For the last 10 years,
Fuel Cell Vehicles (FCVs) have been touted as the “next big thing” in automobiles, featuring the promise of zero emissions, other than water and heat.
While not yet a reality for mainstream drivers, fleets of FCVs in the hundreds and the increasing utilization of fuel cells in commercial vehicles has opened the doors toward light-duty FCV commercialization within the next decade.
According to a new report from Pike Research, fuel cell vehicles will be commercially launched in most regions of the world by 2014, and cumulative sales of fuel cell cars and trucks will surpass 2.8 million vehicles globally by 2020.
The research firm believes annual sales worldwide of FCVs could reach about 700,000 units in 2020.
“Fuel cell vehicles have been an elusive goal for the automotive industry,” says industry analyst Dave Hurst, “but they are on the verge of commercial reality. With substantial support from the largest automakers, the pressure is on gas companies and governments to make sure that hydrogen fueling stations are available to support this emerging market.”
Hurst said that five key automakers are early leaders in FCV programs: Daimler AG, General Motors, Honda, Hyundai, and Toyota.
Pike Research forecasts that Western Europe will be the leading region for FCV sales with a 37% share of the world market, followed closely by Asia Pacific with 36%.
FCV sales in North America will represent approximately 25% of global sales during the period from 2014 to 2020.
The cleantech market intelligence firm anticipates that FCV revenues will reach $23.9 billion annually by 2020.
Pike Research‘s study, “Fuel Cell Vehicles,” analyzes the current state of fuel cell technology as it moves toward commercialization in light vehicles, medium/heavy duty trucks, and buses. The report examines fuel cell technologies, hydrogen as a fuel, and key drivers of market development for FCVs.
Detailed forecasts are provided for global research and development spending, fuel cell transit buses, fuel cell light vehicle production and sales, and revenue from FCV sales. Key market players are also profiled. An Executive
Summary of the report is available for free download on the firm’s website.
About Pike
Pike Research is a market research and consulting firm that provides in-depth analysis of global clean technology markets. The company’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Clean Transportation, Clean Industry, Corporate Sustainability, and Building Efficiency sectors. For more information, visit www.pikeresearch.com.
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