China Hydrogen Fuel Cell Truck (FCT) Market | Size, Share, Trends and Forecast to 2028

China Hydrogen Fuel Cell Truck (FCT) Market | Size, Share, Trends and Forecast to 2028

The continued government's push for the adoption of clean energy technologies, including hydrogen fuel cells and their application in transportation, and increasing demand for more efficient and environmentally friendly commercial vehicles with long range and quick refuelling times, which make hydrogen fuel cell trucks well-suited to the need is driving the China hydrogen fuel cell truck market.

However, the high upfront cost of the fuel cell trucks, safety concerns regarding hydrogen as fuel, and the high costs associated with the development of hydrogen infrastructure are some of the restraints to the China hydrogen fuel cell truck market growth.

China is a leading automobile manufacturer in the world, leading in both conventional and zero emission vehicles. As a promising domain that comes after the battery electric vehicles (BEVs) market, the nation has started putting all of its efforts into the development and expansion of its fuel cell electric vehicles (FCEVs) market.

As part of a strategy for developing the nation's hydrogen industry, China aims to deploy 50,000 hydrogen powered vehicles on its roads by 2025.

China's long-term plans call for first developing an early-stage fuel cell EV market for commercial fleets, such as buses and trucks, and later expanding it to the market for individual passenger vehicles.

China Hydrogen Strategy

China declared its intention to reach carbon neutrality by 2060 and to reach a peak in carbon emissions by 2030. In order to keep this promise, hydrogen technology is expected to play a crucial role. With around 33 million tons of hydrogen production in 2021, China is already the world's largest producer of hydrogen. About 80% of this number is generated using fossil fuels like coal and natural gas, 1% to 2% using water electrolysis, and the remaining percentage is generated as a byproduct of other industrial sectors.

The promotion of hydrogen energy is a major focus for the Chinese government. Hydrogen was listed as one of China's six most crucial future sectors in the 14th Five-Year Plan (2021-2025).

According to the National Development and Reform Commission (NDRC) of China, the country aims to produce 100,000 to 200,000 tonnes of clean hydrogen a year and have about 50,000 hydrogen-fuelled vehicles by 2025.

In line with its strategy to expand its hydrogen infrastructure, China doubled the number of hydrogen refuelling stations in the country in 2021, with Jiangsu (20), Shandong (11), Guangdong (10), and Beijing leading the way. Throughout the year, 100 new stations went into service, bringing the total number of stations in operation nationwide to 218.

China's hydrogen consumption is expected to reach 35 Mt in 2030 (at least 5% of China's energy supply) and 60 Mt in 2050, according to the China Hydrogen Alliance, an industry group funded by the government that was established in 2018. The same agency predicts that by 2060, renewable energy based hydrogen production might reach 100 Mt, or 20% of the nation's total energy consumption.

Hydrogen Fuel Cell Trucks in China

By 2025, Beijing expects to have 10,000 fuel cell vehicles running on hydrogen power on its roads, with hydrogen refuelling stations to support them. By 2023 and 2025, it expects to use 50 tons and 135 tons of hydrogen daily for power generation and transportation on roads, respectively.

Between 2021 and 2025, 4,400 trucks are anticipated to switch to fuel cell technology, replacing 145,000 tons of diesel consumption annually. The Chinese government wants one million hydrogen vehicles on its roads by the year 2030.

China's fuel cell truck market is expanding its production to compete with western hydrogen truck OEMs like Nikola and Hyzon Motors as a result of the subsidy environment encouraging large-scale and high-performance fuel cell vehicles. In 2020, the Chinese companies Skywell, Foshan Feichi, and Dayun group shipped 142 FCEV trucks to the Chinese market.

While South Korea's hydrogen fuel cell vehicle manufacturer Hyundai Motor Co. has signed two letters of intent with China based companies to supply a total of 4,000 fuel cell trucks to China by 2025, Beijing-based heavy duty trucks manufacturer Beiqi Foton Motor stated in September 2021, that it aims to sell 4,000 hydrogen fuel cell vehicles by 2023 and 15,000 such vehicles by 2025.

Overall, the market for hydrogen fuel cell trucks in China is expected to continue growing in the coming years, driven by government support, increasing demand for goods transportation, and the efforts of companies to develop and manufacture these vehicles.

Recent Developments

The Hyundai Motor Company formed a joint venture with an affiliate of Chinese investment banking group China International Capital Corporation (CICC) to jointly establish a hydrogen powered commercial vehicle business in China.

In Sept 2022, Sinopec (China's largest oil company) announced its plan to produce more than two million tonnes of green hydrogen annually by 2025. In order to put that amount into perspective, Sinopec is currently constructing what it has the largest green hydrogen production plant in the world in Kuqa, Xinjiang province. This 260MW project will be powered by a specialized 361MW solar array and is expected to produce 20,000 tonnes of hydrogen annually.

In Sept 2022, Weichai Power Co., Ltd., based in Weifang city, east China's Shandong Province, and China National Heavy Duty Truck Group Co., Ltd, recently received an order for 1,100 fuel cell electric trucks placed by three companies. The 1,100 vehicles include both heavy-duty trucks and light-duty ones which will be delivered to the three companies in the next three years.

Leading Chinese mining heavy trucks manufacturer Inner Mongolia North Hauler Joint Stock Co Ltd and Inner Mongolia Electric Investment Energy Co Ltd signed a cooperation agreement in March 2022 to work together to develop a 136 t (150 short ton) class hydrogen fuel cell and lithium battery hybrid mining dump truck.

The new report from Blackridge Research on China 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 China 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 China Hydrogen Fuel Cell Truck 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 China Hydrogen Fuel Cell Truck Market size, demand forecast, and growth rates.

What Do We Cover in the Report?

China Hydrogen Fuel Cell Truck 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.

China Hydrogen Fuel Cell Truck 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 China Hydrogen Fuel Cell Truck Market demand.

China Hydrogen Fuel Cell Truck Market Size and Demand Forecast

The report provides China Hydrogen Fuel Cell Truck Market size and demand forecast until 2028, including year-on-year (YoY) growth rates and CAGR.

China Hydrogen Fuel Cell Truck Industry Analysis

The report examines the critical elements of the China 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 China Hydrogen Fuel Cell Truck industry's state of competition and profitability.

China Hydrogen Fuel Cell Truck Market Segmentation & Forecast

The report dissects the China Hydrogen Fuel Cell Truck Market into various segments. 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 China Hydrogen Fuel Cell Truck industry. 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.

Executive Summary

Executive Summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.

The report begins with an Executive Summary chapter and ends with Conclusions and Recommendations.

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