Frost & Sullivan: Automobile Industry Embraces Hydrogen Economy Transformation, Fueling Hydrogen Fuel Cell Truck Market
SEOUL–(Korea Newswire) December 27, 2021 — Frost & Sullivan has published the ‘Global Fuel Cell Trucks Growth Opportunities’.
Efforts by countries to reduce climate change and carbon emissions continue. Accordingly, the automotive industry, one of the major carbon emission sectors, is focusing on alternative powertrain solutions such as hydrogen fuel cell electric powertrains and battery electric powertrains in order to achieve its zero-emission goal.
According to the report, hydrogen fuel cell trucks are of great interest to companies seeking a zero-emission mobility solution.
Frost & Sullivan predicts that global hydrogen fuel cell truck sales will reach 142,858 units by 2030, with China accounting for 63.9% of that. Governments and energy-related organizations around the world are encouraging the introduction of hydrogen fuel cell trucks with incentives, tax credits and funding.
“Hydrogen is rapidly emerging as an alternative to fossil fuels,” said Shim Jin-han, managing director of the Korean branch of Frost & Sullivan. Hydrogen is a cleaner and greener energy source and is well suited for long-distance applications where long uptime and high availability are required. “To solve the problems of technology, supply chain, infrastructure and economic costs, and to build an inclusive hydrogen economy, the industry must accelerate development to achieve economies of scale.”
As the automotive industry moves away from diesel engines, the opportunities for hydrogen fuel cell trucks to grow in the long-distance segment become clearer. Major automakers are developing hydrogen fuel cell vehicles through collaboration between companies or regions, expecting synergies by utilizing their existing know-how in technology, production, supply chain capabilities, and industrial positioning.
Transportation authorities and related companies are devising implementation strategies and action plans to secure competitiveness and maintain technological leadership. To take advantage of the hydrogen fuel cell truck market growth opportunities, related companies should focus on the following areas:
Technical competence needed to secure competitiveness against battery-electric and diesel powertrains: Invest in R&D and verification programs aimed at achieving targeted system efficiencies in collaboration with technology research institutes and government authorities
To ensure long-term market sustainability, expand capacity, reorganize strategies, and re-establish goals: detailed strategies are required to establish an ecosystem that supports hydrogen fuel cell truck operation through strategic partnerships and infrastructure development
Identify and map opportunities for hydrogen fuel cell trucks in different segments and use cases: OEMs position hydrogen fuel cell trucks compared to battery electric trucks and establish sales strategies to drive growth within their target segments
About Frost and Sullivan
Frost & Sullivan is a global market research and consulting agency for major industries such as automobiles, ICT, healthcare, and energy, and has been supporting solutions for business growth of customers for over 60 years. We operate 2,200 consulting personnel in 47 branches in 29 countries around the world, and based on the results of continuous research and analysis on 12 industries and major technologies, not only growth strategies and benchmarking services, but also economic trends and promising technologies and megatrends. , helping government agencies, businesses and investors to seize growth opportunities by identifying new business models.
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