Latest news with #FCEVs
Yahoo
3 days ago
- Business
- Yahoo
Green Hydrogen Market Size to Surge to $71.31 Billion by 2031, Fueled by 37.8% CAGR
NEW YORK, June 18, 2025 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the global green hydrogen market is observing significant growth owing to growing investment in renewable energy globally. The report runs an in-depth analysis of market trends, key players, and future opportunities. The green hydrogen market analysis focuses on a vast array of applications that are expected to determine market strength in the coming years. To explore the valuable insights in the Green Hydrogen Market report, you can easily download a sample PDF of the report - Overview of Report Findings Market Growth: The Green hydrogen market was valued at US$ 8.38 billion in 2024 and is projected to reach US$ 71.31 billion by 2031; it is expected to register a CAGR of 37.8% during 2025–2031. The global green hydrogen market is experiencing substantial growth and is projected to maintain its growing trajectory in the near future. This growth is attributed to the growing attention to the rising demand from the energy and transportation sector. The growth of the global green hydrogen market is evident worldwide. Several countries have announced ambitious plans and investments to develop green hydrogen infrastructure. For example, Australia has unveiled its National Hydrogen Strategy, aiming to position the country as a leading hydrogen exporter by 2030. The European Union has included green hydrogen as a key element in its Green Deal strategy, pledging substantial funding and regulatory support for its development. In India, the Union Cabinet announced the National Green Hydrogen (NGH) Mission in January 2023, with an investment of $2.4 billion. Through this mission, India aims to produce 5 million metric tons of green hydrogen per anum by 2030. Furthermore, in the transportation sector, several companies and governments have initiated pilot projects and initiatives to explore the viability of green hydrogen as a fuel for public transportation. For example, in Germany, hydrogen-powered trains have been deployed in Lower Saxony, demonstrating the potential for zero-emission rail transport. Increasing Demand for Fuel Cell Electric Vehicle: Fuel cell electric vehicles (FCEVs) utilize green hydrogen as transportation fuel and employ fuel cells to generate electricity, offering a clean and efficient substitute to traditional internal combustion engine (ICE) vehicles. With countries striving to minimize carbon emissions and transition to low-carbon transportation, demand for FCEVs is increasing worldwide. As a result, various market players are engaging in strategic developments, such as alliances, collaborations, and agreements, to enhance their product offerings and meet the growing demand for FCEVs. For example, in April 2025, Reblko signed a supply agreement with Toyota Motor North America. Through this agreement, Toyota will supply hydrogen fuel cell modules to Reblko. Additionally, in July 2023, Toyota Canada, a leading automaker, signed an agreement with Edmonton International Airport (YEG) to supply a fleet of 100 Mirai hydrogen fuel cell electric vehicles. Growing Establishment of Large Green Hydrogen Plants: The establishment of large-scale green hydrogen projects attracts significant investment from both the public and private sectors. In June 2023, a group of companies declared their plan to invest US$79.75 in a project to develop a hydrogen production plant and a hydrogen liquefaction plant in Queensland, Australia. The group includes Iwatani Corporation (Japan), Kansai Electric Power Company (Japan), Marubeni Corporation (Japan), Keppel Infrastructure (Singapore), and Stanwell Corporation (Australia). Large-scale green hydrogen plants require specialized infrastructure, including hydrogen production facilities, storage systems, and transportation networks. The establishment of these plants drives the need for a robust infrastructure to support the distribution and use of green hydrogen. For example, in June 2023, Larsen & Toubro announced its plan to establish the infrastructure for the world's largest green hydrogen plant in Saudi Arabia, which is being built by the company NEOM Green Hydrogen Company (NGHC). Therefore, increased infrastructure development is expected to create a favorable conditions for the adoption of green hydrogen across various industries, which is likely to offer growth opportunities to market players during the forecast period. Geographical Insights: In 2024, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific. Further, Asia Pacific is expected to register the highest CAGR during the forecast period. Market