Hydrogen Powered Transport Market Forecast 2024-2033: Growth Rate, Drivers, And Trends|Volkswagen Group, Toyota Motor Corporation, Bayerische Motoren Werke AG (BMW), Mercedes-Benz Group AG, General Motors Company

The Hydrogen Powered Transport Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Hydrogen Powered Transport Global Market Report 2024, 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.

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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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

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.

The hydrogen powered transport market report table of contents includes: