In the global automotive industry, gasoline-based vehicles have long been the primary option for most consumers, far surpassing other available alternatives, such as battery-operated electric vehicles (BEVs). While initially slow, the adoption of BEVs has significantly increased in recent years due to its comparatively low carbon footprint and the public sector’s focus on achieving climate action goals. However, BEVs do not eliminate emissions completely, as the production and disposal of these vehicles create some level of environmental harm when performed incorrectly. This has created an opportunity for hydrogen fuel cell vehicles (HFCVs) to complement BEVs, further propelling the green revolution in the global automotive landscape. Support from governments and leading original equipment manufacturers (OEMs) will drive the adoption of HFCVs, creating a rapidly growing market for the automotive components required to make them and refueling products to complement their deployment. Automotive component manufacturers venturing into this space in the next few years will be able to capture the benefits of being an early entrant.The Current State of the Global HFCV Market In 2024, the global HFCV market is estimated to have reached a total value of USD 23 billion and is expected to increase to USD 353 billion by 2034 at a 28.3% CAGR. While the Asia-Pacific region saw a downward trend in HFCV adoption, China is still in a promising position to capitalize. In 2023, China’s HFCV market share grew significantly to 38%, overtaking Japan for the largest share in the APAC region.Moreover, China's adoption rates are growing due to an increase in commercial vehicle sales. For instance, Chinese hydrogen truck maker Foton experienced an 81.1% year-over-year (YoY) growth from 2022 to 2023.<img src="/uploads/WP_Auctus_Chart_01_376fabdfd8.jpg" alt="WP Auctus Chart-01.jpg" width="7525" height="3942">In the coming years, the HFCV’s overall market growth will be driven by factors such as net zero commitment goals, growing environmental awareness created through the BEV boom, and an overall commitment from stakeholders, including OEMs, government, and suppliers, to accelerate the adoption of HFCVs:<ul><li>Net zero commitments: Governments worldwide are banking on hydrogen fuel to achieve carbon neutrality by 2050. Key initiatives that support hydrogen vehicle manufacturers include the formation of the Hydrogen Economy Committee and the Korean New Deal (to strengthen climate action and realize a green economy) by the Korean government.</li><li>Environmental awareness: The BEV boom has significantly heightened global awareness regarding the environmental impact of traditional fossil fuel vehicles. Consequently, individuals are increasingly motivated to consciously research and choose environmentally sustainable modes of transportation.</li><li>Increasing advocacy towards HFCVs: Leading players like Toyota, Honda, and Daimler, as well as governments worldwide, are advocating for the adoption of hydrogen vehicles. They are increasing awareness, investing in R&amp;D and infrastructure, and partnering with various bodies worldwide to accelerate it.</li></ul>Download our free white paper to learn more about the latest developments in the HFCV market and how automotive component manufacturers can harness the growing industry’s momentum.

YCP has published a report on hydrogen fuel cell vehicles, analyzing the global HFCV market and how auto component manufacturers can capitalize on the need for HFCV-related products.

YCP Auctus Hydrogen fuel cell WP COVER (1)-100.jpg

How Component Manufacturers Can Contribute Towards the Rise of Hydrogen Vehicles

YCP Auctus_HFCV_Final.pdf

For management consulting firms like YCP Auctus, building a solid service foundation is fundamental to developing long-term relationships with our clients. As our work varies depending on the type of project and even the demographics that we work with, it is crucial to have a service structure we can always refer to as a practitioners' handbook.We are proud to share the YCP Auctus Account Management Framework, built on our professionals’ experience of working with clients from different industries, backgrounds, and service needs. This framework outlines 14 key steps our professionals focus on to ensure that the account plan development for our clients is thorough, aligned with their short- and long-term goals, and adaptable to their specific needs no matter their size, background, and objective.“We do a lot of work with clients to help them learn how to do account management, help them improve their account management, and in the process grow faster than they have been growing,” says Abhisek Mukherjee, YCP Auctus Managing Partner and Head of our India Management Services Division, who helped develop and refine the framework through his experience with various clients. “A good account manager can answer every question and can address every point that is there in that handbook. And a company with good account management has all the teams and the governance frameworks that are mentioned in that handbook.”<img src="/uploads/In_article_graphic_1_fa2a07b6ea.jpg" alt="In-article graphic 1.jpg" width="7525" height="3941"><img src="/uploads/In_article_graphic_2_18a25a48d9.jpg" alt="In-article graphic 2.jpg" width="7525" height="3941">Puneet Kaushik, our firm’s Digital Transformation Division CEO and a pivotal contributor to the framework, shed insight on why the guide was created in the first place. “Any services company that learns account management well tends to grow faster and tends to be more profitable than a company that is completely focused on or more focused on opening new clients.” The YCP Auctus approach focuses on cultivating relationships with existing clients, which Kaushik highlights as key to accelerating business growth.With this framework, clients receive guidance from YCP Auctus experts on the knowledge and skills required to leverage strategic opportunities and maximize business potential. Kaushik shared, “We work with clients to identify the right accounts to invest in, to help them build very actionable in-depth account plans, and to help them govern these account plans to ensure that all the identified opportunities are actually captured.”The YCP Auctus Account Management framework provides two-pronged value to both clients and consultants. While clients benefit from actionable insights and thorough account plans, the framework acts as a comprehensive handbook for consultants, offering guidance on navigating effective client retention strategies and profitable account management.To learn more about how YCP Auctus’ Account Management framework can help your business, download our insights below.

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