Research Nester published a report titled “Hydrogen Vehicle Market: Global Demand Analysis & Opportunity Outlook 2030″ which delivers detailed overview of theglobalhydrogen vehicle market in terms of market segmentation by vehicle type, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The globalhydrogen vehicle market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022 – 2030. The market is branched by vehicle type into commercial, passenger, and others. Among these, the passenger segment is estimated to hold a modest market over the forecast period owing to the rising demand for low-emission vehicles amongst the highly aware consumers, backed by increasing environmental awareness. The increasing production of hydrogen powered vehicles, is estimated to further boost the segment growth.
The globalhydrogen vehicle market is estimated to experience growth on the back of growing adoption of hydrogen as a fuel. The increasing global demand for hydrogen is also estimated to drive the market growth. According to the statistics by the International Energy Agency (IEA), the global hydrogen demand touched 90 metric tons in 2020. Moreover, the rising investment in the research activities, regarding the development of hydrogen technology, is anticipated to boost the market growth throughout the forecast period.
Increasing Adoption of Hydrogen as a Fuel to Propel the Market Growth
Hydrogen is used as a fuel primarily in spacecrafts, and aircrafts, as it is highly efficient. Comparatively, hydrogen as a fuel for cars is novel and unaccustomed technology. Hydrogen is a clean fuel, if not produced through methane, and can help curb the increasing level of air pollution. Such beneficial features of hydrogen fuel can boost the market growth.
However, high competition from hydrogen fuel cell technology is expected to operate as key restraint to the growth of the global hydrogen vehicle market over the forecast period.
