Global Fuel Cell Commercial Vehicle Market - Segmented by Geography - Growth, Trends, and Forecast (2018 - 2023)
Concern on air quality issues, rapid adoption of alternate fuel vehicles, growing mass urban transportation and strong government subsidies supporting eco-friendly vehicles are the major factors driving the fuel cell vehicles market. Zero CO2 and other GHG emissions, operating quietly and less maintenance cost are some of the advantages of fuel cell vehicles over IC engine vehicles, which have slowly experienced a significant impact on commercial vehicles post 2015. China has been identified as one of the largest global market for buses and commercial vehicles.
Commercialization Plans Adopted For Fuel Cell Bus and Trucks
Plans such as relaxation on regulations to permit self-service hydrogen stations are expected to be rolled out especially by governments of Asia-Pacific countries like China and India where pollution and emissions are rampant. These plans, after coming into effect, would help the station operators to generate revenue without depending on the government subsidies. This would help in rapidly increasing the hydrogen fuel station network, thereby further accelerating the growth of fuel cell commercial vehicle market. It has also been noticed that major truck manufacturers such as Kenworth, Peterbilt and Scania are likely to produce more fuel cell based truck models during the forecasted period.
Key Developments in the Market
February 2018: - Ballard announces planned deployment of 500 fuel cell commercial trucks by the end of 2018 in Shanghai.
February 2018: - Hyundai Mobis to apply remote parking assist to hydrogen fuel cell car.
October 2017 – General Motors plans launch of all-electric and hydrogen fuel cell vehicles.
Major Key Players: TOYOTA, WRIGHTBUS, HYUNDAI, NEW FLYER OF AMERICA, amongst others
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