China Fuel Cell Vehicle Market

Fuel cell vehicles (FCVs) have become an important part of China’s strategy to deploy more new-energy vehicles (NEVs) to curb carbon emissions and other air pollution. In late 2020, China’s State Council said that the country will focus on building the fuel-cell supply chain and developing hydrogen-powered trucks and buses. The goal is to increase FCV ownership to 100,000 vehicles by 2025 and 1,000,000 vehicles by 2035. With these totals, the market is estimated to be valued at $10 billion by 2025 and $100 billion by 2035.

Best prospects for American companies include FCV power systems; fuel cell testing systems, including testing systems for membrane electrode assemblies (MEAs), fuel cell stacks, fuel cells and vehicles; and onboard hydrogen storage containers.

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