Commercial Hydrogen Vehicle Market
Commercial Hydrogen Vehicle Market Study by PAFC, DMFC, and PEMFC for LCVs, HCVs, Buses & Coaches, and Industrial Trucks from 2024 to 2034
Analysis of Commercial Hydrogen Vehicle Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Commercial Hydrogen Vehicle Market Outlook (2024 to 2034)
The global commercial hydrogen vehicle market is expected to reach a value of US$ 5.24 billion in 2024 and subsequently advance rapidly at a CAGR of 26.9% to end up at US$ 53.24 billion by 2034.
The benefits of hydrogen fuel cells for the automotive industry are quite well known. The costly method of separating molecules of water into hydrogen and oxygen, however, has prevented the widespread use of hydrogen as a fuel in vehicles. Nevertheless, researchers are working continuously to develop a low-cost technique for producing hydrogen energy.
- A study that was published by researchers from Swinburne University of Technology and Griffith University in Nature Communications proved that they had successfully separated hydrogen by utilizing catalysts made of cheap metals such as nickel and iron to break it from water particles.
In light of gaining a stronghold in the market, manufacturers are building the infrastructure needed for the mass manufacturing of hydrogen vehicles. Due to significant investments made by manufacturers and numerous other factors, the growth of the global market for hydrogen vehicles seems to be bright, contributing to commercial hydrogen vehicle market growth.
Electric vehicles (EVs) have become a much more attractive choice for people in recent years and will drive commercial hydrogen vehicle demand. Hydrogen fuel penetration as an environment-friendly source in developed regions is projected to drive demand for commercial hydrogen vehicles. Innovation in low-cost commercial hydrogen vehicles will also positively impact commercial hydrogen vehicle market growth.
Public awareness and environmental consciousness are vital factors driving the adoption of sustainable transportation solutions including hydrogen vehicles. There is a gaining popularity need to address climate change, as the impacts of global warming are becoming more and more visible, more people are trying their best to reduce greenhouse gas emissions.
Need to conserve natural resources and protect the environment is driving many vehicle manufacturers to understand and invest in new more effective and cleaner automobiles. All of these factors are contributing to the expansion of the commercial hydrogen vehicle market size.
| Report Attribute | Detail |
|---|---|
| Commercial Hydrogen Vehicle Market Size (2024E) | US$ 5.24 Billion |
| Forecasted Market Value (2034F) | US$ 53.24 Billion |
| Global Market Growth Rate (2024 to 2034) | 26.9% CAGR |
| North America Market Share (2024E) | 35.7% |
| East Asia Market Value (2024E) | US$ 1.96 Billion |
| Buses & Coaches Segment Value (2034F) | US$ 2.82 Billion |
| DMFC Segment Value (2034F) | US$ 1.4 Billion |
| Key Companies Profiled | Anglo American; DAF; Daimler Truck; General Motors; Hinduja Group; Hyundai Motor Group; Hyzon Motors; International Truck; Komatsu; MAN; New Flyer Industries Ltd.; Nikola Corporation; PACCAR Inc.; SAIC Motor Corporation Limited; SANY Heavy Truck; Toyota Motor Corporation; Van Hool; Volvo AB. |
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What is the Way Ahead for Commercial Hydrogen Vehicle Manufacturers?
“Focus on Enhancing Fuel Economy and Achieving Greater Driving Range”
Improved fuel efficiency and longer driving distances are two important factors that are expected to propel the market expansion of hydrogen vehicles. Compared to ICE vehicles, FCEVs offer better fuel efficiency.
An FCEV typically gets to more than 70 per gallon of gasoline-equivalent (MPGe), while an ICE car only gets around less MPGe on a highway. An FCEV's fuel efficiency can be increased via hybridization significantly. An FCEV gets about 55 MPGe on urban roads, compared to 20 MPGe for ICE vehicles. Some FCVs can get over 300 miles on one tank of hydrogen fuel.
The average driving range of battery electric vehicles (BEV) typically lies between 200 to 250 miles with a fully charged battery, which can take hours to charge. FCVs can be refueled in as little as five minutes. Improved fuel economy and a longer range will therefore raise the demand for FCEVs, which is, in turn, projected to boost demand for commercial hydrogen vehicles.
