Hydrogen Vehicle Market Trends

Hydrogen Vehicle Market Trends

The hydrogen vehicle industry is witnessing significant investments from automakers, technology companies, and governments. Such rising investments are fueling research & development activities, augmenting infrastructure expansion and scaling up hydrogen production & distribution networks.
 

For instance, in May 2024, ULEMCo, a Liverpool-based firm specializing in converting commercial vehicles to hydrogen fuel has secured over USD 5.4 million in funding. Their ‘dual fuel solution’ (H2CED) allows heavy-duty vehicles to operate on hydrogen while still using diesel when needed. This innovative approach enables fleet operators to transition to cleaner fuel and drastically cut carbon emissions without the need to replace their current vehicles.
 

Many efforts have been recorded among automakers, industry associations & government agencies to raise consumer awareness. These are focused on educating the public about the benefits of hydrogen vehicles through campaigns that highlight the advantages of these vehicles; and address & build consumer confidence are contributing to market growth.