Hydrogen Vehicle Market Analysis

Vehicle Type (Commercial, Passenger)

The global hydrogen vehicle market is segmented and analyzed for demand and supply by vehicle type into commercial, passenger, and others. Out of these segments, the passenger vehicle type segment is estimated to gain the largest market share in the year 2037. The growth of the segment can be attributed to the strong customer demand along with the increasing disposable income of the middle-class population worldwide. Recent data states that in India the total passenger vehicle sales rose by around 26.7% month-over-month to 298090 units in January 2023. Moreover, the improved supplies from automakers as well as the rising culture of shared mobility especially car sharing by daily commuters is further expected to hike the demand for passenger cars, resulting in segment growth.

Technology (Proton Exchange Membrane (PEM) Fuel Cells, Phosphoric Acid Fuel Cells, Alkaline Fuel Cells, Solid Oxide Fuel Cells)

The global hydrogen vehicle market is also segmented and analyzed for demand and supply by technology into proton exchange membrane (PEM) fuel cells, phosphoric acid fuel cells, alkaline fuel cells, solid oxide fuel cells, and others. Amongst these three segments, the PEM segment is expected to garner a significant share in the year 2037. The factors applicable to the growth of the segment in the projected period include the rapid development of PEM fuel cells for transport applications, with its growing suitability in-vehicle applications, such as cars, buses, and heavy-duty trucks. The rising demand for PEM can also be attributed to its growing use in portable fuel-cell applications and for stationary fuel-cell applications. PEM fuel cells are capable of high energy densities of up to 39.7 kW/kg, compared to 2.5 kW/kg for solid oxide fuel cells.

Our in-depth analysis of the global market includes the following segments: