DUBLIN, March 10, 2016 /PRNewswire/ --
The global fuel cell market in the automotive industry is to grow at a CAGR of 45.27% during the 2016-2020 period, according to a recent report available from Research and Markets. The report highlights how automotive companies are making huge investments in R&D in the fuel cell industry, and today Honda Motor Co. revealed plans to make their Clarity Fuel Cell sedan available to the public by the end of 2016. The Japanese automaker has been working with General Motors Co. in an attempt to lower the cost of hydrogen-powered vehicles to that of hybrid vehicles within the next ten years.
At 750 kilometers at Japan standards, Honda's Clarity sedan offers owners the top driving range among zero-emission vehicles. The Clarity, priced at USD 67,000, will first be available to local governments and businesses in Japan before retail customers. Honda plan on leasing the Clarity in California by the end of 2016 for less than USD 500 per month, and the car will sell in the U.S. for around USD 60,000. European deliveries of the Clarity are expected to begin by the end of the year.
The global sale of hybrid and pure electric cars will reach a value of USD 178.9 billion by 2024, as forecast in an automotive industry report. This estimation could be lower if Honda's Clarity sedan proves popular among consumers, as other automakers may seek to replicate Honda's success resulting in a greater focus on selling hydrogen-powered vehicles than clean cars.
The global fuel cell market is expected to grow at a CAGR of 30.40% in terms of unit shipment by 2019, as stated in an industry report. Again, the success of Honda's Clarity could have an effect on this forecast, as a demand for hydrogen-powered vehicles will increase the demand for efficient fuel cells promoting market growth and encouraging further R&D investments from automakers.
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SOURCE Research and Markets