Fuel cell vehicles are ready to be ramped up to commercialisation – and could even break the one million vehicles sold barrier by 2020.
That’s the verdict of a new report by Pike Research which predicts that sales of fuel cell vehicles will reach 1.2million vehicles sold by the end of that year and generate $16.9billion in annual revenue.
Its analysis shows that during the period from 2010-2014 approximately 10,000 vehicles will be deployed. However, from 2015 commercialisation will begin and the firm forecasts 57,000 fuel cell vehicles will be sold in that year alone. This will then ramp up to 390,000 vehicles annually by 2020.
According to Pike, early sales will be focused on areas where infrastructure investments are being made such as the California and New York City regions of the United States; Germany; Japan; South Korea; Scandinavia; and the Shanghai area of China.
The largest market for fuel cell vehicles will be the Asia Pacific region – it will account for more than half of total worldwide sales in 2020. However, the most rapid growth will occur in Western Europe with a compound annual growth rate of almost 53 per cent.