Segmentation Based on product, the market is categorized into suction machine, jetting machine and combi units. The suction machine segment dominated the market in 2024. Based on tanker capacity, the market is categorized into less than 500 gallon, 500-1300 gallon and greater than 1300 gallon. The greater than 1300 gallon segment dominated the market in 2024. The Green hydrogen market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America. Competitive Strategy and Development Key Players: A few major companies operating in the Green hydrogen market are Air Liquide and Siemens Energy, Cummins Inc., Linde Plc, NEL ASA, Ørsted A/S, Toshiba Energy Systems and Solutions Corporation, Uniper SE, Engie, and Air Products and Chemicals, Inc. Trending Topics: Solar Energy Market, Wind Energy Market, Hydrogen Market. Stay Updated on The Latest Green Hydrogen Market Trends: Global Headlines on Sewer Machine Air Liquide announces two large-scale electrolyzer projects to produce renewable and low-carbon hydrogen in Europe. TotalEnergies has signed agreements with Air Liquide to develop two projects in the Netherlands, for the production and delivery of some 45,000 tons a year of green hydrogen produced using renewable power Conclusion The Green hydrogen market has been segmented into the 5 major regions: North America, Europe, Asia Pacific, Middle East and Africa, South and Central America. Growing urbanization, commercialization, and industrialization in the Asia Pacific region are fueling the demand for green hydrogen for power generation and as input in some industries. In addition, partnerships between private companies and governments are emerging across the globe to establish large-scale green hydrogen production facilities. In March 2025, the Government of Morocco approved US$ 32.5 billion in green hydrogen projects for producing ammonia, steel, and industrial fuel. Key companies involved or awarded this project development include Orthus, Acciona, Nordex, TAQA, and ACWA Power among others. The growth of the green hydrogen market is also supported by declining costs of renewable energy sources and advancements in electrolysis technology. As these trends continue, green hydrogen is expected to become increasingly competitive with conventional hydrogen and other fossil fuel-based alternatives, which will drive its adoption and contribute significantly to global efforts to combat climate change. Purchase Premium Copy of Global Green Hydrogen Market Size and Growth Report (2020-2030) at: Trending Related Reports: About Us: The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials. Contact Us:If you have any queries about this report or if you would like further information, please contact us:Contact Person: Ankit MathurE-mail: +1-646-491-9876Press Release - Logo: View original content: SOURCE The Insight Partners
Yahoo
13-06-2025
- Automotive
- Yahoo
Fuel Cell Electric Vehicle Industry Report 2025: Market to Surpass $50 Billion by 2034 - Hydrogen Infrastructure Expansion Boosts FCEV Accessibility
The Fuel Cell Electric Vehicle (FCEV) market is projected to grow impressively from USD 7.2 billion in 2025 to USD 50.8 billion by 2034, driven by a 24.3% CAGR. Key factors include hydrogen infrastructure development, technological advancements, governmental support, and increasing sustainable transport demand. Fuel Cell Electric Vehicle Market Dublin, June 13, 2025 (GLOBE NEWSWIRE) -- The "Fuel Cell Electric Vehicle Market 2025-2034" has been added to offering. The global Fuel Cell Electric Vehicle (FCEV) market, valued at USD 7.2 billion in 2025, is projected to expand at a CAGR of 24.3%, reaching USD 50.8 billion by 2034 The Fuel Cell Electric Vehicle market's structure and competitive landscape are unveiled, with company profiles featuring business descriptions, SWOT analysis, financial data, and strategies. Leading FCEV products, regional market dominance, and recent developments such as new product launches, investments, partnerships, and mergers maintain a competitive edge. FCEVs, utilizing hydrogen fuel cells for electricity generation, present a significant alternative to traditional vehicles powered by gasoline and diesel. Offering immediate power generation, they boast faster refueling and extended ranges compared to battery electric vehicles, making them appealing for long-haul sectors including heavy-duty transport and passenger vehicles. The worldwide push for cleaner energy has bolstered the FCEV market, with governments enforcing stringent emission norms and providing incentives for adopting clean technologies. The development of hydrogen refueling infrastructure and advancements in fuel cell technology address previous adoption hurdles. Increased investment from both