Fuel cell vehicle market to experience strong growth through 2022
A new report from Statistics MRC highlights the growth that the global fuel cell vehicle market is expected to see through 2022. Hydrogen fuel cells have come to establish a strong presence in the auto industry, where many companies are using them to power a new generation of vehicles. These vehicles use hydrogen fuel to produce electrical power, subverting the need for gasoline. This makes fuel cell vehicles environmentally friendly, as they do not produce any harmful emissions.
Fuel cell vehicle market to reach $138 billion by 2022
According to the report from Statistics MRC, the global fuel cell market had reached $70.24 billion. By 2022, the market will reach $138.46 billion, growing by a compound annual growth rate of 8.85%. These vehicles are expected to become quite popular in the United States, South Korea, Scandinavia, China, Japan, and Germany. Notably, California is likely to become a prominent market for these vehicles, as the state is working aggressively to expand its hydrogen fuel infrastructure.
Asia Pacific region will be a primary market for fuel cell vehicles
While California may serve as a valuable market for the auto industry, the Asia Pacific region will likely be home to the largest demand for fuel cell vehicles. By 2022, the Asia Pacific region is expected to account for more than 50% of the market for fuel cell vehicles. In this region, Honda, Hyundai, Toyota, and other automakers are expected to launch new fuel cell vehicles while also investing in the establishment of a hydrogen fuel infrastructure.
Automakers are working to make hydrogen fuel cells less expensive and more efficient
Fuel cell vehicles are will become more popular in the coming years, as more automakers are expected to launch these vehicles in the near future. In order for the vehicles to find success, however, they will need the support of a hydrogen fuel infrastructure. They will also need to become less expensive overall, as hydrogen fuel cells are notoriously expensive. Several automakers are working to reduce the cost of fuel cell technology and make these energy systems more efficient.