Annual Fuel Cell Car and Bus Sales Are Expected to Exceed 228,000 by 2024
Automakers pursuing fuel cell technology are partnering with fueling and hydrogen companies to develop infrastructure, report finds
A new report from Navigant Research analyzes the market for fuel cell passenger cars and buses, including its drivers and barriers, with global sales forecasts, through 2024.
Toyota’s introduction of the Mirai, its first production-level fuel cell car, has thrust fuel cell vehicles (FCVs) back into the spotlight. While the performance of FCVs makes them ready for commercial launch, the industry is still focused on the two key requirements for larger-scale market introduction: driving down vehicle costs to be competitive with battery and hybrid vehicle technology and developing the hydrogen infrastructure necessary to fuel the vehicles. Click to tweet: According to a new report from Navigant Research, annual sales of FCVs are expected to exceed 228,000 by 2024.
“Commercial FCVs are finally available to drivers in select markets, with early indications of real customer interest and signs that manufacturers are getting serious about pricing FCVs to compete at the premium-vehicle level,” says Lisa Jerram, principal research analyst with Navigant Research. “Automakers serious about fuel cell technology are expected to tackle the fueling infrastructure problem head on, with much needed investments in station buildout.”
Until the infrastructure is available, the market for FCVs is expected to remain supply-constrained, with vehicle production at low levels, according to the report. To facilitate the creation of FCV infrastructure, automakers are collaborating with new partners in retail fueling and hydrogen supply.
The report, Fuel Cell Vehicles, assesses the state of global fuel cell passenger car and bus development and progress made in addressing the main barriers to successful commercialization. The study discusses the top government initiatives to support this goal and the key infrastructure and cost issues related to FCVs. Global sales forecasts of FCVs, segmented by region (North America, Europe, Asia Pacific, and Rest of World), extend through 2024. The report examines the prospects for fuel cell cars and buses to reach widespread commercial deployment and compete against other technologies and profiles a few of the key players in the FCV market. An Executive Summary of the report is available for free download on the Navigant Research website.