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Hydrogen Fuel Cell Commercial Vehicle Market to Reach $20 Billion by 2034, Driven by 12.5% CAGR
Hydrogen Fuel Cell Commercial Vehicle Market Report (2024–2034) Luton, Bedfordshire, United Kingdom, May 28, 2025 (GLOBE NEWSWIRE) -- Market Overview The global Hydrogen Fuel Cell Commercial Vehicle Market is set for strong expansion, with an estimated base year valuation of $6.5 billion in 2024. Bolstered by environmental mandates, technological advancements, and government-backed infrastructure programs, the market is forecasted to reach approximately $20 billion by 2034, representing a Compound Annual Growth Rate (CAGR) of 12.5% over the forecast period. Get a Sample PDF Brochure: Key Market Drivers Sustainability Mandates: Governments worldwide are pushing for zero-emission vehicle adoption to meet climate goals, accelerating hydrogen technology deployment. Infrastructure Development: Significant public and private investments in hydrogen refueling infrastructure are laying the groundwork for commercial viability. Fuel Cell Innovation: Continuous R&D is improving fuel cell efficiency and cost-effectiveness, enhancing adoption potential. Fleet Electrification: Logistics and public transport sectors are transitioning to hydrogen-based solutions for operational longevity and emission control. Market Segmentation By Product Type Heavy-Duty Trucks – Dominates with a 30% market share, driven by demand in long-haul logistics and freight transport. Buses – Holds 25%, supported by government investments in clean public transit. Light-Duty Commercial Vehicles – Comprising 20%, bolstered by urban delivery demand. Vans – 15% market share, influenced by last-mile delivery and green logistics. Others – Remaining 10%, includes specialty and niche vehicles. By Application Public Transportation – Largest application at 35%, as municipalities deploy hydrogen buses. Logistics & Freight Transport – Accounts for 30%, driven by e-commerce and emission-free logistics. Construction & Material Handling – Comprises 20%, as hydrogen power tools and machinery gain traction. Industrial Applications – Around 15%, expanding with green energy integration in factories and warehouses. By End User Government & Public Sector – Largest end user at 40%, due to policy mandates and public funding. Private Enterprises – 35% share, driven by ESG commitments. Transportation & Logistics Providers – 20%, leveraging hydrogen for reliability and performance. Industrial & Construction Companies – Around 5%, with rising interest in off-road hydrogen applications. By Technology Proton Exchange Membrane Fuel Cells (PEMFC) – 50% share, favored for high efficiency and rapid start-up. Solid Oxide Fuel Cells (SOFC) – 10%, with growing interest in high-load applications. Phosphoric Acid Fuel Cells (PAFC) – 5%, primarily used in niche sectors. Molten Carbonate Fuel Cells (MCFC) – 3%, limited role in mobile applications. By Fuel Source On-Site Hydrogen Production – 60%, crucial for industrial zones and large fleets. Off-Site Hydrogen Supply – 40%, convenient for areas with existing distribution infrastructure. Regional Insights North America North America is anticipated to dominate the global hydrogen mobility market in 2024, accounting for approximately 45% of total revenue. The United States and Canada are leading this regional growth, driven by substantial investments in the development of hydrogen corridors and heavy-duty vehicle electrification. The U.S. Department of Energy's Hydrogen Shot initiative and California's Hydrogen Highway program are prime examples of public-sector support. Additionally, private companies are actively collaborating on building hydrogen refueling infrastructure along major freight routes, especially targeting long-haul trucking. Canada, with its abundant renewable energy resources, is also making strides in green hydrogen production and vehicle adoption, creating a fertile ecosystem for hydrogen-powered transport solutions. Asia-Pacific Asia-Pacific is projected to witness the fastest growth in the hydrogen mobility market, with an impressive compound annual growth rate (CAGR) of 20% during the forecast period. This growth is fueled by aggressive national hydrogen strategies implemented by leading countries such as Japan, China, and South Korea. Japan has positioned itself as a pioneer in hydrogen fuel cell vehicle (FCV) deployment and infrastructure, with automakers like Toyota and Honda at the forefront. China is rapidly scaling up its hydrogen economy through massive government subsidies and pilot programs in public transportation and logistics. South Korea is similarly expanding its hydrogen refueling network and setting ambitious FCV adoption targets. These coordinated public-private efforts are establishing Asia-Pacific as a global hub for hydrogen mobility innovation. Europe Europe remains a robust market for hydrogen mobility, underpinned by the European Union's Green Deal and its commitment to climate neutrality by 2050. The EU is actively promoting the development of hydrogen hubs and integrated corridors through initiatives like the Hydrogen Strategy for a Climate-Neutral Europe and funding from the Innovation Fund. Countries such as Germany, France, and the Netherlands are investing heavily in hydrogen infrastructure, pilot projects, and public transit upgrades using fuel cell buses and trains. Fuel cell vehicle trials are increasingly common, especially in urban transport and commercial fleet applications. The European market benefits from strong regulatory alignment, cross-border collaborations, and an emphasis on green hydrogen, making it a key region in the global hydrogen transition. Latin America and Middle East & Africa (MEA) Although currently in the early stages, Latin America and the Middle East & Africa (MEA) are emerging as promising markets for hydrogen mobility. These regions are experiencing a gradual uptick in hydrogen-related infrastructure investment, driven by favorable geographic conditions for renewable energy generation. Countries like Chile and Saudi Arabia are exploring large-scale green hydrogen projects, with the potential to support both domestic mobility solutions and hydrogen exports. Regulatory alignment is beginning to take shape, and international partnerships are fostering the development of demonstration projects and policy frameworks. As investment grows and technological transfer increases, these regions are expected to play an increasingly strategic role in the global hydrogen mobility landscape over the long term. Browse full Report - Competitive Landscape Key Players: Toyota Motor Corporation Honda Motor Co., Ltd. Hyundai Motor Company Nikola Corporation Ballard Power Systems Inc. Plug Power Inc. Mercedes-Benz AG Cummins Inc. Iveco Group NV Tata Motors Limited FuelCell Energy Inc. Riversimple Movement Ltd. General Motors Company Boeing Company FCEV Technologies Market Dynamics Growth Drivers 1. Global Shift Toward Decarbonized Transportation Governments worldwide are under increasing pressure to reduce greenhouse gas emissions in line with climate goals such as the Paris Agreement. As a result, there is a notable shift away from fossil fuel-based transportation toward cleaner alternatives, with hydrogen emerging as a key player in achieving carbon neutrality. Hydrogen-powered vehicles emit only water vapor, making them an attractive solution for decarbonizing heavy-duty transportation, buses, trains, and long-haul trucks. 