HYDROGEN VEHICLE MARKET ANALYSIS

Regional Analysis

Global Hydrogen Vehicle Market: Regional Insights

The market for the Asia Pacific accounted for the largest share in 2018 and this region is expected to retain its dominance during the forecast period. The increasing adoption of hydrogen fuel cells in emerging economies such as India and China is driving the growth of the market. Owing to the rise in industrialization and commercialization and the growing working-class population in these economies is increasing the overall disposable income of individuals. As per the International Monetary Fund (IMF) GDP growth trend, the economic activities in advanced and emerging economies increased by 3.1% in 2017 from 2016. This, in turn, is expected to increase the purchasing power of consumers, thus propelling growth of the hydrogen vehicles market. Moreover, the increasing government regulations to reduce emissions from vehicles is further expected to boost the demand for hydrogen fuel cells. For instance, according to the European Union, EU Regulation No 443/2009 sets an average CO2 emission target for new passenger cars of 130 grams/kilometer. A target of 95 grams/kilometer will be applicable from 2021. These factors, in turn, are expected to propel the growth of the regional market.