Dublin, April 23, 2024 (GLOBE NEWSWIRE) -- The "Global Future of Hydrogen in Automotive Market by Vehicle Type (Passenger Car, Light Commercial Vehicle, Bus, and Truck), Propulsion Type (FCEV, FCHEV, and H2-ICEV), H2 Refueling Points (Asia Pacific, Europe, and North America) and Region - Forecast 2035" report has been added to ResearchAndMarkets.com's offering.
The global future of hydrogen in automotive market size is projected to grow from 23 thousand units in 2024 to 353 thousand units by 2035, at a CAGR of 28.3%.
The increasing emission levels, rising fuel prices, and limited availability of fossil fuels have spurred a burgeoning demand for zero-emission alternative fuel vehicles in recent years. This surge has notably contributed to the increasing interest in hydrogen mobility. Advancements in alternative technologies, including non-precious metal catalyst-based Proton Exchange Membrane Fuel Cells (PEM FC), hydrogen fuel-cell packaged system modules, and compact, lightweight microstructures, are expected to enhance vehicle range, decrease costs, and augment overall efficiency.
Similarly, advancements in powertrain technology are expected to unveil fresh avenues within the hydrogen-fuel vehicle market. Additionally, the emergence of novel hydrogen-based applications such as Fuel Cell Hybrid Electric Vehicles (FCHEVs) and Hydrogen Internal Combustion Engine Vehicles (H2-ICEVs) is set to generate new prospects within the market landscape. Further, growing focus on hydrogen infrastructure with supportive government efforts, as well as the development of charging stations, are some of the factors that will significantly contribute to market growth during the forecast period.
H2-Fuel station segment is expected to lead by Asia Pacific region
The H2 fuel station segment is expected to lead the Asia Pacific region, projecting over 14 thousand fuel stations by the year 2035. China currently leads this segment, demonstrating rapid establishment of H2 fuel stations nationwide, with over 400 refueling stations operational as of January 2024. Similarly, Japan has outlined plans to establish 320 hydrogen stations by 2025. These initiatives by respective governments are anticipated to boost hydrogen in the automotive market within the region.
Passenger car segment expected to grow at significant rate during the forecast period by Vehicle type
The passenger car segment is projected to demonstrate a growth rate, of CAGR 49.4% during the forecast period, reaching an estimated 264 thousand units by the year 2035. Within Europe, the passenger car segment retained its dominance, commanding 80% of the market share. Esteemed EV manufacturers such as BMW, KIA, and Hyundai are expected to establish their presence in the hydrogen fuel cell passenger car market by the end of 2024. Some of the best-selling FCEV passenger car models include Toyota Mirai and Hyundai NEXO.
Europe expected to be the fastest growing market during the forecast period
Europe is expected to emerge as the fastest-growing market for FCEVs with new hydrogen plans announced by the EU to set up H2-fueling stations every 200km. Further supportive policies by the government are expected to bolster the market. For instance, the UK had announced plans for 4,000 fuel-cell buses by 2025. FCEV demand in Europe is mainly led by Germany, France, the Netherlands, and Switzerland. LCVs are the fastest-growing market in the region. Similarly, Toyota Motor Corporation (Japan) has been leading the European FCEV market.
Research Coverage
The report covers the future of hydrogen in automotive market, in terms of vehicle type (Passenger Cars, LCV, Bus, Truck), H2 fuel station (Asia Pacific, Europe, and North America), propulsion (FCEV, FCHEV, and H2-ICE), and region (Asia Oceania, Europe, and North America). It also covers the competitive landscape and company profiles of the major players in the future of hydrogen in automotive market ecosystem.
Key Benefits of the Report
- The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall future of hydrogen in automotive market and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 38 |
| Forecast Period | 2024 - 2035 |
| Estimated Market Value in 2024 | 23 Thousand Units |
| Forecasted Market Value by 2035 | 353 Thousand Units |
| Compound Annual Growth Rate | 28.3% |
Key Topics Covered:
1. Introduction
2. Market Overview
- Market Dynamics
- Ecosystem Analysis
- Value Chain Analysis
- Key H2 Fueled Automotive Market Insights of 2023
- Technology Analysis andRoadmap
- Promising Business Models
- TCO Analysis
- H2 Generation and Portable Refueling Trends
- Insights on Comparison of H2 vs Other Fuel Types for Automotive
- Insights on Use Cases for Hydrogen in Automotive
- Insights on Upcoming Launch Plans for FCEVs
- H2 Use Case in Heavy-Duty Commercial Vehicles
- H2 Use Case in Off-Road Vehicles
- H2 Use Case in H2-Ice Vehicles
- H2 Class 8 Truck Architecture Comparison
- H2-Ice Vehicle Market Launch Timeline
3. Insights on H2 Fuel Station Setup
4. Future of Hydrogen in Automotive, Vehicle Type Outlook
- Passenger Car
- Light Commercial Vehicle
- Bus
- Truck
5. Future of Hydrogen in Automotive, Propulsion Type Outlook
- FCEV
- FCHEV
- H2-ICEV
6. Future of Hydrogen in Automotive, Regional Outlook
- Asia-Pacific
- Europe
- North America
7. Competitive Landscape
- Key Player Strategies/Right to Win
- Collaborations and Growth Plans of Leading FCEV Providers
- Forward/Backward Integration Strategies of Companies in Ecosystem
- Competitive Benchmarking
Companies Featured
- Toyota Motor Corporation
- Hyundai Motor Company
- SAIC Motors
- FAW
- Yutong
For more information about this report visit https://www.researchandmarkets.com/r/n8bk8s
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