2. Expansion of Green Hydrogen Production The rapid development of green hydrogen production—hydrogen derived from water electrolysis powered by renewable energy sources such as wind, solar, and hydropower—is accelerating the viability of hydrogen as a clean fuel. As production becomes more cost-effective and scalable, it bolsters the supply chain and lowers operational costs for hydrogen mobility solutions, making fuel cell vehicles (FCVs) more competitive. 3. Increased Public-Private Collaborations Public-private partnerships are playing a pivotal role in accelerating hydrogen mobility infrastructure and R&D investments. Governments are offering financial incentives, while private companies are committing capital and technological expertise. Joint ventures and cross-sector alliances have resulted in significant advancements in hydrogen production, distribution networks, and vehicle development, creating a robust ecosystem for hydrogen mobility. 4. Surge in Fleet Electrification Initiatives There is a growing trend among logistics providers, public transport agencies, and corporate fleets to electrify their vehicle operations in order to meet internal sustainability goals and regulatory requirements. Hydrogen fuel cell electric vehicles (FCEVs) offer advantages over battery electric vehicles (BEVs) in terms of faster refueling times and longer driving ranges, making them ideal for fleet applications such as transit buses, delivery vans, and long-distance trucks. Buy Now : Restraints 1. High Initial Investment for Fuel Cell Vehicles and Infrastructure One of the primary challenges facing the hydrogen mobility market is the high capital expenditure required for both fuel cell vehicle production and the development of hydrogen refueling stations. Compared to traditional internal combustion engine vehicles or even BEVs, FCEVs have higher production costs due to complex components and limited economies of scale. 2. Limited Hydrogen Refueling Stations The availability of hydrogen refueling infrastructure remains sparse and geographically fragmented, posing a major barrier to widespread adoption. Inadequate infrastructure discourages consumers and fleet operators from investing in hydrogen vehicles, thereby creating a 'chicken-and-egg' problem that slows down market growth. 3. Cost Competition from Battery Electric Vehicles (BEVs) Battery electric vehicles have experienced significant cost reductions and benefit from a more established infrastructure, such as charging stations and maintenance services. The falling prices of lithium-ion batteries and growing BEV market penetration challenge the cost competitiveness of hydrogen-powered vehicles, particularly in light-duty segments. 4. Fragmented Regulatory Environment Across Regions Regulatory inconsistencies among countries and regions hinder the global expansion of hydrogen mobility. Different standards for hydrogen quality, refueling protocols, safety regulations, and vehicle approvals can create compliance burdens for companies, reduce investor confidence, and delay cross-border deployment of hydrogen mobility solutions. Opportunities 1. Green Hydrogen Adoption from Renewable Sources As global renewable energy capacity continues to expand, there is a growing opportunity to use surplus solar and wind energy for green hydrogen production. This not only enhances the sustainability profile of hydrogen mobility but also provides an efficient means of energy storage and grid balancing, creating synergies across energy and transport sectors. 2. Public Transit Modernization in Urban Centers Many cities are investing in the modernization of their public transportation systems to address urban pollution, traffic congestion, and sustainability targets. Hydrogen-powered buses and commuter trains offer an appealing alternative due to their zero emissions and ability to operate on longer routes without the need for frequent refueling. Urban transit authorities represent a key customer base for hydrogen vehicle manufacturers. 3. Fleet-as-a-Service (FaaS) Hydrogen Models The emergence of Fleet-as-a-Service (FaaS) business models—where mobility is provided as a service rather than owned—offers promising avenues for the adoption of hydrogen vehicles. By bundling vehicles, refueling services, and maintenance into a subscription or pay-per-use model, FaaS providers can lower the entry barriers for end-users and drive broader market penetration. 4. Development of Autonomous Hydrogen Vehicles The convergence of autonomous driving technologies with hydrogen fuel cell vehicles presents a futuristic opportunity for the mobility landscape. Autonomous hydrogen vehicles could be particularly beneficial for logistics, mining, and other industries requiring long operational hours and minimal downtime. As R&D in both sectors progresses, this synergy could unlock new revenue streams and innovation pathways. Recent Developments : 1. Toyota Toyota has expressed concerns about the rapid advancements China is making in hydrogen vehicle technology. The company's hydrogen division chief, Mitsumasa Yamagata, emphasized the need for urgent global investment to keep pace. China has significantly expanded its hydrogen infrastructure, reducing fuel costs and increasing the number of hydrogen refueling stations. In 2024, China sold more hydrogen buses and trucks than the rest of the world combined and launched a 1,150km hydrogen truck corridor. In response, Toyota has shifted its focus from passenger cars to commercial vehicles and unveiled a cost-efficient third-generation fuel cell. Through local joint ventures, like its Beijing factory with SinoHytec, Toyota aims to refine its technology for broader global deployment. 2. Wrightbus Northern Ireland-based Wrightbus plans to supply up to 1,000 zero-emission buses across the UK, increasing production by 40% over two years and expanding its workforce from 1,500 to 2,500 employees. The company is investing £25 million in research and development for the latest green technologies, including the UK's first long-distance hydrogen coach capable of covering 1,000km on a single refueling. With a production shift from 95% diesel pre-pandemic to 95% zero-emission vehicles now—mostly battery electric but also hydrogen-powered—Wrightbus has become a symbol of the UK government's green industrial ambitions. 3. Plug Power Plug Power, a fuel cell and hydrogen manufacturer, reported a $196 million loss in Q1 2025, causing its stock to decline by 10%. Despite this, the company highlighted progress towards profitability, including margin improvements, cost reductions, and enhanced execution across business lines. A significant milestone was the completion and start of operations at Plug Power's St. Gabriel, Louisiana hydrogen plant, its second-largest facility. CEO Andy Marsh emphasized the firm's disciplined approach under its $200 million cost-cutting initiative, Project Quantum Leap, which includes laying off 261 workers. To boost financial flexibility, Plug Power raised $280 million through equity in March. However, new U.S. tariffs on China have increased costs for certain components, prompting the company to halve its dependence on Chinese parts within six months. 