According to Cognitive Market Research, the global Hydrogen Vehicle market size will be USD 1954.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 29.20% from 2024 to 2031.
North America held the major market share for more than 40% of the global revenue with a market size of USD 781.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 27.4% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 586.26 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 449.47 million in 2024 and will grow at a compound annual growth rate (CAGR) of 31.2% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 97.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 28.6% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 39.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 28.9% from 2024 to 2031.
The passenger vehicle segment is the dominant category in the hydrogen vehicle market. This dominance is primarily driven by the increasing consumer demand for eco-friendly transportation solutions and the growing awareness of environmental issues
