According to new data by Interact Analysis, the market for hydrogen vehicles is dominated by passenger automobiles. 90% of the 18,000 hydrogen-powered automobiles sold in 2021, it was discovered, were passenger cars.
The company found in a report that the lack of government incentives, together with a lack of refueling infrastructure and the expensive cost of hydrogen, are the main reasons why the industry for hydrogen-powered transportation is still very much in its infancy.
Some automakers are moving forward with the development of hydrogen powertrains. Hyundai and Toyota already sell vehicles, and BMW is expanding the operation of a test fleet of modified X5s.
Despite the hydrogen car business still being in its infancy, Marco Wang, a research analyst at Interact Analysis, noted that important advancements are being achieved. The worldwide market will have a substantially different and more concentrated appearance by 2030.
“At the moment, the TCO of hydrogen vehicles makes them less advantageous than conventional diesel alternatives. But as demand increases, fuel cell powertrains will become much more cost-competitive. The availability of hydrogen is another problem. However, the dedication and continued efforts of governmental authorities focused on hydrogen infrastructure offer a hopeful view of the future. More crucially, fuel cell technology is the only zero-emission solution for vehicles where a full battery has been shown to be impractical.
The research covers all modes of transportation, from the largest off-highway equipment to passenger cars, trucks, trains, and forklifts. It was discovered that fuel cells are the most developed powertrain technology for hydrogen-powered vehicles, with the majority of the current development taking place in the forklift and on-road segments. As businesses start to investigate the advantages of hydrogen technology, development for larger machinery in the off-road sector is primarily in the research and development stage.
For the hydrogen passenger automobile market, South Korea is in the lead, with America and Japan following. Sales of passenger cars are likely to dominate the market until 2025, but starting in 2028, it’s anticipated that sales of hydrogen commercial vehicles, particularly hydrogen trucks, would surpass those of passenger cars.
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