Frost & Sullivan’s latest analysis of the global fuel cell passenger car market finds that fuel cell technology will be heavily driven by technology optimisation and government incentives. Growth in the global fuel cell electric vehicle (FCEV) market will be buoyed in the next five years by the launch of 20 fuel cell cars. Frost & Sullivan expects the global market for FCEV to stand at approximately 583,360 units by 2030, with Asian OEMs dominating the market.
Frost & Sullivan’s recent analysis, Global Executive Analysis of the Fuel Cell Passenger Car Market, Forecast to 2030, provides an analysis of hydrogen fuel cell technology and infrastructure development in key regions such as Europe, North America, Japan, China, and South Korea. OEM and supplier profiles, key disruptions, innovations, and growth opportunities are also assessed.
“To speed up the adoption and market penetration of fuel cell passenger cars, global governments are taking drastic measures to ensure better fuel infrastructure by improving fuel hydrogen (H2) stations and providing incentives and tax waivers for the purchase of FCEVs,” said Anjan Hemanth Kumar, Mobility Programme Manager at Frost & Sullivan. “Governments in Asian countries, including China, Japan, and Korea, are taking this one step further by providing FCEV subsidies ahead of battery electric vehicles.”
Further trends and developments driving growth in the global fuel cell passenger car market include:
• Growth of H2 fuel stations from 261 in 2016 to about 7,564 by 2030;
• About $2 billion worth of investments from top investors like Kleiner Perkins Caufield & Byers (US), Credit Suisse (Switzerland), and Rolls-Royce Holdings (UK);
• The Department of Energy in the US aims to reduce the fuel cell stack price to about $30 $40 for an 80 kW system; and
• OEMs such as Hyundai, Honda, and Toyota developing strong customer-focused strategies for fuel cell vehicle adoption through the use of incentives, leasing, and attractive purchase options.
“With high investment coming from the US and Europe, the next big opportunity is to co-develop fuel cell stacks and optimise fuel cell systems through OEM and power system supplier joint ventures. This will rapidly increase commercialisation and adoption rates,” observed Kumar.
Global Executive Analysis of the Fuel Cell Passenger Car Market, Forecast to 2030 is part of Frost & Sullivan’s global Mobility Growth Partnership Service program.
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Global Executive Analysis of the Fuel Cell Passenger Car Market, Forecast to 2030 / MD50-18