According to a study published by Information Trends, the market for hydrogen fuel cell passenger vehicles is ready to take off now that a significant hydrogen fueling infrastructure is in place. The study predicts that the market for hydrogen fuel cell cars and SUVs will grow rapidly.
According to the study, the global market for passenger hydrogen fuel cell vehicles will have sold over 27,500 hydrogen fuel cell vehicles by the end of 2020. Due to the lack of a reliable hydrogen fueling infrastructure, sales were limited.
According to the study, sales of passenger hydrogen fuel vehicles are expected to skyrocket in 2021. In 2020, more than 8,500 passenger fuel cell vehicles were sold, the highest annual sales of any previous year. The auto industry experienced a severe downturn during the year, but sales in 2020 defied the trend.
According to Naqi Jaffery, President and CEO of Information Trends, “what we’re seeing now is a market push in three segments of the hydrogen fuel cell market.” Passenger cars and SUVs, light commercial vehicles, and heavy-duty trucks and buses are among these segments, he added.
According to Mr. Jaffery, developments in each of these segments are creating synergies that are driving down component and infrastructure costs. In addition, he said, extensive hydrogen fueling infrastructure is available in many major markets.
The report provides detailed sales and revenue forecasts for hydrogen fuel cell vehicles through 2035.