power System
- GM Hydrogenics
- Daimler AG
- Toyota Motor Corporation
- Hyundai Motor Company
- FuelCell Energy Inc.
- BMW AG
- Audi AG
- Honda Motor Company Ltd.
Key Segments Covered
- Vehicle Type
- Passenger
- Commercial
- Heavy Commercial
- Buses & Coaches
- Trucks & Trailers
- By Technology
- Proton Membrane Exchange
- Phosphoric Acid Fuel Cell
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the hydrogen vehicles market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on technology (PAFC [phosphoric acid fuel cells], DMFC [direct methanol fuel cells], PEMFC [proton exchange membrane fuel cells]), fuel capacity (up to 75 kW, 76 to 100 kW, 101 to 150 kW, above 150 kW), and vehicle category (passenger, commercial), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
The Hydrogen vehicles market report will improve the revenue impact of businesses in various industries by:
- Providing a framework tailored toward understanding the attractiveness quotient of various products/solutions/technologies in the Hydrogen vehicles market
- Guiding stakeholders to identify key problem areas pertaining to their consolidation strategies in the global Hydrogen vehicles market and offers solutions
- Assessing the impact of changing regulatory dynamics in the regions in which companies are keen on expanding their footprints
- Provides understanding of disruptive technology trends to help businesses make their transitions smoothly
- Helping leading companies make strategy recalibrations ahead of their competitors and peers
- Offers insights into promising synergies for top players aiming to retain their leadership position in the Hydrogen vehicles market.
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