Commercial Hydrogen Vehicle Market Revenue Growth Factors & Trends, Key Player Strategy Analysis by Fact MR

In 2022, the global commercial hydrogen vehicle market reached a value of US$ 4 billion. It is projected to grow at a robust CAGR of 30.6% and reach US$ 57.9 billion by 2032. Sales of commercial hydrogen vehicles worldwide are expected to increase by 14.4 times by the end of 2032.

Ketki Bhavsar Ketki Bhavsar
Apr 24, 2024 - 22:30
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Commercial Hydrogen Vehicle Market Revenue Growth Factors & Trends, Key Player Strategy Analysis by Fact MR

In 2022, the global commercial hydrogen vehicle market reached a value of US$ 4 billion. It is projected to grow at a robust CAGR of 30.6% and reach US$ 57.9 billion by 2032. Sales of commercial hydrogen vehicles worldwide are expected to increase by 14.4 times by the end of 2032. Although hydrogen is the most abundant element in the universe, it requires extraction from other substances like water or natural gas, which comes with cost and environmental trade-offs. However, not all extraction methods are equal. Fuel cell electric vehicles (FCEVs) offer features such as long driving ranges, fast refueling times, quiet operation, and zero greenhouse gas and air pollutant emissions, making them suitable for transportation and automotive applications.

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The market for commercial hydrogen vehicles is experiencing significant growth and is set to become a major player in the transportation industry. With a global shift towards sustainable and eco-friendly solutions, hydrogen vehicles are emerging as a viable alternative to traditional fossil fuel-powered vehicles. This growth is driven by increasing environmental concerns, government initiatives to promote clean energy, and advancements in hydrogen fuel cell technology.

Market Dynamics:

The Commercial Hydrogen Vehicle Market is primarily driven by the growing demand for clean and sustainable transportation solutions. With concerns about climate change and air pollution on the rise, governments and organizations around the world are looking for ways to reduce emissions from vehicles. Hydrogen vehicles offer a promising solution, as they produce zero emissions at the tailpipe, only emitting water vapor and heat.

Additionally, hydrogen vehicles offer several advantages over traditional electric vehicles, such as faster refueling times and longer driving ranges. This makes them ideal for commercial applications, where vehicles often need to cover long distances and operate for extended periods.

Key findings of the commercial hydrogen vehicle study:

• The global commercial hydrogen vehicle market is projected to expand at an impressive CAGR of 30.6% and create an absolute dollar opportunity US$ 54.7 billion by 2032.
• The market expanded at 10.8% CAGR for the period of 2017-2021.
• Under fuel cell technology, PEMFC commercial hydrogen vehicles dominate the market and are valued at US$ 3.5 billion in 2022.
• Buses & coaches dominated the market with 43.1% market share in 2022.
• Demand for commercial hydrogen vehicles is expected to increase at CAGRs of 33.9% and 31.5%, respectively, in the Americas and EMEA.

Market Future Outlook:

The future outlook for the Commercial Hydrogen Vehicle Market looks promising, with continued growth expected in the coming years. The market is expected to be driven by increasing investments in hydrogen infrastructure, advancements in fuel cell technology, and government initiatives to promote hydrogen vehicles.

Countries around the world are investing heavily in hydrogen infrastructure, including hydrogen refueling stations and production facilities. This is expected to drive the adoption of hydrogen vehicles, as infrastructure development is crucial for the widespread adoption of hydrogen technology.

Market Insights:

The Commercial Hydrogen Vehicle Market is segmented by vehicle type, including passenger cars, buses, trucks, and others. Passenger cars currently dominate the market, but the demand for hydrogen buses and trucks is expected to increase in the coming years.

Key Players:

  • Anglo American
  • DAF
  • Daimler Truck
  • General Motors
  • Hinduja Group
  • Hyundai Motor Group
  • Hyzon Motors
  • International Truck
  • Komatsu
  • MAN
  • New Flyer Industries Ltd.,
  • Nikola Corporation
  • PACCAR Inc
  • SAIC Motor Corporation Limited
  • SANY Heavy Truck
  • Toyota Motor Corporation
  • Van Hool
  • Volvo AB

Competitive Assessment:

For years, fuel cell car prices have been dropping significantly, and throughout the course of the next ten years and beyond, they will keep declining. The cost of fuel cell vehicles, particularly buses, has decreased by 65% in the last few years, despite their low production volume.

Significant advancements in fuel cells have been made thanks to technological advances and product upgrades by many manufacturers. A variety of additional factors, such as the following, have also helped to lower the overall cost of fuel cell electric vehicles:

Lower cost and better integration of the vehicle's electric drivetrain, decreased cost of the hydrogen storage tank, hybridization of the vehicle's fuel cell and batteries.

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• In Nov. 2021, Hinduja Group's premier Ashok Leyland revealed that the corporation is working on commercial vehicles powered by hydrogen, and a team is actively building these vehicles.
• In Sept. 2021, Hyundai Motor Group hopes to be the first vehicle maker in the world to power all of its commercial vehicle models with fuel cell systems to make hydrogen vehicles more widely available by lowering the cost of the technology by 2028.
• In Jan. 2021, truck manufacturer Navistar International Corp. announced that it will partner with American automobile maker General Motors Co. and others to create a commercial truck powered by hydrogen fuel cells and an accompanying fueling infrastructure.

Segmentation of Commercial Hydrogen Vehicle Industry Research

  • By Fuel Cell Technology :

    • PAFC

    • DMFC

    • PEMFC

  • By Fuel Capacity :

    • Up to 75 kW

    • 75-100 kW

    • 100-150 kW

    • Above 150 kW

  • By Vehicle Category :

    • LCV s

    • HCVs

    • Buses & Coaches

    • Industrial Trucks

  • By Region :

    • Americas

    • APAC

    • EMEA

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