“Rising Environmental Concerns Driving Demand for Eco-friendly Mobility Solutions”
Due to growing concerns about environmental deterioration and the depletion of natural resources, several technologies that encourage eco-friendly methods of sustaining the atmosphere are being introduced to the market at a wide scale. Furthermore, as a result of the environmental friendliness of hydrogen fuel cell vehicles over other conventional vehicles, they are also becoming more popular due to increased awareness about the effects of air pollution, rising levels of traffic, and increased greenhouse gas emissions.
Since hydrogen fuel is produced with less waste than fossil fuels, it is regarded as being more environmentally friendly. Water is the sole by-product created during the generation of hydrogen, making it a clean fuel. Hydrogen is more affordable because it can also be manufactured utilizing a variety of domestic resources.
What Do Commercial Hydrogen Vehicle Companies Need to Watch Out For?
“High Cost of Fuel Cells and Competition from Battery Technology”
The price of fuel cells is a significant barrier for the automobile fuel cell market. On average, commercial hydrogen fuel cell vehicles cost too much. A catalyst, stacks, bipolar plate gas diffusion layers, and a membrane are the important components of a fuel cell.
Hydrogen and oxygen are combined in fuel cells to create energy through a chemical reaction. Oxygen enables the burning of other materials at lower temperatures, and hydrogen is a highly flammable gas. Fuel can catch fire if not handled carefully since hydrogen flames have the potential to explode and are invisible.
As a result of increased research and development in battery technology, battery prices continue to decline. Owing to all the mentioned factors, it is anticipated that the high cost of raw materials, including carbon fiber for the production of hydrogen fuel tanks and platinum metal for the fuel cell anode, will restrain the market.
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Country-wise Evaluation
China and the United States hold a substantial commercial hydrogen vehicle market share.
Why is There Lot of Limelight on the Market in the United States?
“Focus on Reducing Dependency on Oil”
| Attribute | United States |
|---|---|
| Market Value (2024E) | US$ 1.64 Billion |
| Growth Rate (2024 to 2034) | 25.6% CAGR |
| Projected Value (2034F) | US$ 16.04 Billion |
Hydrogen stands out as a promising renewable option.
- In 2023, the United States Energy Information Administration reported daily consumption of 10,099 million barrels of crude oil, underscoring the limited petroleum reserves and escalating fuel prices that are prompting automakers to explore alternative fuel sources.
- Advent Technologies Holdings exemplified this shift by entering a three-year agreement in September 2022 with the German state of Brandenburg.
This initiative aims to deploy fuel cell systems at key communication sites in the region, leveraging advancements in hydrogen extraction from diverse natural resources beyond oil.
Why are Sales of Hydrogen Vehicles Rising in China?
“Government Initiatives Promoting Adoption of Hydrogen Vehicles”
| Attribute | China |
|---|---|
| Market Value (2024E) | US$ 1.86 Billion |
| Growth Rate (2024 to 2034) | 24.6% CAGR |
| Projected Value (2034F) | US$ 16.74 Billion |
Government initiatives encouraging the use of hydrogen cars are a key commercial hydrogen vehicle market trend in China. To curb emissions and fight atmospheric pollution, the Chinese government has been aggressively supporting the creation and application of hydrogen fuel cell automobiles. Hydrogen-powered vehicles are becoming more and more popular in China as a result of growing environmental concerns and a drive towards sustainable transportation options.
Category-wise Analysis
Based on fuel-cell technology, the market is segmented into PAFC, DMFC, and PEMFC.
Which Vehicle Type Will Account for Higher Market Share?
“Extensive Use of Fuel-Cell Technology in Buses and Coaches for Long-Distance Travel”
| Attribute | Buses & Coaches |
|---|---|
| Segment Value (2024E) | US$ 2.82 Billion |
| Growth Rate (2024 to 2034) | 26.8% CAGR |
| Projected Value (2034F) | US$ 30.37 Billion |
Fuel cell technology has become widely used in the hydrogen commercial vehicle industry, especially in buses and coaches. In their final use, these heavy-duty trucks are increasingly choosing hydrogen as their fuel of choice. These cars' fuel cell technology presents a viable option for long-distance, emission-free mobility.
