FCEVs are the future of mobility; they deliver excellent dynamic performance while being eco-friendly. They are not only emission-free, but even scrub the air of particulates. No matter the future, FCEVs would not fare well without offering outstanding economic value. That raises the question: are HCEVs sufficiently economical?
Projected cost and supply availability of hydrogen
The market for hydrogen energy is in its early formative stages. As the market matures, hydrogen supply will increase, prices will fall, and the FCEV's economic value will continue to rise.
Fuel economy comparison by engine type
Here is a comparison of fuel cost per kilometer. FCEV fuel economy is superior to combustion engine vehicles, and somewhat lesser to electric vehicles. (based on 2020 policy sunset of EV pricing benefits and fuel tax reduction)
FCEV cost
How much does it cost to own an FCEV? FCEVs are surprisingly affordable in terms of purchase price. The prices are competitive against in-class combustion engine models or electric models, taking into account national and municipal government subsidies and tax benefits.
Cost structure of FCEVs
What factors determine the cost of an FCEV? Key components, including fuel cells, account for more than 40% of the cost. Lower cost of manufacturing key components will directly lower the overall cost of FCEVs.
Forecasted cost of fuel cells and systems based on annual production
The hydrogen industry will cross the threshold to realize economies of scale as the industry grows and production ramps up. FCEV cost will continue to lower.
Cost comparison of battery and fuel cell - truck
How about commercial vehicles? Commercially operated vehicles expend more fuel and operate over greater distances, and FCEVs outperform EVs in terms of fuel economy. This is because FCEVs energy storage density is greater.
* Increasing max distance per full charge requires increased battery capacity in EVs, and hydrogen tank capacity in FCEVs. As range is increased, EVs become far heavier and costlier than FCEVs due to battery requirements. ex) Powertrain weight ratio for a 40 ton truck depending on EV, diesel, HCEV is 10 : 7.5 : 7.0 respectively.
Cost comparison of battery and fuel cell - bus and passenger vehicles
As the FCEV market and industry continues to grow and mature alongside technological improvements, FCEV passenger cars will become increasingly competitive against EVs.
Economic value of the hydrogen industry and FCEVs
By, 2050, the hydrogen market is expected to reach around 2.5 quadrillion won ($2.07 trillion) worldwide. mcKinsey consulting firm released a study that forecasts the Korean economy will benefit 25 trillion won ($20 billion) annually from HCEVs alone.
Eco-friendly FCEV
Above all, HCEVs are outstanding in terms of protecting the environment, significantly reducing vehicle emissions while purifying the air. The globe is suffering from environmental problems, and the enormous environmental benefits of the FCEV may be beyond quantifiable.
