Global Hydrogen Fuel Cell Vehicle Market 2024-2030

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    HYDROGEN FUEL CELL VEHICLE MARKET

     

    INTRODUCTION

     

    Hydrogen fuel cell vehicles have been under development since early 2000s but the first breakthrough came in 2013 when Hyundai delivered 15 Ix35 manufactured on a production line to City of Copenhagen.

     

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    It was quickly followed by Toyota, the global leader in hybrid vehicles when it showcased the prototype of Mirai in 2014 and retail sales began in US in Q3-2015 with prices starting at $57k.

     

    To know more about Global Automotive Hydrogen Storage Tank Market, read our report

     

    HYDROGEN FUEL CELL VEHICLE MARKET DYNAMICS

     

    Hydrogen vehicle fuel cells so far have been based on an expensive platinum catalyst, which is among the major challenges holding back the technology from faster commercialization.

     

    To counter cost issues, researchers from the University of Copenhagen have developed a new catalyst that requires a fraction of the amount of Platinum.

     

    To know more about Global Automotive Fuel Cell Market, read our report

     

    Hyundai has been working with the US Federal government for fuel cell technology since 2004 and delivered five Nexo fuel cell vehicles to US Department of Energy.

     

    The 300% rise in the value of shares of start-up truck maker Nikola which has not made or sold a single vehicle is a growing reminder of how investors see fuel cells as path breaking technology.

     

    In rail industry, there has been a growing chorus to reduce emissions especially on non-electrified lines and that is where hydrogen rail vehicles have gained prominence.

     

    Alstom’s Coradia iLint built by the company in Salzgitter, Germany has now been launched in Austria following successful trials in Germany.

     

    To know more about Europe Hydrogen Vehicle Market, read our report

     

    Starting in the middle of the decade, BMW and Toyota will collaborate to create hydrogen fuel cell vehicles.

     

    The two automakers have previously collaborated, developing the BMW Z4 and Toyota Supra sports cars as well as the iX5 Hydrogen, an SUV based on the X5 from BMW.

     

    Toyota has extensive experience with fuel cell technology and is now developing the second generation of its eight-year-old Mirai mid-size sedan. These vehicles generate power using hydrogen and oxygen rather than an engine or a battery.

     

    In a group with Hyundai Motor, Macquarie Group will join the US market for hydrogen fuel cell electric trucks as a financing partner.

     

    To finish deploying 30 Class 8 hydrogen fuel cell electric trucks (FCETs) across North America, the partnership has been granted grant money.

     

    Using its expertise in the transportation and energy industries, the project represents Macquarie’s debut into the market for electric vehicles powered by hydrogen fuel cells that emit no emissions.

     

    HYDROGEN FUEL CELL VEHICLE MARKET DEVELOPMENT IN CHINA

     

    China`s biggest state-owned car manufacturer with ~22% market share in local market, SAIC Motor aims to bring at least ten FCEV models by 2025 and hit over 10,000 units in annual production and sales.

     

    SAIC also wants to grow the valuation of Shanghai Hydrogen Propulsion Technology Co., Ltd. (SHPT), a fuel cell technology fully owned subsidiary of SAIC Motor, to $1.5 Billion by 2025 and have 1,000 employees by that time.

     

    POTENTIAL IN HEAVY TRUCK SEGMENT

     

    In Sep 2020, Hyundai exported XCIENT Fuel cell trucks to various European countries, the truck is powered by a 190-kW hydrogen fuel cell system with dual 95-kW fuel cell stacks. The driving range per tank for XICENT is about 400 km. Seven hydrogen tanks offer storage capacity of about 4.5kg each. Refuelling time for each truck is estimated at 10-20 minutes- at par with Diesel trucks.

     

     

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    Daimler, Toyota, Honda, ISUZU, Volvo are already working on their own variants of heavy duty fuel cell trucks.

