Market Research Direct reveals new report on the global future of hydrogen in the automotive market
01 May 2024by eub2 -- last modified 01 May 2024
Market Research Direct, a leading provider of market intelligence and consulting services, has added a new report on the future of hydrogen in automotive market to its catalogue. The report predicts a significant growth in the market size, from 23 thousand units in 2024 to 353 thousand units by 2035, at a CAGR of 28.3%.
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The increasing levels of emissions, rising fuel prices, and limited availability of fossil fuels have led to a surge in demand for zero-emission alternative fuel vehicles. This has resulted in a growing interest in hydrogen mobility, and the market is expected to witness significant advancements in technology, such as non-precious metal catalyst-based Proton Exchange Membrane Fuel Cells (PEM FC) and compact microstructures, which will enhance vehicle range, decrease costs, and improve overall efficiency. Furthermore, the development of hydrogen-based applications like Fuel Cell Hybrid Electric Vehicles (FCHEVs) and Hydrogen Internal Combustion Engine Vehicles (H2-ICEVs) is expected to open up new opportunities in the market. The market is also being driven by the growing focus on hydrogen infrastructure and supportive government initiatives for the development of charging stations.
The report reveals that the H2 fuel station segment is expected to lead in the Asia Pacific region with over 14 thousand fuel stations projected by 2035. China is currently leading in this segment, with more than 400 operational refueling stations as of January 2024, while Japan plans to establish 320 hydrogen stations by 2025.
The Global Future of Hydrogen in the Automotive Market - Market Research Direct report
In terms of vehicle type, the passenger car segment is projected to witness significant growth, with a CAGR of 49.4% during the forecast period, reaching an estimated 264 thousand units by 2035. Within Europe, the passenger car segment holds the largest market share, with renowned EV manufacturers like BMW, KIA, and Hyundai expected to enter the hydrogen fuel cell passenger car market by the end of 2024. The region's fastest-growing market is expected to be Europe, with the EU announcing plans to set up H2-fueling stations every 200km, and supportive policies being implemented by governments. For instance, the UK has plans for 4,000 fuel-cell buses by 2025. The demand for FCEVs in Europe is mainly driven by countries like Germany, France, the Netherlands, and Switzerland, with the fastest-growing market being for Light Commercial Vehicles (LCVs). Toyota Motor Corporation (Japan) is leading the FCEV market in Europe.
The report includes in-depth interviews with CEOs, managers, and executives from various key organizations operating in the market. It also provides insights on the competitive landscape and company profiles of major players in the future of hydrogen in automotive market ecosystem.
The report covers the future of hydrogen in automotive market, in terms of vehicle type (Passenger Cars , LCV,Bus, Truck), H2 fuel station (Asia Pacific, Europe, and North America), propulsion (FCEV, FCHEV, and H2-ICE), and region (Asia Oceania, Europe, and North America). It also covers the competitive landscape and company profiles of the major players in the future of hydrogen in automotive market ecosystem.