Chicago, Jan. 12, 2024 (GLOBE NEWSWIRE) -- The global 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 |
| Market Size | 1,280 thousand Units by 2035 |
| Growth Rate | 37.6% of CAGR |
| Largest Market | Asia Pacific |
| Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
| Forecast Period | 2022-2035 |
| Forecast Units | Volume (Thousand Units) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Future of Hydrogen in Automotive by Propulsion, Vehicle Type, and Region. |
| Geographies Covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Lower environmental degradation |
| Key Market Drivers | Lower emissions |
FCEV segment will be the largest market by propulsion type 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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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.
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Europe is expected to be the largest region in the Future of Hydrogen in Automotive Industry
Europe is poised to command the largest market share in the biomethane market, primarily due to the region's proactive approach towards renewable energy and stringent environmental regulations. European countries have been at the forefront of adopting sustainable practices, with a strong emphasis on reducing carbon emissions and transitioning towards cleaner energy sources. Biomethane aligns well with these objectives, as it can be produced from organic waste through advanced technologies like anaerobic digestion. The European Union's ambitious renewable energy targets, supportive government policies, and robust infrastructure for natural gas and biomethane distribution contribute to the region's dominance in the biomethane market. Additionally, the well-established circular economy practices and a growing commitment to decarbonization in various sectors, including transportation and power generation, further drive the adoption of biomethane in Europe, positioning the continent as a leader in the global biomethane market.
Key Market Players:
Major players operating in the Future of Hydrogen in Automotive Companies include Toyota Motor Corporation (Japan), Hyundai Motor Company (South Korea), Honda Motors (Japan), BMW Group (Germany), Stellantis (Netherlands) among others.
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