The market for hydrogen fuel will be primarily driven by the introduction of hydrogen fuel cell vehicles (HFCVs) and commercial trucks fueled by hydrogen. In June 2022, PR Newswire reported the US HFCV market in the United States to $134 million, and they project it will increase at a compound annual growth rate of 19.14% to nearly $322 million by 2027. If you’re in the business of refueling consumer and commercial vehicles, it is time to diversify your inventory with hydrogen fuel and meet the needs of this growth industry.
BMW and Toyota are one of the latest to announce big HFCV plans.
This isn’t the first joint venture between BMW and Toyota. These two companies have worked together to develop sports cars since 2013. Together, they came up with the GR Supra and the Z4 roadster. Now, BMW will tap into Toyota’s experience to launch an HFCV sports utility vehicle.
You may have seen a Toyota Mirai on the road. Toyota has been producing the Mirai for several years, so the current models have beautiful designs and reliable operations, making this vehicle a popular choice for environmentally conscious consumers. Since almost all hydrogen refueling stations are in California, that’s the only place you’ll find one for sale.
They’re taking this expertise with them to partner with BMW to expand the availability of HFCVs further. Together, they will produce BMW’s new iX5 Hydrogen vehicle that was unveiled at the International Motor Show in Germany last fall. They plan to begin small-scale production in the late part of 2022. The iX5 will be based on BMW’s X5 SUV. While they haven’t announced details about its range, the car will have two 6-kilogram tanks, so it’s fully anticipated this vehicle will be able to drive a long distance on a full tank.
Pieter Nota, sales chief with BMW, feels the partnership with Toyota will help the company achieve its target of 50% electrification across its models before its deadline of 2030.
PowerTap makes it easy to diversify your inventory with hydrogen fuel.
PowerTap Hydrogen allows fuel station owners to produce hydrogen fuel on-site, with a production unit taking up less than 1,000 square feet of space. Our units can produce over 1,250 kg of pure hydrogen each day using only city water, natural gas, and electricity. With PowerTap Hydrogen, it’s possible to produce fuel at less than $2 per kilogram–that’s about $9 less than purchasing hydrogen fuel from a wholesaler or producing it onsite via alternative solutions.
If you’re interested in diversifying your current product mix or would like to begin a journey in the exciting future of alternative energy solutions, contact our team at PowerTap Hydrogen today. We’d love to show you how easy it is to be a part of the hydrogen fuel revolution.