Worldwide, over 20 million hydrogen fuel cell vehicles will be sold cumulatively by 2032, according to a landmark report published by Information Trends. The sales could generate cumulative revenues upwards of $1.2 trillion for the auto industry, it said.
“Hydrogen fuel cell vehicles, with a zero emission capability, represent the future of the automobile,” said Naqi Jaffery, the lead author of the report. “These vehicles will be the fastest growing segment of the auto market by 2050.”
The report, “Global Market for Hydrogen Fuel Cell Vehicles,” said that by 2020, sufficient hydrogen-filling infrastructures would be in place in several regions of the world, giving an initial boost to the market for hydrogen fuel cell vehicles.
Early users of these vehicles are fleets and high-end consumers. As fueling infrastructures expand in the 2020s, hydrogen fuel cell vehicles will begin to garner greater market acceptance, resulting in faster market penetration. In the year 2032, over 5 million of these vehicles will be sold with projected revenues of over $250 billion.
According to the report, Toyota, Honda, and Hyundai have already rolled out hydrogen fuel cell vehicles, and several other major automakers are poised to enter the market. In terms of unit sales, the United States will dominate the market compared to other countries, but the region to witness the highest growth will be Asia-Pacific.
Several governments are giving generous incentives to help propel the hydrogen fuel cell vehicle market, but Japan is the most bullish on this technology. The Japanese Prime Minister, Shinzo Abe, envisions hydrogen fuel cell vehicles as part of a “hydrogen society” where fuel cells will power buildings.
The report carries out an in-depth analysis of the emerging market for hydrogen fuel cell vehicles. It discusses major players and product rollouts, and it provides both long-term and short-term forecasts. The report contains detailed data for each region and for major countries in each region.
The report divides the timeline for hydrogen fuel cell vehicle rollouts into three segments: 2015-2020, 2021-2026 and 2027-2032.The report also provides forecasts for each of the three time periods. A companion report, Global Market for Hydrogen Fueling Stations, discusses in detail the infrastructure needed to drive the hydrogen fuel cell vehicle market.