4. ITM Power UK-based ITM Power has launched the NEPTUNE V, a containerized 5MW electrolyzer plant, and secured its first contract in November for a 15MW installation in Germany. In March, ITM completed the installation of a 2MW NEPTUNE electrolyzer at Tokyo Gas Co Ltd's Yokohama Techno Station with Sumitomo Corporation. Hygen appointed ITM as a preferred supplier of PEM electrolyzers within the UK and across wider Europe. Yara's 24MW hydrogen plant at Herøya Industrial Park, which utilizes ITM's TRIDENT stack platforms, was officially inaugurated in June. The REFHYNE I project concluded in June, followed by an announcement of a 100MW contract being signed with Shell for REFHYNE II. ITM also announced research results indicating a 40% reduction in iridium usage while maintaining stack performance and longevity. 5. ZeroAvia ZeroAvia has developed the ZA600 hydrogen-electric powertrain capable of powering a 19-seat aircraft with no carbon emissions, only releasing water vapor. The fuel cell within the ZA600 converts green hydrogen into electricity. In 2024, ZeroAvia secured approval from the U.K. Civil Aviation Authority for further experimental flights and raised $150 million in funding. The company aims to power larger aircraft, including those manufactured by lead investor Airbus. ZeroAvia argues that other zero-emission solutions like batteries cannot meet the demands of aviation due to energy, weight, and space constraints, but its hydrogen-electric powertrain can. This report is also available in the following languages : Japanese (水素燃料電池商用車市場), Korean (수소연료전지 상용차 시장), Chinese (氢燃料电池商用车市场), French (Marché des véhicules utilitaires à pile à combustible à hydrogène), German (Markt für Nutzfahrzeuge mit Wasserstoff-Brennstoffzellen), and Italian (Mercato dei veicoli commerciali a celle a combustibile a idrogeno), etc. Get a Sample PDF Brochure: More Research Finding – Automotive Engine Chain MarketThe global automotive engine chain market is valued at approximately $4.2 billion in 2024. This market is expected to grow significantly, projected to reach around $6.8 billion by 2034, reflecting a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period from 2025 to Automotive Suspension Shock Absorber MarketThe global automotive suspension shock absorber market is valued at approximately $31.5 billion in 2024, with expectations to reach around $45.2 billion by 2034, showcasing a Compound Annual Growth Rate (CAGR) of 4.0% during the forecast period from 2025 to 2034. EV Rotor Shaft MarketThe global Electric Vehicle (EV) rotor shaft market is valued at approximately $1.2 billion in 2024 and is poised for substantial growth, with a projected market value reaching around $3.6 billion by 2034. This trajectory reflects a robust Compound Annual Growth Rate (CAGR) of about 12% from 2025 to Automotive EMC Testing MarketThe automotive EMC testing market is valued at approximately $2.3 billion in 2024. It is anticipated to experience robust growth, reaching an estimated $3.5 billion by 2034, driven by increasing vehicle electrification and stringent regulatory requirements on electromagnetic interference. During the forecast period (2025–2034), the market is projected to grow at a Compound Annual Growth Rate (CAGR) of 4.5%. NOR Flash for Automotive MarketThe NOR Flash memory market for the automotive sector is poised at a valuation of approximately $1.2 billion in 2024, driven by the increasing demand for advanced automotive electronics and infotainment systems. The market is projected to reach around $2.5 billion by 2034, with a Compound Annual Growth Rate (CAGR) of approximately 8.5% over the forecast period from 2025 to New Energy Vehicle Traction Motor Core MarketThe global market for new energy vehicle (NEV) traction motor cores is valued at approximately $8 billion in 2024 and is projected to reach around $16 billion by 2034, reflecting robust growth driven by the ongoing electrification of the automotive sector. The estimated Compound Annual Growth Rate (CAGR) for this market during the forecast period from 2025 to 2034 is approximately 7.5%. Electric Vehicle EV On Board Charger MarketThe global electric vehicle (EV) on-board charger market is expected to reach approximately $4.6 billion in 2024. Driven by the increasing adoption of electric vehicles, stringent emissions regulations, and technological advancements in EV charging solutions, the market is projected to grow significantly over the next decade. By 2034, the market value is anticipated to soar to around $10.8 billion, representing a compound annual growth rate (CAGR) of approximately 8.7% during the forecast period of 2025– Hard Coated Brake Discs MarketThe global market for hard-coated brake discs is projected to reach approximately $5.2 billion in 2024, with a robust forecasted growth trajectory leading to an estimated value of $8.6 billion by 2034. This growth signifies a Compound Annual Growth Rate (CAGR) of about 5.1% during the forecast period from 2025 to EV Axle MarketThe global electric vehicle (EV) axle market is projected to reach a valuation of approximately $8.5 billion in 2024. As the automotive industry shifts towards electrification, the market is expected to grow significantly, with a projected market value of around $24 billion by 2034, driven by increasing EV adoption and advancements in technology. This growth signifies a robust Compound Annual Growth Rate (CAGR) of around 12% over the forecast period from 2025 to Automotive Airbag IC MarketThe global automotive airbag integrated circuit (IC) market is valued at approximately $1.5 billion, supported by the increasing demand for vehicle safety features and regulatory requirements driving car manufacturers to incorporate advanced safety technology. This market is projected to grow significantly, reaching an estimated $3.2 billion by 2034, reflecting a robust Compound Annual Growth Rate (CAGR) of 8.1% over the forecast period from 2025 to Automotive After MarketThe global automotive aftermarket is poised for significant growth, with an estimated market value of approximately $500 billion in 2024. Projections indicate that this market could reach around $750 billion by 2034, fueled by increasing vehicle registrations and the growing complexity of automotive technology. The compound annual growth rate (CAGR) for the period from 2025 to 2034 is projected at 4.5% Automotive Grade Urea MarketThe global automotive grade urea market is valued at approximately $9 billion, driven primarily by the increasing adoption of selective catalytic reduction (SCR) systems in diesel vehicles to meet stringent emission regulations. The market is projected to reach around $15 billion by 2034, reflecting a robust growth trajectory influenced by environmental policies and advancements in automotive Electric Vehicle Flat Wire Motor marketThe global electric vehicle (EV) flat wire motor market is projected to reach a value of approximately $4.5 billion in 2024, driven by the increasing demand for efficient and compact motor solutions in electric vehicles. This market is expected to grow impressively, with a projected value of around $10 billion by 2034, reflecting strong adoption trends across the