The hydrogen powered transport market consists of the sales of hydrogen powered transport services and related goods by entities (organizations, sole traders and partnerships) that are engaged in the manufacturing of electric vehicles. Only goods and services traded between entities or sold to end consumers are included.
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, others; by vehicle type into cars, buses, trucks, others; by end use into passenger vehicle, commercial vehicle.
The global hydrogen powered transport market is expected to grow from $2.09 billion in 2020 to $3.27 billion in 2021 at a compound annual growth rate (CAGR) of 56.3%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $20.04 billion in 2025 at a CAGR of 58%.
An increase in government initiatives for the development of hydrogen fuel cell infrastructure is contributing 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 refueling 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.
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 the California Fuel Cell Partnership, in 2019, fuel cell cars themselves are more expensive to purchase new, and the hydrogen fuel costs work out to roughly $5.60 a gallon. Also, 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. For instance, in October 2020, Hyundai Mobis has developed a prototype hydrogen fuel cell forklift with Hyundai Motor Company and Hyundai Construction Equipment. The hydrogen fuel cell forklift established can lift up to five tons and can be managed continuously for five hours when its hydrogen fuel cell is fully charged. The forklift has been adapted with a hydro fuel cell system mass-produced by Hyundai Motor Group. In the process of doing so, Hyundai Mobis independently developed a fuel cell power pack optimized for hydrogen fuel cell forklifts.
In December 2018, OneH2, a USA- based hydrogen fuel company announced the acquisition of Hyster-Yale Materials Handling, Inc.’s wholly-owned subsidiary, Nuvera Fuel Cells, LLC for an undisclosed amount. The acquisition is expected to contribute substantially all of Nuvera Fuel Cells, LLC’s PowerTap® hydrogen generator assets, excluding related intellectual property to OneH2. Nuvera Fuel Cells, LLC is a US-based company that offers hydrogen generation appliances, proton exchange membrane fuel cell stacks, hydrogen generation, and dispensing products.
North America was the largest region in the hydrogen powered transport market in 2020. The regions covered in the global apparel market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the global hydrogen powered transport market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The major players covered in the global hydrogen powered transport market are Honda, Toyota, Hyundai, BMW, General Motors, Foton, Mercedes-Benz, Volkswagen, SAIC, FeiChi Bus, Dongfeng, Volvo, Ballard Power Systems, Audi, MAN, Groupe Renault, Mazda Motor Corporation, Hydrogenics, Kia Motor Corporation, Tata Motors Limited, Nikola Corporation.
The global hydrogen powered transport market is segmented –
1) By Fuel Cell Technology Type: Proton Exchange Membrane Fuel Cells, Phosphoric Acid Fuel Cells, Others
2) By Vehicle Type: Cars, Buses, Trucks, Others
3) By End Use: Passenger Vehicle, Commercial Vehicle
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