The Future of Hydrogen in Automotive is expected to reach 1,280 thousand Units by 2035 from 20 thousand Units in 2022 at a CAGR of 37.6% during the 2022–2035 period according to a new report by MarketsandMarkets™. While battery-electric vehicles (BEVs) have gained rapid traction in recent years, hydrogen offers several advantages. Hydrogen fuel cell vehicles (FCEVs) are particularly suited for large sized vehicles, such as trucks and buses, where battery capacity limitations inhibit the performance. Additionally, development in hydrogen infrastructure is rapidly progressing, addressing concerns about fuel availability.
Factors such as rising demand for zero-emissions commuting and government support for low-emission vehicles through subsidies and tax breaks have resulted in automakers embracing EVs and the expansion of the electric light commercial vehicle market. Government bodies are supporting zero emission vehicles over petrol or diesel automobiles due to growing worries about increased pollution by the automotive industry. People have acknowledged the importance of promoting zero-emission vehicles in order to prevent pollution. Government agencies in several countries are proposing attractive plans and incentives to entice and encourage individuals to acquire ELCVs, such as substantial discounts, reduction in taxes, lower road charges for zero emission vehicles, and others.
Buses are expected to be the largest commercial vehicle type during the forecast period.
The hydrogen fueled Bus segment is expected to have a significant demand during the forecast period, especially in European countries, Japan, and China. These countries plan to convert their public transport bus fleets to zero-emission vehicles. This offers a significant opportunity for the growth of the automotive fuel cell bus market. For instance, in September 2019, a Chinese bus manufacturer, Golden Dragon, received an order for 100 hydrogen fuel cell buses worth USD 21 million from Jiashan county, Zhejiang province. These buses were expected to be delivered in 2020. In the 2022 Beijing Winter Olympic games, Geely was appointed as the transport provider. It deployed 80 units of the C12F hydrogen fuel cell buses to meet the requirement. European countries such as Denmark, France, Germany, Netherlands, and the UK have ordered fuel-cell buses to replace the current ICE bus fleets in their public transport systems. In addition, projects such as H2BusEurope, 3EMOTION, Clean Hydrogen in European Cities (CHIC), and Cogeneration of Hydrogen and Power (CH2P) are expected to propel the growth of the fuel cell electric bus market in the region. For instance, H2BusEurope plans to deploy 600 fuel cell buses, and 200 of these are expected to be delivered to Denmark by 2023. Various industry experts state that Europe is ready to deploy fuel-cell vehicles. Ballard Power Systems also announced that a quarter of the key cities in Europe are expected to deploy fuel-cell buses by 2025.
Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=179785986
FCEV segment will be the largest market by propulsion type during the forecast period.
During the forecast period, the FCEV segment is expected to lead the market during the forecast period. Most hydrogen fueled vehicles being launched over the years are FCEVs. This includes Beseselling FCEV Passenger Cars such as Toyota Mirai, Hyundai NEXO. Similarly, in the Van segment, most H2 fueled vehicles such as Citroen e-Jumpy, Peugeot-e Hydrogen, Opel Vivaro-e Hydrogen are FCEVs. Further, amongst buses and trucks, hydrogen fuelled vehicles such as Hyundai Elec City FCEB, Wrightbus Hydroliner FCEV, Hyzon Hymax, Hyundai XCIENT are also FCEVs. Market for FCHEVs and H2-ICE Vehicles are currently very Nische, and demand is expected to grow moderately during the forecast period.
Asia Pacific to lead the market during forecast period
The Asia Pacific region anticipates substantial growth in the hydrogen fuel cell vehicles, driven by proactive policies from key nations. This includes plans for developing green hydrogen and setup of hydrogen refuelling stations across the region. China currently leads the global market for hydrogen fueled Buses and Trucks with its setup of CV only hydrogen refuelling stations across key cities. Similarly, India has also announced plans for increasing green hydrogen capacity to provide for the future demand. Ashok Leyland and Tata Motors have announced plans for making H2-ICE vehicles in the future. Further, Japan plans to have around 800,000 FCEVs on roads by 2030. Similarly, South Korea has also announced plans for 6.2 million FCEVs on road by 2040. Such factors are expected to lead to the continued dominance of hydrogen fueled vehicles in the Asia Pacific region.
Key Players
The Future of Hydrogen in Automotive is expected to be led by established players such as Toyota Motor Corporation (Japan), Hyundai Motor Company (South Korea), Honda Motors (Japan), BMW Group (Germany), Stellantis (Netherlands) among others.
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact: Mr. Aashish Mehra MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Content Source: https://www.marketsandmarkets.com/PressReleases/future-of-hydrogen-in-automotive.asp
Media ContactCompany Name: MarketsandMarkets™ Research Private Ltd.Contact Person: Mr. Aashish MehraEmail: Send EmailPhone: 18886006441Address:630 Dundee Road Suite 430City: NorthbrookState: IL 60062Country: United StatesWebsite: https://www.marketsandmarkets.com/Market-Reports/future-of-hydrogen-in-automotive-179785986.html
