Hydrogen Vehicles Market
Hydrogen Vehicles Market By Vehicle Type (Passenger Hydrogen Vehicles, Commercial Hydrogen Vehicles, Heavy Commercial Hydrogen Vehicles, Buses & Coaches Hydrogen Vehicles), By Technology (Proton Membrane Exchange, Phosphoric Acid Fuel Cell) - Regional Forecast 2021-2031
The market for hydrogen vehicles will see a soaring growth, with a new forecast by Fact.MR estimating that the hydrogen vehicles industry will generate an incremental opportunity worth US$ 150 Mn across the 2021-2031 forecast period. The next big thing in improving fuel cell vehicles and trucks, as well as creating valuable products, could be the technology that generates hydrogen using regular natural gas or renewable natural gas made from biomass. Green hydrogen projects will drive market demand in the future.
Key Points Addressed in Hydrogen Vehicles Industry Analysis
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Hydrogen Vehicles and How to Navigate
- Recommendation on Key Winning Strategies
Consumption Analysis of Hydrogen Vehicles 2016-2020 Vs Future Outlook 2021-2031
According to Fact.MR- a market research and competitive intelligence provider- sales of hydrogen vehicles expand at a moderate trajectory, registering a CAGR of around 2% across the 2016-2020 historical period. As this technology is relatively nascent, growth prospects were largely limited.
Hydrogen vehicles are powered by fuel cell electric vehicles. Known for their long run-up to 300 miles according to the automotive sectors. Unlike electric cars, hydrogen cars have many characteristics of conventional petrol engines. Yet they represent an important part of the transportation market, and they are also called FCEVs. From 2021 to 2031, the global market is expected to surge at a CAGR of 3%.
How is the Scramble for Zero Emissions Technology Spurring Hydrogen Vehicles Sales?
Hydrogen vehicles have held considerable sway in the automotive industry in recent years and the main reason is that it's an alternative fuel vehicle that uses hydrogen for motive power. The zero-emission capability of hydrogen vehicles makes them desirable for international markets.
Due to their lightweight, zero-emission, and low maintenance requirements, these are highly demanded in the market. Automotive hydrogen fuel cell technology is most explored as hydrogen vehicles have become an increasingly popular form of renewable energy.
Diesel and petrol prices have skyrocketed in recent months- both globally and nationally, prompting a shift towards hydrogen vehicles. Global demand for high-performance and low-emission vehicles will drive the market for automobiles in the future. Additionally, the growing prevalence of reimbursement policies in the automation industry is fueling growth in the hydrogen vehicles industry.
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How is R&D Fueling Prospects for Hydrogen Vehicles?
Various players in the market are focused on R&D to develop advanced automotive machines and introduce this technology to the market. Extensive primary research has made it possible for the vehicles to be understood more thoroughly, and the research is conducted before the vehicles are released into the automotive markets.
Public demand for research is constantly being met by researchers. Hydrogen vehicles became a reality due to the invention of an inexpensive method to generate hydrogen energy to develop more hydrogen-powered vehicles in the market. To reduce carbon emissions in the environment, growing scientific research led vehicle manufacturers to assemble eco-friendly vehicles in the market.
How are Hydrogen Vehicles Sales Rising in the U.S?
North America holds the largest share of the fuel cell market in the forecast period. By considering environmental pollution and eco-concerns the region highly recommends using hydrogen vehicles. The American industry has benefited from the latest technology they have available with high-profit margins and sustained demand for automation.
Advanced automated technologies were adopted by U.S. regions to stimulate the automobile industry, and to help develop the market for gasoline-powered machines alongside the advancement of the automobile industry. This sustained market rise for use of hydrogen fuel. As per Fact.MR, the market is poised to register a CAGR of 4% through 2031.
What is the Demand Outlook across Asian Markets?
Asian markets have accounted for the highest market share for hydrogen vehicles in the global markets. China is the largest consumer of hydrogen-powered vehicles globally. There is a high demand for hydrogen vehicles in these regions because they emit low levels of greenhouses gases in nature.
Additionally, they have environmentally friendly properties, which drive demand in China for hydrogen vehicles. The government's ban on carbon-emission vehicles in the environment forced the adoption of hydrogen vehicles.
There has been an exponential increase in investments in hydrogen-fueled vehicles. This is likely to help the medium-scale industry develop as well as assist the smaller scale industries in developing investment projects and embracing the new technology. As per Fact.MR, the region is expected to generate over 40% of global demand.
An Adaptive Approach to Modern-day Research Needs
Category wise Insights
Why are Phosphoric Acid Fuel Cells in High Demand?
The growing demand for use of phosphoric acid fuel cells in hydrogen vehicles is primarily due to their attractive characteristics as fuel cell electrolytes such as stability, low vapor pressure, tolerance to carbon monoxide, and their ability to use air in the cathode reactant gas.
Their efficiencies can exceed up to 60%, and they can convert the chemical energy in the fuel to electrical energy with higher efficiencies than combustion engines. Since phosphoric acid fuel cells are emission-free, the market demand for them has increased, accounting for over 2/5th of global demand.
Will Hydrogen Fuel Driven Trucks & Trailers Experience High Sales?
Hydrogen-fueled vehicles are gaining more attention within the industrial sector due to the high demand and supply and support for manufacturing equipment. There is increased need for low emission vehicles because shifting to high-performance, zero-emission vehicles have become increasingly popular.
The implementation and future costs of electric vehicles will spur demand for more hydrogen-powered vehicles in the market. Hydrogen-powered engines in large trucks are in high demand due to their ease of installation and replacement. The segment is likely to grow at a CAGR of 3% until 2031.
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.
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|US$ Mn for Value & ‘000 Units for Volume|
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
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Key Segments Covered
- Passenger Hydrogen Vehicles
- Commercial Hydrogen Vehicles
- Heavy Commercial Hydrogen Vehicles
- Buses & Coaches Hydrogen Vehicles
- Trucks & Trailers Hydrogen Vehicles
- Proton Membrane Exchange Hydrogen Vehicles
- Phosphoric Acid Fuel Cell Hydrogen Vehicles
- FAQs -
According to Fact.MR, the hydrogen vehicles industry is set to generate incremental opportunity worth US$ 150 Mn by 2031
According to Fact.MR, hydrogen vehicles sales expanded at a CAGR of around 2% from 2021 to 2031.
From 2021 to 2031, global hydrogen vehicles market is poised to soar at 3% CAGR
Rising emphasis on alternative fuel sources to curb vehicular emissions is currently driving market growth of hydrogen vehicles
Ballard Power System, GM Hydrogenics, Daimler AG, Toyota, Hyundai, and FuelCell Energy are some prominent manufacturers of hydrogen vehicles
Zero emission in the environment, eco-friendly vehicles, government initiatives and high-performance shows the growth in the markets.
Asia is the most lucrative growth region for hydrogen vehicles, generating 40% of the revenue
According to Fact.MR, sales of hydrogen vehicles in the U.S shall register a CAGR of 4% until 2031
Phosphoric acid fuel cell powered hydrogen vehicles shall remain dominant, generating 2 out of 5 sales
Hydrogen powered trucks & trailers are expected to be most widely sold, growing at 3% CAGR
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
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