Hydrogen Vehicle Market Regional Analysis:
North American Market Insights
The North American hydrogen vehicle market is projected to hold the largest market share by the end of 2035, attributed majorly to the rising initiatives taken by policymakers to cut CO2 emissions by 50% by 2030 from a 2005 baseline, owing to which a number of significant laws are made in the region. For instance, one such law is The Inflation Reduction Act 2022, which contains USD 500 billion in new spending and tax breaks, and has a provision to claim a tax credit for clean vehicles. Such policies are acting as a significant catalyst for incentivizing EVs and hydrogen cars in the region. Moreover, it is found that in 2021, some 48 retail hydrogen stations were functioning in the United States, which depicts the region’s increasing adherence to adopting clean energy fuel.
APAC Market Insights
The Asia Pacific hydrogen vehicle market is projected to hold the second largest share during the projected period, attributed to the presence of many giant automobile industries in the region as well as the increasing demand for vehicles by the vast pool of the population. It was observed that nearly 34 million passenger cars were sold within the Asia-Pacific region in 2021, 21 million of which were sold in China alone. This exponentially expanding base of automobiles in the region is leading to not only a rise in levels of traffic leading but also an elevation in greenhouse gas emissions caused by the transport sector along with the increasing consequences of air pollution. Hence, the increasing vehicular emission as well as the growing production of electric vehicles along with the rising investment in future transportation fuel such as hydrogen for zero-emission vehicles is estimated to propel the market growth.
Europe Market Insights
Europe region is anticipated to register substantial growth through 2035, attributed majorly to the rising inclination as well as obligations of phasing out fossil fuels from the transport sector along with increasing investment in clean energy for the green economy. As it is a known fact the European Union is working towards phasing out the internal combustion engine by 2040, with this the growth opportunities for hydrogen vehicles in the region are augmenting
