Fuel cells [New] GM previously said its plan to introduce 20 new all-electric vehicles by 2023 would include at least one fuel cell vehicle for its retail customers, describing the product onslaught as a two-pronged approach between battery and fuel cell. Given the Korean government's ambitious directive of deploying 15,000 MW of fuel cells by 2040, we forecast to sell 400 MW per year of fuel cells in the future. Bosch estimates that as much as 20% of all electric vehicles worldwide will be powered by fuel cells by 2030. In an increasingly urbanised world, fuel cell technology is indispensable to ensure supply security: in 2050, over six billion people are expected to live in cities, i.e. 70 percent of the world population. By 2030 in Africa, fuel cell cars, buses and trucks and electricity generation are starting to catch up with electric vehicles and solar power generation, although it is widely recognised that it will take another decade or so for the fuel cell optimists to feel justified. EVs and fuel cell vehicles reduce road CO2 emissions by 2.57 Gt a year by 2040 - and are set for much larger reductions thereafter - but total emissions are still 6% higher in that year than they were in 2019. Commercial battery electric vehicles and fuel cell trucks will be capable of lower total cost of ownership in the 2030 timeframe. If South Korea, Japan and China can hit global 2-3 million hydrogen fuel cell vehicle production level in 2030, then hydrogen fuel cell cars would still be less than 10% of where electric cars will be. Hyundai announced plans late last year to invest $6.75 billion in hydrogen fuel cell technology, allowing it to produce 500,000 fuel cell vehicles annually by 2030. BMW plans to launch its i Hydrogen Next SUV in 2022, the product of an association it established in 2019 with Toyota to work together on fuel cell technology. Japan set a long-term strategy with the goal that every vehicle produced by Japanese automakers will be electric, including hybrid vehicles, plug-in-hybrid vehicles, battery EVs and fuel cell vehicles, by 2050. Under the current roadmap South Korea would aim to produce 15 gigawatts of power through fuel cells for industrial use by 2040, with 8 gigawatts for domestic industrial use, or 7 percent of its power generation. Global demand for platinum for all fuel cells from vehicles is forecast rise to 366,000 ounces by 2030 but to surge to 965,000 ounces when including other fuel cell and hydrogen uses. Bosch believes that, as much as 20 percent of all electric vehicles worldwide will be powered by fuel cells by 2030. During the 2018-2023 period, the fuel cell market is expected to witness a CAGR of more than 28.21% and reach $13.83 billion from the base level of $3.114 billion in 2017. Along with hydrogen cars, the South Korea government will promote the manufacture of fuel cells for power generation to reach a combined output of 15 gigawatts by 2040. The global market for batteries and fuel cells is already worth 5.5 billion euros and is forecast to exceed 81 billion euros by 2025. China will have 10 million new energy vehicles, including plug-in hybrid, battery electric and fuel cell vehicles, on the road by 2023, and 200 million by 2040 when most will be pure electric vehicles. Roughly 20 fuel cell car launches by leading OEMs are expected in global markets over the next five years: Asian OEMs with a first-mover advantage are expected to dominate the market. The worldwide market for Hydrogen and Fuel Cells is expected to grow at a CAGR of roughly 14.9% over the next five years, will reach 3010 million US$ in 2023, from 1310 million US$ in 2017. China expects 100 hydrogen stations and 10,000 fuel cell vehicles by 2020. The rollout of fuel cell vehicles in China over the next few years will be mostly trucks and buses. See full forecast Last updated: 09 August 2020 Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No
