Increasing CO2 emissions and strict rules being developed to regulate the production of such dangerous gases are factors propelling the growth of the global market. Because water, a clean byproduct of the fuel cell reaction between hydrogen and oxygen, which occurs in hydrogen vehicles, reduces CO2 emissions. Due to the fact that hydrogen vehicles are environmentally benign, the market for these vehicles is expanding as a result of rising consumer demand.Another factor anticipated to boost demand for hydrogen vehicles throughout the predicted timeframe is strict government rules aimed at reducing carbon emissions from vehicles. To ensure the least amount of carbon emissions, rules including Low Emission Vehicle (LEV) III, Tier 3, and Super Ultra Low Emission Vehicle (SULEV) standards are being introduced. Due to their improved power and fuel efficiency, hydrogen vehicles are becoming more and more popular. Consequently, the market for hydrogen vehicles around the world is growing.
The market for Hydrogen Vehicle was valued at US$ 21,868.17 billion in 2021, and it is anticipated to expand to US$ 44,765.29 billion by 2030, at a CAGR of 8.5%.
Key Competitors in the Hydrogen Vehicle Industry:
1. Toyota Motor Corporation,
Toyota Motor Corporation, was founded in 1967 and its headquarter in Toyota, Aichi, Japan. The company operates in 26 countries. In 2022 ABB launches fastest paper machine moisture sensor on the market,
2. Hyundai Motor Company
Hyundai Motor Company founded in 1967, and it’s located in Seoul, South Korea. The company operates in 193 countries. In 2018 Hyundai aims to encourage the use of hydrogen cars which are powered by electricity generated by the fuel cells
3. Honda Motor Co. Ltd
Honda Motor Co. Ltd was launch in 1948 and it’s headquarter located in Minato City, Tokyo, Japan.it operate over 33 country and.
4 Daimler AG.
Daimler AG., Co was launch in 1998 and it’s headquarter located in Stuttgart, Germany.it operate over 40 country In 2021 Volvo Group and Daimler Truck AG fully committed to hydrogen-based fuel-cells – launch of new joint venture cellcentric.
5. Audi
Audi was founded in 1909, with its headquarters in Ingolstadt, Germany.With businesses in over 35 countries . In 2023 Denso Corporation (Denso) announced that it has developed an image sensor with an even wider detection angle.
6. BMW,
BMW,was launch 1916 and its headquarter Munich, Germany.it operate over 130 country.In2022 BMW and Toyota will team up to produce hydrogen fuel cell vehicles starting mid-decade, according to a report in Nikkei Asia.
7. General Motors
General Motors. Was founded in 1908, with its headquarters in Detroit, Michigan, United States It operate over 9 country. In 2023 General Motors and Honda have quite a history in the Hydrogen car industry ... the industry started off with a much different collaboration.
8. Ford Motor Company
Ford Motor Company was founded in 1903, with its headquarters in Dearborn, Michigan, United States. It operate over 1209 country. In 2022 the report provides detailed data on the sales of the hydrogen fuel cell vehicles from their initial commercial launch through 2019
Definition- Hydrogen vehicles use hydrogen fuel cells instead of conventional fuel. This fuel cell converts chemical energy into electrical energy.
