Hydrogen Powered Transport Global Market Report 2023: Increase in Government Initiatives for the Development of Hydrogen Fuel Cell Infrastructure Bolsters Growth

DUBLIN, April 19, 2023 /PRNewswire/ -- The "Hydrogen Powered Transport Global Market Report 2023" report has been added to  ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the market.

The global hydrogen powered transport market grew from $5.15 billion in 2022 to $8.17 billion in 2023 at a compound annual growth rate (CAGR) of 58.57%. The hydrogen powered transport market is expected to grow to $51.73 billion in 2027 at a CAGR of 58.62%.

Major players in the hydrogen powered transport market are Honda, Toyota, Hyundai, BMW, General Motors, Foton, Mercedes-Benz, Volkswagen, and SAIC.

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Hydrogen powered transport is a vehicle using hydrogen as its internal fuel. The powertrains of hydrogen vehicles use either internal combustion engines to burn hydrogen or fuel cells, which use hydrogen and oxygen to react to produce mechanical energy, to power electric motors.

The hydrogen powered transport market covered in the report is segmented by fuel cell technology type into proton exchange membrane fuel cells, phosphoric acid fuel cells, and others; by vehicle type into cars, buses, trucks, and others; by end-use into passenger vehicles, commercial vehicle.

The hydrogen powered transport market research report is one of a series of new reports that provides the hydrogen powered transport market statistics, including the hydrogen powered transport industry's global market size, regional shares, competitors with a hydrogen powered transport market share, detailed the hydrogen powered transport market segments, market trends and opportunities, and any further data you may need to thrive in the hydrogen powered transport industry.

This hydrogen powered transport market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The high cost of hydrogen fuel cell vehicles is expected to hamper the growth of the hydrogen-powered transport market. The costs of producing and shipping hydrogen are relatively high compared to gasoline. According to California Hydrogen Researchers, in 2020, the configuration required for producing, transporting, and dispensing the hydrogen gas alone will cost about $10 billion. Thus, the high cost associated with hydrogen fuel cell vehicles is restricting the hydrogen-powered transport market growth during the forecast period.

The launch of a prototype of a hydrogen fuel cell forklift is gaining popularity in the hydrogen-powered transport market. Major players operating in the industry are continuously focusing on introducing innovations and technologies to better serve the needs of consumers. 

North America was the largest region in the hydrogen powered transport market in 2022. The regions covered in the hydrogen powered transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the hydrogen powered transport market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

An increase in government initiatives for the development of hydrogen fuel cell infrastructure is contributed to the growth of the hydrogen-powered transport market. Several approaches have been disposed of by different governments to cater to environmental conditions.

For instance, the Federation of California in the U.S. committed endows for the development of 100 hydrogen refueling stations to meet its goal of 1.5 million zero-emission vehicles by 2025. Another proposal has California working with other states to correspond regulations and building codes to ease the location and construction of refuelling stations for hydrogen and electric vehicles.

The goal of this collective effort is to put 3.3 million ZEVs on the highways in those states by 2025 with the goals of diminishing greenhouse gas emissions, improving air quality and public health while enhancing energy diversity, saving consumer's money, and promoting economic growth, which in turn will propel the revenues generated for the hydrogen-powered transport market.

Key Topics Covered:

1. Executive Summary

2. Hydrogen Powered Transport Market Characteristics

3. Hydrogen Powered Transport Market Trends And Strategies

4. Hydrogen Powered Transport Market - Macro Economic Scenario
4.1. COVID-19 Impact On Hydrogen Powered Transport Market
4.2. Ukraine-Russia War Impact On Hydrogen Powered Transport Market
4.3. Impact Of High Inflation On Hydrogen Powered Transport Market

5. Hydrogen Powered Transport Market Size And Growth
5.1. Global Hydrogen Powered Transport Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Hydrogen Powered Transport Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Hydrogen Powered Transport Market Segmentation
6.1. Global Hydrogen Powered Transport Market, Segmentation By Fuel Cell Technology Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Proton Exchange Membrane Fuel Cells
• Phosphoric Acid Fuel Cells
• Other Fuel Cell Technologies

6.2. Global Hydrogen Powered Transport Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Cars
• Buses
• Trucks
• Other Vehicles

6.3. Global Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Passenger Vehicle
• Commercial Vehicle

7. Hydrogen Powered Transport Market Regional And Country Analysis
7.1. Global Hydrogen Powered Transport Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Hydrogen Powered Transport Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/fgczod

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