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.
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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.
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
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.