by Market overview:
Hydrogen vehicles utilize hydrogen fuel cells as an alternative to conventional engines, emitting only water and heat. They provide a zero-emission mode of transportation and do not require lengthy charging times. Many governments are supporting the development of hydrogen infrastructure through funding and policies to promote its use, especially for fleet applications such as buses and trucks.
The global Hydrogen Vehicle Market is estimated to be valued at US$ 3.58 Mn in 2023 and is expected to exhibit a CAGR of 13 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing investments in hydrogen fuel cell vehicles is one of the key trends propelling the global hydrogen vehicle market growth. Manufacturers are investing heavily in developing hydrogen fuel cell technologies to deploy lower emission vehicles. For instance, in May 2022, Toyota announced plans to invest $70 million to expand its operations in the US and produce components for hydrogen fuel cells. Several other automakers such as BMW, Daimler, Ford, GM and Honda are also investing in developing commercially viable fuel cell vehicles. Governments across regions are promoting the use of hydrogen vehicles with the help of funding and supportive policies and infrastructure development projects. These initiatives are increasing the adoption of hydrogen vehicles, thereby driving the market growth.
SWOT Analysis
Strength: Hydrogen vehicles have zero tailpipe emissions and can help reduce air pollution. They can be refueled quickly similar to gasoline vehicles.
Weakness: There is lack of fueling infrastructure for hydrogen which limits its adoption. Hydrogen tanks require large space in vehicles compared to battery packs.
Opportunity: Supportive government policies and incentives in many countries are encouraging investments in building hydrogen infrastructure. Developing economies are opening up for adoption of clean vehicles.
Threats: Battery electric vehicles have gained much faster adoption due to availability of convenient charging infrastructure. Fall in battery prices is making BEVs more economical against FCEVs.
Key Takeaways
The Global Hydrogen Vehicle Market Size is expected to witness high growth. The global Hydrogen Vehicle Market is estimated to be valued at US$ 3.58 Mn in 2023 and is expected to exhibit a CAGR of 13 % over the forecast period 2023 to 2030.
The Asia Pacific region dominates the hydrogen vehicle market currently. Countries like Japan, South Korea and China are rapidly building hydrogen refueling stations to accelerate the adoption of FCEVs. Many automakers in these countries are extensively testing FCEV technologies and models.
Key players related content comprises
Key players operating in the hydrogen vehicle market are Fox-IT (Part of NCC Group), Advenica, Owl Cyber Defense, AEP Networks, Waterfall Security Solutions, Nexor, Unisys Corporation, Siemens AG, BAE Systems plc, Thales Group, L3Harris Technologies, Inc., Airbus Defence and Space, Raytheon Technologies Corporation, Fortinet Inc., Palo Alto Networks, Inc. These companies are investing heavily in developing innovative hydrogen powered vehicle technologies as well as building infrastructure to spur the market demand. Collaborations between automakers and energy companies will further accelerate commercialization of FCEVs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
