Interesting article, I recently prepared a research piece on hydrogen fuel cell technology used in EV space.
It is estimated that by 2025, fuel cell batteries sold into the China EV market alone will reach 50,000 units, more than 1.3 million vehicles in 2035, and 5 million vehicles in 2050. Assuming a battery power stack for each fuel cell vehicle equates to 60kW, it is estimated that the market value of fuel cell EVs sold in China will reach US$2.05 billion by 2025, US$10.2 billion in 2035, and US$14 billion in 2050.
From a global perspective, based on current and estimated production volumes it is estimated that by 2030 fuel cell technology used in global EV production will have accumulated sales totalling more than 10.3M vehicles, mostly coming from Japan (800k), South Korea (1.8M), Europe (3.6M), USA (3M) and China (1M), equalling to the entire fuel cell EV market to having an economic output value exceeding US$514 bln, of which China’s market share will be approximately US$50 bln.
Component providers and vertically integrated companies are continually increasing the penetration rate of fuel cells into the EV market by (1.) Continued improvements in product performance, (2.) Processing method efficiencies and (3.) Cost reductions in raw materials.
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