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Hydrogen Powered Transport Global Market Insights: Growth Drivers, Size & Forecasts to 2029
Hydrogen Powered Transport Market
What Is the Forecasted Market Growth Rate of the Hydrogen Powered Transport Industry?
The size of the hydrogen-fueled transportation market has seen massive expansion recently. The estimates project a rise from $13.03 billion in 2024 to an impressive $20.49 billion by 2025, showing a compound annual growth rate (CAGR) of 57.2%. The exceptional growth in the historical period can be tied to environmental concerns, governmental monetary support and incentives, energy security, worldwide regulations, as well as public consciousness and acceptance.
How Will the Hydrogen Powered Transport Market Size Evolve From 2025 to 2029?
Expectations are high for the hydrogen-powered transport market to experience significant expansion in the coming years. The market's value is projected to be $129.27 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 58.5%. The anticipated growth over the forecasting period can be credited to developments in infrastructure, international teamwork, fiscal feasibility, strict emission standards, and initiatives for corporate sustainability. The foreseeable future will likely see a concentration on the production and supply chain of green hydrogen, government schemes and policy backing for hydrogen mobility, collaborations and strategic partnerships within the hydrogen ecosystem, advancements in technologies for hydrogen storage and distribution, and the emergence of hydrogen-powered solutions for two-wheelers and micro-mobility.
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What Are the Main Growth Drivers in the Hydrogen Powered Transport Market Today?
The growth of the hydrogen-powered transport market can be attributed to the increase in government schemes aimed at building hydrogen fuel cell infrastructure. Many governments have implemented various strategies in order to improve environmental circumstances. For instance, the Federation of California has dedicated resources for the creation of 100 hydrogen refueling stations in order to reach their target of 1.5 million zero-emission vehicles by 2025. Additional plans see California collaborating with other states to streamline regulations and construction codes, making it easier to install refueling stations for electric and hydrogen-powered vehicles. This joint venture aims to put 3.3 million ZEVs on the roads in those respective states by 2025. The ultimate objectives are to reduce greenhouse gas emissions, enhance air quality and public health, diversify energy sources, save money for consumers and stimulate economic growth. These factors, in turn, will drive up the revenue for the hydrogen-powered transport market.
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Which Hydrogen Powered Transport Market Segment Is Expected to Lead Through 2029?
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)
Which Market Trends Are Expected to Dominate Hydrogen Powered Transport Industry Growth?
Leading companies in the hydrogen-powered transport market are innovating with new products like high-performance hydrogen fuel cell electric vehicle platforms to achieve an advantageous position in the market. The term high-performance hydrogen fuel cell electric vehicle platform refers to a sophisticated base that allows the design and production of vehicles that primarily use hydrogen fuel cells for power. For example, WAE Technologies Ltd., a British tech and engineering services company, introduced EVRh in September 2023. This platform features a light composite frame and serves to demonstrate the potential of hydrogen-powered powertrain systems. The central component of the platform is a liquid-cooled FCEV battery pack with a power capacity of 430kW. When coupled with the 120kW hydrogen fuel cell, EVRh can generate 550kW. Thanks to its adaptable design, manufacturers can create both fixed-roof GT type and open-roof Targa vehicles for the road, optimized for maximum power-to-weight.
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Which Companies Hold the Largest Market Share in the Hydrogen Powered Transport Sector?
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.
Where Is the Hydrogen Powered Transport Market Experiencing the Highest Growth?
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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