Which Fuel Cell Technology is the Most Popular in This Space?
“PEMFC Offering Efficient and Clean Energy Production”
| Attribute | PEMFC |
|---|---|
| Segment Value (2024E) | US$ 4.62 Billion |
| Growth Rate (2024 to 2034) | 27% CAGR |
| Projected Value (2034F) | US$ 50.47 Billion |
Vehicles powered by hydrogen are becoming increasingly common in a variety of end uses. The application of proton exchange membrane fuel cell (PEMFC) technology in hydrogen car technology is growing worldwide. PEMFC has a lot of promise for a lot of uses, such as stationary power generation and transportation, because of its effective and clean energy production.
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
Market Competition
For years, fuel cell car prices have been dropping significantly, and throughout the next ten years and beyond, they will keep declining. The cost of fuel cell vehicles, particularly buses, has decreased by 65% in the last few years, despite their low production volume.
Significant advancements in fuel cells have been made thanks to technological advances and product upgrades by many key players in the commercial hydrogen vehicle market. A variety of additional factors, such as the following, have also helped to lower the overall cost of fuel cell electric vehicles: Lower cost and better integration of the vehicle's electric drivetrain, the decreased cost of the hydrogen storage tank, hybridization of the vehicle's fuel cell and batteries, and adapting themselves to key market trends such as hydrogen generation and hydrogen fuel cells.
- In November 2021, Hinduja Group's premier Ashok Leyland revealed that the corporation is working on commercial vehicles powered by hydrogen, and a team is actively building these vehicles.
- In September 2021, Hyundai Motor Group aimed to become the first vehicle maker in the world to power all its commercial vehicle models with fuel cell systems, intending to make hydrogen vehicles more widely available by lowering the cost of the technology by 2028.
- In January 2021, truck manufacturer Navistar International Corp. announced a partnership with American automobile maker General Motors Co. and others to develop a commercial truck powered by hydrogen fuel cells, along with an accompanying fueling infrastructure.
Fact.MR provides detailed information about the price points of key manufacturers of commercial hydrogen vehicles positioned across the world, sales growth, production capacity, and speculative technological expansion, in this updated market report.
Segmentation of Commercial Hydrogen Vehicle Market Research
-
By Fuel Cell Technology :
- PAFC
- DMFC
- PEMFC
-
By Fuel Capacity :
- Up to 75 kW
- 75 to 100 kW
- 100 to 150 kW
- Above 150 kW
-
By Vehicle Category :
- LCVs
- HCVs
- Buses & Coaches
- Industrial Trucks
-
By Region :
- North America
- Western Europe
- Eastern Europe
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
Table of Content
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034 6.1. Fuel Cell technology 6.2. Fuel Capacity 6.3. Vehicle Category 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Fuel Cell technology 7.1. PAFC 7.2. DMFC 7.3. PEMFC 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Fuel Capacity 8.1. Up to 75 kW 8.2. 75 to 100 kW 8.3. 100 to 150 kW 8.4. Above 150 kW 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Vehicle Category 9.1. LCVs 9.2. HCVs 9.3. Buses & Coaches 9.4. Industrial Trucks 10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Region 10.1. North America 10.2. Latin America 10.3. Western Europe 10.4. Eastern Europe 10.5. East Asia 10.6. South Asia & Pacific 10.7. Middle East & Africa 11. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 12. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 13. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 14. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 15. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 16. South Asia & Pacific Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 17. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 18. Sales Forecast 2024 to 2034 by Fuel Cell technology, Fuel Capacity, Vehicle Category, and Region for 30 Countries 19. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 20. Company Profile 20.1. Anglo American 20.2. DAF 20.3. Daimler Truck 20.4. General Motors 20.5. Hinduja Group 20.6. Hyundai Motor Group 20.7. Hyzon Motors 20.8. International Truck 20.9. Komatsu 20.10. MAN 20.11. New Flyer Industries Ltd. 20.12. Nikola Corporation 20.13. PACCAR Inc. 20.14. SAIC Motor Corporation Limited 20.15. SANY Heavy Truck 20.16. Toyota Motor Corporation 20.17. Van Hool 20.18. Volvo AB 21. Assumptions and Acronyms Fuel Cell technologyd 22. Research Methodology
