Automotive Hydrogen Fuel Cell Market Analysis; By Key Players, Applications, Growth Trends, Share & Segment Forecast to 2029
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. Recent analysis suggests that low carbon futures suggest that a variety of vehicles with hydrogen fuel cell could play a major role in the future light duty vehicle fleet.
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Launching an automotive hydrogen fuel cell involves surmounting an array of challenging economic and logistical barriers, which suggests a role for policy.
Although there has been progress, the costs of automotive hydrogen fuel cell vehicles are still high, consumer adoption and market growth are uncertain, and building a new hydrogen infrastructure will be costly and risky.
Subsequently, the aim of the study is to analyze the most recent trends, dynamics, and potential strategies in the global automotive hydrogen fuel cell market.
Global Automotive Hydrogen Fuel Cell Market: Dynamics
Automotive hydrogen fuel cell vehicles began commercial introduction in Japan, Europe and the U.S. (notably California), in 2013. Prominent OEMs including Hyundai, Toyota and Honda have entered the automotive hydrogen fuel cell market.
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Nissan, GM and Daimler have announced plans to commercialize FCVs (Automotive hydrogen duel cell vehicles) within the next few years. Automotive hydrogen fuel cell is also being demonstrated in fleet vehicles such as transit buses where there are currently a few dozen in operation with a few hundred planned over the next few years and trucks.
Markets for automotive hydrogen fuel cells are growing rapidly, more than doubling in 2016. Although current automotive hydrogen fuel cell vehicles are costly, obstructing the demand growth for automotive hydrogen fuel cell market.
Moreover, the growth of high-cost automotive hydrogen fuel cell market is mainly curtailed by the prevalence of conventional or gasoline/diesel driven buses. Today automotive hydrogen fuel cell buses offer an attractive business case and a lower total cost of ownership compared to other low and zero-emission options and fuel cost parity with diesel buses.
Global Automotive Hydrogen Fuel Cell Market: Segments
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The global automotive hydrogen fuel cell market can be segmented on the basis of vehicle type and region.
On the basis of vehicle type, the global automotive hydrogen fuel cell market can be segmented as:
Light Commercial Vehicles
Heavy Commercial Vehicles
Buses & Coaches
Trucks & Trailers
Global Automotive Hydrogen Fuel Cell Market: Regional Outlook
Currently, North America and China are at the forefront of the automotive hydrogen fuel cell market owing to significant investments and initiatives. Furthermore, in the long run, Europe and other South East Asian nations will likely to emerge as lucrative regions for the automotive hydrogen fuel cell market.
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In a nutshell, investments will be the key for the rapid development of automotive hydrogen fuel cell market. In North America and Europe the emphasis has been more on automotive hydrogen fuel cell light duty vehicles, although automotive hydrogen fueled buses and trucks are also being demonstrated.
There is strong interest in “power to gas” concepts in Europe. In China, there is interest in long-distance zero emission intercity transit via automotive hydrogen fuel cell buses, while urban light duty vehicles rely more on batteries.
Moreover, public funding for automotive hydrogen fuel cells currently exceeds a billion per year globally. Japan, Germany, the European Union, South Korea, and the U.S. each have programs of at least US$ 100 million per year.
Global Automotive Hydrogen Fuel Cell Market: Key Participants
List of some of the prominent market participants in the global Automotive Hydrogen Fuel Cell market discerned across the value chain include:
Doosan Fuel Cell America
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