automotive Car Mat MarketThe global car mat market is anticipated to reach a valuation of approximately $4.2 billion in 2024, driven by growing automotive production and rising consumer demand for interior vehicle aesthetics. Looking ahead, the market is projected to experience robust growth, reaching around $6.8 billion by 2034, reflecting a Compound Annual Growth Rate (CAGR) of 5.1% during the forecast period from 2025 to Hydraulic Tyre Curing Press MarketThe global hydraulic tyre curing press market is estimated to reach a value of approximately $1.2 billion in 2024, driven by the ongoing demand for advanced manufacturing processes within the automotive industry. The market is projected to grow at a Compound Annual Growth Rate (CAGR) of 5.8% from 2025 to 2034, resulting in an estimated market value of around $2.2 billion by the end of the forecast Power Sunroof MarketThe global power sunroof market is valued at approximately $3.8 billion in 2024, driven by increasing consumer demand for vehicles with enhanced aesthetics and comfort features. The market is projected to expand significantly, reaching an estimated value of $6.5 billion by 2034, with a Compound Annual Growth Rate (CAGR) of around 5.5% during the forecast period from 2025 to Automotive Washer System MarketThe global automotive washer system market is valued at approximately $7.5 billion in 2024, with a projected growth trajectory reaching around $12 billion by 2034. This growth reflects a Compound Annual Growth Rate (CAGR) of about 5.2% from 2025 to 2034. Key trends influencing the market include the increasing demand for advanced rain-sensing wipers, enhanced cleaning performance, and the integration of smart technologies in Automotive Exterior Coating MarketThe global automotive exterior coating market is valued at approximately $22 billion. The market is projected to grow significantly, reaching an estimated $34 billion by 2034, driven by advancements in coating technologies and increasing demand for durable and aesthetically appealing vehicle finishes. During the forecast period from 2025 to 2034, the market is expected to exhibit a Compound Annual Growth Rate (CAGR) of around 5.1%. Automotive Battery Management System MarketThe global automotive battery management system (BMS) market is anticipated to reach a value of approximately $8.5 billion in 2024, driven by the rapid adoption of electric vehicles (EVs) and increasing government regulations promoting sustainability. From 2025 to 2034, the market is projected to grow significantly, reaching an estimated $25 billion by the end of this period, reflecting a robust compound annual growth rate (CAGR) of around 13.5%. Sterile Isolator MarketThe global sterile isolator market is valued at approximately $2.3 billion in 2024 and is projected to reach around $4.5 billion by 2034, reflecting a robust Compound Annual Growth Rate (CAGR) of approximately 7.1%. This growth is driven by increasing demand from the pharmaceutical and biotechnology sectors for contamination-free environments, notably in drug manufacturing and research CONTACT: Contact Data Irfan Tamboli (Head of Sales) Phone: + 1704 266 3234 Email: sales@
Yahoo
7 days ago
- Business
- Yahoo
Hydrogen Fuel Cell Commercial Vehicle Market to Reach $20 Billion by 2034, Driven by 12.5% CAGR
Hydrogen Fuel Cell Commercial Vehicle Market Report (2024–2034) Luton, Bedfordshire, United Kingdom, May 28, 2025 (GLOBE NEWSWIRE) -- Market Overview The global Hydrogen Fuel Cell Commercial Vehicle Market is set for strong expansion, with an estimated base year valuation of $6.5 billion in 2024. Bolstered by environmental mandates, technological advancements, and government-backed infrastructure programs, the market is forecasted to reach approximately $20 billion by 2034, representing a Compound Annual Growth Rate (CAGR) of 12.5% over the forecast period. Get a Sample PDF Brochure: Key Market Drivers Sustainability Mandates: Governments worldwide are pushing for zero-emission vehicle adoption to meet climate goals, accelerating hydrogen technology deployment. Infrastructure Development: Significant public and private investments in hydrogen refueling infrastructure are laying the groundwork for commercial viability. Fuel Cell Innovation: Continuous R&D is improving fuel cell efficiency and cost-effectiveness, enhancing adoption potential. Fleet Electrification: Logistics and public transport sectors are transitioning to hydrogen-based solutions for operational longevity and emission control. Market Segmentation By Product Type Heavy-Duty Trucks – Dominates with a 30% market share, driven by demand in long-haul logistics and freight transport. Buses – Holds 25%, supported by government investments in clean public transit. Light-Duty Commercial Vehicles – Comprising 20%, bolstered by urban delivery demand. Vans – 15% market share, influenced by last-mile delivery and green logistics. Others – Remaining 10%, includes specialty and niche vehicles. By Application Public Transportation – Largest application at 35%, as municipalities deploy hydrogen buses. Logistics & Freight Transport – Accounts for 30%, driven by e-commerce and emission-free logistics. Construction & Material Handling – Comprises 20%, as hydrogen power tools and machinery gain traction. Industrial Applications – Around 15%, expanding with green energy integration in factories and warehouses. By End User Government & Public Sector – Largest end user at 40%, due to policy mandates and public funding. Private Enterprises – 35% share, driven by ESG commitments. Transportation & Logistics Providers – 20%, leveraging hydrogen for reliability and performance. Industrial & Construction Companies – Around 5%, with rising interest in off-road hydrogen applications. By Technology Proton Exchange Membrane Fuel Cells (PEMFC) – 50% share, favored for high efficiency and rapid start-up. Solid Oxide Fuel Cells (SOFC) – 10%, with growing interest in high-load applications. Phosphoric Acid Fuel Cells (PAFC) – 5%, primarily used in niche sectors. Molten Carbonate Fuel Cells (MCFC) – 3%, limited role in mobile applications. By Fuel Source On-Site Hydrogen Production – 60%, crucial for industrial zones and large fleets. Off-Site Hydrogen Supply – 40%, convenient for areas with existing distribution infrastructure. Regional Insights North America North America is anticipated to dominate the global hydrogen mobility market in 2024, accounting for approximately 45% of total revenue. The United States and Canada are leading this regional growth, driven by substantial investments in the development of hydrogen corridors and heavy-duty vehicle electrification. The U.S. Department of Energy's Hydrogen Shot initiative and California's Hydrogen Highway program are prime examples of public-sector support. Additionally, private companies are actively collaborating on building hydrogen refueling infrastructure along major freight routes, especially targeting long-haul trucking. Canada, with its abundant renewable energy resources, is also making strides in green hydrogen production and vehicle adoption, creating a fertile ecosystem for hydrogen-powered transport solutions. Asia-Pacific Asia-Pacific is projected to witness the fastest growth in the hydrogen mobility market, with an impressive compound annual growth rate (CAGR) of 20% during the forecast period. This growth is fueled by aggressive national hydrogen strategies implemented by leading countries such as Japan, China, and South Korea. Japan has positioned itself as a pioneer in hydrogen fuel cell vehicle (FCV) deployment and infrastructure, with automakers like Toyota and Honda at the forefront. China is rapidly scaling up its hydrogen economy through massive government subsidies and pilot programs in public transportation and logistics. South Korea is similarly expanding its hydrogen refueling network and setting ambitious FCV adoption targets. These coordinated public-private efforts are establishing Asia-Pacific as a global hub for hydrogen mobility innovation. Europe Europe remains a robust market for hydrogen mobility, underpinned by the European Union's Green Deal and its commitment to climate neutrality by 2050. The EU is actively promoting the development of hydrogen hubs and integrated corridors through initiatives like the Hydrogen Strategy for a Climate-Neutral Europe and funding from the Innovation Fund. Countries such as Germany, France, and the Netherlands are investing heavily in hydrogen infrastructure, pilot projects, and public transit upgrades using fuel cell buses and trains. Fuel cell vehicle trials are increasingly common, especially in urban transport and commercial fleet applications. The European market benefits from strong regulatory alignment, cross-border collaborations, and an emphasis on green hydrogen, making it a key region in the global hydrogen transition. Latin America and Middle East & Africa (MEA) Although currently in the early stages, Latin America and the Middle East & Africa (MEA) are emerging as promising markets for hydrogen mobility. These regions are experiencing a gradual uptick in hydrogen-related infrastructure investment, driven by favorable geographic conditions for renewable energy generation. Countries like Chile and Saudi Arabia are exploring large-scale green hydrogen projects, with the potential to support both domestic mobility solutions and hydrogen exports. Regulatory alignment is beginning to take shape, and international partnerships are fostering the development of demonstration projects and policy frameworks. As investment grows and technological transfer increases, these regions are expected to play an increasingly strategic role in the global hydrogen mobility landscape over the long term. Browse full Report - Competitive Landscape Key Players: Toyota Motor Corporation Honda Motor Co., Ltd. Hyundai Motor Company Nikola Corporation Ballard Power Systems Inc. Plug Power Inc. Mercedes-Benz AG Cummins Inc. Iveco Group NV Tata Motors Limited FuelCell Energy Inc. Riversimple Movement Ltd. General Motors Company Boeing Company FCEV Technologies Market Dynamics Growth Drivers 1. Global Shift Toward Decarbonized Transportation Governments worldwide are under increasing pressure to reduce greenhouse gas emissions in line with climate goals such as the Paris Agreement. As a result, there is a notable shift away from fossil fuel-based transportation toward cleaner alternatives, with hydrogen emerging as a key player in achieving carbon neutrality. Hydrogen-powered vehicles emit only water vapor, making them an attractive solution for decarbonizing heavy-duty transportation, buses, trains, and long-haul trucks. 2. Expansion of Green Hydrogen Production The rapid development of green hydrogen production—hydrogen derived from water electrolysis powered by renewable energy sources such as wind, solar, and hydropower—is accelerating the viability of hydrogen as a clean fuel. As production becomes more cost-effective and scalable, it bolsters the supply chain and lowers operational costs for hydrogen mobility solutions, making fuel cell vehicles (FCVs) more competitive. 3. Increased Public-Private Collaborations Public-private partnerships are playing a pivotal role in accelerating hydrogen mobility infrastructure and R&D investments. Governments are offering financial incentives, while private companies are committing capital and technological expertise. Joint ventures and cross-sector alliances have resulted in significant advancements in hydrogen production, distribution networks, and vehicle development, creating a robust ecosystem for hydrogen mobility. 4. Surge in Fleet Electrification Initiatives There is a growing trend among logistics providers, public transport agencies, and corporate fleets to electrify their vehicle operations in order to meet internal sustainability goals and regulatory requirements. Hydrogen fuel cell electric vehicles (FCEVs) offer advantages over battery electric vehicles (BEVs) in terms of faster refueling times and longer driving ranges, making them ideal for fleet applications such as transit buses, delivery vans, and long-distance trucks. Buy Now : Restraints 1. High Initial Investment for Fuel Cell Vehicles and Infrastructure One of the primary challenges facing the hydrogen mobility market is the high capital expenditure required for both fuel cell vehicle production and the development of hydrogen refueling stations. Compared to traditional internal combustion engine vehicles or even BEVs, FCEVs have higher production costs due to complex components and limited economies of scale. 2. Limited Hydrogen Refueling Stations The availability of hydrogen refueling infrastructure remains sparse and geographically fragmented, posing a major barrier to widespread adoption. Inadequate infrastructure discourages consumers and fleet operators from investing in hydrogen vehicles, thereby creating a 'chicken-and-egg' problem that slows down market growth. 3. Cost Competition from Battery Electric Vehicles (BEVs) Battery electric vehicles have experienced significant cost reductions and benefit from a more established infrastructure, such as charging stations and maintenance services. The falling prices of lithium-ion batteries and growing BEV market penetration challenge the cost competitiveness of hydrogen-powered vehicles, particularly in light-duty segments. 4. Fragmented Regulatory Environment Across Regions Regulatory inconsistencies among countries and regions hinder the global expansion of hydrogen mobility. Different standards for hydrogen quality, refueling protocols, safety regulations, and vehicle approvals can create compliance burdens for companies, reduce investor confidence, and delay cross-border deployment of hydrogen mobility solutions. Opportunities 1. Green Hydrogen Adoption from Renewable Sources As global renewable energy capacity continues to expand, there is a growing opportunity to use surplus solar and wind energy for green hydrogen production. This not only enhances the sustainability profile of hydrogen mobility but also provides an efficient means of energy storage and grid balancing, creating synergies across energy and transport sectors. 2. Public Transit Modernization in Urban Centers Many cities are investing in the modernization of their public transportation systems to address urban pollution, traffic congestion, and sustainability targets. Hydrogen-powered buses and commuter trains offer an appealing alternative due to their zero emissions and ability to operate on longer routes without the need for frequent refueling. Urban transit authorities represent a key customer base for hydrogen vehicle manufacturers. 