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List Of Table
Table 01: Global Market Value (US$ Mn) Analysis, by Fuel Cell technology, 2019 to 2023
Table 02: Global Market Value (US$ Mn) Analysis, by Fuel Cell technology, 2024 to 2034
Table 03: Global Market Value (US$ Mn) Opportunity Analysis, by Fuel Cell technology, 2024 to 2034
Table 04: Global Market Value (US$ Mn) Analysis, by Fuel Capacity, 2019 to 2023
Table 05: Global Market Value (US$ Mn) Analysis, by Fuel Capacity, 2024 to 2034
Table 06: Global Market Value (US$ Mn) Opportunity Analysis, by Fuel Capacity, 2024 to 2034
Table 07: Global Market Value (US$ Mn) Analysis, by Vehicle Category, 2019 to 2023
Table 08: Global Market Value (US$ Mn) Analysis, by Vehicle Category, 2024 to 2034
Table 09: Global Market Value (US$ Mn) Opportunity Analysis, by Vehicle Category, 2024 to 2034
Table 10: Global Market Value (US$ Mn) Analysis, by Region, 2019 to 2023
Table 11: Global Market Value (US$ Mn) Analysis, by Region, 2024 to 2034
Table 12: Global Market Value (US$ Mn) Opportunity Analysis, by Region, 2024 to 2034
Table 13: North America Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 14: North America Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 15: North America Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 16: North America Market Value (US$ Mn) Analysis, by Fuel Cell technology, 2019 to 2023
Table 17: North America Market Value (US$ Mn) Analysis, by Fuel Cell technology, 2024 to 2034
Table 18: North America Market Value (US$ Mn) Opportunity Analysis, by Fuel Cell technology, 2024 to 2034
Table 19: North America Market Value (US$ Mn) Analysis, by Fuel Capacity, 2019 to 2023
Table 20: North America Market Value (US$ Mn) Analysis, by Fuel Capacity, 2024 to 2034
Table 21: North America Market Value (US$ Mn) Opportunity Analysis, by Fuel Capacity, 2024 to 2034
Table 22: North America Market Value (US$ Mn) Analysis, by Vehicle Category, 2019 to 2023
Table 23: North America Market Value (US$ Mn) Analysis, by Vehicle Category, 2024 to 2034
Table 24: North America Market Value (US$ Mn) Opportunity Analysis, by Vehicle Category, 2024 to 2034
Table 25: Latin America Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 26: Latin America Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 27: Latin America Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 28: Latin America Market Value (US$ Mn) Analysis, by Fuel Cell technology, 2019 to 2023
Table 29: Latin America Market Value (US$ Mn) Analysis, by Fuel Cell technology, 2024 to 2034
Table 30: Latin America Market Value (US$ Mn) Opportunity Analysis, by Fuel Cell technology, 2024 to 2034
Table 31: Latin America Market Value (US$ Mn) Analysis, by Fuel Capacity, 2019 to 2023
Table 32: Latin America Market Value (US$ Mn) Analysis, by Fuel Capacity, 2024 to 2034
Table 33: Latin America Market Value (US$ Mn) Opportunity Analysis, by Fuel Capacity, 2024 to 2034
Table 34: Latin America Market Value (US$ Mn) Analysis, by Vehicle Category, 2019 to 2023
Table 35: Latin America Market Value (US$ Mn) Analysis, by Vehicle Category, 2024 to 2034
Table 36: Latin America Market Value (US$ Mn) Opportunity Analysis, by Vehicle Category, 2024 to 2034
Table 37: Western Europe Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 38: Western Europe Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 39: Western Europe Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 40: Western Europe Market Value (US$ Mn) Analysis, by Fuel Cell technology, 2019 to 2023
