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In 2023, the market for hydrogen vehicles was valued at $2.38 billion. From 2024 to 2031, it is projected to grow at a CAGR of more than 29%.
Hydrogen vehicles are becoming increasingly popular, and this is mostly due to government policies and backing. To encourage the purchase and usage of hydrogen vehicles, governments offer financial incentives and subsidies. Tax credits, grants, rebates, and direct subsidies are some ways that hydrogen vehicles might have their initial and ongoing costs mitigated. The market demand for hydrogen vehicles is on the rise due to financial incentives that make them more appealing to consumers and lower their price points.
Hydrogen vehicles and other environmentally friendly transportation options are gaining popularity due to rising public and political awareness of the need for such solutions. The public's understanding of the critical nature of the climate crisis is growing. The effects of climate change are starting to sink in, and people are starting to pay greater attention to how they contribute to environmental degradation. One possible answer for environmentally friendly transportation is hydrogen vehicles, which might cut down on emissions of greenhouse gases. Air pollution and its negative impacts on human health are becoming more widely acknowledged.
The high starting price of hydrogen cars is one of the main obstacles in the market. It is currently highly costly to construct infrastructure, implement fuel cell technology, and store hydrogen. The main part of hydrogen vehicles, fuel cells, need high-tech engineering processes and materials. Expensive catalysts, membranes, and other components are used in complex manufacturing procedures to create fuel cell stacks. All of these things add up to make fuel cell systems quite expensive, which is a big chunk of the total price of a car. When compared to conventional vehicles, hydrogen ones are more expensive because to high component costs, limited economies of scale, and a still-developing industry.
As COVID-19 expanded, it affected the market for hydrogen vehicles. Supply networks, production processes, and customer demand were all negatively impacted by the pandemic. Production was curtailed and vehicle launches were delayed due to lockdowns and restrictions. Financial instability and a slowing economy dampened enthusiasm for building hydrogen infrastructure. Sales of automobiles fell as a result of fewer buyers and tighter travel restrictions.
Governments, IT companies, and car manufacturers are all pouring money into the hydrogen vehicle market. Research and development, infrastructure expansion, and the scaling up of hydrogen production and distribution networks are all being pushed forward by these increasing investments. The market is growing because of the increasing efforts of government agencies, industry groups, and automakers to inform the public about the benefits of hydrogen vehicles, run campaigns to raise awareness, and address and build consumer confidence.
Fuel cell electric vehicles (FCEVs) and hybrids are the two main categories of hydrogen vehicles in the market, distinguished by their powertrain configurations. With a predicted 26% CAGR from 2023–2031, the FCEV segment is expected to account for nearly all of the market share. People are becoming more aware of the worsening air quality and the excessive noise coming from both public and private vehicles, which is leading to this growth. The demand for fuel cell electric cars (FCEVs) has been increasing due to the quick transition in recent years from conventional fuel vehicles to more environmentally friendly alternatives. An increase in harmful gas emissions from combustion engine vehicles, stringent environmental restrictions, and government incentives and subsidies to promote clean fuel are among the major factors anticipated to drive market expansion.
Report Coverage
Global Hydrogen Vehicle research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Hydrogen Vehicle report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Hydrogen Vehicle competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Hydrogen Vehicle market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Hydrogen Vehicle market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Hydrogen Vehicle market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Toyota Motor Corporation, Hyundai Motor Company, Honda Motor Corporation ,Ltd, Cummins Inc., SAIC Motor Company, Ashok Leyland.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Hydrogen Vehicle market based on the below-mentioned segments:
Global Hydrogen Vehicle Market, By Vehicle Type
Passenger cars
Commercial vehicle
Global Hydrogen Vehicle market, By Powertrain Configuration
Fuel Cell Electric Vehicles (FCEV)
Hybrid vehicles
Global Hydrogen Vehicle Market, By Vehicle Class
Luxury vehicles
Mid-range vehicles
Economy vehicles
Global Hydrogen Vehicle market, Regional Analysis
Hydrogen vehicles are becoming increasingly popular, and this is mostly due to government policies and backing. To encourage the purchase and usage of hydrogen vehicles, governments offer financial incentives and subsidies. Tax credits, grants, rebates, and direct subsidies are some ways that hydrogen vehicles might have their initial and ongoing costs mitigated. The market demand for hydrogen vehicles is on the rise due to financial incentives that make them more appealing to consumers and lower their price points.
