According to Fact.MR, a provider of market research and competitive intelligence, the global hydrogen vehicles market stands at US$ 46.11 billion in 2023. Worldwide demand for hydrogen vehicles is forecasted to increase at a CAGR of 30.8% from 2023 to 2033.

Rising awareness of the adverse environmental effects of conventional diesel and gasoline vehicles is predicted to boost the demand for more sustainable and cleaner transportation alternatives. Market players are expected to benefit from the increasing government initiatives in the form of incentives aimed at developing advanced hydrogen fuel cell infrastructure, coupled with continuous advancements in technology.

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Key Market Players

Prominent players in the hydrogen vehicles market include:

• Ballard Power System
• GM Hydrogenics
• Daimler AG
• Toyota Motor Corporation
• Hyundai Motor Company
• FuelCell Energy Inc.
• BMW AG
• Audi AG
• Honda Motor Company Ltd.

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Hybrid Electric Vehicles Market: The global market for hybrid electric vehicles is anticipated to showcase a stellar growth trajectory registering a CAGR of over 14% over the forecast period 2021-2031, according to Fact.MR. Gasoline hybrid vehicles are projected to surpass a value of over US$ 100 Million by 2031.

Automotive Hydrogen Fuel Cell Market: The automotive hydrogen fuel cell market is predicted to grow at 58.3% CAGR during the forecast period. The automotive hydrogen fuel cell market has high growth potential due to an increase in awareness of the consequences of air pollution and rises in levels of traffic & greenhouse gas emissions.

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Emergency Medical Services (EMS) Vehicles Market: The global emergency medical services (EMS) vehicles market enjoys a US$ 12.8 billion valuation in 2023 and is forecasted to reach US$ 21.3 billion by 2033-end. Worldwide sales of EMS vehicles are projected to increase at a steady 5.2% CAGR over the next ten years.