Hydrogen Powered Transport Global Market Report 2024

The hydrogen powered transport market size has grown exponentially in recent years. It will grow from $8.27 billion in 2023 to $13.16 billion in 2024 at a compound annual growth rate (CAGR) of 59.2%. The expansion observed in the historical period can be attributed to factors such as environmental concerns, government subsidies and incentives, considerations related to energy security, adherence to global regulations, and increased public awareness and acceptance of hydrogen-powered transport.

The hydrogen powered transport market size is expected to see exponential growth in the next few years. It will grow to $84.04 billion in 2028 at a compound annual growth rate (CAGR) of 59.0%. The anticipated growth in the forecast period can be attributed to advancements in infrastructure, increased international collaboration, improved economic viability, adherence to stringent emission standards, and corporate sustainability initiatives. Noteworthy trends expected in the forecast period include a heightened focus on green hydrogen production and supply chain, government incentives and policy support for hydrogen mobility, increased collaborations and partnerships within the hydrogen ecosystem, ongoing advancements in hydrogen storage and distribution technologies, and the emergence of hydrogen-powered two-wheelers and micro-mobility solutions.

The growth of the hydrogen-powered transport market is attributed to an increase in government initiatives focused on developing hydrogen fuel cell infrastructure. Governments worldwide are implementing various strategies to address environmental concerns. For instance, the U.S. Federation of California has allocated funds for the establishment of 100 hydrogen refueling stations, aligning with its target of achieving 1.5 million zero-emission vehicles by 2025. Additionally, California is collaborating with other states to harmonize regulations and building codes, simplifying the location and construction of refueling stations for hydrogen and electric vehicles. The collective aim is to have 3.3 million zero-emission vehicles on the roads in those states by 2025, contributing to the reduction of greenhouse gas emissions, improvement of air quality and public health, energy diversity, cost savings for consumers, and economic growth. These efforts are expected to drive revenues in the hydrogen-powered transport market.

The anticipated growth of the hydrogen-powered transport market is further propelled by the increasing number of commercial vehicles. Commercial vehicles, designed primarily for transporting goods or passengers for commercial purposes, offer benefits such as zero emissions, reduced air pollution, energy efficiency, versatility, decreased dependence on fossil fuels, noise reduction, and quick refueling. For instance, in December 2022, sales of commercial trucks, as reported by the National Automobile Dealers Association, witnessed a 3.8% increase from 2021, reaching 476,000 units. This surge in commercial vehicles is a significant driver for the growth of the hydrogen-powered transport market.

Major companies in the hydrogen-powered transport market are innovating by developing high-performance hydrogen fuel cell electric vehicle platforms to gain a competitive edge. The high-performance hydrogen fuel cell electric vehicle (FCEV) platform, exemplified by WAE Technologies Ltd's launch of EVRh in September 2023, features a lightweight composite frame showcasing the capabilities of hydrogen-powered powertrain systems. With a liquid-cooled FCEV battery pack boasting 430kW power capacity, EVRh can generate 550kW when combined with the 120kW hydrogen fuel cell. The platform's design versatility allows manufacturers to produce roadworthy versions of both fixed-roof GT types and open-roof Targa vehicles, emphasizing maximum power-to-weight ratios.

Innovative products such as the automotive power module are being introduced by major companies to drive revenues in the hydrogen-powered transport market. An automotive power module is an integrated electronic component used in electric and hybrid vehicles to manage and control power flow between the vehicle's battery pack and the electric motor. For instance, Infineon Technologies AG launched the hybrid pack drive G2 in April 2023, an upgraded version building upon the G1 concept. The G2 offers a power range of up to 300 kW in the 750 V and 1200 V classes, delivering user-friendliness and innovative features for system cost savings, including on-chip temperature sensing for IGBT products and an integration option for next-generation phase current sensors.

In August 2023, Hyundai Motor Company, a South Korea-based automotive manufacturing company, acquired General Motors Company for an undisclosed amount. This strategic acquisition aims to double Hyundai's annual vehicle production capacity in South Korea to 1 million units, with production starting in 2025. General Motors Company is a U.S.-based automobile manufacturing company, including light commercial vehicles.

Major companies operating in the hydrogen powered transport market report are Volkswagen Group, Toyota Motor Corporation, Bayerische Motoren Werke AG (BMW), Mercedes-Benz Group AG, General Motors Company, Honda Motor Co. Ltd., Hyundai Motor Group, SAIC Motor Corporation Limited, FAW Group Corporation, Audi AG, Kia Corporation, Volvo Group AB, Groupe Renault, Tata Motors Limited, Mazda Motor Corporation, Great Wall Motor Company Limited, Dongfeng Motor Corporation, MAN Truck & Bus SE, Beiqi Foton Motor Co. Ltd., Plug Power Inc., Dayun Group, Ballard Power Systems Inc., ZeroAvia Inc., Nikola Corporation, ULEMCo Limited, Hyperion Motors, Hyzon Motors Inc., Tevva Motors Ltd., FeiChi Automobile Co. Ltd., Hydrogenics Corporation, HV Systems, Air Products and Chemicals Inc., BP p.l.c., Bloom Energy Corporation, Linde PLC, Reliance Industries Limited, Cummins Inc., First Hydrogen Inc., Adani Green Energy Ltd., FuelCell Energy Inc.

North America was the largest region in the hydrogen powered transport market in 2023. The regions covered in the hydrogen powered transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hydrogen powered transport market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The hydrogen-powered transport market, as outlined in the report, is segmented based on fuel cell technology type, including proton exchange membrane fuel cells, phosphoric acid fuel cells, and others. Furthermore, the segmentation involves vehicle types such as cars, buses, trucks, and others, while also considering end-use categories such as passenger vehicles and commercial vehicles.

The hydrogen powered transport market research report is one of a series of new reports that provides the hydrogen powered transport market statistics, including the hydrogen powered transport industry, regional shares, competitors with a hydrogen powered transport market share, detailed the hydrogen powered transport market segments, market trends and opportunities, and any further data you may need to thrive in the hydrogen powered transport industry. This hydrogen powered transport market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The hydrogen powered transport market consists of sales of airplanes, automobiles, auto racing, buses, trams and trains, ships, bicycles and military vehicles. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.


The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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