Press release
Hydrogen Combustion Engine Market Report 2024 : Strategies And Recent Developments | Toyota Motor Corporation, Stellantis N.V., Ford Motor Company, General Motor Company, Honda Motor Co. Ltd
Hydrogen Combustion Engine Global Market Report
The Business Research Company offers in-depth market insights through Hydrogen Combustion Engine Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The hydrogen combustion engine market size has grown rapidly in recent years. It will grow from $38.46 billion in 2023 to $43.06 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to environmental regulations, renewable hydrogen production, decarbonization initiatives, hydrogen infrastructure development, government incentives and subsidies.
The hydrogen combustion engine market size is expected to see rapid growth in the next few years. It will grow to $65.37 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to global push for green transportation, economic viability and cost reduction, global focus on hydrogen as an energy carrier, rising geopolitical concerns, consumer demand for zero-emission vehicles. Major trends in the forecast period include research and development initiatives, integration with hybrid systems, hydrogen safety standards, collaborations and partnerships.
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Market Segmentation:
The hydrogen combustion engine market covered in this report is segmented -
1) By Technology: Proton Membrane Exchange, Phosphoric Acid Fuel Cell, Other Technologies
2) By Installation: OEM (Original Equipment Manufacturer), Retrofit
3) By Application: Passenger Vehicle, Commercial vehicle, Ships, Other Applications
Major Driver - The Rise Of Hydrogen Combustion Engines Fueled By The Growing Adoption Of Fuel-Cell Cars
The increasing use of fuel-cell cars is expected to propel the growth of the hydrogen combustion engine market going forward. A fuel cell car is an electric vehicle that generates electricity for propulsion using a fuel cell. Hydrogen is used as the fuel for fuel-cell electric vehicles. They are more effective than typical internal combustion engines and don't have any hazardous exhaust emissions. The increasing use of fuel-cell cars contributes to the growth of the hydrogen combustion engine. For instance, in February 2022, according to a report published by InsideEVs, a US-based automotive podcast, by the end of 2021, 12,272 hydrogen fuel cell cars were sold in the United States, up 37% over the previous year. Therefore, the increasing use of fuel-cell cars is driving the growth of the hydrogen combustion engine market.
Competitive Landscape:
Major companies operating in the hydrogen combustion engine market report are Toyota Motor Corporation, Stellantis N.V., Ford Motor Company, General Motor Company, Honda Motor Co. Ltd., Robert Bosch GmbH, Caterpillar Incorporated, Rio Tinto Group, Renault SA, Bayerische Motoren Werke AG, Magna International Inc., Mitsubishi Heavy Industries, Cummins Inc., Komatsu Ltd., Rolls-Royce Holdings plc, Mahindra And Mahindra Ltd., AGCO Corporation, Air Products and Chemicals Inc., MAN Energy Solutions, Plug Power Inc., Bloom Energy Corporation, Ballard Power Systems Inc., Proton Motor Fuel Cell Inc., PowerCell Sweden AB, H2 PowerTech LLC, HyTech Power LLC, Origin Engines Inc., Hyzon Motors Inc., Loop Energy Inc.
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Top Trend - Technological Advancements In Hydrogen Combustion Engines By Leading Companies
Technological advancements are a key trend gaining popularity in the hydrogen combustion engine market. Companies operating in the hydrogen combustion engine market are adopting recent technologies to sustain their position in the market. For instance, in February 2023, Bayerische Motoren Werke AG (BMW), a Germany-based luxury vehicle company, launched its first hydrogen-operated BMW iX5 Hydrogen models. The BMW Group has created specialized hydrogen components for its new fuel cell system. These components are designed to enhance the system's functionality and draw parallels to ingredients found in traditional combustion engines. These include the intercooler, air filter, control units, and sensor technology.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Hydrogen Combustion Engine Market Characteristics
3. Hydrogen Combustion Engine Market Trends And Strategies
4. Hydrogen Combustion Engine Market - Macro Economic Scenario
5. Hydrogen Combustion Engine Market Size And Growth
…..
27. Hydrogen Combustion Engine Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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