The global hydrogen vehicle market is estimated to grow at a significant CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing research activities for the development of hydrogen as a fuel, along with growing adoption of clean fuel vehicles. Hydrogen is already being extensively used to power spacecrafts and aircrafts. The increasing development activities to use hydrogen in cars and other commercial vehicles is estimated to boost the market growth. According to the data by International Energy Agency, in 2020, hydrogen demand touched 90 Mt globally.
The increasing demand for fuel-efficient and low-emission vehicles is foreseen to strengthen the demand for hydrogen vehicles. The growing awareness regarding vehicular pollution is projected to further drive the market growth. As per a report by the UN Environment Program (UNEP), vehicle emissions are responsible for major share of fine particulate matter (PM2.5) and nitrogen oxides (NOx) in the atmosphere. According to the data the World Health Organization (WHO), over 7 million deaths are caused each year due to air pollution, as 99% of the global pollution breaths unhealthy air.
Moreover, hydrogen fuel cell vehicles are already present in various regional markets, and their demand is increasing gradually, which is expected to positively influence the market growth. Furthermore, the advantages of hydrogen vehicles, such as fast refueling time, long driving range on a single tank, and low carbon emission, is estimated to boost the market growth.
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The market is segmented by vehicle type into commercial, passenger, and others, out of which, the passenger segment is anticipated to hold the modest share in the global hydrogen vehicle market over the forecast period on account of growing adoption of low-emission vehicles. The increasing production of hydrogen vehicles, is estimated to propel the segment growth.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009.
However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
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Global Hydrogen Vehicle Market Regional Synopsis
On the basis of geographical analysis, the global hydrogen vehicle market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the presence of major automotive companies, which are investing in the development of hydrogen technology.
The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing adoption of low-emission vehicles in countries, such as, China and Japan. Moreover, China has the highest number of electric vehicles, as the government of the country constantly takes initiatives to curb pollution.