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Fuel cells on the rise

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  • China has successfully established a dynamic, globally competitive electric vehicle market. Now the state is eager to repeat the success in fuel cell vehicles
  • The latest official New Energy Vehicle (NEV) roadmap sets the target for fuel cell vehicle stock at one million by 2035, a more realistic goalpost than the previous goal of 1mn by 2030
  • If achieved, the 2035 target will translate into a huge market for fuel cells, estimated to be around RMB 22bn in 2030 and RMB 45bn in 2035
  • China’s industrial policymakers also learned their lessons from the initial promotion of electric vehicles: For fuel cell vehicles, they plan to adopt a more targeted subsidy scheme, rewarding real technological breakthroughs along the FCV value chain, rather than providing vehicle purchase subsidies as for EVs.
  • Foreign players who intend to tap into China’s hydrogen market potential, especially for fuel cell technology, need to start implementing their fuel cell strategies now

Sinolytics is a European consulting and analysis company that focuses entirely on China. It advises European companies on their strategic orientation and concrete business activities in China.

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