Fuel cell trucks market gains momentum as auto industry embraces a hydrogen economy transition
Frost & Sullivan’s recent analysis, Global Fuel Cell Trucks Growth Opportunities, finds that the prospect of fuel cell trucks in hydrogen economies is intriguing to companies that pursue zero-emission mobility solutions.
The global fuel cell trucks market is estimated to register 142,858 unit sales by 2030, with China accounting for 63.9 per cent of total global sales. Regional governments and energy departments are encouraging fuel cell truck adoption through incentives, tax credits and funding. They also are availing demonstration project scenarios.
“Hydrogen is emerging as a promising substitute to fossil fuels. It is a cleaner and more environmentally friendly form of energy, which will most suitably serve long distance-traveling needs and segments that demand high uptime and availability,” said Jagadesh Chandran, Mobility Research Analyst, Frost & Sullivan. “To overcome the challenges pertaining to technology, supply chain, infrastructure, and economic costs and in order to create a comprehensive hydrogen economy, the industry needs to hasten development to achieve economies of scale.”
Transport authorities and relevant companies are devising transition strategies and action plans to be competitive and maintain technology leadership. According to Frost & Sullivan, the following areas of exploration should be considered for growth:
- Invest in research and development and validation programs to attain targeted system efficiencies through collaboration with technical research firms and government authorities.
- Original equipment manufacturers (OEMs) will need to exhibit agile strategies to develop ecosystems that support the operation of fuel cell trucks through strategic partnerships and infrastructure development.
- OEMs need to map the positioning of fuel cell trucks against battery-electric trucks and define their sales strategy to propel growth in target segments.
“Opportunities for fuel cell trucks to grow in long-haul segments are evident when the industry transitions away from diesel engines. Major manufacturers are engaged in fuel cell vehicle development through cross-company and cross-regional collaborations to synergize and leverage existing know-how in technology, production and supply chain capabilities, and industry positioning.” said Chandran.