3. Fleet-as-a-Service (FaaS) Hydrogen Models The emergence of Fleet-as-a-Service (FaaS) business models—where mobility is provided as a service rather than owned—offers promising avenues for the adoption of hydrogen vehicles. By bundling vehicles, refueling services, and maintenance into a subscription or pay-per-use model, FaaS providers can lower the entry barriers for end-users and drive broader market penetration. 4. Development of Autonomous Hydrogen Vehicles The convergence of autonomous driving technologies with hydrogen fuel cell vehicles presents a futuristic opportunity for the mobility landscape. Autonomous hydrogen vehicles could be particularly beneficial for logistics, mining, and other industries requiring long operational hours and minimal downtime. As R&D in both sectors progresses, this synergy could unlock new revenue streams and innovation pathways. Recent Developments : 1. Toyota Toyota has expressed concerns about the rapid advancements China is making in hydrogen vehicle technology. The company's hydrogen division chief, Mitsumasa Yamagata, emphasized the need for urgent global investment to keep pace. China has significantly expanded its hydrogen infrastructure, reducing fuel costs and increasing the number of hydrogen refueling stations. In 2024, China sold more hydrogen buses and trucks than the rest of the world combined and launched a 1,150km hydrogen truck corridor. In response, Toyota has shifted its focus from passenger cars to commercial vehicles and unveiled a cost-efficient third-generation fuel cell. Through local joint ventures, like its Beijing factory with SinoHytec, Toyota aims to refine its technology for broader global deployment. 2. Wrightbus Northern Ireland-based Wrightbus plans to supply up to 1,000 zero-emission buses across the UK, increasing production by 40% over two years and expanding its workforce from 1,500 to 2,500 employees. The company is investing £25 million in research and development for the latest green technologies, including the UK's first long-distance hydrogen coach capable of covering 1,000km on a single refueling. With a production shift from 95% diesel pre-pandemic to 95% zero-emission vehicles now—mostly battery electric but also hydrogen-powered—Wrightbus has become a symbol of the UK government's green industrial ambitions. 3. Plug Power Plug Power, a fuel cell and hydrogen manufacturer, reported a $196 million loss in Q1 2025, causing its stock to decline by 10%. Despite this, the company highlighted progress towards profitability, including margin improvements, cost reductions, and enhanced execution across business lines. A significant milestone was the completion and start of operations at Plug Power's St. Gabriel, Louisiana hydrogen plant, its second-largest facility. CEO Andy Marsh emphasized the firm's disciplined approach under its $200 million cost-cutting initiative, Project Quantum Leap, which includes laying off 261 workers. To boost financial flexibility, Plug Power raised $280 million through equity in March. However, new U.S. tariffs on China have increased costs for certain components, prompting the company to halve its dependence on Chinese parts within six months. 4. ITM Power UK-based ITM Power has launched the NEPTUNE V, a containerized 5MW electrolyzer plant, and secured its first contract in November for a 15MW installation in Germany. In March, ITM completed the installation of a 2MW NEPTUNE electrolyzer at Tokyo Gas Co Ltd's Yokohama Techno Station with Sumitomo Corporation. Hygen appointed ITM as a preferred supplier of PEM electrolyzers within the UK and across wider Europe. Yara's 24MW hydrogen plant at Herøya Industrial Park, which utilizes ITM's TRIDENT stack platforms, was officially inaugurated in June. The REFHYNE I project concluded in June, followed by an announcement of a 100MW contract being signed with Shell for REFHYNE II. ITM also announced research results indicating a 40% reduction in iridium usage while maintaining stack performance and longevity. 5. ZeroAvia ZeroAvia has developed the ZA600 hydrogen-electric powertrain capable of powering a 19-seat aircraft with no carbon emissions, only releasing water vapor. The fuel cell within the ZA600 converts green hydrogen into electricity. In 2024, ZeroAvia secured approval from the U.K. Civil Aviation Authority for further experimental flights and raised $150 million in funding. The company aims to power larger aircraft, including those manufactured by lead investor Airbus. ZeroAvia argues that other zero-emission solutions like batteries cannot meet the demands of aviation due to energy, weight, and space constraints, but its hydrogen-electric powertrain can. This report is also available in the following languages : Japanese (水素燃料電池商用車市場), Korean (수소연료전지 상용차 시장), Chinese (氢燃料电池商用车市场), French (Marché des véhicules utilitaires à pile à combustible à hydrogène), German (Markt für Nutzfahrzeuge mit Wasserstoff-Brennstoffzellen), and Italian (Mercato dei veicoli commerciali a celle a combustibile a idrogeno), etc. Get a Sample PDF Brochure: More Research Finding – Automotive Engine Chain MarketThe global automotive engine chain market is valued at approximately $4.2 billion in 2024. This market is expected to grow significantly, projected to reach around $6.8 billion by 2034, reflecting a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period from 2025 to Automotive Suspension Shock Absorber MarketThe global automotive suspension shock absorber market is valued at approximately $31.5 billion in 2024, with expectations to reach around $45.2 billion by 2034, showcasing a Compound Annual Growth Rate (CAGR) of 4.0% during the forecast period from 2025 to 2034. EV Rotor Shaft MarketThe global Electric Vehicle (EV) rotor shaft market is valued at approximately $1.2 billion in 2024 and is poised for substantial growth, with a projected market value reaching around $3.6 billion by 2034. This trajectory reflects a robust Compound Annual Growth Rate (CAGR) of about 12% from 2025 to Automotive EMC Testing MarketThe automotive EMC testing market is valued at approximately $2.3 billion in 2024. It is anticipated to experience robust growth, reaching an estimated $3.5 billion by 2034, driven by increasing vehicle electrification and stringent regulatory requirements on electromagnetic interference. During the forecast period (2025–2034), the market is projected to grow at a Compound Annual Growth Rate (CAGR) of 4.5%. NOR Flash for Automotive MarketThe NOR Flash memory market for the automotive sector is poised at a valuation of approximately $1.2 billion in 2024, driven by the increasing demand for advanced automotive electronics and infotainment systems. The market is projected to reach around $2.5 billion by 2034, with a Compound Annual Growth Rate (CAGR) of approximately 8.5% over the forecast period from 2025 to New Energy Vehicle Traction Motor Core MarketThe global market for new energy vehicle (NEV) traction motor cores is valued at approximately $8 billion in 2024 and is projected to reach around $16 billion by 2034, reflecting robust growth driven by the ongoing electrification of the automotive sector. The estimated Compound Annual Growth Rate (CAGR) for this market during the forecast period