United States (US) Hydrogen Fuel Cell Trucks (FCT) Market Report 2023: Rising Demand for Alternative Fuel Source Vehicles Boosts Sector
The implementation of strict emission regulations, rising demand for vehicles using alternative fuels amid energy transition, advantages offered by the fuel cell trucks (long range and quick refuelling time), and government support for the adoption of hydrogen fuel cell vehicles are some of the key factors driving the United States hydrogen fuel cell trucks market.
DUBLIN, May 24, 2023 /PRNewswire/ -- The "United States (US) Hydrogen Fuel Cell Trucks (FCT) Market | Size, Share, Trends and Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The implementation of strict emission regulations, rising demand for vehicles using alternative fuels amid energy transition, advantages offered by the fuel cell trucks (long range and quick refuelling time), and government support for the adoption of hydrogen fuel cell vehicles are some of the key factors driving the United States hydrogen fuel cell trucks market.
However, the high upfront cost of the fuel cell trucks relative to the conventional fossil fuel trucks, the lack of a proper hydrogen supply chain, risks associated with hydrogen as fuel, lack of public awareness, and competition from the battery electric vehicles (BEV) market restrain the hydrogen trucks market growth in the US.
A hydrogen fuel cell truck is a heavy-duty work vehicle that can be used for commercial, municipal, military, or private purposes. It uses an all-electric propulsion system with hydrogen fuel cells as its main energy source.
Heavy-duty vehicles make up a small percentage of the U.S. vehicle fleet, but they contribute around 23 percent of all transportation greenhouse gas emissions. Hydrogen fuel cells can provide a clean fuel source with a user experience comparable to gasoline-powered trucks in the U.S.
The main advantage of using hydrogen fuel cell technology is that it keeps the air cleaner and lowers potential risks to lung health while still giving truck drivers and owners an operational range that is comparable to or better than that of a diesel truck or compressed natural gas (CNG) trucks. Since hydrogen burns cleanly and produces no carbon emissions, it is a good alternative to conventional fuels.
A hydrogen truck is generally lighter than a battery electric truck due to the lightweight nature of hydrogen fuel cells compared to the heavy batteries (as they need high battery capacity) used in electric vehicles. This can allow for higher payload capacity and lower operating costs.
The US Hydrogen Strategy
Major economies in the world have developed their hydrogen roadmaps to build future hydrogen infrastructure such as green hydrogen production facilities, wide hydrogen refueling stations (HRS) networks, etc. and the United States is one of the leading nations in this regard.
In Sept 2022, the US Department of Energy (DOE) released a draft National Clean Hydrogen Strategy and Roadmap, which outlines three key priorities: concentrating on the deployment of at least four regional clean hydrogen hubs; focusing on the deployment of strategic, high-impact uses of hydrogen; and lowering the price of clean hydrogen to USD 1/kg by 2031.
The strategy aims to increase US clean hydrogen production from 'nearly zero' to 50 million tonnes per year by 2050, with interim targets of 10 million tonnes by 2030 and 20 million tonnes by 2040. Using fossil fuels, the US currently produces about 10 million tonnes of grey hydrogen annually.
In Nov 2021, the Infrastructure Investment and Jobs Act, a USD 1.2 trillion bipartisan infrastructure bill, was signed into law by President Biden. A number of provisions in this legislation that are specifically related to hydrogen that will encourage widespread adoption and financial investment in this cutting-edge sector in the United States.
The bill includes a package of hydrogen-specific policies, including USD 8 billion for the construction of numerous sizable Regional Clean Hydrogen Hubs across the nation, USD 1 billion for research and development on clean hydrogen electrolysis, and USD 500 million for clean hydrogen production and recycling. The bill also instructs the federal government to create the first national hydrogen roadmap and strategy in the nation.
Beyond these provisions that specifically address hydrogen, the legislation offers a wide range of other opportunities that will make it possible to integrate fuel cell and hydrogen technology into all aspects of the country's energy and transportation systems.
Few states in the United States are taking initiatives to support the hydrogen fuel cell electric vehicle (FCEV) market. For instance, clean transportation program by California Energy Commission (CEC), CEC is supporting the adoption of zero-emission hydrogen fuel cell cars by expanding California's network of hydrogen refuelling stations throughout the state. The CEC is investing in an initial network of 100 public hydrogen stations across California.
Throughout California, the Clean Transportation Program is funding initiatives that will hasten the development and implementation of medium- and heavy-duty vehicle technology that emit zero or almost zero emissions. In order to facilitate the quicker deployment of these vehicles, the program is also making investments in fuelling facilities for public and commercial vehicles.
The United States Hydrogen for Trucks Act
The Hydrogen for Trucks Act was introduced in the U.S. on March 11, 2022, with the intention of establishing a grant program to demonstrate the efficiency and dependability of heavy-duty fuel cell vehicles that use hydrogen as a fuel source.