Table 41: Western Europe Market Value (US$ Mn) Analysis, by Fuel Cell technology, 2024 to 2034
Table 42: Western Europe Market Value (US$ Mn) Opportunity Analysis, by Fuel Cell technology, 2024 to 2034
Table 43: Western Europe Market Value (US$ Mn) Analysis, by Fuel Capacity, 2019 to 2023
Table 44: Western Europe Market Value (US$ Mn) Analysis, by Fuel Capacity, 2024 to 2034
Table 45: Western Europe Market Value (US$ Mn) Opportunity Analysis, by Fuel Capacity, 2024 to 2034
Table 46: Western Europe Market Value (US$ Mn) Analysis, by Vehicle Category, 2019 to 2023
Table 47: Western Europe Market Value (US$ Mn) Analysis, by Vehicle Category, 2024 to 2034
Table 48: Western Europe Market Value (US$ Mn) Opportunity Analysis, by Vehicle Category, 2024 to 2034
Table 49: Eastern Europe Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 50: Eastern Europe Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 51: Eastern Europe Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 52: Eastern Europe Market Value (US$ Mn) Analysis, by Fuel Cell technology, 2019 to 2023
Table 53: Eastern Europe Market Value (US$ Mn) Analysis, by Fuel Cell technology, 2024 to 2034
Table 54: Eastern Europe Market Value (US$ Mn) Opportunity Analysis, by Fuel Cell technology, 2024 to 2034
Table 55: Eastern Europe Market Value (US$ Mn) Analysis, by Fuel Capacity, 2019 to 2023
Table 56: Eastern Europe Market Value (US$ Mn) Analysis, by Fuel Capacity, 2024 to 2034
Table 57: Eastern Europe Market Value (US$ Mn) Opportunity Analysis, by Fuel Capacity, 2024 to 2034
Table 58: Eastern Europe Market Value (US$ Mn) Analysis, by Vehicle Category, 2019 to 2023
Table 59: Eastern Europe Market Value (US$ Mn) Analysis, by Vehicle Category, 2024 to 2034
Table 60: Eastern Europe Market Value (US$ Mn) Opportunity Analysis, by Vehicle Category, 2024 to 2034
Table 61: East Asia Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 62: East Asia Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 63: East Asia Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 64: East Asia Market Value (US$ Mn) Analysis, by Fuel Cell technology, 2019 to 2023
Table 65: East Asia Market Value (US$ Mn) Analysis, by Fuel Cell technology, 2024 to 2034
Table 66: East Asia Market Value (US$ Mn) Opportunity Analysis, by Fuel Cell technology, 2024 to 2034
Table 67: East Asia Market Value (US$ Mn) Analysis, by Fuel Capacity, 2019 to 2023
Table 68: East Asia Market Value (US$ Mn) Analysis, by Fuel Capacity, 2024 to 2034
Table 69: East Asia Market Value (US$ Mn) Opportunity Analysis, by Fuel Capacity, 2024 to 2034
Table 70: East Asia Market Value (US$ Mn) Analysis, by Vehicle Category, 2019 to 2023
Table 71: East Asia Market Value (US$ Mn) Analysis, by Vehicle Category, 2024 to 2034
Table 72: East Asia Market Value (US$ Mn) Opportunity Analysis, by Vehicle Category, 2024 to 2034
Table 73: South Asia & Pacific Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 74: South Asia & Pacific Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 75: South Asia & Pacific Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 76: South Asia & Pacific Market Value (US$ Mn) Analysis, by Fuel Cell technology, 2019 to 2023
Table 77: South Asia & Pacific Market Value (US$ Mn) Analysis, by Fuel Cell technology, 2024 to 2034
Table 78: South Asia & Pacific Market Value (US$ Mn) Opportunity Analysis, by Fuel Cell technology, 2024 to 2034
Table 79: South Asia & Pacific Market Value (US$ Mn) Analysis, by Fuel Capacity, 2019 to 2023
Table 80: South Asia & Pacific Market Value (US$ Mn) Analysis, by Fuel Capacity, 2024 to 2034
Table 81: South Asia & Pacific Market Value (US$ Mn) Opportunity Analysis, by Fuel Capacity, 2024 to 2034
Table 82: South Asia & Pacific Market Value (US$ Mn) Analysis, by Vehicle Category, 2019 to 2023
Table 83: South Asia & Pacific Market Value (US$ Mn) Analysis, by Vehicle Category, 2024 to 2034
Table 84: South Asia & Pacific Market Value (US$ Mn) Opportunity Analysis, by Vehicle Category, 2024 to 2034
Table 85: MEA Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 86: MEA Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 87: MEA Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 88: MEA Market Value (US$ Mn) Analysis, by Fuel Cell technology, 2019 to 2023