from 2025 to 2034 is approximately 7.5%. Electric Vehicle EV On Board Charger MarketThe global electric vehicle (EV) on-board charger market is expected to reach approximately $4.6 billion in 2024. Driven by the increasing adoption of electric vehicles, stringent emissions regulations, and technological advancements in EV charging solutions, the market is projected to grow significantly over the next decade. By 2034, the market value is anticipated to soar to around $10.8 billion, representing a compound annual growth rate (CAGR) of approximately 8.7% during the forecast period of 2025– Hard Coated Brake Discs MarketThe global market for hard-coated brake discs is projected to reach approximately $5.2 billion in 2024, with a robust forecasted growth trajectory leading to an estimated value of $8.6 billion by 2034. This growth signifies a Compound Annual Growth Rate (CAGR) of about 5.1% during the forecast period from 2025 to EV Axle MarketThe global electric vehicle (EV) axle market is projected to reach a valuation of approximately $8.5 billion in 2024. As the automotive industry shifts towards electrification, the market is expected to grow significantly, with a projected market value of around $24 billion by 2034, driven by increasing EV adoption and advancements in technology. This growth signifies a robust Compound Annual Growth Rate (CAGR) of around 12% over the forecast period from 2025 to Automotive Airbag IC MarketThe global automotive airbag integrated circuit (IC) market is valued at approximately $1.5 billion, supported by the increasing demand for vehicle safety features and regulatory requirements driving car manufacturers to incorporate advanced safety technology. This market is projected to grow significantly, reaching an estimated $3.2 billion by 2034, reflecting a robust Compound Annual Growth Rate (CAGR) of 8.1% over the forecast period from 2025 to Automotive After MarketThe global automotive aftermarket is poised for significant growth, with an estimated market value of approximately $500 billion in 2024. Projections indicate that this market could reach around $750 billion by 2034, fueled by increasing vehicle registrations and the growing complexity of automotive technology. The compound annual growth rate (CAGR) for the period from 2025 to 2034 is projected at 4.5% Automotive Grade Urea MarketThe global automotive grade urea market is valued at approximately $9 billion, driven primarily by the increasing adoption of selective catalytic reduction (SCR) systems in diesel vehicles to meet stringent emission regulations. The market is projected to reach around $15 billion by 2034, reflecting a robust growth trajectory influenced by environmental policies and advancements in automotive Electric Vehicle Flat Wire Motor marketThe global electric vehicle (EV) flat wire motor market is projected to reach a value of approximately $4.5 billion in 2024, driven by the increasing demand for efficient and compact motor solutions in electric vehicles. This market is expected to grow impressively, with a projected value of around $10 billion by 2034, reflecting strong adoption trends across the automotive Car Mat MarketThe global car mat market is anticipated to reach a valuation of approximately $4.2 billion in 2024, driven by growing automotive production and rising consumer demand for interior vehicle aesthetics. Looking ahead, the market is projected to experience robust growth, reaching around $6.8 billion by 2034, reflecting a Compound Annual Growth Rate (CAGR) of 5.1% during the forecast period from 2025 to Hydraulic Tyre Curing Press MarketThe global hydraulic tyre curing press market is estimated to reach a value of approximately $1.2 billion in 2024, driven by the ongoing demand for advanced manufacturing processes within the automotive industry. The market is projected to grow at a Compound Annual Growth Rate (CAGR) of 5.8% from 2025 to 2034, resulting in an estimated market value of around $2.2 billion by the end of the forecast Power Sunroof MarketThe global power sunroof market is valued at approximately $3.8 billion in 2024, driven by increasing consumer demand for vehicles with enhanced aesthetics and comfort features. The market is projected to expand significantly, reaching an estimated value of $6.5 billion by 2034, with a Compound Annual Growth Rate (CAGR) of around 5.5% during the forecast period from 2025 to Automotive Washer System MarketThe global automotive washer system market is valued at approximately $7.5 billion in 2024, with a projected growth trajectory reaching around $12 billion by 2034. This growth reflects a Compound Annual Growth Rate (CAGR) of about 5.2% from 2025 to 2034. Key trends influencing the market include the increasing demand for advanced rain-sensing wipers, enhanced cleaning performance, and the integration of smart technologies in Automotive Exterior Coating MarketThe global automotive exterior coating market is valued at approximately $22 billion. The market is projected to grow significantly, reaching an estimated $34 billion by 2034, driven by advancements in coating technologies and increasing demand for durable and aesthetically appealing vehicle finishes. During the forecast period from 2025 to 2034, the market is expected to exhibit a Compound Annual Growth Rate (CAGR) of around 5.1%. Automotive Battery Management System MarketThe global automotive battery management system (BMS) market is anticipated to reach a value of approximately $8.5 billion in 2024, driven by the rapid adoption of electric vehicles (EVs) and increasing government regulations promoting sustainability. From 2025 to 2034, the market is projected to grow significantly, reaching an estimated $25 billion by the end of this period, reflecting a robust compound annual growth rate (CAGR) of around 13.5%. Sterile Isolator MarketThe global sterile isolator market is valued at approximately $2.3 billion in 2024 and is projected to reach around $4.5 billion by 2034, reflecting a robust Compound Annual Growth Rate (CAGR) of approximately 7.1%. This growth is driven by increasing demand from the pharmaceutical and biotechnology sectors for contamination-free environments, notably in drug manufacturing and research CONTACT: Contact Data Irfan Tamboli (Head of Sales) Phone: + 1704 266 3234 Email: sales@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
7 days ago
- Business
- Time of India
Defence experts hail govt's decision to approve AMCA Programme Execution Model, calls it a 'game-changing step'
