Future Trends: Hydrogen Vehicle Market to Reach USD 17.4 Billion by 2032

The hydrogen vehicle market was valued at USD 1.8 billion in 2023 and is projected to be worth USD 17.4 billion by 2032, according to recent report by Global Market Insights Inc.
Global hydrogen vehicle market will infer over 28% CAGR from 2024 to 2032, attributed to substantial investments pouring in from automakers, tech firms, and government entities. These investments are not just numbers; they’re catalyzing pivotal research & development initiatives, broadening infrastructure horizons, and amplifying the networks for hydrogen production & distribution.
Highlighting the trend, in May 2024, ULEMCo, a firm hailing from Liverpool and specializing in the hydrogen fuel conversion of commercial vehicles, clinched a funding boost exceeding USD 5.4 million. Their innovative ‘dual fuel solution’ (H2CED) empowers heavy-duty vehicles to predominantly run on hydrogen, with the flexibility of diesel as a backup. This groundbreaking strategy not only facilitates fleet operators in their shift to a greener fuel but also promises a significant reduction in carbon emissions, all without necessitating a complete vehicle overhaul.
The overall Hydrogen Vehicle Market is classified based on Vehicle, Powertrain Configuration, Vehicle Class, and Region.
The market’s segmentation based on powertrain configuration reveals a clear dominance of the FCEV segment, which currently holds a 100% market share and is poised for growth by 2032. This surge can be attributed to heightened awareness regarding deteriorating air quality and the noise pollution from both public and private vehicles.