Asia’s Leading Economies Are Supporting Hydrogen Fuel Cell Cars

Asia’s Leading Economies Are Supporting Hydrogen Fuel Cell Cars

Reportedly, Japan, China, and South Korea have set striving targets to place millions of hydrogen-powered vehicles on roads before 2030 at a price of billions of dollars. But till date, hydrogen FCVs (fuel cell vehicles) have been overshadowed by electric vehicles, which are ever more becoming a conventional option owing to the success of Tesla’s luxury cars plus production and sales quotas set by China. The opponents argue that FCVs might never sum up to more than a niche technology. But supporters say that hydrogen is the cleanest source of energy for autos obtainable and that with more refueling infrastructure and time, it will gain acceptance. China—which is the biggest auto market globally with more than 28 Million vehicles sold yearly—is planning for over 1 Million FCVs in service by 2030.

Japan—which is a market of over 5 Million vehicles yearly—aims to sell more than 800,000 FCVs by that time from present 3,400. South Korea—which has a car market of just one-third size of Japan—has fixed a goal of 850,000 vehicles on the road by the end of next decade. But as of end-2018, less than 900 have been sold. Hydrogen’s supporters point out how clean it is as a source of energy since heat and water are the only side products and how it could be produced from many sources, counting coal, methane, water, and even garbage. Resource-deficit Japan sees hydrogen as a method for greater energy security.

Recently, Tesla was in news as nobody in China prefers used electric vehicle unless it is a Tesla. Almost 5 Years following the market for new electric vehicles commenced in China, a rookie used-car market is growing and around 3.5 Million electric cars already sold, and it seems that Tesla is set to rule it. A Tesla’s end value at 1 Year is over 70% of its original cost, which is far higher than the cost of any Chinese electric vehicle model at the same mark, as per to an August report by a Chinese automobile industry group analyzing leasing and resale.

William Bentley
Managing Editor At Packaging Industry Reports

William holds Master of Business Administration in Finance Degree and leads the team of 7 writers at Packaging Industry Reports. He has deep knowledge of share market and has a long record of being a famous trading consultant in the Business industry from last 10 years. Although William has no family background of business, he demonstrated a keen interest in the business activities from his school days. While he can write news on any topic related to the Business field, he is more focused on the topics that show the impact of advanced technologies in this field. He always keeps himself updated with the latest computer skills.

Leave a Reply

Your email address will not be published. Required fields are marked *