CHICAGO, April 4, 2024 /PRNewswire/ -- Future Of Hydrogen in Automotive Market size is projected to grow from an estimated 23 thousand units in 2024 to 353 thousand units by 2035, at a CAGR of 28.3%, according to a new report by MarketsandMarkets. Factors such as higher driving range than battery electric vehicles, zero-emission nature of the hydrogen-powered vehicle, and government plans for zero-emission transport across the globe, have resulted in automakers announcing plans to embrace hydrogen-powered fuel cell vehicles and the expansion of the future of hydrogen in automotive market. Similarly, technological developments by leading OEMs such as BMW (Germany), Toyota Motor Corporation (Japan), and Hyundai Motor Company (South Korea) are further propelling the market growth.
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25 - Pages
Future of Hydrogen in Automotive Market Scope:
Report Coverage | Details |
Market Size | 353 thousand units by 2035 |
Growth Rate | CAGR of 28.3% |
Largest Market | Asia Pacific |
Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
Forecast Period | 2024-2035 |
Forecast Units | Value (Units) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Vehicle Type (Passenger Car, Light Commercial Vehicle, Bus, and Truck), Propulsion Type (FCEV, FCHEV, and H2-ICEV), H2 Refuelling Points (Asia Pacific, Europe, and North America) and Region |
Geographies Covered | Asia-Pacific, Europe, and North America |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Government initiatives promoting hydrogen infrastructure |
Key Market Drivers | Reduced oil dependency |
"H2-truck segment is expected to hold the significant market share during the forecast period."
Hydrogen-powered trucks are expected to play a pivotal role in the automotive industry, demonstrating a CAGR of 36.6% until 2035, propelled by increased efforts in innovation from major OEMs like Volvo (Sweden) and Daimler (Germany). Hydrogen-powered trucks hold a significant portion of the Asia Pacific market, particularly leading in China. Similarly, there is a rapid surge in demand projected for hydrogen-powered trucks in the US, supported by the nation's ambitious USD 7 billion hydrogen hub initiative aimed at establishing hydrogen refuelling stations or hubs nationwide. Leading models such as the Hydzon Hymax and Hyundai XCIENT are driving the H2 truck market forward. Additionally, OEMs including Scania, Volvo, and Daimler are strategizing to introduce their hydrogen-powered trucks soon.
"H2-ICE segment expected to be the next big shift during forecast period."
The utilization of hydrogen internal combustion engine (H2-ICE) powertrains, particularly in heavy-duty trucks, is expected to grow significantly during the forecast period. With OEMs outlining strategies for the introduction of H2-ICE-powered heavy-duty commercial vehicles and passenger cars, the mainstream adoption of H2-ICE technology is expected to occur by 2035. H2-ICE vehicle are characterized by enhanced efficiency and reduced fuel consumption, the transition to H2-ICE architecture is deemed more feasible compared to fuel cell electric vehicle (FCEV) architecture, primarily due to its independence from costly materials like platinum, thereby contributing to cost reduction. These advantageous attributes have spurred prominent automakers and engine manufacturers to pivot towards incorporating H2-ICE components into their vehicles. For instance, in January 2024, Bosch GmBH (Germany) disclosed its plans to commercially launch a hydrogen internal combustion engine designed for deployment in heavy commercial vehicles (HCVs). Similarly, Volvo announced its initiatives in January 2024 to develop H2-ICE engines as a viable alternative to FCEVs, aligning with its hydrogen-oriented initiatives.
"North America to be the fastest growing market for H-2 Pickups and HD Trucks during the forecast period."
North America is expected to witness significant growth in the market for fuel-cell electric vehicles, with the United States maintaining a dominant share of 94% within the region. Toyota emerged as the frontrunner in the North American market, commanding an 89% market share as of 2023, with projections suggesting its continued leadership, bolstered by the implementation of hydrogen subsidy initiatives. Although the setup of fixed H2 refuelling stations stalled in California in 2023, the US is strategizing the establishment of portable hydrogen refuelling stations beyond California. Models such as Toyota MIRAI and Hyundai NEXO dominate sales in the region, with an increasing focus on pickup trucks anticipated, as major OEMs plan to diversify into hydrogen fuel. North America emerges as a key region in fuel cell electric vehicle market with leading OEMs planning new launches in coming years. Further, Hyundai XCIENT, Van Hool A series, Nikola Motors Tre, and NFI Xcelsior are some of leading FC commercial vehicles presently available in the market. Moreover, Toyota Hyluz and Daimler H2 truck are expected to be launched by 2026.
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Key Market Players:
The major players in Future of Hydrogen in Automotive Companies include Toyota Motor Corporation (Japan), Hyundai Motor Company (South Korea), SAIC Motors (China), FAW (China), and Yutong (China) among others.
Recent Developments
- In January 2024, Bosch announced plans for commercial launch of its hydrogen IC engine, developed for use in HCVs.
- In January 2024, Volvo announced. plans to develop H2-4CE engines as an alternative for FCEVs as part of its Hydrogen based plans.
- In November 2023, Porsche announced plans for development of H2-ICE engine and future launch of H2-ICE cars.
- In October 2023, Toyota launched its Corolla Cross H2 Concept car, which uses its prototype H2-ICE engine.
- In October 2023, Honda showcased its HySE-X1 ATV. The ATV runs on Toyota's H2-ICE engine.
- In March 2023, Hyundai's Doosan Intracore announced plans to develop H2-ICE based engines for its H2 cars by 2025.
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