A recently published Fact.MR study investigates that the global hydrogen vehicles market is expected to register a CAGR of 3% across the 2021-2031 forecast period, generating an incremental opportunity worth US$ 150 Mn. Growth is expected to remain sustained amid growing scramble for alternative fuel sources to power automobiles.
From 2016 to 2020, hydrogen vehicles sales expanded modestly, at a CAGR of 2%, attributed to the highly niche characteristics of the market. A general slowdown in the global automotive industry coupled with recessionary shocks experienced amidst the coronavirus pandemic further restrained expansion prospects. However, as restrictions ease, automotive manufacturers are reporting higher profit margins, which will bode well for hydrogen vehicles sales.
Green hydrogen fuel is expected to grow in the future. Hydraulic fuels can significantly benefit clean energy transitions if they are adopted in sectors where they are practically absent, such as transportation, buildings, and power generation. Around the world, hydrogen is now a major energy source for industrial clients. Over the last three decades, the demand for hydrogen has tripled, and nearly all of it is supplied by coal and gas, with 6% of global natural gas consumption going to hydrogen production.
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Key Segments Covered
- Passenger Hydrogen Vehicles
- Commercial Hydrogen Vehicles
- Heavy Commercial Hydrogen Vehicles
- Buses & Coaches Hydrogen Vehicles
- Trucks & Trailers Hydrogen Vehicles
- Proton Membrane Exchange Hydrogen Vehicles
- Phosphoric Acid Fuel Cell Hydrogen Vehicles
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Report Benefits & Key Questions Answered
- Hydrogen Vehicles Company & brand share analysis: The report offers in-depth Hydrogen Vehicles brand share analysis to estimate percentage of the market covered by Tier 1, Tier 2, and Tier 3 companies
- Hydrogen Vehicles Historical volume analysis: The report offers a comparative analysis between historic sales of Hydrogen Vehicles and projected sales performance for 2021-2031
- Hydrogen Vehicles Category & segment level analysis: Fact MR presents a comprehensive analysis of factors enabling sales growth across key segments. It underscores chief growth drivers and offers valuable information to identify sales prospects a local and regional levels
- Hydrogen Vehicles Consumption by demographics: To offer informed recommendation, the report studies behavior and consumption pattern of consumers. The demographics analysis is intended at helping business better understand consumer preference and design their product and market strategies around it
- Post COVID consumer spending on Hydrogen Vehicles: The Fact MR market survey carefully studies consumer spending behavior post COVID-19. It gauges how prevailing trends have influenced their behavior, subsequently impacting their spending power
Key Takeaways from the Market Study
- Hydrogen powered trucks & trailers to witness burgeoning demand, expand at 3% CAGR
- By technology, phosphoric acid fuel cell hydrogen vehicles to account for 60% of overall demand
- Sales of hydrogen vehicles in the U.S to surge at a CAGR of around 4% through 2031
- Asia to be the most lucrative market, accounting for 40% of the global hydrogen vehicles demand
“Although manufacturers will focus on new markets, they are committed to sustainable renewable energy without releasing harmful gases into the air,” says the Fact.MR analyst.
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Strategic collaborations enable hydrogen vehicles to increase revenue and market share. The implementation of new technologies and equipment allows manufacturers to expand their footprints in the market.
- On 25th May 2021, Faurecia closed the merger of Chinese hydrogen tank manufacturer, CLD. Following Faurecia’s announcement of the acquisition project in February, CLD has been selected by reputable Chinese OEMs, such as SAIC, for several different commercial vehicle models.
- On April 22, 2021, Toyota Motor Corporation announced its goal of creating a zero-emission mobility society, as well as its hydrogen engine development program. In addition, the engine will be mounted on a Corolla Sport race car, competing under the ORC ROOKIE Racing banner starting with the NAPAC Fuji SUPER TEC24 Hours Race on May 21-23.
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