     

    NEW PRODUCT LAUNCH IN HYDROGEN FUEL CELL VEHICLE MARKET

     

    Sep 2020– Hydrogen generation technology company Element 1 announced plans for its methanol-based M-Series hydrogen generator to be incorporated onto a medium-duty fuel cell truck

    Sep 2020– Daimler Trucks showcased Mercedes-Benz Actros, the GenH2 Truck with a range of up to 1,000-kilometers range. Daimler is expected to commence customer trials in 2023, and series production post 2025.

    Sep 2020– China state owned SAIC launched an all-new FCEV MPV EUNIQ 7, features SAIC’s third-generation fuel cell system and has a driving range of 605 kms

     

    The San Francisco Bay will soon be home to a new fossil-fuel-free ferry powered entirely by hydrogen fuel cells, and officials believe it will usher in a new era on the high seas. It was built at the All American Marine shipyard in Bellingham, Washington, and was being tested in neighbouring Puget Sound by the US Coast Guard.

     

    Industry is studying fuel cells as clean-energy automobiles, trucks, trains, and pleasure boats are built, and it’s the first commercial vessel in the world to have that propulsion technology.

     

    However, the high cost and bulkiness of fuel cell systems have limited their application. Three hydrogen fuel cell stacks whirred in the engine room, helping power two propellers that carry the ferry along at a top speed of 20 knots, and they were working on hydrogen fuel cell as a technique for decarbonizing ships.

     

    Customers’ limited demand will prevent profitable mass production of fuel cell automobiles as long as the network of hydrogen refuelling stations remains so sparse. 

     

    And as long as there are few hydrogen cars on the road, the operators will only extend their refuelling station network with caution.

     

    Germany, BMW’s native country, leads the world in terms of hydrogen fuel cell infrastructure. 

     

    Vehicle manufacturers such as BMW have joined forces with hydrogen producers and filling station operators to encourage the extension of refuelling infrastructure in the Clean Energy Partnership programme, which aims to extend the hydrogen fueling station network. 

     

    This would allow hydrogen automobiles to operate on German roadways.

     

    With the introduction of the ix35 Fuel Cell Electric Vehicle (FCEV), the world’s first mass-produced hydrogen-powered vehicle, Hyundai established itself as a global leader in hydrogen fuel cell technology. Hyundai have released next-generation FCEVs, commercial FCEVs, and even future mobility solutions since then.

     

    As cities and cultures continue to move toward alternate ways of energy production and storage, interest in hydrogen as a sustainable and effective energy source is growing. 

     

    Hydrogen, as one of the most abundant elements in the cosmos, provides a long-term answer to the energy sector’s problems. The future of hydrogen has never looked brighter.

     

    The majority of hydrogen is now produced using a natural gas extraction method that employs carbon and hydrogen.

     

    This is less expensive than any other option, but it does produce greenhouse gases in the process. Green hydrogen has been dubbed the “future fuel” because it comes up to its zero-emission promise.

     

    Hyundai is committed to being a part of the transition to a hydrogen society, from manufacturing and distribution to hydrogen use in private automobiles, trucks, buses, and other modes of transportation.

     

    HYDROGEN FUEL CELL VEHICLE MARKET SIZE AND FORECAST

     

    The global hydrogen fuel cell vehicle market is estimated at $XX Million in 2022 growing at –% CAGR till 2030

     

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    TECHNOLOGIES USED TO OPERATE

     

    Fuel Cell Stack: The fuel cell stack is the engine of a hydrogen fuel cell vehicle.It has numerous separate fuel cells that use an electrochemical reaction to create power by combining oxygen from the air with hydrogen from the fuel tank.The proton exchange membrane fuel cell is the most prevalent form of fuel cell used in automobiles.

     

    Storage of Hydrogen: High-pressure tanks are used to store hydrogen inside the vehicle.According to the design, the tanks are intended to safely hold hydrogen gas at high pressures, which can range between 5,000 and 10,000 psi.

     

    Electric Motor: A vehicle’s wheels are propelled by an electric motor, which is powered by energy produced by the fuel cell stack.The motor propels the vehicle by turning electrical energy into mechanical energy, just like an electric motor in a battery-operated vehicle does.

