China’s fuel cell vehicle (FCV) market has experienced remarkable growth in recent years, with the compound annual growth rate (CAGR) of FCV sales reaching 32.3% during the 2016-2022 period.
Luo Junjie, Executive Vice President of the China Machinery Industry Federation, announced on Tuesday at a press conference that about 10,300 FCVs were sold in China during this period. FCVs use hydrogen gas to generate electricity to run their motors, making them a type of electric vehicle.
China has been actively promoting the development of the hydrogen energy industry and has implemented numerous policies to attract more investment in the sector, according to Luo. Despite the industry still being in its early stages of development, Luo urged for more efforts to deepen global cooperation on technology exchanges and further equipment development to lower the industrial chain’s cost and support the large-scale application of hydrogen energy.
China is racing towards its carbon peaking and neutrality goals, and to that end, last year, it released a plan for the development of hydrogen energy for the 2021-2035 period. The plan states that by 2025, China will establish a relatively complete hydrogen energy industry development system, with FCV ownership in the country reaching about 50,000 units. This ambitious plan will help China achieve its sustainability goals and contribute to a cleaner environment.
