Hydrogen Vehicle Market Analysis

Hydrogen Vehicle Market Analysis

To get key market trends

  Download Free Sample

Based on powertrain configuration, the hydrogen vehicle market is divided into fuel cell electric vehicles (FCEV) and hybrid vehicles. The FCEV segment held approximately 100% of the market share in 2022 and is slated to grow at a 26% CAGR up to 2032. This growth can be attributed to the rising awareness of the deteriorating air quality and the excessive noise emerging from public & private vehicles. The considerably rapid shift from conventional fuel vehicles toward eco-friendly alternatives in recent years is boosting the demand for FCEVs. Strict environmental regulations, government incentives & subsidies promoting the use of clean fuel, and an increase in harmful gas emissions from combustion engine vehicles are some of the other factors that are estimated to propel market growth.
 

Based on vehicle, the hydrogen vehicle market is categorized into passenger cars and commercial vehicle. The passenger cars segment accounted for a market share of 66.6% in 2022. The growing adoption of hydrogen-powered passenger cars can be credited to environmental concerns, infrastructure development, technological advancements, automaker commitment, government support, pilot programs, demonstrations, and collaborations among industry stakeholders. Hydrogen-powered passenger cars offer consumers a sustainable & efficient mode of transportation, fueling market growth. Governments around the world are also implementing policies, incentives, and subsidies to promote the adoption of hydrogen-powered vehicles including passenger cars. These measures aim to accelerate market growth, reduce emissions, and promote a sustainable transportation ecosystem.
 

North America led the global hydrogen vehicle market, accounting for a share of over 8% in 2022. Countries in the region are expected to engage in international collaborations and knowledge exchange to complement market growth. The sharing of best practices, research findings, and technological advancements can benefit all the countries involved. In North America, the encouragement of partnerships & collaborations between government entities, industry stakeholders, and research institutions to stimulate the development & adoption of hydrogen commercial vehicles will also augment market growth. These collaborations aim to leverage expertise, share resources, and drive innovations in the sector.