Hydrogen vehicles and other environmentally friendly transportation options are gaining popularity due to rising public and political awareness of the need for such solutions. The public's understanding of the critical nature of the climate crisis is growing. The effects of climate change are starting to sink in, and people are starting to pay greater attention to how they contribute to environmental degradation. One possible answer for environmentally friendly transportation is hydrogen vehicles, which might cut down on emissions of greenhouse gases. Air pollution and its negative impacts on human health are becoming more widely acknowledged.
The high starting price of hydrogen cars is one of the main obstacles in the market. It is currently highly costly to construct infrastructure, implement fuel cell technology, and store hydrogen. The main part of hydrogen vehicles, fuel cells, need high-tech engineering processes and materials. Expensive catalysts, membranes, and other components are used in complex manufacturing procedures to create fuel cell stacks. All of these things add up to make fuel cell systems quite expensive, which is a big chunk of the total price of a car. When compared to conventional vehicles, hydrogen ones are more expensive because to high component costs, limited economies of scale, and a still-developing industry.
As COVID-19 expanded, it affected the market for hydrogen vehicles. Supply networks, production processes, and customer demand were all negatively impacted by the pandemic. Production was curtailed and vehicle launches were delayed due to lockdowns and restrictions. Financial instability and a slowing economy dampened enthusiasm for building hydrogen infrastructure. Sales of automobiles fell as a result of fewer buyers and tighter travel restrictions.
Governments, IT companies, and car manufacturers are all pouring money into the hydrogen vehicle market. Research and development, infrastructure expansion, and the scaling up of hydrogen production and distribution networks are all being pushed forward by these increasing investments. The market is growing because of the increasing efforts of government agencies, industry groups, and automakers to inform the public about the benefits of hydrogen vehicles, run campaigns to raise awareness, and address and build consumer confidence.
Fuel cell electric vehicles (FCEVs) and hybrids are the two main categories of hydrogen vehicles in the market, distinguished by their powertrain configurations. With a predicted 26% CAGR from 2023–2031, the FCEV segment is expected to account for nearly all of the market share. People are becoming more aware of the worsening air quality and the excessive noise coming from both public and private vehicles, which is leading to this growth. The demand for fuel cell electric cars (FCEVs) has been increasing due to the quick transition in recent years from conventional fuel vehicles to more environmentally friendly alternatives. An increase in harmful gas emissions from combustion engine vehicles, stringent environmental restrictions, and government incentives and subsidies to promote clean fuel are among the major factors anticipated to drive market expansion.
Report Coverage
Global Hydrogen Vehicle research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Hydrogen Vehicle report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Hydrogen Vehicle competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Hydrogen Vehicle market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2031 |
| Base Year | 2024 |
| Forecast Period | 2024-2031 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Toyota Motor Corporation, Hyundai Motor Company, Honda Motor Corporation ,Ltd, Cummins Inc., SAIC Motor Company, Ashok Leyland. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Hydrogen Vehicle Market from 2021 to 2031.
- Market Forecast for Hydrogen Vehicle Market from 2021 to 2031.
- Regional Market Share and Revenue from 2021 to 2031.
- Country Market share within region from 2021 to 2031.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Hydrogen Vehicle competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Hydrogen Vehicle
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Hydrogen Vehicle market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Hydrogen Vehicle market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Toyota Motor Corporation, Hyundai Motor Company, Honda Motor Corporation ,Ltd, Cummins Inc., SAIC Motor Company, Ashok Leyland.
Primary Target Market
- Market Players of Hydrogen Vehicle
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Hydrogen Vehicle market based on the below-mentioned segments:
Global Hydrogen Vehicle Market, By Vehicle Type
Passenger cars
Commercial vehicle
Global Hydrogen Vehicle market, By Powertrain Configuration
Fuel Cell Electric Vehicles (FCEV)
Hybrid vehicles
Global Hydrogen Vehicle Market, By Vehicle Class
Luxury vehicles
Mid-range vehicles
Economy vehicles
Global Hydrogen Vehicle market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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