Worldwide, over 20 million hydrogen fuel cell vehicles will be sold by 2032, which will generate revenue of some $1.2 trillion for the auto industry, says a new report published by Information Trends, a Washington, D.C., market research and consulting company.
“Hydrogen fuel cell vehicles, with a zero emission capability, represent (the) future of the automobile,” says Naqi Jaffery, the lead author of the Global Market for Hydrogen Fuel Cells report. “These vehicles will be the fastest growing segment of the auto market by 2050.”
According to the report, sufficient hydrogen fueling infrastructures will be in place in several regions of the world by 2020, which will give an initial boost to the market.
Then, as infrastructures expand, hydrogen fuel cell vehicles will begin to garner more market acceptance, and in the year 2032, over 5 million of the vehicles will be sold with projected revenues of over $250 billion.
In terms of unit sales, the report estimates that the United States will dominate the market compared to other countries, but the region to witness the highest growth will be Asia-Pacific.
Toyota, Honda, and Hyundai have already rolled out hydrogen fuel cell vehicles, and several other major automakers are planning to enter the market.
Several government agencies are also providing incentives to help propel the hydrogen fuel cell vehicle market.