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Rockville, Nov. 23, 2022 (GLOBE NEWSWIRE) -- Rising Demand for Clean Sources of Automobile Fuel to Drive Sales of Commercial Hydrogen Vehicles, States Fact.MR
Automobile Manufacturers Are Adopting Hydrogen Fuel Cell (HFC) Technology to Gain an Early Advantage in the Automobile Market
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 2021, total sales of commercial hydrogen vehicles reached US$ 3.2 billion. Based on Fact.MR's report, the global market for commercial hydrogen vehicles is anticipated to reach US$ 57.9 billion by 2032 expanding at a remarkable cagr of 30.6% from 2022 to 2032.
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.
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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.
Key Takeaways from Market Study
The global commercial hydrogen vehicle market is projected to expand at an impressive CAGR of 30.6% and create an absolute dollar opportunity US$ 54.7 billion by 2032. The market expanded at 10.8% 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 43.1% market share in 2022. Demand for commercial hydrogen vehicles is expected to increase at CAGRs of 33.9% and 31.5%, respectively, in the Americas and EMEA.
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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For years, fuel cell car prices have been dropping significantly, and throughout the course of the next ten years and beyond, they will keep declining. The cost of fuel cell vehicles, particularly buses, has decreased by 65% in the last few years, despite their low production volume.
Significant advancements in fuel cells have been made thanks to technological advances and product upgrades by many manufacturers. A variety of additional factors, such as the following, have also helped to lower the overall cost of fuel cell electric vehicles: Lower cost and better integration of the vehicle's electric drivetrain, decreased cost of the hydrogen storage tank, hybridization of the vehicle's fuel cell and batteries.
In Nov. 2021, Hinduja Group's premier Ashok Leyland revealed that the corporation is working on commercial vehicles powered by hydrogen, and a team is actively building these vehicles. In Sept. 2021, Hyundai Motor Group hopes to be the first vehicle maker in the world to power all of its commercial vehicle models with fuel cell systems to make hydrogen vehicles more widely available by lowering the cost of the technology by 2028. In Jan. 2021, truck manufacturer Navistar International Corp. announced that it will partner with American automobile maker General Motors Co. and others to create a commercial truck powered by hydrogen fuel cells and an accompanying fueling infrastructure.
Key Companies Profiled
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
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Segmentation of Commercial Hydrogen Vehicle Industry Research
By Fuel Cell Technology : By Fuel Capacity :
Up to 75 kW 75-100 kW 100-150 kW Above 150 kW By Vehicle Category :
LCV s HCVs Buses & Coaches Industrial Trucks By Region :
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).
Check out more related studies published by Fact.MR Research:
hydrogen vehicles market - According to Fact.MR- a market research and competitive intelligence provider- sales of hydrogen vehicles expand at a moderate trajectory, registering a CAGR of around 2% across the 2016-2020 historical period. As this technology is relatively nascent, growth prospects were largely limited. et they represent an important part of the transportation market, and they are also called FCEVs. From 2021 to 2031, the global market is expected to surge at a CAGR of 3%.
hybrid electric vehicles market - The global market for hybrid electric vehicles is anticipated to showcase a stellar growth trajectory registering a CAGR of over 14% over the forecast period 2021-2031, according to Fact.MR. Gasoline hybrid vehicles are projected to surpass a value of over US$ 100 Million by 2031.
recreational off-highway vehicles market - The global recreational off-highway vehicles market is estimated at USD 15.7 Billion in 2022 and is forecast to surpass USD 54.4 Billion by 2032, growing at a CAGR of 13.2% from 2022 to 2032. The sales of recreational off-highway vehicles (ROVs) is likely to increase in the forthcoming years because of the shifting trends of the consumers towards power sports leading to higher additional demand for all-terrain vehicles (ATVs).
automotive hydrogen fuel cell market - Hydrogen has been proposed as a future transportation fuel for zero emission vehicles, because of its potential to reduce greenhouse gas emissions in the transport sector as well as air pollutant emissions. Subsequently, hydrogen fuel cells are developed to offer a sustainable mobility in the future. Although a hydrogen fuel cell vehicle has no tailpipe emissions of carbon or air pollutants, there can be“upstream” emissions from producing hydrogen.
wheelchair accessible vehicle market - According to the research report on wheelchair accessible vehicle market, it is projected to expand at a steady CAGR of 5.4% throughout the period of assessment with respect to value, 2018-2028. The report also reveals that sales of wheelchair accessible vehicles continue to remain concentrated in developed countries of North America and Europe. That said, North America is expected to reflect a higher market attractiveness with respect to adoption of wheelchair accessible vehicles during the assessment period.
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That's why focus on offering insights that can actually make a difference to bottom-lines.
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