Worldwide, over 20 million hydrogen fuel cell vehicles would be sold cumulatively by 2032, according to a report published by Information Trends.
The sales would generate cumulative revenues upwards of $1.2 trillion for the auto industry, it said.
Hydrogen fuel cell vehicles, which generates zero emissions, represents 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, he added.
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, triggering intense completion. In terms of unit sales, the U.S. 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.
Published in the November 2016 Edition of American Recycler News