Defence experts on Wednesday hailed the government's decision to approve the Advanced Medium Combat Aircraft (AMCA) Programme Execution Model and called it a game-changing step for India's defence. Defence Expert Shiwalee Deshpande said that the decision shows the country's and the government's faith in the indigenisation and the Make in India defence technology . "The government's decision to give its manufacturing to the private players is a game-changing step. It shows the countries' and the government's faith in the indigenisation and the Make in India defence technology... The future wars are going to be very difficult. So this is a welcome step to increase our air power in a world where countries are developing fifth-generation and sixth-generation aircraft... Since the private and public sectors will work jointly on this project, we will get the aircraft ready quickly and as and when we require them." Retired Air Vice Marshal Suryakant Chintaman Chafekar said that Intelligence gathering and creating new systems are a race in the present scenario, and buying another country's aircraft can pass on information to other countries. "Intelligence gathering and creating new systems are a race in the present scenario. If we buy another country's aircraft, half of the things about it, like the communication system, radar, or the frequency it uses, are known to the world," he said. Live Events "After the success of our air defence system in Operation Sindoor, we are on a high. Make in India has been appreciated worldwide because of our defence system... That's why we have embarked on this (AMCA programme). However, the government fully realises that there is no way that only PSUs (Public Sector Undertakings) can take on this job. That is why they have opened it up in a big way to the private industries... Private sector involvement will give impetus to producing the fifth generation aircraft," Chafekar added. Calling it a bold step for the Indian Armed Forces, he said, "We have to be careful about the timeline. Our experience with Tejas was not good because the timeline could not be followed." On May 27, Defence Minister Rajnath Singh on Tuesday approved the Advanced Medium Combat Aircraft (AMCA) Programme Execution Model, a key step to boost India's indigenous defence capabilities and strengthen the domestic aerospace industry, the Ministry of Defence (MoD) said in an official statement. According to the MoD's statement, in a significant push towards enhancing India's indigenous defence capabilities and fostering a robust domestic aerospace industrial ecosystem, Defence Minister Rajnath Singh has approved the Advanced Medium Combat Aircraft (AMCA) Programme Execution Model. The Aeronautical Development Agency (ADA) is set to execute the programme through industry partnership. The Execution Model approach provides equal opportunities to both the private and public sectors on a competitive basis. They can bid either independently or as a joint venture, or as a consortium. The entity/bidder should be an Indian company compliant with the laws and regulations of the country, the statement said. This is an important step towards harnessing the indigenous expertise, capability and capacity to develop the AMCA prototype, which will be a major milestone towards Aatmanirbharta in the aerospace sector. ADA will shortly issue an Expression of Interest (EoI) for the AMCA Development Phase, the statement added. Following the announcement, the stock markets reacted strongly to the development, with shares of defence and related companies rising by around 6 per cent at the time of reporting. The stocks of defence and allied sectors such as Hindustan Aeronautics (HAL), Cochin Shipyard , Garden Reach Shipbuilders & Engineers (GRSE), Bharat Dynamics (BDL), BEML, Mazagon Dock Shipbuilders (MDL), Ideaforge Technology, Bharat Electronics , Apollo Micro Systems, and Paras Defence and Space Technologies were up between 1 and 6 per cent. Following the news, the Nifty India Defence index reached 8,674.05, a fresh 52-week high. (ANI)
Saba Yemen
26-05-2025
- Business
- Saba Yemen
Workshops held in Sana'a on economic empowerment project for Low-Income families
Sana'a – Saba: Workshops on the Economic Empowerment Project for Low-Income Families were held on Monday in Sana'a province under the slogan "Towards Empowering Low-Income Families for a Dignified Life." The workshops, organized by the local authority in the province, were attended by directors of districts, officials of public mobilization in districts , sub-districts, and heads of multipurpose agricultural development cooperative associations in various sectors and sub-districts. The sessions addressed the criteria for selecting projects, the suitability of interventions with the local environment and climate, the components of the project, implementation mechanisms, and expected outcomes. During the opening of the workshops, officials from the economic empowerment teams in different sectors—Saddam Al-Faseeh (Southern Sector), Majid Al-Ghaili (Eastern Sector), Anwar Sultan (Northern Sector), and Mohammed Miftah (Western Sector)—reviewed the project's objectives of improving the financial and living conditions of low-income individuals and families. This will be achieved by providing them with the necessary tools, skills, and resources to increase their income, build their productive capacities, and enhance their financial independence. They explained that the project focuses on sustainable development by creating permanent job opportunities and enabling families to efficiently manage their resources, ultimately leading to self-sufficiency and participation in development. They highlighted its role in reducing dependence on aid and subsidies while supporting the local economy by stimulating small , medium-sized enterprises and increasing capital circulation in the community. Whatsapp Telegram Email Print
Daily Tribune
20-05-2025
- Business
- Daily Tribune
iGA Launches 13th Edition of eGovernment Excellence Award 2025
The Information & eGovernment Authority (iGA) has officially launched the 13th edition of the eGovernment Excellence Award 2025, inviting public and private sector entities, NGOs, and individuals to submit their innovative ICT initiatives. Submissions are open from May 21 to June 28, 2025, through the official website: The prestigious national award aims to recognize and promote digital excellence across multiple sectors in Bahrain. This year's award categories are divided into Public and Private Sector Awards, covering areas such as: The Citizen Award encourages individuals to propose innovative ideas for launching or enhancing digital services, aligning with Bahrain's vision for inclusive digital progress. The Best Work Environment for Digital Innovation category is open to public and private sector organizations that demonstrate a forward-thinking digital culture and innovation-supportive policies. It aims to spotlight workplaces that serve as role models in fostering digital transformation. Meanwhile, the Best Utilization of AI Award highlights the importance of artificial intelligence in enhancing service delivery and operational efficiency. It provides a national platform to showcase cutting-edge AI projects and encourages knowledge exchange in this evolving field. The Best Applications for Smart Devices category, tailored exclusively for the private sector and NGOs, complements Bahrain's digital app integration strategy. The government currently delivers services through three main apps: MyGov for citizens, AlTajir for businesses and investors, and the Bahrain App for visitors. Participants are reminded that submitted projects must not have previously won in the 2023 edition of the award. Reviewing the eligibility criteria available on the official website is highly recommended before applying. The iGA also announced that a briefing session for interested participants will be held soon, with further details to be revealed shortly. For more information, applicants can call the Government Services Contact Center at 80008001 or visit
