For more information, please call us: +1 703-740-91729 am – 5 pm EST USA Monday – Friday
Publisher: Information Trends
Delivery Format: PDF
Product Code: IT-160901
Hydrogen fuel cell electric vehicles represent the next generation of electric drive vehicles, and these vehicles have entered commercialization phase. With zero emission capability, these vehicles represent the future of the automobile. Close to 2,500 hydrogen fuel
cell vehicles were sold or leased in 2016, representing a three-fold increase
compared to 2015. While the numbers in terms of sales and leases are still
miniscule compared to the market, they represent a trend that portends well for
the future of hydrogen fuel cell vehicles.
With only three major
competitors in the market, Toyota generated over 80 percent in sales in 2016.
Hyundai had second highest sales, followed by Honda. The market will become
more competitive as Mercedes-Benz rollouts out a fuel cell vehicle in the
second half of 2017, followed by several other automakers over the next few
Current customers of these
vehicles include vehicle fleets, government agencies, and early adopters. Until
a critical mass of customers is reached in the 2020’s, the market will remain
confined to early adopters and affluent segments of society.
The following developments
point to a bright future for hydrogen fuel cell vehicles:
1. Widespread deployments of hydrogen fueling
stations in several regions of the world.
2. Emergence of public-private partnerships to
support these deployments and to drive the uptake of hydrogen fuel cell
3. Serious spending on R&D to drive component
costs and fueling infrastructure costs down to make hydrogen fuel cell vehicles
cost-competitive with other vehicles.
By 2020, sufficient hydrogen
fueling infrastructures will be in place in several regions of the world,
giving an initial boost to the market for these vehicles. As fueling
infrastructures further expand during the 2020’s, hydrogen fuel cell vehicles
will begin to garner even greater market acceptance.
Cumulatively, over 22.2
million hydrogen fuel cell vehicles be sold or leased worldwide by 2032. These
sales will generate collective revenues upwards of $1.1 trillion for the auto
industry by 2032. Information Trends projects that by 2050, hydrogen fuel cell
vehicles will become the fastest growing segment of the global automobile
Built with Volusion