Table 89: MEA Market Value (US$ Mn) Analysis, by Fuel Cell technology, 2024 to 2034
Table 90: MEA Market Value (US$ Mn) Opportunity Analysis, by Fuel Cell technology, 2024 to 2034
Table 91: MEA Market Value (US$ Mn) Analysis, by Fuel Capacity, 2019 to 2023
Table 92: MEA Market Value (US$ Mn) Analysis, by Fuel Capacity, 2024 to 2034
Table 93: MEA Market Value (US$ Mn) Opportunity Analysis, by Fuel Capacity, 2024 to 2034
Table 94: MEA Market Value (US$ Mn) Analysis, by Vehicle Category, 2019 to 2023
Table 95: MEA Market Value (US$ Mn) Analysis, by Vehicle Category, 2024 to 2034
Table 96: MEA Market Value (US$ Mn) Opportunity Analysis, by Vehicle Category, 2024 to 2034
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List Of Figures
Figure 01: Global Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 02: Global Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 03: Global Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 04: Global Market Incremental $ Opportunity, 2024 to 2034
Figure 05: Global Market Share and BPS Analysis by Fuel Cell technology, 2024 & 2034
Figure 06: Global Market Y-o-Y Growth Projections by Fuel Cell technology, 2024 to 2034
Figure 07: Global Market Attractiveness Analysis by Fuel Cell technology, 2024 to 2034
Figure 08: Global Market Share and BPS Analysis by Fuel Capacity, 2024 & 2034
Figure 09: Global Market Y-o-Y Growth Projections by Fuel Capacity, 2024 to 2034
Figure 10: Global Market Attractiveness Analysis by Fuel Capacity, 2024 to 2034
Figure 11: Global Market Share and BPS Analysis by Vehicle Category, 2024 & 2034
Figure 12: Global Market Y-o-Y Growth Projections by Vehicle Category, 2024 to 2034
Figure 13: Global Market Attractiveness Analysis by Vehicle Category, 2024 to 2034
Figure 14: Global Market Share and BPS Analysis by Region, 2024 & 2034
Figure 15: Global Market Y-o-Y Growth Projections by Region, 2024 to 2034
Figure 16: Global Market Attractiveness Analysis by Region, 2024 to 2034
Figure 17: North America Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 18: North America Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 19: North America Market Value Y-o-Y Growth and Forecast, 2034
Figure 20: North America Market Incremental $ Opportunity, 2024 to 2034
Figure 21: North America Market Share Analysis by Country, 2024 & 2034
Figure 22: North America Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 23: North America Market Attractiveness Analysis by Country, 2024 to 2034
Figure 24: North America Market Share and BPS Analysis by Fuel Cell technology, 2024 & 2034
Figure 25: North America Market Y-o-Y Growth Projections by Fuel Cell technology, 2024 to 2034
Figure 26: North America Market Attractiveness Analysis by Fuel Cell technology, 2024 to 2034
Figure 27: North America Market Share and BPS Analysis by Fuel Capacity, 2024 & 2034
Figure 28: North America Market Y-o-Y Growth Projections by Fuel Capacity, 2024 to 2034
Figure 29: North America Market Attractiveness Analysis by Fuel Capacity, 2024 to 2034
Figure 30: North America Market Share and BPS Analysis by Vehicle Category, 2024 & 2034
Figure 31: North America Market Y-o-Y Growth Projections by Vehicle Category, 2024 to 2034
Figure 32: North America Market Attractiveness Analysis by Vehicle Category, 2024 to 2034
Figure 33: Latin America Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 34: Latin America Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 35: Latin America Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 36: Latin America Market Incremental $ Opportunity, 2024 to 2034
Figure 37: Latin America Market Share Analysis by Country, 2024 & 2034
Figure 38: Latin America Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 39: Latin America Market Attractiveness Analysis by Country, 2024 to 2034
Figure 40: Latin America Market Share and BPS Analysis by Fuel Cell technology, 2024 & 2034
Figure 41: Latin America Market Y-o-Y Growth Projections by Fuel Cell technology, 2024 to 2034
