Although the uptake of battery electric vehicles (BEVs) has accelerated worldwide in recent years, the proliferation of hydrogen-powered vehicles might not be far behind. Valued at US$46bn in 2023, market researcher Fact.MR forecasts that global demand will push this up to US$675bn by 2033—CAGR 30.8%. The US market is expected to grow at an equivalent rate (30.5%) across the same time period.
“The future of hydrogen-fuelled mobility in the US has never been brighter,” asserts Peter Meeks, Chief Executive of heavy-duty hydrogen fuel cell electric vehicle (FCEV) manufacturer Hyzon Motors. “While Europe, Australia, and New Zealand may have experienced a head start in terms of hydrogen policy, infrastructure, and overall adoption, the US is catching up and we expect rapid growth in the coming years.”