Mar 16, 2021   SOURCE: BusinessWire

Global Hydrogen Powered Transport Market Report (2021 to 2030) - COVID-19 Growth and Change - ResearchAndMarkets.com

The "Hydrogen Powered Transport Global Market Report 2021: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the global hydrogen powered transport market.

The global hydrogen powered transport market is expected to grow from $2.09 billion in 2020 to $3.27 billion in 2021 at a compound annual growth rate (CAGR) of 56.3%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $20.04 billion in 2025 at a CAGR of 58%.

Companies Mentioned

  • Honda
  • Toyota
  • Hyundai
  • BMW
  • General Motors
  • Foton
  • Mercedes-Benz
  • Volkswagen
  • SAIC
  • FeiChi Bus
  • Dongfeng
  • Volvo
  • Ballard Power Systems
  • Audi
  • MAN
  • Groupe Renault
  • Mazda Motor Corporation
  • Hydrogenics
  • Kia Motor Corporation
  • Tata Motors Limited
  • Nikola Corporation

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North America was the largest region in the hydrogen powered transport market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The high cost of hydrogen fuel cell vehicles is expected to hamper the growth of the hydrogen-powered transport market. The costs of producing and shipping hydrogen are relatively high compared to gasoline. According to the California Fuel Cell Partnership, in 2019, fuel cell cars themselves are more expensive to purchase new, and the hydrogen fuel costs work out to roughly $5.60 a gallon. Also, according to California Hydrogen Researchers, in 2020, the configuration required for producing, transporting, and dispensing the hydrogen gas alone will cost about $10 billion. Thus, the high cost associated with hydrogen fuel cell vehicles is restricting the hydrogen-powered transport market growth during the forecast period.

The launch of a prototype of a hydrogen fuel cell forklift is gaining popularity in the hydrogen-powered transport market. Major players operating in the industry are continuously focusing on introducing innovations and technologies to better serve the needs of consumers. For instance, in October 2020, Hyundai Mobis has developed a prototype hydrogen fuel cell forklift with Hyundai Motor Company and Hyundai Construction Equipment. The hydrogen fuel cell forklift established can lift up to five tons and can be managed continuously for five hours when its hydrogen fuel cell is fully charged. The forklift has been adapted with a hydro fuel cell system mass-produced by Hyundai Motor Group. In the process of doing so, Hyundai Mobis independently developed a fuel cell power pack optimized for hydrogen fuel cell forklifts.

Key Topics Covered:

1. Executive Summary

2. Hydrogen Powered Transport Market Characteristics

3. Hydrogen Powered Transport Market Trends and Strategies

4. Impact of COVID-19 on Hydrogen Powered Transport

5. Hydrogen Powered Transport Market Size and Growth

5.1. Global Hydrogen Powered Transport Historic Market, 2015-2020, $ Billion

5.2. Global Hydrogen Powered Transport Forecast Market, 2020-2025F, 2030F, $ Billion

6. Hydrogen Powered Transport Market Segmentation

6.1. Global Hydrogen Powered Transport Market, Segmentation by Fuel Cell Technology Type

6.2. Global Hydrogen Powered Transport Market, Segmentation by Vehicle Type, Historic and Forecast

6.3. Global Hydrogen Powered Transport Market, Segmentation by End Use, Historic and Forecast

7. Hydrogen Powered Transport Market Regional and Country Analysis

7.1. Global Hydrogen Powered Transport Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

7.2. Global Hydrogen Powered Transport Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/94vyfa