The Hydrogen for Trucks Act is applicable to trucks that weigh more than 26,000 pounds and are powered solely by an electric motor that receives its energy from a fuel cell or from a fuel cell and a battery. A grant program is established by the bill to finance the purchase of these trucks. Independent owner-operators, fleets (both public and private), and public hydrogen fuelling station operators/developers are examples of eligible entities.
Recent Developments
- Gemini Motor Company, Chart Industries, and Ballard Power System signed an agreement in December 2022 to work together on the development of Class 8 zero emission trucks powered by hydrogen fuel cell technology that can travel 1,000 miles on a single fill-up, significantly lowering operating costs for the clean, long-haul transportation sector
- In Dec 2022, Biden Administration, through the U.S. Department of Energy (DOE), announced its intent to issue USD 750 million in funding from President Biden's Bipartisan Infrastructure Law to reduce the cost of clean hydrogen technologies
- Nikola Corporation received a California Air Resources Board (CARB) Zero Emission Powertrain Executive Order in December 2022. The executive order is required by Nikola's Tre hydrogen fuel cell electric vehicle (FCEV) for it to be eligible for CARB's Hybrid and Zero Emission Truck and Bus Voucher Incentive Project (HVIP)
- Air Liquide (leading industrial gases company) opened its largest liquid hydrogen production and logistics infrastructure facility in North Las Vegas, Nevada in May 2022. The facility aims to meet the growing demand for hydrogen mobility. It will also be able to provide hydrogen to a wide range of industries while the mobility market continues to grow
The new report from the publisher on the US Hydrogen Fuel Cell Truck Market comprehensively analyses the hydrogen fuel cell truck Market and provides deep insight into the current and future state of the industry.
The study examines the drivers, restraints, and regional trends influencing the US Hydrogen Fuel Cell Truck Market demand and growth.
The report also addresses present and future market opportunities, market trends, developments, and the impact of Covid-19 on the US Hydrogen Fuel Cell Trucks Market, important commercial developments, trends, regions, and segments poised for the fastest growth, competitive landscape, and market share of key players.
Further, the report will also provide the US Hydrogen Fuel Cell Trucks Market size, demand forecast, and growth rates.
What is covered in the Report?
The US Hydrogen Fuel Cell Trucks Market Drivers & Restraints
The study covers all the major underlying forces that help the market develop and grow and the factors that constrain the growth.
The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.
Each factor's respective impact in the near, medium and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.
The US Hydrogen Fuel Cell Trucks Market Analysis
This report discusses the overview of the market, the latest updates, important commercial developments and structural trends, and government policies and regulations.
This section provides an assessment of COVID-19 impact on the US Hydrogen Fuel Cell Trucks Market demand.
The US Hydrogen Fuel Cell Trucks Market Size and Demand Forecast
The report provides the US Hydrogen Fuel Cell Trucks Market size and demand forecast until 2028, including year-on-year (YoY) growth rates and CAGR.
The US Hydrogen Fuel Cell Trucks Industry Analysis
The report examines the critical elements of the US Hydrogen Fuel Cell Truck industry supply chain, its structure, and the participants.
Using Porter's five forces framework, the report covers the assessment of the US Hydrogen Fuel Cell Trucks industry's state of competition and profitability.
The US Hydrogen Fuel Cell Trucks Market Segmentation & Forecast
The report dissects the United States Hydrogen Fuel Cell Trucks Market into segments based on vehicle type (light duty trucks, medium duty trucks, heavy duty trucks). A detailed summary of the current scenario, recent developments, and market outlook will be provided for each segment.
Further, market size and demand forecasts will be presented along with various drivers and barriers for individual market segments.
Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for bespoke market segmentation to better align the research report with your requirements.
Key Company Profiles
This report presents detailed profiles of Key companies in the Europe Hydrogen Fuel Cell Truck industry such as Hyundai Motor Company, Daimler Truck AG, Nikola Corporation, Hyzon Motors, etc. Generally, each company profile includes - an overview of the company, relevant products and services, a financial overview, and recent developments.
Competitive Landscape
The report provides a comprehensive list of notable companies in the market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.
The study also discusses the strategies adopted by leading players in the industry.
Key Topics Covered:
1. Executive Summary
2. Research Scope and Methodology
3. Market Analysis
4. Industry Analysis
5. Market Segmentation & Forecast
6. Key Company Profiles
6.1 Hyzon Motors
6.2 Nikola Corporation
6.3 Hyliion Holdings
6.4 Hyundai Motor Company
6.5 Dongfeng Motor Corporation Ltd.
6.6 Dayun Automobile Co.,ltd
6.7 SAIC Motor Corporation Limited
6.8 Other Notable Players
7. Competitive Landscape
7.1 List of Notable Players in the Market
7.2 M&A, JV, and Agreements
7.3 Market Share Analysis
7.4 Strategies of Key Players
8. Conclusions and Recommendations
List of Tables & Figures
Abbreviations
Additional Notes
Disclaimer
For more information about this report visit https://www.researchandmarkets.com/r/hsysu4
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