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Hydrogen Vehicle Market Share

Report ID: GMI6249
Published Date: Aug 2024
Report Format: PDF

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Hydrogen Vehicle Market Share

Toyota and Hyundai are the major market players operating in the global hydrogen vehicle industry accounting for over 40% of market share in 2023. Toyota focuses on continuous innovation and investment in hydrogen infrastructure. The company focuses on expanding its hydrogen fuel cell technology beyond passenger vehicles to commercial applications. Toyota is collaborating with governments and industry partners to enhance hydrogen refueling networks and reduce costs, ensuring broad market adoption and reinforcing its position in the hydrogen economy.

Hyundai strengthens its competitive edge by advancing hydrogen fuel cell technology and expanding its hydrogen vehicle lineup, including the Hyundai Nexo. The company invests in hydrogen infrastructure development and strategic partnerships to support refueling network expansion. Hyundai is further exploring hydrogen solutions for various applications, including commercial vehicles and public transportation, to drive market growth and position itself as a key player in the hydrogen sector.

Hydrogen Vehicle Market Companies

Major players operating in the hydrogen vehicle industry are:

Ballard Power Systems
BMW
Daimler AG (Mercedes-Benz)
Honda Motor Co., Ltd
Hyundai Motor Company
ITM Power
Linde plc
Nel Hydrogen
Nikola Corporation
Plug Power Inc
Toyota Motor Corporation

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of hydrogen vehicle reached USD 1.8 billion and is set to register over 28% CAGR through 2032 driven by the growing adoption of hydrogen vehicles.

The passenger cars segment accounted for over 67% share in 2023, attributed to environmental concerns, infrastructure development, and technological advancements.

Asia Pacific market held over 75% share in 2023, owing to the government policies and incentives in the region.

Ballard Power Systems, BMW, Daimler AG (Mercedes-Benz), Honda Motor Co., Ltd, Hyundai Motor Company, ITM Power, Linde plc, Nel Hydrogen, and Nikola Corporation among others.