private entities and governments supports the inevitable growth of FCEVs, which contributes significantly to a sustainable transport sector. The year 2024 marks notable advancements in the FCEV industry, with heightened vehicle production and hydrogen infrastructure expansion. Key manufacturers like Toyota, Hyundai, and Honda, are diversifying their FCEV lineup with efficient models targeting diverse consumer segments. Concurrently, investment in hydrogen refueling stations in regions such as Japan, Europe, and North America, alongside progress in fuel cell technology, is overcoming past challenges like efficiency and cost-effectiveness. The European and Asian governments continue to endorse FCEV adoption through financial incentives, promoting an enhanced growth trajectory. However, obstacles persist, including the high costs associated with fuel cell production and insufficient hydrogen infrastructure in several regions, challenging mass adoption. Key Insights in the Fuel Cell Electric Vehicle Market Hydrogen Infrastructure Growth: Investment in global hydrogen stations boosts FCEV accessibility. Technological Advancements: Enhancements in fuel cell efficiency and affordability are attracting consumer interest. Governmental Support: Incentives and regulations facilitate FCEV uptake globally. Heavy-Duty Focus: Significant opportunities in commercial fleets like buses and trucks to reduce emissions. Green Hydrogen Production: Renewable hydrogen enhances FCEV sustainability, reinforcing its appeal. Regulatory Influence: Increasing demands for low-emission vehicles drive FCEV innovation and production. Consumer Demand: Growing awareness fuels demand for sustainable transportation solutions such as FCEVs. Cost Implications: High production costs remain a barrier, limiting broad-scale adoption. Market Segmentation By Type: Proton Exchange Membrane Fuel Cell Phosphoric Acid Fuel Cell Other Types By Range: Long Range By Vehicle Type: Light Commercial Vehicles Heavy Commercial Vehicles Key Attributes: Report Attribute Details No. of Pages 150 Forecast Period 2025 - 2034 Estimated Market Value (USD) in 2025 $7.2 Billion Forecasted Market Value (USD) by 2034 $50.8 Billion Compound Annual Growth Rate 24.2% Regions Covered Global Companies Featured Volkswagen AG Toyota Motor Corporation Mercedes-Benz Group General Motors Mitsubishi Corporation Honda Motor Co. Ltd. FAW Group Ltd. SAIC Motor Corp. Ltd. Hyundai Motor Group Nissan Motor Co. Ltd. Audi AG Renault Group Bayerische Motoren Werke AG Suzuki Motor Corporation Jaguar Land Rover Iveco Group N.V. Dongfeng Motor Corporation Denso Global Tata Motors Limited Ashok Leyland Kenworth Truck Company Dayun Automobile Co. Ltd. Rolls-Royce PLC Ballard Power Systems Inc. Hyzon Motors Nikola Corporation H2X Global For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Fuel Cell Electric Vehicle Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
Yahoo
11-06-2025
- Automotive
- Yahoo
Occupant Classification System (OCS) Market by Vehicle Class, Component Type, Sensor Type, Electric Vehicle, Propulsion and Region
Europe holds a significant market share thanks to stringent safety standards. Key players like Bosch and Continental focusing on R&D to enhance OCS technologies. This report covers industry trends, strategies, and competitive dynamics. Dublin, June 11, 2025 (GLOBE NEWSWIRE) -- The "Occupant Classification System Market by Vehicle Class, Component Type, Sensor Type, Electric Vehicle, Propulsion, and Region - Global Forecast to 2032" has been added to offering. The global occupant classification system (OCS) market is anticipated to reach USD 3.95 billion by 2032. Several factors are affecting the market, with regions like Asia-Pacific leading the charge due to high automobile production rates and stringent safety regulations. Additionally, innovations in sensor fusion and smart fabric sensors are further enhancing system capabilities, responding to the growing demand for advanced safety features in both traditional ICE vehicles and the emerging electric and hybrid models. The ICE Segment: A Market Leader During the forecast period, the internal combustion engine (ICE) segment is projected to dominate the occupant classification system market. This segment enjoys a larger market share compared to the electric segment, bolstered by ICE vehicles' established technology, refueling infrastructure, and cost-effectiveness. Within Asia Pacific, where ICE vehicles hold significant market share, models like the Toyota Corolla, which was the second best-selling vehicle in Japan in 2023, are equipped with occupant detection sensors from AISIN CORPORATION. The commitment to passenger safety and regulatory compliance continues to drive the adoption