     

    The PCU controls how much electricity travels between the fuel cell stack, the electric motor, and the car’s battery.It manages the energy storage and distribution inside the vehicle as well as the fuel cell stack’s power production. 

     

    Auxiliary Systems: Hydrogen fuel cell vehicles also come with auxiliary systems including air conditioning, heating, and other electrical components. These systems are comparable to those found in traditional internal combustion engine vehicles.The fuel cell stack’s electricity is used to power these systems.

     

    Regenerative Braking: Hydrogen fuel cell vehicles, like other electric vehicles, are capable of using regenerative braking technology.When the driver applies the brakes, the electric motor switches to generator mode and turns the vehicle’s kinetic energy back into electrical energy, which can then be stored in the battery or used to power the fuel cell stack.

     

    TECHNOLOGICAL ADVANCEMENT

     

    Platinum Reduction: Used as a catalyst in fuel cells, platinum is a pricey and scarce metal.Alternative catalyst materials that can replace or lessen the dependency on platinum are being investigated by researchers in an effort to increase the cost-effectiveness of fuel cells.

     

    Non-precious metal catalysts, such as those based on iron, cobalt, and nickel-based compounds, are some intriguing options.

     

    Infrastructure Development: A key factor in the widespread adoption of hydrogen fuel cell vehicles is the extension of the hydrogen refueling infrastructure.

     

    Around the world, efforts are being made to build hydrogen filling stations, giving FCEV owners more easy access to refueling alternatives.

     

    Vehicle Integration: Automobile manufacturers have been working hard to incorporate fuel cell technology into a variety of vehicle types and platforms, including sedans, SUVs, and commercial vehicles.With more varied vehicle alternatives, fuel cell technology should become more widely available to consumers and applications.

     

    Collaboration and Partnerships: The development of hydrogen fuel cell technology has been significantly aided by collaboration between automobile manufacturers, technology providers, and energy firms.

     

    Joint ventures and partnerships have made it possible to share information, pool resources for R&D, and speed up the commercialization of innovations.

     

    NEW TECHNOLOGY

     

    Hydrogen Fuel Cell Implementation for the Transportation Sector.Global transportation has compelling arguments for lowering oil use, carbon dioxide emissions, and noise pollution.

     

    Transitioning to alternative transportation technologies such as electric cars (EVs) has gotten more attention from the automobile industry.

     

    A fuel cell electric vehicle (FCEV) powered by a hydrogen engine is one of the most amazing technologies since it is capable of large-scale transportation.

     

    However, its performance limits are called into doubt due to voltage depreciation in long-term operations under continuous load and stable circumstances. Another disadvantage of employing fuel cells in EVs is the energy balancing and management challenges that are required for vehicle power and energy requirements. 

     

    PEMFCs may be hybridised with energy storage technologies like supercapacitors and batteries to meet driving behaviour such as dynamic loads.

     

    This chapter’s introduction reviews the general outlook for FCEVs, takes a look at the potential barriers to FCEV commercialization, and discusses the value of fuel cells for EV technologies, the use of accelerated stress test (AST) procedures to diagnose degradation, FCEV hybridization, and the role of energy storage in EV charging.

     

    The material deterioration caused by driving behaviour. Material degradation data may be put into a database to enhance cell component performance and durability, leading to the development of novel materials and hybridization designs for fuel cells.

     

    To enable the rise of EV technologies, energy storage for integrated alternative electricity production is necessary. A redox flow battery is seen as a good contender for an appealing charging station for EVs or HEVs.

     

    HYDROGEN FUEL CELL VEHICLE MARKET COMPETITIVE LANDSCAPE

     

    SI No Timeline Company Developments
    1 November 2021 Ballard Power Ballard purchased 100% of Arcola for a total upfront and earn-out cash and share consideration of up to US$40 million
    3 October 2021 Bloom Energy Bloom Energy has inked a contract with SK Group to deploy at least 500 MW of power until 2024, for an estimated USD 4.5 billion (EUR 3.87 billion) in equipment and service revenues.
    4 November 21 Plug Power Plug Power has announced plans to build five green hydrogen facilities in the United States, each with a production capacity of 100 tonnes per day. In one of the largest acquired equity offerings ever, Plug Power raised roughly $1 billion.

