Market of Hydrogen Engine Vehicles

Hydrogen Vehicle Market size was valued at USD 2.8 billion in 2022 and is expected to register at a CAGR of over 28% between 2023 and 2032. Government support & policies play a major role in propelling the growing adoption of hydrogen vehicles. Governments provide financial incentives & subsidies to promote the purchase and use of hydrogen vehicles. These include tax credits, grants, rebates, or direct subsidies that reduce the upfront costs or operating expenses associated with hydrogen vehicles. Financial incentives make hydrogen vehicles more affordable & attractive to consumers, increasing market demand.

Recent Development in Hydrogen Engine Vehicle Technology

Toyota

Believe it or not, Toyota has been working on fuel cell vehicles since 1992. Toyota has been steadfast in developing fuel-cell vehicles long before many of its counterparts even considered the idea. The Toyota Mirai was among the first mass-produced hydrogen fuel cars to hit the road in 2014.

In 2022, Toyota sold 2,094 Mirai, a 20% YOY increase over 2021. This sales growth proves a growing appetite for cleaner vehicles, especially as hydrogen infrastructure progresses.

BMW

BMW has been in the hydrogen vehicle game for some time, with past projects including the i Hydrogen NEXT concept car and the 1 Series Fuel-cell hybrid electric. But in 2021, the German auto manufacturer announced its next focus: An all-hydrogen version of the BMW X5.

The BMW iX5 Hydrogen pilot fleet is now on the roads for trial and demonstration. The iX5 Hydrogen represents a significant milestone in the company's pursuit of eco-friendly transportation, integrating advanced technologies to deliver efficient and emissions-free driving. By leveraging the power of hydrogen, BMW aims to address the challenges associated with electric vehicle (EV) infrastructure and range limitations.

Hyundai

Hyundai Motor Company threw its hat in the hydrogen ring with the first fuel cell-powered SUV. In 2018, the South Korean vehicle manufacturer unveiled the NEXO Fuel Cell. Now in its fifth year of production, the Hyundai NEXO has helped eliminate more than 14 million miles of vehicle emissions.

Hyundai plans to reveal significant enhancements for the 2024 Nexo. These changes are expected to include improved efficiency, thanks to implementing a third-generation fuel cell stack and an impressive range of nearly 500 miles.

Honda

Honda is no stranger to hydrogen fuel cell vehicles. Between 2017 and 2021, the Japanese motor company sold a hydrogen-powered version of its Clarity model before discontinuing it due to lackluster sales.

However, in November of 2022, Honda announced plans for its electrification push, which included US-oriented hydrogen fuel cell cars. The automaker plans to begin producing fuel cell vehicles in the states starting in 2024 with plug-in hybrid CR-V.

Key Players Working on Hydrogen Engine Vehicles Technology

Admittedly, the idea of a hydrogen-powered car is nothing new. More than 200 years ago, the first internal combustion engine ran on hydrogen and oxygen. But these new models are different. Hydrogen fuel cell electric vehicles (FCEVs) are ultra-efficient, converting pure hydrogen gas into electricity without producing any harmful tailpipe emissions.

Did you know about 15,000 hydrogen-powered vehicles are on U.S. roads right now, all in California? This carbon emission-free technology has caught the attention of some of the auto industry's biggest players. In this article, we'll look at some hydrogen car companies betting on hydrogen to drive sustainable mobility forward.

Top Key Player Working on Hydrogen Engine Vehicles Technology

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