of OCS technology, solidifying the market's expansion within the ICE vehicle realm. Emerging FCEV Segment Fuel cell electric vehicles (FCEVs) are set to experience the fastest growth within the OCS market. Increasing investments in hydrogen infrastructure and robust government support are driving this upward trend. Models such as Toyota Mirai and Hyundai Nexo underscore the advantages of FCEVs, which include longer range and quicker refueling times compared to battery electric vehicles. For instance, South Korea and China have specific targets for FCEV proliferation and infrastructure development by 2040 and 2025, respectively, highlighting an increased demand for OCS-equipped FCEVs aligned with sustainable, zero-emission transport goals. Europe's Impact In Europe, the growth of the OCS market is attributed to stringent safety regulations and mandates such as the Euro NCAP safety ratings, which push automakers to integrate sophisticated safety features like OCS. This integration is crucial for smart airbag deployment, adjusting deployment force based on passenger detection. The presence of automotive giants like Volkswagen, BMW, and Daimler, alongside OCS providers such as Continental, ZF, and Bosch, fuels market growth. Audi models like Q3, Q5, and S5, featuring passenger detection systems from IEE Smart Sensing Solutions, exemplify how OCS technologies are increasingly embedded across the region. Industry Insights In-depth interviews were conducted with executives across the industry, providing insights into company typology, with Tier I, II, and III companies represented at 24%, 32%, and 44%, respectively. The geographical distribution includes Asia-Pacific at 36%, North America at 28%, and Europe at 32%. Research Coverage and Competitive Analysis The report provides a comprehensive view of the OCS market across various domains, including vehicle class, component type, sensor type, and regions. It further delves into the competitive landscape and profiles of major market players, focusing on product offerings, business strategies, recent developments, and key market strategies. The OCS market is primarily led by industry players such as Robert Bosch GmbH, Denso Corporation, ZF Friedrichshafen AG, Continental AG, IEE Smart Sensing Solutions, AISIN CORPORATION, and Aptiv, who are all strategically expanding their portfolios to strengthen market positions. Benefits and Insights Market stakeholders will find the report beneficial for understanding revenue approximations, competitive landscapes, and market positioning strategies. The detailed analysis provides insights into critical drivers, restraints, opportunities, and challenges affecting the market, along with pricing trends and future market directions. Key areas explored include product development, market expansion, diversification opportunities, and a detailed competitive assessment. Market Dynamics Drivers Increasing Stringency of Safety Regulations Rising Consumer Awareness of Safety Challenges Limited Penetration in Emerging Markets Complex Regulatory Standards Opportunities Integration of Advanced Technologies Growing Penetration of Occupant Classification Systems in Economy Cars Case Studies Volvo Enhanced Ncap Ratings with Bosch's Occupant Classification System Hyundai Improved Economy Car Safety with Autoliv's Occupant Classification System Tesla Achieved High Safety Standards with Aptiv's Occupant Classification System Industry Trends Trends and Disruptions Impacting Customers' Businesses Companies Profiled Robert Bosch GmbH Denso Corporation ZF Friedrichshafen AG Continental AG IEE Smart Sensing Solutions Aptiv Aisin Corporation TE Connectivity IGB Automotive Ltd. CTS Corporation Nidec Corporation Joyson Safety Systems Forvia NXP Semiconductors Forciot Shenzhen Vmanx Technology Co. Ltd. Linepro Controls Pvt. Ltd. Veoneer US Safety Systems, LLC Rhodius GmbH Autoliv Infineon Technologies AG STMicroelectronics For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Sign in to access your portfolio
Newsweek
06-06-2025
- Automotive
- Newsweek
KD Finechem Coolant Innovations for Sustainable Performance
