A new study from Juniper Research has revealed that the number of hydrogen vehicles in service worldwide will exceed 1 million by 2027, up from just over 60,000 in 2022, a substantial growth of more than 1,500%.
The research identified hydrogen vehicles as an increasingly viable alternative to BEVs (battery electric vehicles). In terms of range and fast refuelling, hydrogen-powered vehicles compare favourably with BEVs. These positive aspects have led automakers such as Hyundai, Toyota and BMW to make significant investments, which will result in an increasingly popular and available product over the next 5 years.
The study forecasts that by 2027 the consumer market will lead the hydrogen vehicle space, with consumer vehicles accounting for more than 60% of hydrogen vehicles in service worldwide. The report also identified the nascent development stage of many types of commercial vehicles and the high average cost of hydrogen-powered commercial vehicles. Figures that could exceed $70,000 worldwide by 2022, as key factors limiting adoption.
“Manufacturers will need to make hydrogen vehicles more affordable to make them viable for fleets, but increased range and suitability for heavy goods transport will ultimately drive growth and economies of scale,” said research co-author Olivia Williams.
In addition, the report points to the poor availability of fueling infrastructure as a key challenge to adoption, but highlights that strong industry investment is key to reducing this concern over the next 5 years. The report recommends that infrastructure providers provide “green” hydrogen, produced from renewable energy sources, to take better advantage of the environmental concerns driving the adoption of alternative fuels.
Source: Renewable Energy Magazine (2022)