Boulder, Colorado – With hundreds of vehicles already in test fleets and the increasing use of fuel cells in commercial vehicles, fuel cell vehicles (FCVs) will be commercially launched in most world regions by 2014 and cumulative sales will top 2.8 million vehicles globally by 2020, according to a new report from Pike Research.
“Fuel cell vehicles have been an elusive goal for the automotive industry, but they are on the verge of commercial reality,” said industry analyst Dave Hurst. “With substantial support from the largest automakers, the pressure is on gas companies and governments to make sure that hydrogen fuelling stations are available to support this emerging market.”
The report noted that Daimler AG, General Motors, Honda, Hyundai and Toyota are early leaders in FCV programs.
Pike Research forecasts that Western Europe will be the leading region for FCV sales with a 37 per cent share of the world market, followed by Asia at 36 per cent. Sales in North America will represent approximately 25 per cent of global sales from 2014 to 2020. FCV revenues are forecast to reach US$23.9 billion annually by 2020.