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Hydrogen Vehicle Market Size to Grow by US$ 675.19 Billion till 2033 | Fact.MR Report

Anticipated CAGR of 31.2%, hydrogen vehicle sales in Japan to reach US$95.20B by 2033. South Korea's demand expected to grow at the same rate, reaching US$257.92B by 2033.

Rockville , Dec. 13, 2023 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, in its newly published research report, reveals that the global Hydrogen Vehicles Market is estimated at US$ 35.26 billion in 2022. Demand for telemedicine services is forecasted to increase at a stellar 30.8% CAGR, to reach a valuation of US$ 675.19 Billion from 2022 to 2033.

Growing public awareness and environmental consciousness are crucial drivers for adopting sustainable transportation solutions like hydrogen vehicles. With increasing recognition of climate change urgency, individuals seek ways to reduce their carbon footprints, making hydrogen vehicles appealing for their potential to cut greenhouse gas emissions. Rising awareness of air pollution's health impacts further reinforces the demand for sustainable options.

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Key Segments of Telemedicine Industry Research Report

By Technology :

By Fuel Capacity :

By Vehicle Category :

By Region :

  • PAFC (Phosphoric Acid Fuel Cells)
  • DMFC (Direct Methanol Fuel Cells)
  • PEMFC (Proton Exchange Membrane Fuel Cells)
  • Up to 75 kW
  • 76 to 100 kW
  • 101 to 150 kW
  • Above 150 kW
  • Passenger
  • Commercial
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Rising environmental concerns and government efforts to build hydrogen fuel cell infrastructure create lucrative opportunities for market players in the next decade.

  • PEMFC-based hydrogen vehicles demand is expected to grow at a 30.4% CAGR, reaching US$564.46 billion by 2033.
  • In Germany, hydrogen vehicle sales are forecasted to rise at a 31.8% CAGR, reaching US$35.78 billion by 2033.

In recent years, a rising awareness of the detrimental consequences of air pollution and escalating greenhouse gas emissions has prompted more people to embrace hydrogen vehicles as eco-friendly solutions.

Strong Manufacturing Backing Boosts Hydrogen Passenger Vehicle Sales

Hydrogen passenger vehicle sales are projected to grow at a 31.2% CAGR, reaching US$532.72 billion by 2033. The passenger sector witnesses a surge in popularity for hydrogen-fueled vehicles, driven by escalating demand, growing supply, and robust manufacturing support.

The significant increase in environmentally conscious individuals opting for zero-emission vehicles intensifies the demand for low-emission options.

Increasing Environmental Concerns Drive Hydrogen Vehicle Sales

Anticipated at a 30.5% CAGR, hydrogen vehicle demand in the United States is expected to hit US$164.07 billion by 2033. The surge is fueled by a growing awareness of environmental pollution, while the adoption of advanced technology and automation further propels hydrogen vehicle sales. The United States embraces automation to stimulate growth opportunities in the industry for more efficient and eco-friendly products.

Report Attribute Details
Value Projection (2033) US$ 675.19 Billion
Growth Rate (2023-2033) 30.8% CAGR
No. of pages 170 Pages
No. of Tables 20 Tables
No. of Figures 74 Figures

Competitive Analysis

The market is becoming highly competitive with the entry of new players and the launch of several platforms.

For instance:

  • In February 2021, Hydron Motors announced a partnership with Decarbonization Plus, reinforcing Hyzon's established plan for zero-emission and hydrogen cell-powered commercial transportation.
  • On April 01, 2021, Alstom bolstered its global market presence through the acquisition of Helion Hydrogen Power, expanding its portfolio with competitive and innovative solutions.

Top Fortune Companies Profiled in This Report

  • Mercedes-Benz,
  • GM Hydrogenics,
  • DAF,
  • Ballard Power System,
  • Toyota Motor Corporation,
  • Hunduja Group,
  • Daimler AG,
  • FuelCell Energy Inc.,
  • Hyundai Motor Company,
  • Audi AG,
  • BMW AG,
  • General Motors,
  • Honda Motor Company Ltd.

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Explore More Related Studies Published by Fact.MR Research: 

Hydrogen Generation Market: The global hydrogen generation market reached a value of US$ 139.10 Billion in 2022 and is expected to reach a market value of US$ 273.63 Billion by registering a CAGR of 7% during the forecast period 2022-2032.

Hydrogen Sensor Market: The global hydrogen sensor market has reached a market valuation of US$ 314.4 million in 2022 and is expected to evolve at a CAGR of 6.7% to climb to US$ 599 million by the end of 2032.

Commercial Hydrogen Vehicle Market: The global commercial hydrogen vehicle market has reached US$ 4 billion in 2022 and is predicted to balloon at a high CAGR of 30.6% to surge to US$ 57.9 billion by the end of 2032.

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