Global Market for Hydrogen Fuel Cell Vehicles: Forecasts for Major World Regions To 2032
DUBLIN, May 21, 2020 /PRNewswire/ -- The "Global Market for Hydrogen Fuel Cell Vehicles" report has been added to ResearchAndMarkets.com's offering.
This is one of the most comprehensive and timely reports on the hydrogen fuel cell vehicles market. The report provides detailed data on the sales of the hydrogen fuel cell vehicles from their initial commercial launch through 2019. It provides market forecasts for the major world regions through 2032. The report discusses automaker strategies and provides in-depth profiles of the automakers producing hydrogen fuel cell vehicles or those who could potentially enter this market.
Since 2014, the world has been witnessing a slow but steady transition to hydrogen fuel cell vehicles for the mass market. In 2014, when the first sales/leases of fuel cell vehicles took place, the U.S. led the field. The Asia-Pacific region took the lead in sales/leases in 2015 and 2016, but the U.S. became the top seller in 2017 and 2018. In 2019, Nexo had a phenomenal uptake of these vehicles in South Korea, propelling Asia-Pacific to the top spot.
Volkswagen and BMW are getting ready to join the hydrogen fuel cell vehicle bandwagon, with launches in 2021 and 2022, respectively. In addition, the rollout of these vehicles from Chinese automakers, SAIC and Grove, is imminent.
The sales/leases have been slow in the beginning primarily due to the prohibitive costs of fuel cell vehicles and the absence of robust hydrogen fueling infrastructures. However, the costs of these vehicles are gradually coming down, and hydrogen fueling infrastructures are beginning to take shape. This is propelling a faster growth of these vehicles.
Current customers of these vehicles include vehicle fleets, government agencies and early adopters. Until a critical mass of customers is reached in the 2020s, the market will remain confined to early adopters and affluent segments of society.
By 2025, sufficient hydrogen fueling infrastructures will be in place in several regions of the world, giving an initial boost to the market for these vehicles. As fueling infrastructures further expand in the second half of 2020s, hydrogen fuel cell vehicles will begin to garner greater market acceptance, resulting in even faster market penetration.
Key Topics Covered:
1 Summary and Scope
10 Automaker Profiles
For more information about this report visit https://www.researchandmarkets.com/r/7qlql2
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SOURCE Research and Markets