Supplied by an entity that has paid the news provider for its placement; not impartial journalism. As technology continues to soar to new heights, one thing remains a constant: heat management. No system can perfectly utilize 100 percent of the energy it generates, and cooling is an enormous economic and safety challenge for everything from automobiles to IT server infrastructure. Furthermore, cooling is not exempt from the green transformation sweeping through industries. Future solutions require innovation, and Korea's KD Finechem is leveraging its decades of experience developing and supplying coolant in the automotive sector to tackle modern problems. Founded in 1973, KD Finechem has been a major supplier of coolant to Korean automakers and is presently leading the industry in developing coolants suitable for electrical systems, such as EVs and IT infrastructure, and environmentally conscious coolants. CEO Hyun Jin Park says that the industry has shifted toward greener vehicles, and demand for specialized coolant is increasing. "This change created new opportunities for us because traditional ICE vehicle coolants were a long-established market dominated by legacy suppliers," he explains. KD Finechem entered a competitive market where major automakers already had established suppliers. However, with the rise of EVs and FCEVs, major players are now open to exploring new partnerships with companies with specialized cooling solutions expertise. Hyun Jin Park, CEO, KD Finechem Co., Ltd. Credit: Courtesy of KD Finechem Co., Ltd. Hyun Jin Park, CEO, KD Finechem Co., Ltd. Credit: Courtesy of KD Finechem Co., Ltd. By working closely with major Korean automakers, KD Finechem developed the first EV-specific coolant, which established the company's credibility with other OEMs. Park says that new industries require agility to innovate. "While the EV market is growing, it is still relatively small from the perspective of major petrochemical companies," he states. As a privately owned company, KD Finechem can react quickly and has the flexibility to invest in emerging markets early, giving it the first mover advantage. "This is why we can dedicate more resources to R&D, particularly in areas like EV batteries and even data centers," Park explains. The company's core concepts are safety and reliability, and its efforts have been centered around direct collaboration with OEMs and real-life applications. "Our expertise extends beyond coolant formulation—it's also about optimizing the entire system," Park says. For FCEVs, the company has developed a noncorrosive coolant that can be used with more economical materials than titanium. Coolant for ICE vehicles can short-circuit an EV battery, leading to a fire, so it developed a nonconductive coolant, which it is currently working to extend its lifespan. The company also looks to source ethylene glycol, which is currently derived from petrochemicals, from eco-friendly sources. It is working with a company that has successfully produced ethylene glycol, with positive initial tests. Park describes the company's customers' priorities as reliability, safety and customized compatibility with their high-value infrastructure. "Our ability to develop highly specialized solutions, even for low-volume applications, gives us a unique edge in markets that large players tend to overlook," he says. KD's permeable fuel-cell coolant dye. Credit: Courtesy of KD Finechem Co., Ltd. KD's permeable fuel-cell coolant dye. Credit: Courtesy of KD Finechem Co., Ltd. This agility is evident in KD Finechem's adaptability. Park explains that the company can easily adjust without significant infrastructure expansion. Because all coolants share monoethylene glycol as a base material, transitioning to new water-soluble formulations is seamless. "This flexibility gives us a competitive edge, enabling us to scale production efficiently while minimizing additional investment," Park says. The company has tailored its coolants not only for EVs and FCEVs but also for batteries, energy storage systems (ESS), data centers and high-speed charging cables. With AI data centers increasingly prioritizing lower operational costs and greater efficiency, KD Finechem is well positioned to pivot and meet the demands of these rapidly growing sectors. As the world continues to rely on technology, Park only sees KD Finechem's global opportunities growing. "Our customers include any industry that deals with heat management," he states. Automotive and IT remain core targets in Europe and the United States, where the company already has local production facilities. However, liquid cooling is growing in both personal computing and, theoretically, even aerospace. Park summarizes this reality, "In an ideal system, no heat would be generated because all energy would be perfectly utilized. But until that becomes reality, thermal management will remain essential." Global Network. Credit: Courtesy of KD Finechem Co., Ltd. Global Network. Credit: Courtesy of KD Finechem Co., Ltd. For more details, explore the website at: This report has been paid for by a third party. The views and opinions expressed are not those of Newsweek and are not an endorsement of the products, services or persons mentioned.
Korea Herald
05-06-2025
- Automotive
- Korea Herald
Will new Nexo revive shrinking hydrogen mobility push?
