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| Hydrogen Vehicle Market |
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 28% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hydrogen vehicles utilize hydrogen fuel cells to power electric motors,
producing only heat and water vapor as byproducts. Compared to conventional
vehicles, hydrogen vehicles offer improved efficiency and lower emissions. With
growing environmental concerns, hydrogen vehicles provide a sustainable
mobility solution.
Market key trends:
One of the key trends fueling the growth of the hydrogen vehicle market is the
increasing adoption of fuel cell technology over battery electric vehicles
(BEVs) for commercial vehicles and public transportation. Fuel cells have a
higher energy density than lithium-ion batteries, providing commercial vehicles
with extended driving ranges. Additionally, fueling hydrogen vehicles takes
less time compared to charging BEVs, making hydrogen a more viable option for
commercial fleets focused on optimization. Rising investment in building
hydrogen refueling infrastructure is also supporting the adoption of fuel cell
vehicles.
Segment
Analysis
The global hydrogen vehicle market is segmented by vehicle type into passenger
vehicles and commercial vehicles. The passenger vehicles segment is expected to
dominate the market during the forecast period due to the increasing demand for
fuel-cell electric vehicles (FCEVs). Under this segment, sedans are witnessing
the highest demand from consumers looking for sustainable mobility solutions.
Key Takeaways
The global Hydrogen
Vehicle Market Growth is
expected to witness high growth, exhibiting CAGR of 28.% over the forecast period, due to increasing
environmental concerns and stringent emission norms. The market size for
hydrogen vehicle is expected to reach US$ 3.58 Mn in 2023.
Regional analysis - Asia Pacific is expected to dominate the global hydrogen
vehicle market during the forecast period due to the presence of leading
automobile manufacturers and growing hydrogen infrastructure in countries like
Japan, South Korea and China. These countries are extensively focusing on
developing hydrogen fueling stations to support FCEVs.
Key players - Key players operating in the hydrogen vehicle market are Toyota
Motor Corporation, Hyundai Motor Company, Honda Motor Co., Ltd., and Ballard
Power Systems. Toyota launched Mirai in 2014 and is focusing on expanding its
FCEV fleet. Hyundai introduced Nexo in 2018 and is actively working towards
developing hydrogen powered trucks, buses and ships.
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