Press release
2025-2034 Hydrogen Powered Transport Market Evolution: Disruptions, Innovations, and Untapped Opportunities
Hydrogen Powered Transport
What Is the Expected CAGR for the Hydrogen Powered Transport Market Through 2025?
The growth of the hydrogen powered transport market has been explosive in the past few years. The size of the market is projected to increase from $13.03 billion in 2024 to $20.67 billion in 2025, representing a compound annual growth rate (CAGR) of 58.6%. Factors like environmental consciousness, government subsidies and incentives, energy security, worldwide regulatory standards, along with public knowledge and acceptance have been key drivers for the growth observed during the historic period.
What's the Projected Size of the Global Hydrogen Powered Transport Market by 2029?
In the upcoming years, the hydrogen powered transport market is anticipated to witness a surge in its market size. The market is projected to increase to a whopping $133.14 billion in 2029, with a compound annual growth rate (CAGR) of 59.3%. This significant growth during the forecast period is attributed to factors such as enhanced infrastructure, global cooperation, economic feasibility, strict emissions standards, and corporate sustainability efforts. Key market trends projected for this period involve emphasis on green hydrogen production and supply chain, government incentives and policy support for hydrogen-fueled mobility, hydrogen ecosystem collaborations and partnerships, developments in hydrogen storage and distribution technologies, and the advent of hydrogen-powered two-wheelers and micro-mobility solutions.
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Top Growth Drivers in the Hydrogen Powered Transport Industry: What's Accelerating the Market?
Growth in the hydrogen-powered transport market is being fuelled by a surge in government initiatives aimed at developing hydrogen fuel cell infrastructure. Various strategies have been implemented by differing governments to combat environmental issues. To provide an example, the Federation of California in the U.S. has pledged substantial resources towards creating 100 hydrogen refueling stations, as part of their goal to have 1.5 million zero-emissions vehicles on the roads by 2025. Additionally, California is coordinating with other states on aligning regulations and building codes to facilitate the placement and construction of hydrogen and electric vehicle refueling stations. The objective of this concerted effort is to introduce 3.3 million ZEVs to the roads in these states by 2025. Aiming to reduce greenhouse gas emissions, enhance air quality and public health, diversify energy sources, conserve consumer spending, and stimulate economic growth, these measures are expected to significantly boost the revenue of the hydrogen-powered transport market.
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What Trends Will Shape the Hydrogen Powered Transport Market Through 2029 and Beyond?
Leading companies in the hydrogen-powered transport market are innovating new products like high-performance hydrogen fuel cell electric vehicle (FCEV) platforms to stay competitive. These FCEV platforms provide an enhanced, adaptable base for designing and manufacturing automobiles powered primarily by hydrogen fuel cells. For example, in September 2023, WAE Technologies Ltd., a UK technology and engineering services firm, introduced EVRh. This platform features a lightweight composite frame, aimed to demonstrate the potential of hydrogen-fueled powertrain systems. Its key element is a liquid-cooled FCEV battery pack, boasting a power capacity of 430kW. When paired with a 120kW hydrogen fuel cell, EVRh can generate 550kW. With the platform's flexible design, manufacturers can create both fixed-roof GT type and open-roof Targa models for road use, achieving maximum power-to-weight ratio.
What Are the Main Segments in the Hydrogen Powered Transport Market?
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
Subsegments:
1) By Proton Exchange Membrane Fuel Cells: Automotive Applications, Bus and Commercial Vehicle Applications, Portable Power Applications
2) By Phosphoric Acid Fuel Cells: Stationary Power Generation, Backup Power Systems
3) By Other Fuel Cell Technologies: Solid Oxide Fuel Cells (SOFCs), Alkaline Fuel Cells (AFCs), Molten Carbonate Fuel Cells (MCFCs)
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Which Top Companies are Driving Growth in the Hydrogen Powered Transport Market?
Major companies operating in the hydrogen powered transport market include 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, Kia Corporation, Volvo Group AB, Groupe Renault, Tata Motors Limited, Mazda Motor Corporation, Great Wall Motor Company Limited, Dongfeng Motor Corporation, 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., 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.
Which Regions Will Dominate the Hydrogen Powered Transport Market Through 2029?
North America was the largest region in the hydrogen powered transport market in 2024. The regions covered in the hydrogen powered transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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