InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Hydrogen Vehicles Market”-, By Technology (PAFC (Phosphoric Acid Fuel Cell), DMFC (Direct Methanol Fuel Cell), and PEMFC (Proton Exchange Membrane Fuel Cell)), By Fuel Capacity (Up to 75 kW, 76 to 100 kW, 101 to 150 kW, Above 150 kW), By Vehicle Category (Passenger, Commercial) Industry Trends, and Global Forecasts, 2022-2035 And Segment Revenue and Forecast To 2031.”
The Hydrogen Vehicles Market is estimated to reach over USD 427.3 billion by 2031, exhibiting a CAGR of 29.4% during the forecast period.
Hydrogen energy is a clean, adaptable energy source that has gained a lot of interest as a possible way to address climate change and move toward an environmentally friendly energy future. It has the potential to revolutionize various sectors, including transportation, power generation, and industrial processes. As the most abundant element in the universe, hydrogen is primarily found in combination with other elements, such as oxygen in water (H2O) or carbon in hydrocarbons. One of the main advantages of hydrogen energy is its environmental benefits; when used as a fuel, hydrogen only produces water vapor as a byproduct, making it a zero-emission energy source. This is particularly important in sectors such as transportation, where hydrogen fuel cells can power electric vehicles, offering long driving ranges and fast refueling times. Furthermore, hydrogen energy has the potential to support renewable energy integration and energy storage. Hydrogen fuel cell vehicles (HFCVs) are electric vehicles that use hydrogen as a fuel source, combining hydrogen gas with oxygen from the air in a fuel cell to produce electricity, which powers an electric motor.
For instance, In December 2023, The Internal Revenue Service (IRS) and the U.S. Department of Treasury have announced proposed regulations for the Clean Hydrogen Production Credit, which was established under the Inflation Reduction Act (IRA). A cornerstone of Bidenomics, which attempts to tackle climate change, create well-paying jobs, and encourage private sector investment in the creation of the clean energy economy, this credit is an essential part of President Biden’s Investing in America agenda.
Additionally, In 2018 the goods and services tax (GST) on hydrogen fuel-cell vehicles was cut by the government by more than half, to 12%, from 28% for gasoline, diesel, and compressed natural gas (CNG) vehicles. In addition to using 50% less fuel than conventional fuels, vehicles driven by hydrogen also have a longer driving range.
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List of Prominent Players in the Hydrogen Vehicles Market:
- Mercedes-Benz
- GM Hydrogenics
- DAF
- Ballard Power System
- Toyota Motor Corporation
- Hinduja Group
- Daimler AG
- FuelCell Energy Inc.
- Hyundai Motor Company
- Audi AG
- BMW AG
- General Motors
- Honda Motor Company Ltd.
- SAIC Motors
- FAW
- Yutong
- MAN SE
- AB Volvo
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Market Dynamics:
Drivers:
The government’s initiatives to expand hydrogen fuel cell infrastructure, the rise in R&D spending, and growing environmental concerns are the main factors propelling the growth of the worldwide hydrogen fuel cell vehicle market. Continuous research and improvements in Proton Exchange Membrane Fuel Cells (PEMFCs) are enhancing the efficiency, durability, and cost-effectiveness of hydrogen vehicles, making them more competitive with traditional vehicles., market potential, and the growing use of HFCV in developing nations will generate profitable prospects for the expansion of the global market.
Challenges:
Building a successful hydrogen economy necessitates robust storage solutions at multiple levels, including production hubs, filling stations, onboard vehicles, and a strategic reserve nationwide. The primary challenge in this endeavor is finding an optimal storage container material that addresses three critical criteria: it must offer high hydrogen density, ensure fast release and charge kinetics with minimal energy barriers, and exhibit reversibility in the release and charge cycle at moderate temperatures (70–100°C).
Regional Trends:
North America has the largest market share during the forecast period. North America, the hydrogen vehicle market is growing, with substantial activities in the United States and Canada. The U.S. has seen increasing investments in hydrogen infrastructure and vehicle development, particularly in California, which is leading the way in hydrogen adoption. Canada is also making strides, with government initiatives supporting hydrogen technology and infrastructure. Asia Pacific is the fastest-growing region due the significant developments in countries such as Japan, South Korea, and China. Japan has been a pioneer in hydrogen technology, focusing on both vehicles and infrastructure. South Korea and China are rapidly expanding their hydrogen refueling networks and investing in domestic hydrogen production.
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Recent Developments:
- In Feb 2024, Honda introduced the FCEV-powered CR-V. Honda debuted a hydrogen fuel cell car that can be charged at home on February 28, 2024. Honda is the first Japanese firm to provide a plug-in FCV that can be easily recharged at home with this introduction. Fuel cell vehicles (FCVs) use a chemical reaction between hydrogen and oxygen to produce electricity, which powers the motor that moves the vehicle forward. Unfortunately, the lack of hydrogen filling stations has made it difficult for them to become widely used. Honda and US auto giant General Motors (GM) collaborated to create the fuel cell system for the new vehicle. With just one hydrogen refill, the vehicle can go over 600 kilometers, and it can go over 60 kilometers between charges.
- In April 2024, INEOS Inovyn is assisting Daimler Truck AG in testing the first heavy-duty liquid hydrogen truck in Europe.
- In May 2024, Toyota and A Company Called Fuel Cell Energy, Make The Hydrogen Case. Toyota and Fuel Cell Energy have joined forces to build a small refinery that will generate electricity for the port’s operations as well as hydrogen for Class 8 fuel-cell trucks. Even pure water is produced at the facility to wash Toyotas when they disembark from ships.
Segmentation of Hydrogen Vehicles Market.
Global Hydrogen Vehicles Market – – By Technology
- PAFC (Phosphoric Acid Fuel Cells)
- DMFC (Direct Methanol Fuel Cells)
- PEMFC (Proton Exchange Membrane Fuel Cells)
Global Hydrogen Vehicles Market – By Fuel Capacity
- Up to 75 kW
- 76 to 100 kW
- 101 to 150 kW
- Above 150 kW
Global Hydrogen Vehicles Market – By Vehicle Category
- Passenger
- Commercial
Global Hydrogen Vehicles Market – By Region
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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