Hydrogen vehicles on road to exceed 1 million globally by 2027: Report
A new study from Juniper Research has found that the number of hydrogen vehicles in service globally will exceed 1 million in 2027, from just over 60,000 in 2022, predicting a substantial growth of over 1,500 percent.
The 'Hydrogen Vehicles' research report provides a detailed analysis of this early-stage market at the global level covering 8 key regions and 60 countries including India. The assessment features an examination of various critical segments in hydrogen mobility and supply chain, including private vehicles, commercial vehicles, aviation, H2 production, and refuelling infrastructure.
For the sake of this research, Juniper Research defines hydrogen vehicles as vehicles that use hydrogen propulsion systems using fuel-cell technology with H2 as on-board fuel.
The research identifies hydrogen vehicles as an increasingly viable alternative to battery-electric vehicles (BEVs). The potential for enhanced range and rapid refuelling compares favourably with BEVs, thus reducing customer anxieties around BEV ownership, the report adds.
These positives have led to significant investment by car manufacturers including Hyundai, Toyota and BMW, and the trend will translate into an increasingly popular and available product over the next 5 years, according to the report.
The research forecasts that the consumer market (private car buyers) will lead the hydrogen vehicles space, with the segment accounting for over 60 percent of hydrogen vehicles in service globally in 2027. It also identifies the nascent development stage of many commercial vehicle types and the high average cost of hydrogen‑powered commercial vehicles, at over $70,000 globally in 2022, as key factors limiting adoption.
Research co-author Olivia Williams explains, "Manufacturers will need to make hydrogen vehicles more affordable to become viable for fleets, but increased range and suitability for heavy goods transport will ultimately drive growth and economies of scale".
Further, the report has spotlighted the low availability of fuelling infrastructure as a key challenge for wider adoption of H2 vehicles. It suggests heavy industry investment as key to reducing this concern over the next 5 years.
The report recommends that infrastructure vendors provide 'green' hydrogen, produced using renewable energy sources, to best take advantage of concerns around the environment driving the adoption of alternative fuels.