Hydrogen Vehicles Market Snapshot

“The Hydrogen Vehicles Market is estimated to increase at a CAGR of 90.5% from $ 108 Billion in 2023 to $ 544.78 Billion by 2030.”

A hydrogen vehicle is a vehicle powered by hydrogen fuel, including space rockets, ships, and aero planes. The chemical energy of hydrogen is converted into mechanical energy for motive power, either through internal combustion engines or by reacting hydrogen with oxygen in fuel cells for electric motors.

A 2022 research indicates that hydrogen usage for light-duty vehicles, particularly passenger cars, is lagging behind battery electric vehicle adoption. The advancements in BEVs and economies of scale make it unlikely that hydrogen light-duty cars will significantly contribute to the future.

The Toyota Mirai and Hyundai Nexo are the first commercially produced fuel cell electric vehicles (FCEVs) and hydrogen automobiles, expected to be widely accessible in some markets by 2021. Fuel cell buses are also available, but hydrogen aircraft are not expected to carry many passenger’s long distances until 2030.

Hydrogen technology offers long range on a single fill-up, but it also has disadvantages like high carbon emissions, capital cost, high energy inputs, low energy content, production and compression, global refueling infrastructure investment, and transportation costs. Hydrogen leaks have a 11.6 times greater global warming impact than CO2 and contribute to the need for alternative energy sources.

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Growth Drivers

“The demand growth for hydrogen vehicles is influenced by various factors such as environmental concerns, economic growth, and technological advancements.”

The global hydrogen vehicle market is experiencing significant growth due to its zero-emission capacity and low maintenance requirements. This is driven by environmentally conscious consumers who value zero emissions, low maintenance, and lightweight vehicles. The hydrogen fuel cell technology is gaining prominence as a sustainable energy source in hydrogen cars, prompting the automobile industry to conduct extensive research into this sustainable energy source.

Manufacturers are prioritizing R&D activities to create sophisticated automotive machines and invest in technology. In-depth research is conducted before new cars are released, enabling the deployment of advanced machinery in various vehicles. Researchers are continuously working on innovative and efficient products to provide consumers with more efficient products. The development of a cost-effective hydrogen energy production technology has opened the door for more hydrogen-powered automobiles, paving the way for more innovative and efficient products.

Market Challenges

The market development is expected to be hindered by the anticipated increase in raw material costs, particularly platinum used in carbon fibre and fuel cell anodes for hydrogen fuel tanks and similar vehicles over the next ten years.

Hydrogen Vehicles Market Segment Analysis

The high initial cost of hydrogen Vehicle is a major market barrier due to the high costs of infrastructure development, hydrogen storage systems, and fuel cells. The primary power source, the fuel cell, requires specialized engineering techniques and materials, leading to complex manufacturing procedures and high costs of membranes, catalysts, and other components. The higher cost of hydrogen cars compared to conventional vehicles is due to high component prices, limited economies of scale, and an immature market.

Competitive Landscape of the Hydrogen Vehicles Market Analysis

• Mercedes-Benz
• GM Hydrogenics
• DAF
• Ballard Power System
• Toyota Motor Corporation
• Hinduja Group
• Daimler AG
• FuelCell Energy Inc.
• Hyundai Motor Company
• Audi AG
• BMW AG
• General Motors
• Honda Motor Company Ltd.

New Developments in Hydrogen Vehicles Market

March 6, 2023, “Honda’s Zero Emission Stationary Fuel Cell Provides Back Up Power to a Data Center”

March 3, 2023 – Honda today began operation of a stationary fuel cell power station on its corporate campus in Torrance, Calif., marking the company’s first step toward future commercialization of zero-emission backup power generation. The initiative leverages Honda’s hydrogen fuel cell technology expertise and contributes to the company’s global goal to achieve carbon neutrality for all products and corporate activities by 2050.

Apr. 22, 2021- “Toyota Developing Hydrogen Engine Technologies Through Motorsports”

 April 22, 2021―Toyota Motor Corporation (Toyota) announced today that, toward the achievement of a carbon-neutral mobility society, it is developing a hydrogen engine. It has installed the engine on a racing vehicle based on Toyota's Corolla Sport, which it will enter in competition under the ORC ROOKIE Racing banner starting with the Super Taikyu Series 2021 Powered by Hankook Round 3 NAPAC Fuji Super TEC 24 Hours Race on May 21-23.

Regional Analysis

“The United States is anticipated to experience a high demand for hydrogen vehicles.”

The US is expected to boost demand for hydrogen-powered cars due to growing environmental consciousness and the need for automation. The country has embraced advanced automation technology to create eco-friendlier and efficient products, fostering growth potential in the automation sector.

“The article explores the factors that make South Korea and Japan attractive markets for hydrogen vehicle manufacturers.”

The Japanese government has launched over 160 hydrogen fueling stations by March 2020, promoting the use of hydrogen vehicles due to their lower greenhouse emissions and government efforts to outlaw carbon-emitting cars, resulting in increased sales of hydrogen-powered vehicles among environmentally-conscious citizens.

Segments Covered in the Hydrogen Vehicles Market Report

By Technology

• PAFC (Phosphoric Acid Fuel Cells)
• DMFC (Direct Methanol Fuel Cells)
• PEMFC (Proton Exchange Membrane Fuel Cells)

By Fuel Capacity

• Up to 75 kW
• 76 to 100 kW
• 101 to 150 kW
• Above 150 kW

By Vehicle Category

• Passenger
• Commercial

By Geographical Landscape

• North America
• Europe
• APAC
• South America
• Middle East and Africa

Frequently Asked Questions

What is the expected growth rate of the Hydrogen Vehicles market over the next 7 years?

Hydrogen Vehicles Market is estimated to increase at a CAGR of 90.5% from $ 108 Billion in 2023 to $ 544.78 Billion by 2030.

Who are the major players in the Hydrogen Vehicles market and what is their market share?

Mercedes-Benz,GM Hydrogenics,DAF, are prominent players operating and dominating in the market.

What are the main market Trends for Hydrogen Vehicles worldwide?

Governments, IT firms, and automakers are all making large investments in the hydrogen car market. These escalating expenditures are boosting R&D efforts, impacting infrastructure growth, and expanding hydrogen production and distribution networks.