CHICAGO, Dec. 6, 2023 /PRNewswire/ -- 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.
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Future of Hydrogen in Automotive Scope:
Report Coverage | Details |
Units in 2022 | 20 thousand Units |
Estimated Units by 2035 | 1,280 thousand Units |
Growth Rate | Poised to Grow at a CAGR of 37.6% |
Largest Market | Asia Pacific |
Market Size Available for | 2018-2035 |
Forecast Period | 2022-2035 |
Forecast Units | Volume (Thousand Units) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Vehicle Type, Propulsion, and Region |
Geographies Covered | Asia Pacific, Europe, and North America |
Key Market Opportunities | Lower environmental degradation |
Key Market Drivers | Lower emissions |
"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.
"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.
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"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.
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Recent Developments
- In February 2023, GM and Honda announced the joint development of FCEV powertrains for their upcoming models
- In September 2022, Hyundai and IVECO Group showcased their new eDaily FCEV
- In August 2022, Toyota and BMW Group announced a partnership to develop FCEVs
- In July 2022, Toyota launched H2 Trucks developed in partnership with Isuzu and Hino Motors
- In July 2021, Volvo and Daimler Trucks announced plans to develop H2 fuel cell for long-haul heavy trucks
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