Rockville, MD, Nov. 05, 2024 (GLOBE NEWSWIRE) -- In 2021, the global commercial hydrogen vehicle market expanded 23.3% year-on-year, bucking skepticism about how the global market would perform owing to the COVID-19 pandemic. Across the world, in 2024, total sales of commercial hydrogen vehicles reached US$ 5.24 billion. Based on Fact.MR’s report, the global market for commercial hydrogen vehicles is anticipated to reach US$ 53.24 billion by 2034 expanding at a remarkable CAGR of 26.9% from 2024 to 2034.
Despite being the most prevalent element in the universe, hydrogen lacks independence, i.e., it must be separated from other substances, such as water or natural gas. However, there are trade-offs regarding cost and environmental impact, not all are made equal. Some of the features of FCEVs are high driving range, quick refilling, silent operation, and zero emissions of greenhouse gases & air pollutants. Therefore, using fuel cells for transportation and automotive purposes is suitable.
For significant applications in transportation, such as buses, cars, trains, defence vehicles, material handling vehicles, and light commercial vehicles, fuel cells are flexible and easily scalable sources of electricity. Demand for fuel cells in the automotive and transportation sectors may also increase as a result of several government initiatives.
To date, hydrogen use in the sector has been limited to less than 0.01% of the energy consumed, and two years back, hydrogen fuel cell electric vehicles accounted for a very small share of the global fleet of vehicles (<0.01%) and of electric vehicles (0.3%). At the end of June 2022, 50,000 FCEVs were on the roads across the world.
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Key Takeaways from Market Study
- The global commercial hydrogen vehicle market is projected to expand at an impressive CAGR of 26.9% and create an absolute dollar opportunity US$ 53.24 billion by 2034.
- The market expanded at 8% CAGR for the period of 2017-2021.
- Under fuel cell technology, PEMFC commercial hydrogen vehicles dominate the market and are valued at US$ 3.5 billion in 2022.
- Buses & coaches dominated the market with 1% market share in 2022.
- Demand for commercial hydrogen vehicles is expected to increase at CAGRs of 9% and 31.5%, respectively, in the Americas and EMEA.
“Automobile manufacturers are adopting hydrogen fuel cell (HFC) technology to gain an early advantage in the automobile market,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Commercial Hydrogen Vehicle Market:
Key players in the commercial hydrogen vehicle market are Anglo American, DAF, Daimler Truck, General Motors, Hinduja Group, Hyundai Motor Group, Hyzon Motors, International Truck, Komatsu, MAN, New Flyer Industries Ltd., Nikola Corporation, PACCAR Inc., SAIC Motor Corporation Limited, SANY Heavy Truck, Toyota Motor Corporation, Van Hool, Volvo AB.
Market Development:
Various governments have implemented several policies to address environmental issues. The Regional Hydrogen Hub, the Electrolysis and Clean Hydrogen Manufacturing, Recycling Programs, and the Bipartisan Infrastructure Law were all designed with inputs from stakeholders in mind. Two requests for information (RFI) were published by the U.S. Department of Energy (DOE). This will speed up development, lower technology costs, and increase the use of hydrogen as a source of clean energy.
For instance, to fulfil its goal of 1.5 million zero-emission vehicles by 2025, the U.S. state of California committed investment for the building of more than 100 hydrogen filling stations, which is boosting the market for commercial hydrogen fuel cell vehicles in the region.
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Commercial Hydrogen Vehicle Industry News:
- Ashok Leyland, the prime of the Hinduja Group, announced in November 2021 that the company is developing hydrogen-powered commercial cars and that a team is now constructing them.
- By lowering the cost of the technology by 2028, Hyundai Motor Group hopes to become the first car manufacturer in the world to power all of its commercial vehicle models using fuel cell systems. This goal was set in September 2021.
- A collaboration with American automaker General Motors Co. and others to create a hydrogen fuel cell-powered commercial truck and related fuelling infrastructure was announced in January 2021 by truck manufacturer Navistar International Corp.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global commercial hydrogen vehicle market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of type of fuel cell technology (PAFC, DMFC, PEMFC), fuel cell capacity (up to 75 kW, 75-100 kW, 100-150 kW, above 150 kW), and vehicle category (LCVs, HCVs, buses & coaches, industrial trucks), across major regions of the world (Americas, APAC, and EMEA).
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