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Hydrogen Powered Transport Global Market Report 2023 – By Fuel Cell Technology Type (Proton Exchange Membrane Fuel Cells, Phosphoric Acid Fuel Cells, Other Fuel Cell Technologies), By Vehicle Type (Cars, Buses, Trucks, Other Vehicles), By End Use (Passenger Vehicle, Commercial Vehicle) – Market Size, Trends, And Global Forecast 2023-2032

Starting Price : $4000.00 | Pages : | Published : January 2023 | SKU CODE : r1399 | Delivery Time: 2-3 business days | Format :


Hydrogen powered transport is a vehicle that uses 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 and 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; and by end-use into passenger vehicles, commercial vehicles.

The hydrogen powered transport market research report is one of a series of new reports from The Business Research Company 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 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 Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The hydrogen powered transport market size is expected to grow to $51.73 billion in 2027 at a CAGR of 58.62%.

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.

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. For instance, in October 2020, Hyundai Mobis 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 to 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.

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

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.

The hydrogen powered transportmarket consists of sales of airplanes, automobiles, auto racing, buses, trams and trains, ships, bicycles and military vehicles. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The global hydrogen powered transport market is segmented -

1) By Fuel Cell Technology Type: Proton Exchange Membrane Fuel Cells, Phosphoric Acid Fuel Cells, Other Fuel Cell Technologies

2) By Vehicle Type: Cars, Buses, Trucks, Other Vehicles

3) By End Use: Passenger Vehicle, Commercial Vehicle

    Table Of Contents

    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

    8. Asia-Pacific Hydrogen Powered Transport Market

    8.1. Asia-Pacific Hydrogen Powered Transport Market Overview

    Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies

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

    9. China Hydrogen Powered Transport Market

    9.1. China Hydrogen Powered Transport Market Overview

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

    10. India Hydrogen Powered Transport Market

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

    11. Japan Hydrogen Powered Transport Market

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

    12. Australia Hydrogen Powered Transport Market

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

    13. Indonesia Hydrogen Powered Transport Market

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

    14. South Korea Hydrogen Powered Transport Market

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

    15. Western Europe Hydrogen Powered Transport Market

    15.1. Western Europe Hydrogen Powered Transport Market Overview

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

    16. UK Hydrogen Powered Transport Market

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

    17. Germany Hydrogen Powered Transport Market

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

    18. France Hydrogen Powered Transport Market

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

    19. Eastern Europe Hydrogen Powered Transport Market

    19.1. Eastern Europe Hydrogen Powered Transport Market Overview

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

    20. Russia Hydrogen Powered Transport Market

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

    21. North America Hydrogen Powered Transport Market

    21.1. North America Hydrogen Powered Transport Market Overview

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

    22. USA Hydrogen Powered Transport Market

    22.1. USA Hydrogen Powered Transport Market Overview

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

    23. South America Hydrogen Powered Transport Market

    23.1. South America Hydrogen Powered Transport Market Overview

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

    24. Brazil Hydrogen Powered Transport Market

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

    25. Middle East Hydrogen Powered Transport Market

    25.1. Middle East Hydrogen Powered Transport Market Overview

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

    26. Africa Hydrogen Powered Transport Market

    26.1. Africa Hydrogen Powered Transport Market Overview

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

    27. Hydrogen Powered Transport Market Competitive Landscape And Company Profiles

    27.1. Hydrogen Powered Transport Market Competitive Landscape

    27.2. Hydrogen Powered Transport Market Company Profiles

    27.2.1. Honda

    27.2.1.1. Overview

    27.2.1.2. Products and Services

    27.2.1.3. Strategy

    27.2.1.4. Financial Performance

    27.2.2. Toyota

    27.2.2.1. Overview

    27.2.2.2. Products and Services

    27.2.2.3. Strategy

    27.2.2.4. Financial Performance

    27.2.3. Hyundai

    27.2.3.1. Overview

    27.2.3.2. Products and Services

    27.2.3.3. Strategy

    27.2.3.4. Financial Performance

    27.2.4. BMW

    27.2.4.1. Overview

    27.2.4.2. Products and Services

    27.2.4.3. Strategy

    27.2.4.4. Financial Performance

    27.2.5. General Motors

    27.2.5.1. Overview

    27.2.5.2. Products and Services

    27.2.5.3. Strategy

    27.2.5.4. Financial Performance

    28. Key Mergers And Acquisitions In The Hydrogen Powered Transport Market

    29. Hydrogen Powered Transport Market Future Outlook and Potential Analysis

    30. Appendix

    30.1. Abbreviations

    30.2. Currencies

    30.3. Historic And Forecast Inflation Rates

    30.4. Research Inquiries

    30.5. The Business Research Company

    30.6. Copyright And Disclaimer

List Of Tables

    Table 1: Global Historic Market Growth, 2017-2022, $ Billion
  • Table 2: Global Forecast Market Growth, 2022-2027F, 2032F, $ Billion
  • Table 3: Global Hydrogen Powered Transport Market, Segmentation By Fuel Cell Technology Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 4: Global Hydrogen Powered Transport Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 5: Global Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 6: Global Hydrogen Powered Transport Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 7: Global Hydrogen Powered Transport Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 8: Asia-Pacific, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 9: China, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 10: India, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 11: Japan, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 12: Australia, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 13: Indonesia, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 14: South Korea, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 15: Western Europe, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 16: UK, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 17: Germany, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 18: France, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 19: Eastern Europe, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 20: Russia, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 21: North America, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 22: USA, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 23: South America, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 24: Brazil, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 25: Middle East, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 26: Africa, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 27: Honda Financial Performance
  • Table 28: Toyota Financial Performance
  • Table 29: Hyundai Financial Performance
  • Table 30: BMW Financial Performance
  • Table 31: General Motors Financial Performance

List Of Figures

    Figure 1: Global Historic Market Growth, 2017-2022, $ Billion
  • Figure 2: Global Forecast Market Growth, 2022-2027F, 2032F, $ Billion
  • Figure 3: Global Hydrogen Powered Transport Market, Segmentation By Fuel Cell Technology Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 4: Global Hydrogen Powered Transport Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 5: Global Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 6: Global Hydrogen Powered Transport Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 7: Global Hydrogen Powered Transport Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 8: Asia-Pacific, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 9: China, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 10: India, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 11: Japan, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 12: Australia, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 13: Indonesia, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 14: South Korea, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 15: Western Europe, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 16: UK, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 17: Germany, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 18: France, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 19: Eastern Europe, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 20: Russia, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 21: North America, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 22: USA, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 23: South America, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 24: Brazil, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 25: Middle East, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 26: Africa, Hydrogen Powered Transport Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 27: Honda Financial Performance
  • Figure 28: Toyota Financial Performance
  • Figure 29: Hyundai Financial Performance
  • Figure 30: BMW Financial Performance
  • Figure 31: General Motors Financial Performance
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