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An increase in government initiatives for the development of hydrogen fuel cell infrastructure are expected to drive innovation in hydrogen powered transport manufacturing, thus driving the market during the forecast period.

The global hydrogen powered transport market is expected to grow from $5.15 billion in 2022 to $8.17 billion in 2023 at a compound annual growth rate (CAGR) of 58.57%. The hydrogen powered transport market size is expected to grow to $51.73 billion in 2027 at a CAGR of 58.62%.

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Global Hydrogen Powered Transport Market Segments Include:

• By Fuel Cell Technology Type: Proton Exchange Membrane Fuel Cells, Phosphoric Acid Fuel Cells, Other Fuel Cell Technologies
• By Vehicle Type: Cars, Buses, Trucks, Other Vehicles
• By End Use: Passenger Vehicle, Commercial Vehicle
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global hydrogen powered transport market in 2021.

Major Market Players in the hydrogen powered transport market include Honda, Toyota, Hyundai, BMW, General Motors, Foton, Mercedes-Benz, Volkswagen, and SAIC.

The launch of a prototype of a hydrogen fuel cell forklift is gaining popularity in the hydrogen-powered transport market. Major players operating in the industry are continuously focusing on introducing innovations and technologies to better serve the needs of consumers. For instance, in October 2020, Hyundai Mobis developed a prototype hydrogen fuel cell forklift with Hyundai Motor Company and Hyundai Construction Equipment. The hydrogen fuel cell forklift established can lift up to five tons and can be managed continuously for five hours when its hydrogen fuel cell is fully charged. The forklift has been adapted with a hydro fuel cell system mass-produced by Hyundai Motor Group. In the process of doing so, Hyundai Mobis independently developed a fuel cell power pack optimized for hydrogen fuel cell forklifts.

The Hydrogen Powered Transport Global Market Report 2023  provides a hydrogen powered transport market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The hydrogen powered transport market forecast analyzes hydrogen powered transport market size, hydrogen powered transport market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Hydrogen powered transport is a vehicle that uses hydrogen as its internal fuel. The powertrains of hydrogen vehicles use either internal combustion engines to burn hydrogen or fuel cells, which use hydrogen and oxygen to react to produce mechanical energy and power electric motors.

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