The global commercial Hydrogen vehicles market has achieved a valuation of US$ 4 billion in 2022, and is poised for rapid expansion, projected to experience a robust compound annual growth rate (CAGR) of 30.6%. By the conclusion of 2032, this market is anticipated to soar to an impressive US$ 57.9 billion, representing a remarkable 14.4-fold increase in worldwide sales of commercial hydrogen vehicles.

According to Fact.MR, a renowned market research and competitive intelligence provider, the period spanning from 2017 to 2021 witnessed a historical CAGR of 10.8% in the global commercial hydrogen vehicle market.

Download a Sample Copy of This Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=7918

While the advantages of employing hydrogen fuel cells within the automotive sector are widely acknowledged, the cost-intensive process of extracting hydrogen and oxygen molecules from water has been a limiting factor in the widespread adoption of hydrogen as a vehicle fuel source.

The Benefits of Commercial Hydrogen Vehicles

1. Zero Emissions: Hydrogen-powered commercial vehicles produce no harmful tailpipe emissions, making them ideal for urban environments where air quality is a growing concern.
2. Extended Range: Hydrogen vehicles offer longer driving ranges compared to many battery electric vehicles (BEVs), making them suitable for long-haul transportation and industries that require extended operational capabilities.
3. Rapid Refueling: Hydrogen refueling is fast and convenient, taking only a few minutes, similar to the time it takes to refuel with gasoline or diesel. This minimizes downtime for commercial vehicle operators.
4. Versatility: Commercial hydrogen vehicles can serve a wide range of applications, including trucks, buses, vans, and industrial machinery, providing a versatile solution for businesses.

Competitive Landscape

Prominent commercial hydrogen vehicle manufacturers in the market include 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, and Volvo AB.

Key technology providers driving the commercial hydrogen vehicle sector forward include AVL List GmbH, BAE Systems, Inc., Ballard Motive Solutions, Cellcentric, Cummins, Ekpo Fuel Cell Technologies, ElringKlinger, First Mode, Johnson Matthey, Plug Power, RAVEN SR, INC., Renault Group, Stellantis NV, Symbio, and TÜV NORD GROUP.

Over the years, fuel cell vehicle prices have seen significant reductions and are expected to continue declining in the coming decade. Notably, the cost of fuel cell vehicles, particularly buses, has dropped by an impressive 65% in recent years, even though production volumes remain relatively low.

This remarkable cost reduction has been driven by several factors, including technological advancements and product upgrades by manufacturers. Additionally, factors such as the decreasing cost and improved integration of electric drivetrains in vehicles, more affordable hydrogen storage tank solutions, and the hybridization of fuel cell and battery technologies have contributed to the overall affordability of fuel cell electric vehicles.

In November 2021, the Hinduja Group’s leading company, Ashok Leyland, revealed its active pursuit of hydrogen-powered commercial vehicles, with a dedicated team working on their development.

Similarly, in September 2021, the Hyundai Motor Group announced its ambition to become the world’s first automaker to equip all its commercial vehicle models with fuel cell systems by 2028. This initiative aims to make hydrogen vehicles more accessible by significantly reducing the technology’s cost.

In January 2021, Navistar International Corp., a truck manufacturer, unveiled plans to collaborate with General Motors and other partners to create a commercial truck powered by hydrogen fuel cells. The project also includes the development of a hydrogen fueling infrastructure.

The recent report from Fact.MR provides comprehensive insights into key manufacturers’ pricing strategies for commercial hydrogen vehicles across different regions, their sales growth, production capacities, and anticipated technological advancements in the sector.

Segmentation of Commercial Hydrogen Vehicle Industry Research

• By Fuel Cell Technology :
  • PAFC
  • DMFC
  • PEMFC
• 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 :
  • Americas
  • APAC
  • EMEA

Get Customization on this Report for Specific Research Solutions:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=7918 

As the sustainable mobility wave continues to reshape the transportation industry, the commercial hydrogen vehicle market is poised for substantial growth and impact. With its zero-emission profile, extended range, rapid refueling capabilities, and versatility, hydrogen-powered commercial vehicles are playing a vital role in reducing our carbon footprint and creating a more environmentally sustainable future. With continued support from governments and ongoing innovation within the industry, these vehicles are well-positioned to lead the way towards a cleaner and greener era of commercial transportation.

Contact: 
US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232
Email: [email protected]