     

    We believe, the hydrogen fuel cell technology is better suited for medium and heavy-duty commercial vehicles unless there is a breakthrough in the solid-state battery technology.

     

    The quick refuelling time and minimal impact on payload capacity in a fuel cell truck is one of the biggest reasons behind that.

     

    The hydrogen fuel cell vehicle market was earlier driven by Asian manufacturers i.e. Toyota, Hyundai and Honda. Now, there has been a growing interest among European manufacturers as well.

     

    Since the cost of technology development for fuel cell cars is expensive there have been numerous partnerships struck to bring down the same. For example,

     

    Sep 2020– Ballard Power Systems launched its proton exchange membrane (PEM) fuel cell stack and signed a non-binding MOU with Audi. The new stack will provide propulsion for a range of light-, medium- and heavy-duty vehicles and MOU expanded Audi’s right to use the PEM in all applications, including commercial trucks and passenger cars.

     

    Similarly, in May 2019 Hyundai and KIA partnered with Croatian sports car manufacturer Rimac to develop a prototype for high performance fuel cell EV.

     

     

    HYDROGEN FUEL CELL VEHICLE MARKET COMPANY PROFILE

    1. Toyota Motors
    2. Hyundai Motor Company
    3. Nikola Motors
    4. Ballard Power Systems
    5. SAIC Motors
    6. Honda Motors
    7. Daimler AG
    8. Volvo AB

     

    THIS HYDROGEN FUEL CELL VEHICLE MARKET REPORT WILL ANSWER FOLLOWING QUESTIONS

    1. How many  hydrogen fuel cell vehicle are manufactured per annum globally? Who are the sub-component suppliers in different regions?
    2. Cost breakup of a Global  hydrogen fuel cell vehicle and key vendor selection criteria
    3. Where is the  hydrogen fuel cell vehicle manufactured? What is the average margin per unit?
    4. Market share of Global  hydrogen fuel cell vehicle market manufacturers and their upcoming products
    5. Cost advantage for OEMs who manufacture Global  hydrogen fuel cell vehicle in-house
    6. key predictions for next 5 years in Global  hydrogen fuel cell vehicle market
    7. Average B-2-B  hydrogen fuel cell vehicle market price in all segments
    8. Latest trends in  hydrogen fuel cell vehicle market, by every market segment
    9. The market size (both volume and value) of the  hydrogen fuel cell vehicle market in 2024-2030 and every year in between?
    10. Production breakup of  hydrogen fuel cell vehicle market, by suppliers and their OEM relationship
    Sl no Topic
    1 Market Segmentation
    2 Scope of the report
    3 Abbreviations
    4 Research Methodology
    5 Executive Summary
    6 Introduction
    7 Insights from Industry stakeholders
    8 Cost breakdown of Product by sub-components and average profit margin
    9 Disruptive innovation in the Industry
    10 Technology trends in the Industry
    11 Consumer trends in the industry
    12 Recent Production Milestones
    13 Component Manufacturing in US, EU and China
    14 COVID-19 impact on overall market
    15 COVID-19 impact on Production of components
    16 COVID-19 impact on Point of sale
    17 Market Segmentation, Dynamics and Forecast by Geography, 2023-2030
    18 Market Segmentation, Dynamics and Forecast by Product Type, 2023-2030
    19 Market Segmentation, Dynamics and Forecast by Application, 2023-2030
    20 Market Segmentation, Dynamics and Forecast by End use, 2023-2030
    21 Product installation rate by OEM, 2023
    22 Incline/Decline in Average B-2-B selling price in past 5 years
    23 Competition from substitute products
    24 Gross margin and average profitability of suppliers
    25 New product development in past 12 months
    26 M&A in past 12 months
    27 Growth strategy of leading players
    28 Market share of vendors, 2023
    29 Company Profiles
    30 Unmet needs and opportunity for new suppliers
    31 Conclusion
    32 Appendix
       
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