Hydrogen Powered Transport Market Growth Outlook Through 2024-2033

Overview and Scope
Hydrogen powered transport is a vehicle that uses hydrogen as its internal fuel. The powertrains of hydrogen vehicles use either internal combustion engines to burn hydrogen or fuel cells, which use hydrogen and oxygen to react to produce mechanical energy and power electric motors.

Sizing and Forecast
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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Segmentation & Regional Insights
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

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.

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Major Driver Impacting Market Growth
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.

Key Industry 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.

The hydrogen powered transport market report table of contents includes:

1. Executive Summary
2. Hydrogen Powered Transport Market Characteristics
3. Hydrogen Powered Transport Market Trends And Strategies
4. Hydrogen Powered Transport Market – Macro Economic Scenario
5. Global Hydrogen Powered Transport Market Size and Growth
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31. Hydrogen Powered Transport Market Other Major And Innovative Companies
32. Global Hydrogen Powered Transport Market Competitive Benchmarking
33. Global Hydrogen Powered Transport Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Hydrogen Powered Transport Market
35. Hydrogen Powered Transport Market Future Outlook and Potential Analysis
36.Appendix

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