Major players in the hydrogen-powered transport market are Honda, Toyota, Hyundai, BMW, General Motors, Foton, Mercedes-Benz, Volkswagen, Dongfeng; Volvo, and SAIC. The global hydrogen powered transport market is expected to grow from $3.
New York, May 26, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hydrogen Powered Transport Global Market Report 2022" - https://www.reportlinker.com/p06280928/?utm_source=GNW
27 billion in 2021 to $5.15 billion in 2022 at a compound annual growth rate (CAGR) of 57.5%. The market is expected to grow to $32.62 billion in 2026 at a compound annual growth rate (CAGR) of 58.6%.
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 main types in the hydrogen-powered transport market are proton exchange membrane fuel cells, phosphoric acid fuel cells, and other types.Proton exchange membrane fuel cell (PEMFC) is an electrochemical energy conversion technology for directly converting the chemical energy of fuels to electricity with high efficiency and low greenhouse gas emission.
The vehicle type involved are cars, buses, trucks, and others. The end-users involved are passenger vehicles, commercial vehicles.
North America was the largest region in the hydrogen-powered transport market in 2021.The Middle East was the second largest region in the hydrogen-powered transport market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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 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 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 February 2019, 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.
The countries covered in the hydrogen-powered transport market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.
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