From 20,000 units in 2022, up to 1,280,000 units in 2035 ā that’s the prediction for hydrogen fuel cell vehicles (FCEVs) from a new report by MarketsandMarkets, based on a 37.6% compound annual growth rate.
The report expects most of this growth in the form of commercial trucks and buses, as companies who may be skeptical over current battery EV range, may look to larger fuel cells when shifting to an electric fleet.
Where will we see most of these FCEV trucks & buses? According to MarketsandMarkets, Europe and Asia are likely to be big backers, as aging fleets will need to be replaced with new, cleaner tech, to support rising zero-emissions initiatives. China has been operating some fuel cell buses since 2020, and industry experts say many European cities are either already prepared to deploy fuel cell vehicles, or will be ready by 2025.
You can read the full MarketsandMarkets report here.
