Fuel Cell Commercial Vehicle Market - Growth, Trends, and Forecast (2020 - 2025)
発行: Mordor Intelligence LLP
ページ情報: 英文 120 Pages
The fuel cell commercial vehicle market is expected to register a CAGR of over 45%, during the forecast period, 2020-2025.
Enactment of Stringent Emission Norms for Commercial Vehicles
With the growing environmental concerns, governments and environmental agencies are enacting stringent emission norms and laws, which are expected to increase the manufacturing cost of fuel-efficient diesel engines in the coming years.
As a result, the new commercial vehicle diesel engines segment is expected to register a sluggish growth rate during the short-term, thereby, adding a slight increase to the demand from fuel cell commercial vehicles. Majority of the diesel engines can convert about 40%-46% of the fuel energy, while the remaining energy is lost in the environment as heat, through exhaust emissions and cooling systems. With the enactment of the Euro VI emission for heavy-duty engines, the burden on commercial vehicle manufacturers has further increased.
Additionally, in December 2000, the US EPA signed emission standards for the model year 2007, and later heavy-duty highway engines. The California Air Resource Board (CARB) adopted virtually identical 2007 heavy-duty engine standards in October 2001. The rule included two components: emission standards and diesel fuel regulations.
In North America, the US GHG emissions and fuel efficiency standards for heavy- and medium-duty vehicles have been jointly developed by the Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration (NHTSA).
In the United States, heavy-duty vehicles, such as combination tractors/trailers, vocational vehicles, heavy-duty pickup trucks, and vans, must achieve up to 27% CO2 emission reductions over the 2017 baselines by 2027.
North America is a Major Player in the Global Market
Buses and other commercial vehicles make up a small percentage of the vehicles on road; however, they cover more mileage annually than passenger cars, with much worse fuel economy. CARB estimates that eliminating emissions from buses will be the equivalent of taking 4 million cars off the road. Thus, with the continually rising environmental concerns, owing to increase in pollution from exhaust emissions, and for assurance of a sustainable future, the demand for zero-emission transport is accelerating.
As per the US Department of Energy, hydrogen is expected to join electricity as the major energy carrier, supplying every end-user energy need in the economy, including transportation, central and distributed electric power, portable power, and combined heat and power for buildings and industrial processes.
Hydrogen fuel cell vehicles are still in the stage of development, especially trucks. However, in case of buses, the country has been witnessing numerous developments, as the governments are focused toward reducing exhaust emissions by introducing and urging consumers to use environment-friendly transportation.
In the state of California, the government has introduced strict regulations to promote the use of battery-electric and hydrogen fuel cell cars, and now it has started focusing on buses. According to the CARB, all new transit buses should produce zero emission by the beginning of 2029; and the regulator hopes to make the state's entire bus fleet zero emission by 2040. As of February 1, 2019, the state of California has 30 FCEBs in operation, and 22 FCEBs and 4 fuel cell shuttles in the development stage.
Some of the major companies that dominated the market studied are Toyota Motor Corp., General Motors, Nikola Motor Co., Kenworth Trucks, and Hyundai Motor.
The market is very competitive with limited players working in the sector. The market is majorly driven by the government projects, as the commercial usage is still very limited.