According to a market report by Lucintel, the future of the hydrogen power engine market looks promising with opportunities in the passenger vehicle and commercial vehicle market. The global hydrogen power engine market is expected to grow with a CAGR of 10% to 12% from 2023 to 2028. The major drivers for this market are growing demand for fuel cells electric vehicle (FCEV), government initiatives encouraging the adoption of fuel cell vehicles, and increase in demand for passenger transportation.
In this market, proton membrane exchange and phosphoric acid fuel cell are the major segments by technology. Lucintel forecasts that proton membrane exchange will remain the largest segment over the forecast period due to the growing need for proton membrane exchange for successful completion of electrochemical process in engine.
Within this market, commercial vehicle is expected to remain the largest segment growing demand for buses, trucks, vans, and others which are categorized under commercial vehicle and helps in mobility of both people and product is driving the demand for this segment.
North America will remain the largest region due to the increasing use of fuel cell vehicles in response to pollution and environmental concerns and rising government support towards the use of hydrogen internal combustion engines in order to reduce negative impacts of CO2 emissions in the region.
Honda, Toyota, Hyundai, Daimler, Audi, BMW, and Volvo are the major suppliers in the global hydrogen power engine market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global hydrogen power engine market by installation, technology, application, propulsion, and region. Lucintel has compiled a comprehensive research report titled “Growth Opportunities in the Global Hydrogen Power Engine Market 2023-2028: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global hydrogen power engine market by installation, technology, application, propulsion, and region, as follows:
Hydrogen Power Engine Market by Installation [Value ($B) Shipment Analysis from 2017 to 2028]:
· OEM
· Retrofit
Hydrogen Power Engine Market by Technology [Value ($B) Shipment Analysis from 2017 to 2028]:
· Proton Membrane Exchange
· Phosphoric Acid Fuel Cell
· Others
Hydrogen Power Engine Market by Application [Value ($B) Shipment Analysis from 2017 to 2028]:
· Passenger Vehicle
· Commercial Vehicle
· Others
Hydrogen Power Engine Market by Propulsion [Value ($B) Shipment Analysis from 2017 to 2028]:
· Hybrid
· Electric
Hydrogen Power Engine Market by Region [Value ($B) Shipment Analysis from 2017 to 2028]:
· North America
· Europe
· Asia Pacific
· The Rest of the World
A more than 150 pages and in-depth TOC on “Global Hydrogen Power Engine Market". To download report brochure, please go to
https://www.lucintel.com and click "report brochure" tab from the menu.
About Lucintel
Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. Lucintel offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the hydrogen power engine market by installation (OEM and retrofit), technology (proton membrane exchange, phosphoric acid fuel cell, and others), application (passenger vehicle, commercial vehicle, and others), propulsion (hybrid, electric, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity did occur in the last five years and what has its impact been on the industry?