Major players in the hydrogen powered transport market are Honda, Toyota, Hyundai, BMW, General Motors, Foton, Mercedes-Benz, Volkswagen, and SAIC. The global hydrogen powered transport market grew from $5.15 billion in 2022 to $8.17 billion in 2023 at a compound annual growth rate (CAGR) of 58.57%.
New York, April 13, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Hydrogen Powered Transport Global Market Report 2023” – https://www.reportlinker.com/p06280928/?utm_source=GNW
Major players in the hydrogen powered transport market are Honda, Toyota, Hyundai, BMW, General Motors, Foton, Mercedes-Benz, Volkswagen, and SAIC.
The global hydrogen powered transport market grew from $5.15 billion in 2022 to $8.17 billion in 2023 at a compound annual growth rate (CAGR) of 58.57%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The hydrogen powered transport market is expected to grow to $51.73 billion in 2027 at a CAGR of 58.62%.
The hydrogen powered transportmarket consists of sales of airplanes, automobiles, auto racing, buses, trams and trains, ships, bicycles and military vehicles.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Hydrogen powered transport is avehicle using 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, to power electric motors.
North America was the largest region in the hydrogen powered transport market in 2022. The regions covered in the hydrogen powered transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The hydrogen powered transport market covered in the report is segmented by fuel cell technology type into proton exchange membrane fuel cells, phosphoric acid fuel cells, and others; by vehicle type into cars, buses, trucks, and others; by end-use into passenger vehicles, commercial vehicle.
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 refuelling 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.
The high cost of hydrogen fuel cell vehicles is expected to hamper the growth of the hydrogen-powered transport market.The costs of producing and shipping hydrogen are relatively high compared to gasoline.
According to California Hydrogen Researchers, in 2020, the configuration required for producing, transporting, and dispensing the hydrogen gas alone will cost about $10 billion. Thus, the high cost associated with hydrogen fuel cell vehicles is restricting the hydrogen-powered transport market growth during the forecast period.
The launch of a prototype of a hydrogen fuel cell forklift is gaining popularity in the hydrogen-powered transport market.Major players operating in the industry are continuously focusing on introducing innovations and technologies to better serve the needs of consumers.
For instance, in October 2020, Hyundai Mobis developed a prototype hydrogen fuel cell forklift with Hyundai Motor Company and Hyundai Construction Equipment.The hydrogen fuel cell forklift established can lift up to five tons and can be managed continuously for five hours when its hydrogen fuel cell is fully charged.
The forklift has been adapted with a hydro fuel cell system mass-produced by Hyundai Motor Group. In the process of doing so, Hyundai Mobis independently developed a fuel cell power pack optimized for hydrogen fuel cell forklifts.
In December 2018, OneH2, a USA- based hydrogen fuel company, announced the acquisition of Hyster-Yale Materials Handling, Inc.’s wholly-owned subsidiary, Nuvera Fuel Cells, LLC, for an undisclosed amount. The acquisition is expected to contribute substantially to all of Nuvera Fuel Cells, LLC’s PowerTap® hydrogen generator assets, excluding related intellectual property to OneH2. Nuvera Fuel Cells, LLC is a US-based company that offers hydrogen generation appliances, proton exchange membrane fuel cell stacks, hydrogen generation, and dispensing products.
The countries covered in the hydrogen powered transport market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The hydrogen powered transport market research report is one of a series of new reports that provides the hydrogen powered transport market statistics, including the hydrogen powered transport industry’s global market size, regional shares, competitors with a hydrogen powered transport market share, detailed the hydrogen powered transport market segments, market trends and opportunities, and any further data you may need to thrive in the hydrogen powered transport industry. This hydrogen powered transport market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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