Fuel cells offer advantages such as zero tailpipe emissions and a driving range comparable to gas-powered vehicles. 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 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growth Accelerated by Adoption of Fuel Cell Technology
The adoption of fuel cell technology in vehicles has increased significantly over the past few years. Many automakers such as Toyota, Honda, and Hyundai have launched fuel cell electric vehicles and are investing heavily in expanding their production. Rising environmental concerns and strict emission regulations are major factors driving the demand for zero-emission hydrogen fuel cell vehicles. Rapid improvement in fuel cell durability and falling production costs are also supporting the increased adoption of this technology in the transportation industry.
Segment Analysis
The global hydrogen vehicle market Size is dominated by fuel cell electric vehicles (FCEVs) segment which accounted for over 60% share in 2021. FCEVs are considered as green vehicles that emit only water and heat. They offer better driving range compared to battery electric vehicles. Most automakers like Toyota, Honda, Hyundai are focusing on developing FCEVs given the clean energy credentials of hydrogen fuel cell technology. Commercial vehicles including buses and trucks segment is expected to witness highest growth during the forecast period as hydrogen is considered more suitable for powering heavy duty vehicles that travel long distances.
Key Takeaways
The global Hydrogen Vehicle Market is expected to witness high growth during 2023-2030 driven by supportive government policies and funding for developing hydrogen infrastructure.
Regions like North America, Europe and Asia Pacific are emerging as key markets. North America currently dominates the market accounting for over 35% share driven by the United States which is actively working towards establishing a nationwide network of hydrogen refueling stations. Europe is also making heavy investments to ramp up its hydrogen ecosystem to meet carbon emission reduction commitments.
Key players operating in the Hydrogen Vehicle Market are Cisco Systems, Inc., Microsoft Corporation, Palo Alto Networks, Inc., Symantec Corporation, Check Point Software Technologies Ltd., Akamai Technologies, Inc., Fortinet, Inc., Zscaler, Inc., Okta, Inc., VMware, Inc., CrowdStrike Holdings, Inc., Cyxtera Technologies, Inc., Proofpoint, Inc., FireEye, Inc., and Forcepoint LLC.
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