Figure 42: Latin America Market Attractiveness Analysis by Fuel Cell technology, 2024 to 2034
Figure 43: Latin America Market Share and BPS Analysis by Fuel Capacity, 2024 & 2034
Figure 44: Latin America Market Y-o-Y Growth Projections by Fuel Capacity, 2024 to 2034
Figure 45: Latin America Market Attractiveness Analysis by Fuel Capacity, 2024 to 2034
Figure 46: Latin America Market Share and BPS Analysis by Vehicle Category, 2024 & 2034
Figure 47: Latin America Market Y-o-Y Growth Projections by Vehicle Category, 2024 to 2034
Figure 48: Latin America Market Attractiveness Analysis by Vehicle Category, 2024 to 2034
Figure 49: Western Europe Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 50: Western Europe Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 51: Western Europe Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 52: Western Europe Market Incremental $ Opportunity, 2024 to 2034
Figure 53: Western Europe Market Share Analysis by Country, 2024 & 2034
Figure 54: Western Europe Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 55: Western Europe Market Attractiveness Analysis by Country, 2024 to 2034
Figure 56: Western Europe Market Share and BPS Analysis by Fuel Cell technology, 2024 & 2034
Figure 57: Western Europe Market Y-o-Y Growth Projections by Fuel Cell technology, 2024 to 2034
Figure 58: Western Europe Market Attractiveness Analysis by Fuel Cell technology, 2024 to 2034
Figure 59: Western Europe Market Share and BPS Analysis by Fuel Capacity, 2024 & 2034
Figure 60: Western Europe Market Y-o-Y Growth Projections by Fuel Capacity, 2024 to 2034
Figure 61: Western Europe Market Attractiveness Analysis by Fuel Capacity, 2024 to 2034
Figure 62: Western Europe Market Share and BPS Analysis by Vehicle Category, 2024 & 2034
Figure 63: Western Europe Market Y-o-Y Growth Projections by Vehicle Category, 2024 to 2034
Figure 64: Western Europe Market Attractiveness Analysis by Vehicle Category, 2024 to 2034
Figure 66: Eastern Europe Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 67: Eastern Europe Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 68: Eastern Europe Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 69: Eastern Europe Market Incremental $ Opportunity, 2024 to 2034
Figure 70: Eastern Europe Market Share Analysis by Country, 2024 & 2034
Figure 71: Eastern Europe Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 72: Eastern Europe Market Attractiveness Analysis by Country, 2024 to 2034
Figure 73: Eastern Europe Market Share and BPS Analysis by Fuel Cell technology, 2024 & 2034
Figure 74: Eastern Europe Market Y-o-Y Growth Projections by Fuel Cell technology, 2024 to 2034
Figure 75: Eastern Europe Market Attractiveness Analysis by Fuel Cell technology, 2024 to 2034
Figure 76: Eastern Europe Market Share and BPS Analysis by Fuel Capacity, 2024 & 2034
Figure 77: Eastern Europe Market Y-o-Y Growth Projections by Fuel Capacity, 2024 to 2034
Figure 78: Eastern Europe Market Attractiveness Analysis by Fuel Capacity, 2024 to 2034
Figure 79: Eastern Europe Market Share and BPS Analysis by Vehicle Category, 2024 & 2034
Figure 80: Eastern Europe Market Y-o-Y Growth Projections by Vehicle Category, 2024 to 2034
Figure 81: Eastern Europe Market Attractiveness Analysis by Vehicle Category, 2024 to 2034
Figure 82: East Asia Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 83: East Asia Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 84: East Asia Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 85: East Asia Market Incremental $ Opportunity, 2024 to 2034
Figure 86: East Asia Market Share Analysis by Country, 2024 & 2034
Figure 87: East Asia Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 88: East Asia Market Attractiveness Analysis by Country, 2024 to 2034
Figure 89: East Asia Market Share and BPS Analysis by Fuel Cell technology, 2024 & 2034
Figure 90: East Asia Market Y-o-Y Growth Projections by Fuel Cell technology, 2024 to 2034
Figure 91: East Asia Market Attractiveness Analysis by Fuel Cell technology, 2024 to 2034
Figure 92: East Asia Market Share and BPS Analysis by Fuel Capacity, 2024 & 2034
Figure 93: East Asia Market Y-o-Y Growth Projections by Fuel Capacity, 2024 to 2034
