STERLING, Va., May 26, 2021 /PRNewswire/ -- With a substantial hydrogen fueling infrastructure in place, the market for hydrogen fuel cell passenger vehicles is ready for take-off, says a research study published by Information Trends. The study presents a bright outlook for the growth of hydrogen fuel cell cars and SUVs.
The study, Global Market for Passenger Hydrogen Fuel Cell Vehicles, said that over 27,500 hydrogen fuel cell vehicles had been sold by year-end 2020 since their sales first began. The sales were constrained by the absence of a robust hydrogen fueling infrastructure.
The sales of passenger hydrogen fuel vehicles are now poised for a rapid pickup in 2021, the study said. Over 8,500 passenger fuel cell vehicles were sold in 2020, the highest annual sales compared to any of the previous years. The 2020 sales bucked the severe downturn experienced by the auto industry during the year.
What we are seeing now is a market push in three segments of hydrogen fuel cell market, said Naqi Jaffery, President and CEO of Information Trends. These segments are passenger cars and SUVs, light commercial vehicles, and heavy-duty trucks and buses, he added.
Developments in each of these segments is creating synergies that are driving down the costs of components and infrastructure, Mr. Jaffery said. Coupled with this, he said, is the availability of extensive hydrogen fueling infrastructures in many major markets.
The report provides detailed forecasts for hydrogen fuel cell vehicles sales and revenue through the year 2035.
About Information Trends
Information Trends is a reputable market research, consulting and advisory services firm based in the Washington D.C. metro area. The company publishes in-depth market studies and provides annual subscription services to meet its clients' ongoing needs for actionable market intelligence.
SOURCE Information Trends