Hyundai set to boost hydrogen-driven eco-friendly transition with new fuel cell SUV, but market interest in hydrogen mobility remains low Hyundai Motor is set to launch the fully revamped Nexo as early as this month in Korea, seven years after introducing its sole fuel-cell-powered sport utility vehicle currently on the market. With improved performance and fuel efficiency over its predecessor, the new Nexo is positioned to lead Hyundai's initiative to drive the global transition to hydrogen mobility — a vision first outlined in 1998 by Chung Mong-koo, honorary chair and father of current Chair Chung Euisun. 'Nexo represents the essence of sustainable mobility proposed by Hyundai Motor,' said Chung Yoo-seok, executive vice president of Hyundai Motor, during the vehicle's unveiling at the Seoul Mobility Show in April. 'We will accelerate the expansion of the global hydrogen ecosystem beyond Korea's borders and aim to achieve our annual sales target of 11,000 units.' However, recent market conditions cast uncertainty over the ambitions of the world's leading hydrogen vehicle maker. Declining demand for fuel cells In recent years, Korea's fuel-cell electric vehicle market has declined. According to SNE Research, sales dropped from 10,336 vehicles in 2022 to 3,688 in 2024, marking a 65 percent decrease. This downturn reflects deeper structural challenges for FCEVs, rather than a temporary pause, as the transition to eco-friendly mobility is increasingly driven by battery electric vehicles, experts said. 'Many consumers are still hesitant even about EVs, which are far more familiar,' said an industry source who requested anonymity. 'So it's no surprise that skepticism runs even deeper when it comes to hydrogen.' Limited charging access and high hydrogen fuel prices also remain major hurdles for fuel cell mobility. Korea has around 221 hydrogen stations — more than Japan, the US or Germany — but drivers still face inconvenience when refueling. 'Due to amplified safety concerns, strict regulations have resulted in limited station hours and the placement of stations far from residential areas, even though such risks can be mitigated through multiple layers of safety measures,' said Lee Ho-geun, professor of automotive engineering at Daeduk University. Amid these ongoing challenges, the launch of the new model is expected to have a limited impact on the market. Hyundai sold around 750 FCEVs domestically in the first quarter of 2025, and projections suggest that total annual sales may remain close to last year's levels despite the new launch. The global market also shows limited reason for optimism, with only Hyundai and Toyota currently active in the passenger hydrogen vehicle segment. Worldwide sales of FCEVs dropped from 20,704 sales in 2022 to 12,866 in 2024. The decline appears sharper in the passenger segment because China, which has grown to account for 55 percent of global FCEV sales, remains focused mainly on commercial rather than private vehicles. 'Globally, the eco-friendly vehicle market is still largely driven by government policies, such as subsidies, since automakers have yet to achieve the cost and performance competitiveness needed to rival internal combustion engine models,' said Lee. 'Because many countries want to protect their local industries and lack proprietary hydrogen vehicle technology, they are not actively pursuing policies to adopt these vehicles.' Staunch commitment, but long road ahead Despite the discouraging outlook for hydrogen, Hyundai Motor Group has strengthened its momentum in hydrogen mobility efforts since last year, aiming to retain its leading position in the hydrogen mobility era expected to follow EVs. In 2024, it integrated the fuel cell business of its parts-making unit, Hyundai Mobis, into Hyundai Motor Co. to boost synergy between hydrogen technology and vehicle manufacturing. Separately, the group established an overseeing team to complete the hydrogen business value chain, moving beyond a sole focus on fuel cell production. The group also forged partnerships with rivals Toyota and General Motors to collaborate on hydrogen strategies. 'We will work with global partners and harness our full capabilities across the hydrogen value chain to accelerate the adoption of a hydrogen-powered society,' emphasized the group's Vice Chair Chang Jae-hoon at the World Hydrogen Summit 2025 in Rotterdam, Netherlands, in May. Lee also echoed Hyundai's expansion of cooperation with other companies, saying, 'Hyundai needs to expand the overall market by licensing some basic technologies to other automakers at minimal royalty fees.' However, Kim Pil-su, a car engineering professor at Daelim University, said yearslong efforts are still needed before fuel cell vehicles can become a profitable business. 'The hydrogen mobility sector still faces numerous challenges, including high costs and issues related to hydrogen generation, delivery and storage,' he said, noting that automakers in the US and Europe have abandoned plans to launch fuel-cell passenger cars. 'For hydrogen to be truly eco-friendly (to be widely accepted by countries), it must move beyond heavy reliance on fossil fuels for production. However, mass production through water electrolysis is expected to take over a decade.'
