A new Global Hydrogen Car market study indicates hydrogen-powered vehicles are expected to take off by 2028. This study evaluates the growth potential of the hydrogen car market and provides market intelligence and strategic insights for decision-makers.
According to the report, the fuel cell vehicle market was valued at $651.9 million in 2018 and is expected to reach $42.04 billion by 2026. This progression represents a compound annual growth rate of 66.9% between 2019 and 2026.
The report also includes profiles for automakers with a stake in H2 vehicles, such as Toyota, the Hyundai Motor Company, Group Renault, Tata Motors, River simple, Mercedes-Benz Group, Audi, Bayerische Motoren Werke AG, General Motors, and BAIC Group. These automakers already have hydrogen fuel cell vehicles available for public markets, and OneH2 is working with many of these companies to develop hydrogen fuel infrastructure, so fuel cell vehicles can achieve widespread adoption.
While zero-emission vehicles for public use have grown in popularity over the past ten years, battery-electric vehicles have dominated the market. However, automakers, governments and consumers are looking more favorably at hydrogen due to new subsidies and funding, growing concern about the price and environmental expense of mining rare metals needed for batteries, and the decreasing price of sustainable energy.
Additionally, electric vehicles often require a lengthy charging process and suffer from diminishing performance as their charge is expended. Hydrogen fuel, which offers reliable performance and quick refueling, avoids these issues.
Based on the current rate of technology developments, some experts are already predicting that battery-electric vehicles will reach their peak by the end of this decade.
There’s no way of knowing whether or not these predictions will meet their deadline, but OneH2 is working diligently to continue improving hydrogen technology and infrastructure to make sustainable, zero-emission fuels more accessible across all industries.