Fuel cell vehicles set to see major growth in the coming yearsOctober 19, 2016
Report highlights growth of the clean transportation space
The world of fuel cell vehicles is about to expand significantly in the coming years. A new report, titled the Global Market for Hydrogen Fuel Cell Vehicles, predicts that a comprehensive hydrogen fuel infrastructure capable of supporting the widespread adoption of fuel cell vehicles will be in place by 2020. As more hydrogen stations become available to the public, the attractiveness of fuel cell vehicles is growing, giving these new cars a slight edge over their more conventional counterparts.
Fuel cells can be used to power a wide range of vehicles
The report suggests that hydrogen fuel cells can be used in virtually every transportation sector, from passenger vehicles to bicycles. The report focuses specifically on light vehicles, which weigh as much as 6 metric tons. These vehicles are quickly gaining attention because of their efficient and environmentally friendly nature. Fuel cell vehicles are expected to have a very successful future in the clean transportation space. By 2050, the report predicts that fuel cell vehicles will represent the fastest growing segment in the automobile market.
Major automakers to aggressively promote fuel cell vehicles in the future
Three of the world’s leading automakers, Toyota, Hyundai, and Honda, are expected to lead the way in the commercialization of fuel cell vehicles. These companies have already established a very strong position in the clean transportation market. Each company has already begun to offer their own fuel cell vehicles and they have also been investing quite heavily in the development of new hydrogen fuel stations. These stations are sorely needed in order for fuel cell vehicles to find any significant degree of success. By 2020, the world may have a sufficient hydrogen fuel infrastructure capable of supporting a new generation of vehicles that are becoming more popular.
Vehicles equipped with fuel cells to generate $1.24 trillion for the auto industry
An estimated 22.6 million fuel cell vehicles are expected to be sold worldwide by 2032. These vehicles are expected to generate approximately $1.24 trillion in revenue for the auto industry. Consumers have strong interest in fuel cell vehicles, but lacking infrastructure support has made their adoption relatively slow. Another issue that consumers have with these vehicles involves their costly nature. Fuel cells are notoriously expensive, a problem that automakers have been working to resolve for several years now.