In comparison to hybrid and internal combustion engine vehicles, hydrogen vehicles are more efficient, with a 60–70% advantage over the other two. The rising cost of gasoline and diesel has raised the demand for fuel-efficient automobiles. This is a result of the depletion of fossil fuel sources as well as an increase in business practises that aim to maximise profits from oil reserves. These elements increase the demand for cutting-edge fuel-efficient technologies, creating a rise in interest in the Hydrogen Vehicle Market.
Instead of using conventional fuel, hydrogen vehicles run on hydrogen fuel cells. Chemical energy is transformed into electrical energy by this fuel cell. Over the course of the forecast period, rising environmental concerns among governing authorities to limit emissions of dangerous gases and rising adoption of technology improvements are projected to promote the growth of the Hydrogen Vehicle Market.
