Fuel Cell Trucks Market Gains Momentum as Auto Industry Embraces a Hydrogen Economy Transition
The prospect of fuel cell trucks in hydrogen economies is intriguing to companies pursuing zero-emission mobility solutions, says Frost & Sullivan
SANTA CLARA, Calif., Sept. 1, 2021 /PRNewswire/ -- Countries' commitments to climate change and to reduce carbon emissions have driven the automotive industry—one of the main carbon-emitting sectors—to focus on alternative powertrain solutions, such as fuel cell electric powertrains and battery-electric, to achieve zero-emission targets. 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% 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.
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"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 at 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."
Chandran added: "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."
Transport authorities and relevant companies are devising transition strategies and action plans to be competitive and maintain technology leadership. The following areas of exploration should be considered for growth:
- Technological competence vital to be competitive against battery-electric and diesel powertrains: Invest in research and development and validation programs to attain targeted system efficiencies through collaboration with technical research firms and government authorities.
- Expand capabilities, revamp strategies, and redefine goals to ensure long-term market sustainability: 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.
- Identify and map the opportunity landscape for fuel cell trucks across segments and different use cases: 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.
Global Fuel Cell Trucks Growth Opportunities is the latest addition to Frost & Sullivan's Mobility research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Global Fuel Cell Trucks Growth Opportunities
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