Figure 94: East Asia Market Attractiveness Analysis by Fuel Capacity, 2024 to 2034
Figure 95: East Asia Market Share and BPS Analysis by Vehicle Category, 2024 & 2034
Figure 96: East Asia Market Y-o-Y Growth Projections by Vehicle Category, 2024 to 2034
Figure 97: East Asia Market Attractiveness Analysis by Vehicle Category, 2024 to 2034
Figure 98: South Asia & Pacific Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 99: South Asia & Pacific Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 100: South Asia & Pacific Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 101: South Asia & Pacific Market Incremental $ Opportunity, 2024 to 2034
Figure 102: South Asia & Pacific Market Share Analysis by Country, 2024 & 2034
Figure 103: South Asia & Pacific Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 104: South Asia & Pacific Market Attractiveness Analysis by Country, 2024 to 2034
Figure 105: South Asia & Pacific Market Share and BPS Analysis by Fuel Cell technology, 2024 & 2034
Figure 106: South Asia & Pacific Market Y-o-Y Growth Projections by Fuel Cell technology, 2024 to 2034
Figure 107: South Asia & Pacific Market Attractiveness Analysis by Fuel Cell technology, 2024 to 2034
Figure 108: South Asia & Pacific Market Share and BPS Analysis by Fuel Capacity, 2024 & 2034
Figure 109: South Asia & Pacific Market Y-o-Y Growth Projections by Fuel Capacity, 2024 to 2034
Figure 110: South Asia & Pacific Market Attractiveness Analysis by Fuel Capacity, 2024 to 2034
Figure 111: South Asia & Pacific Market Share and BPS Analysis by Vehicle Category, 2024 & 2034
Figure 112: South Asia & Pacific Market Y-o-Y Growth Projections by Vehicle Category, 2024 to 2034
Figure 113: South Asia & Pacific Market Attractiveness Analysis by Vehicle Category, 2024 to 2034
Figure 114: MEA Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 115: MEA Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 116: MEA Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 117: MEA Market Incremental $ Opportunity, 2024 to 2034
Figure 118: MEA Market Share Analysis by Country, 2024 & 2034
Figure 119: MEA Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 120: MEA Market Attractiveness Analysis by Country, 2024 to 2034
Figure 121: MEA Market Share and BPS Analysis by Fuel Cell technology, 2024 & 2034
Figure 122: MEA Market Y-o-Y Growth Projections by Fuel Cell technology, 2024 to 2034
Figure 123: MEA Market Attractiveness Analysis by Fuel Cell technology, 2024 to 2034
Figure 124: MEA Market Share and BPS Analysis by Fuel Capacity, 2024 & 2034
Figure 125: MEA Market Y-o-Y Growth Projections by Fuel Capacity, 2024 to 2034
Figure 126: MEA Market Attractiveness Analysis by Fuel Capacity, 2024 to 2034
Figure 127: MEA Market Share and BPS Analysis by Vehicle Category, 2024 & 2034
Figure 128: MEA Market Y-o-Y Growth Projections by Vehicle Category, 2024 to 2034
Figure 129: MEA Market Attractiveness Analysis by Vehicle Category, 2024 to 2034
Know thy Competitors
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- FAQs -
How big is the commercial hydrogen truck market in 2024?
The global market for commercial hydrogen vehicles is estimated at US$ 5.24 billion in 2024.
What is the projection for the commercial hydrogen vehicles market?
Worldwide revenue from hydrogen vehicle sales is projected to reach US$ 53.24 billion by 2034-end.
At what rate is the demand for hydrogen vehicles projected to increase?
Sales of hydrogen vehicles are projected to rise at 26.9% CAGR through 2034.
Who are the leading hydrogen vehicle manufacturers?
Key market players are Anglo American, DAF, Daimler Truck, General Motors, and Hinduja Group.
Which segment accounts for a higher market share?
Buses and coaches are expected to hold 53.9% market share in 2024.
At what rate is the market for hydrogen vehicles projected to advance in South Korea?
The market in South Korea is forecasted to expand at 29.3% CAGR through 2034.
Which region is projected to hold a higher share of the global market?
North America is projected to account for 37.4% of global sales by 2034.
Commercial Hydrogen Vehicle Market