According to a recent exclusive report by MarketsandMarkets™, the future of hydrogen in the automotive industry is projected to reach an impressive 1,280 thousand units by the year 2035, compared to just 20 thousand units in 2022. This projected growth represents a significant compound annual growth rate (CAGR) of 37.6% during the period of 2022–2035. While battery-electric vehicles (BEVs) have gained considerable momentum in recent years, hydrogen offers several distinct advantages, particularly for larger vehicles such as trucks and buses, where battery capacity limitations hinder performance. Additionally, the development of hydrogen infrastructure is progressing rapidly, addressing concerns about fuel availability.
A variety of factors are driving this growth, including the increasing demand for zero-emission transportation and government support for low-emission vehicles through subsidies and tax breaks. Consequently, automakers are increasingly embracing electric vehicles (EVs) and expanding the market for electric light commercial vehicles (ELCVs). Furthermore, governmental bodies are actively promoting zero-emission vehicles over traditional petrol or diesel automobiles due to mounting concerns about pollution. This has led various countries to implement attractive incentives and plans to encourage individuals to acquire zero-emission vehicles, including substantial discounts, tax reductions, and lower road charges.
The report also highlights buses as the largest commercial vehicle type expected during the forecast period, with significant demand for hydrogen-fueled buses anticipated in European countries, Japan, and China. China, in particular, has been proactive in converting its public transport bus fleets to zero-emission vehicles, while European countries such as Denmark, France, Germany, Netherlands, and the UK have also ordered fuel-cell buses to replace current ICE bus fleets in their public transport systems. Projects such as H2BusEurope, 3EMOTION, and Clean Hydrogen in European Cities (CHIC) are expected to drive the growth of the fuel cell electric bus market in the region.
Moreover, the future of hydrogen in the automotive industry is expected to be led by established players such as Toyota Motor Corporation, Hyundai Motor Company, Honda Motors, BMW Group, and Stellantis, among others. These manufacturers have been at the forefront of developing hydrogen fuel cell vehicles and are driving innovation in the sector.
Overall, the report predicts that Asia Pacific will lead the market for hydrogen fuel cell vehicles, owing to proactive policies from key nations such as China, India, Japan, and South Korea. These countries have been making substantial investments in developing green hydrogen and setting up hydrogen refueling stations across the region, contributing to the continued dominance of hydrogen-fueled vehicles in Asia Pacific.
In conclusion, the future of hydrogen in the automotive industry presents an optimistic outlook, with the potential to revolutionize the way vehicles are powered and significantly reduce emissions. With key players investing in the development of hydrogen-fueled vehicles and governments actively supporting the transition towards zero-emission vehicles, the automotive landscape is poised for a sustainable and environmentally friendly transformation.
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