Press release
Hydrogen Powered Transport Market Report 2024-2033: Size, Share, Growth, Trends, Analysis, Forecast
Hydrogen Powered Transport Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $84.04 billion In 2028 At A CAGR Of 59.0% :
The hydrogen powered transport market size has grown exponentially in recent years. It will grow from $8.27 billion in 2023 to $13.16 billion in 2024 at a compound annual growth rate (CAGR) of 59.2%. The growth in the historic period can be attributed to environmental concerns, government subsidies and incentives, energy security, global regulations, public awareness and acceptance.
The hydrogen powered transport market size is expected to see exponential growth in the next few years. It will grow to $84.04 billion in 2028 at a compound annual growth rate (CAGR) of 59.0%. The growth in the forecast period can be attributed to advancements in infrastructure, international collaboration, economic viability, stringent emission standards, corporate sustainability initiatives. Major trends in the forecast period include focus on green hydrogen production and supply chain, government incentives and policy support for hydrogen mobility, collaborations and partnerships in the hydrogen ecosystem, advancements in hydrogen storage and distribution technologies, hydrogen-powered two-wheelers and micro-mobility solutions.
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Hydrogen Powered Transport Market Major Segments
The hydrogen powered transport market covered in this report is segmented -
1) By Fuel Cell Technology Type: Proton Exchange Membrane Fuel Cells, Phosphoric Acid Fuel Cells, Other Fuel Cell Technologies
2) By Vehicle Type: Cars, Buses, Trucks, Other Vehicles
3) By End Use: Passenger Vehicle, Commercial Vehicle
Key Driver - Government-Led Initiatives And Collaborations Is Driving The Surge In Hydrogen Powered Transport Market
An increase in government initiatives for the development of hydrogen fuel cell infrastructure is contributed to the growth of the hydrogen-powered transport market. Several approaches have been disposed of by different governments to cater to environmental conditions. For instance, the Federation of California in the U.S. committed endows for the development of 100 hydrogen refueling stations to meet its goal of 1.5 million zero-emission vehicles by 2025. Another proposal has California working with other states to correspond regulations and building codes to ease the location and construction of refueling stations for hydrogen and electric vehicles. The goal of this collective effort is to put 3.3 million ZEVs on the highways in those states by 2025 with the goals of diminishing greenhouse gas emissions, improving air quality and public health while enhancing energy diversity, saving consumer's money, and promoting economic growth, which in turn will propel the revenues generated for the hydrogen-powered transport market.
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Prominent Trend - Revolutionizing Hydrogen-Powered Transport By Innovating High-Performance Fuel Cell Electric Vehicle Platforms
Major companies operating in the hydrogen-powered transport market are developing new products such as high-performance hydrogen fuel cell electric vehicle platform to gain a competitive edge in the market. A high-performance hydrogen fuel cell electric vehicle (FCEV) platform refers to an advanced and versatile foundation for designing and manufacturing vehicles that use hydrogen fuel cells as their primary source of power. For instance, in September 2023, WAE Technologies Ltd, a UK-based technology and engineering services company launched EVRh. The platform has a lightweight composite frame and is intended to showcase the capabilities of hydrogen-powered powertrain systems. The platform's main component is a liquid-cooled FCEV battery pack with 430kW of power capacity. EVRh can produce 550kW when combined with the 120kW hydrogen fuel cell. Due to the platform's design versatility, manufacturers are able to produce roadgoing versions of both fixed-roof GT type and open-roof Targa vehicles with maximum power-to-weight.
Hydrogen Powered Transport Market Players
Major companies operating in the hydrogen powered transport market report are Volkswagen Group, Toyota Motor Corporation, Bayerische Motoren Werke AG (BMW), Mercedes-Benz Group AG, General Motors Company, Honda Motor Co. Ltd., Hyundai Motor Group, SAIC Motor Corporation Limited, FAW Group Corporation, Audi AG, Kia Corporation, Volvo Group AB, Groupe Renault, Tata Motors Limited, Mazda Motor Corporation, Great Wall Motor Company Limited, Dongfeng Motor Corporation, MAN Truck & Bus SE, Beiqi Foton Motor Co. Ltd., Plug Power Inc., Dayun Group, Ballard Power Systems Inc., ZeroAvia Inc., Nikola Corporation, ULEMCo Limited, Hyperion Motors, Hyzon Motors Inc., Tevva Motors Ltd., FeiChi Automobile Co. Ltd., Hydrogenics Corporation, HV Systems, Air Products and Chemicals Inc., BP p.l.c., Bloom Energy Corporation, Linde plc, Reliance Industries Limited, Cummins Inc., First Hydrogen Inc., Adani Green Energy Ltd., FuelCell Energy Inc.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the hydrogen powered transport market in 2023. The regions covered in the hydrogen powered transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Hydrogen Powered Transport Market Report Structure
3. Hydrogen Powered Transport Market Trends And Strategies
4. Hydrogen Powered Transport Market - Macro Economic Scenario
5. Hydrogen Powered Transport Market Size And Growth
…..
27. Hydrogen Powered Transport Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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