Hydrogen Vehicles Industry Will Generate An Incremental Opportunity Worth US$ 150 Million By 2031

A recently published Fact.MR study investigates that the global hydrogen vehicles market is expected to register a CAGR of 3% across the 2021-2031 forecast period, generating an incremental opportunity worth US$ 150 Mn. Growth is expected to remain sustained amid growing scramble for alternative fuel sources to power automobiles.

From 2016 to 2020, hydrogen vehicles sales expanded modestly, at a CAGR of 2%, attributed to the highly niche characteristics of the market. A general slowdown in the global automotive industry coupled with recessionary shocks experienced amidst the coronavirus pandemic further restrained expansion prospects. However, as restrictions ease, automotive manufacturers are reporting higher profit margins, which will bode well for hydrogen vehicles sales.

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Competitive Landscape

Major players with a prominent share in the market are focusing on expanding their customer base.

On April 1st, 2021, Alstom strengthened its presence in hydrogen with its purchase of Helion Hydrogen Power. Alstom has expanded its portfolio of innovative, competitive solutions and pursued the implementation of its Alstom in Motion strategic plan by acquiring this company.
On February 9th, 2021, Hydron Motors announced a business combination with Decarbonization Plus. Through this acquisition, the company will be able to fully fund and support Hyzon's long-established plan for growth in the hydrogen fuel cell-powered, zero-emission commercial transportation sector.

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Key Segments Covered

Vehicle Type

Passenger Hydrogen Vehicles
Commercial Hydrogen Vehicles
Heavy Commercial Hydrogen Vehicles
Buses & Coaches Hydrogen Vehicles
Trucks & Trailers Hydrogen Vehicles

By Technology

Proton Membrane Exchange Hydrogen Vehicles
Phosphoric Acid Fuel Cell Hydrogen Vehicles

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The report answers important questions which include:

Why is player leading the in region?
Which factors pose a negative impact on the growth?
What was the value registered in 2022?
What challenges do the players face during R&D stages?
Which countries contribute a significant share to the total revenue in region?

Report Benefits & Key Questions Answered

Hydrogen Vehicles Company & brand share analysis: The report offers in-depth Hydrogen Vehicles brand share analysis to estimate percentage of the market covered by Tier 1, Tier 2, and Tier 3 companies
Hydrogen Vehicles Historical volume analysis: The report offers a comparative analysis between historic sales of Hydrogen Vehicles and projected sales performance for 2021-2031
Hydrogen Vehicles Category & segment level analysis: Fact MR presents a comprehensive analysis of factors enabling sales growth across key segments. It underscores chief growth drivers and offers valuable information to identify sales prospects a local and regional levels
Hydrogen Vehicles Consumption by demographics: To offer informed recommendation, the report studies behavior and consumption pattern of consumers. The demographics analysis is intended at helping business better understand consumer preference and design their product and market strategies around it

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