Hydrogen Vehicle Market

Hydrogen Vehicle Market Propped By Growing Environmental Concerns

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Hydrogen vehicles rely on fuel cells to power electric motors, emitting only water and heat. They provide longer range than battery electric vehicles and can be refueled rapidly. The global Hydrogen Vehicle Market is estimated to be valued at US$ 3.58 Mn in 2023 and is expected to exhibit a CAGR of 16.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Growing environmental concerns have been driving the adoption of zero-emission vehicles. Various countries and regional governments have started implementing stringent regulations and policies to curb emissions from transportation sector. They are providing incentives such as tax benefits and subsidies to promote the sale of environment-friendly hydrogen fuel cell vehicles. Their emission-free nature is appealing more consumers who are aware about the role of vehicular pollution in worsening the global climate crisis. Manufacturers are also increasingly investing in developing newer hydrogen vehicle models and building refueling infrastructure to stimulate the market growth over the coming years.

SWOT Analysis

Strength: Hydrogen vehicles emit only water and do not produce greenhouse gases, making them more environmentally friendly. They can refuel faster than electric vehicles.
Weakness: Lack of hydrogen refueling infrastructure reduces the range of these vehicles. High initial costs of the fuel cell and hydrogen storage systems make these vehicles more expensive than conventional vehicles.
Opportunity: Strong government support in the form of subsidies and investments are being provided to develop the required hydrogen infrastructure. Growing awareness about the need to reduce emissions is increasing the acceptance of these vehicles.
Threats: Established automakers are slow in adopting fuel cell technology. Development of high performance long range affordable electric vehicles pose a threat.

Key Takeaways

The global hydrogen vehicle market Size is expected to witness high growth.

Regional analysis: North America dominates the market currently due to large investments made by governments to build hydrogen infrastructure in the US and Canada. Several pilot projects are underway to set up retail hydrogen stations along major roadways. Automakers such as Toyota and Honda have introduced their fuel cell vehicles in these regions.
Asia Pacific is expected to be the fastest growing market owing to supportive government policies and initiatives in countries like Japan, South Korea and China. Japan aims to have over 800,000 fuel cell vehicles on roads by 2030. South Korea has outlined plans to build 310 hydrogen stations by 2022 to promote the use of these vehicles.

Key players operating in the Hydrogen Vehicle market are Cisco Systems, Inc.,Microsoft Corporation,Palo Alto Networks, Inc.,Symantec Corporation,Check Point Software Technologies Ltd.,Akamai Technologies, Inc.,Fortinet, Inc.,Zscaler, Inc.,Okta, Inc.,VMware, Inc.,CrowdStrike Holdings, Inc.,Cyxtera Technologies, Inc.,Proofpoint, Inc.,FireEye, Inc.,Forcepoint LLC. Major automakers partnering with stakeholders to commercialize these vehicles include Toyota, Honda, Hyundai etc. Strategic collaborations between fuel cell manufacturers, hydrogen suppliers and vehicle OEMs are ramping up production capacities.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Ravina
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Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.