First Hydrogen, a pioneer in zero-emission vehicles and green hydrogen, unveils the results of a market study indicating a robust demand for hydrogen-powered-fuel-cell light commercial vehicles (FCEVs) in North America. With an estimated demand of 6 million vehicles, expected to surpass 8 million by 2035, the study aligns with the global shift towards zero-emission requirements. As Canada mandates zero-emission vehicle sales by 2035, First Hydrogen positions itself as a key player in the green hydrogen market, contributing to the zero-emission vehicle landscape.
In a groundbreaking revelation, First Hydrogen Corp. announces the findings of a comprehensive market study conducted by Sacré Davey Engineering Inc., affirming the escalating demand for hydrogen-powered-fuel-cell light commercial vehicles (FCEVs) in North America. The study, which surveyed 104 fleet operators across diverse industries, estimates a demand of 6 million FCEVs, a figure anticipated to surge beyond 8 million by 2035, driven by the imperative of achieving zero-emission standards.
First Hydrogen commissioned Sacré Davey to conduct the study, focusing on establishing facilities in Shawinigan, Québec, dedicated to assembling FCEVs and producing green hydrogen. Deloitte's 2023 global green hydrogen outlook projects the emerging green hydrogen market to reach a staggering US$1.4 trillion annually by 2050.
The survey targeted fleet operators from industries such as telecom, construction, food distribution, energy, utilities, forestry, governments, and freight transport. Based on the 2021 registration numbers, an estimated 6+ million light commercial vehicles (LCVs) in North America are poised for replacement by hydrogen-powered vehicles like First Hydrogen's FCEV.
Global market research by Polaris Market Research underscores the potential, projecting the hydrogen fuel cell vehicles market to skyrocket from US$1.5 billion in 2022 to US$62.9 billion by 2032, boasting a remarkable 45.2% CAGR. Governments, including Canada, have mandated the phasing out of gas and diesel vehicles by 2035, positioning hydrogen fuel cell commercial vehicles as the optimal solution to achieve zero carbon objectives.
First Hydrogen's FCEV trials have showcased superior performance compared to battery electric vehicles, excelling in range, payload towing, and rapid refueling capabilities. The FCEV boasts an impressive range exceeding 630 kilometers (400 miles), surpassing the Worldwide Harmonized Light Vehicle Test Procedure's (WLTP) minimum range requirement for zero-emission mandates.
Balraj Mann, Group CEO and Chairman of First Hydrogen, expresses enthusiasm about the study's confirmation of a substantial market for FCEVs. With Canada's commitment to eliminating gas and diesel vehicles by 2035 and the United States establishing up to 10 hydrogen hubs, First Hydrogen's Hydrogen-as-Service emerges as a pivotal contributor to the zero-emission vehicle and green hydrogen markets.
First Hydrogen's foray into the burgeoning hydrogen vehicle market reflects a transformative step towards a sustainable automotive future. The market study's revelations solidify the company's position as a key player in the transition to zero-emission vehicles, aligning with global mandates and market projections. As First Hydrogen propels the evolution of FCEVs and green hydrogen production, it not only meets the demands of a changing automotive landscape but also contributes significantly to the pursuit of a greener, cleaner future.