The report said that with the increasing utilization of fuel cells in commercial vehicles, it appears that light duty FCVs will be commercialized by mid-decade.
Pike Research’s study ‘Fuel Cell Vehicles’ analyzes the current state of fuel cell technology as it moves toward commercialization in light vehicles, medium/heavy duty trucks, and buses. The report examines fuel cell technologies, hydrogen as a fuel, and key drivers of market development for FCVs.
Pike Research forecasts that Western Europe will be the leading region for FCV sales with a 37% share of the world market, followed closely by Asia Pacific with 36%. FCV sales in North America will represent approximately 25% of global sales during the period from 2014 to 2020. The clean tech market intelligence firm anticipates that FCV revenues will reach $23.9bn annually by 2020.
Dave Hurst, industry analyst, said: ”Fuel cell vehicles have been an elusive goal for the automotive industry, but they are on the verge of commercial reality. With substantial support from the largest automakers, the pressure is on gas companies and governments to make sure that hydrogen fueling stations are available to support this emerging market.”
Mr Hurst pointed out five key automakers as early leaders in FCV programs: Daimler, General Motors, Honda, Hyundai, and Toyota.
