The worldwide supply of hydrogen automobiles is predicted to increase from 60,000 units in 2022 to over 1 million units in 2027, according to Juniper Research.
The supply of hydrogen cars is predicted to expand dramatically as the cost of manufacturing hydrogen fuel continues to fall, according to the summary article of the ‘Hydrogen Vehicle Trend Analysis and Market Prospect 2022-2027’ analysis published on the website. Vehicles equipped with a hydrogen propulsion system that uses liquid hydrogen as an energy source are characterized as hydrogen vehicles in the study. Liquid hydrogen is turned into energy and utilized to power vehicles through a chemical reaction with oxygen. It has a construction that is fundamentally different from an electric vehicle that is powered by stored electricity in a battery.
The analysis concludes that hydrogen cars are a feasible carbon-neutral alternative mode of transportation that can replace today’s battery electric vehicles (BEVs), also known as electric vehicles. In comparison to electric vehicles, hydrogen automobiles offer a larger range and a faster fuel injection time. The long charging period associated with electric cars is cited as a fatal flaw.
Leading manufacturers such as Hyundai Motor, Toyota, and BMW are investing significant sums of money to develop hydrogen cars, which is a good element of hydrogen automobiles. The analysis anticipates that during the next five years, hydrogen automobiles will become more popular and widely available.
According to the estimate, by 2027, the passenger car sector would account for more than 60% of all hydrogen vehicles on the market. Individual customer demand is expected to drive the hydrogen automobile industry. Due to the high cost of hydrogen automobiles, it appears that their supply will be difficult to come by. This is due to the fact that the technology is still in its infancy, and the average cost of a hydrogen automobile is over 70,000 dollars. With the advancement of technology, it is projected that the cost problem would eventually diminish.
“Manufacturers making hydrogen cars more inexpensive is the key to market development,” said Olivia Williams, co-author of the paper.
A fundamental hurdle for the broad adoption of hydrogen vehicles, according to the paper, is increasing hydrogen fuelling infrastructure. He underlined that heavy industrial investment, such as a facility to create hydrogen fuel, should be concentrated over the next five years in order to overcome this problem.
The paper advises that hydrogen infrastructure providers provide ‘green hydrogen,’ which is hydrogen created using renewable energy sources, in order to alleviate pollution problems and eventually reach carbon neutrality. This indicates that green hydrogen, not gray or blue hydrogen, should be used.