WASHINGTON, Nov. 29, 2017 /PRNewswire/ -- More than 5,500 hydrogen fuel cell vehicles have been sold since they were launched, and the number will easily top 6,000 by year-end 2017, Information Trends stated today.
In a report, "Hydrogen Fuel Cell Vehicles: A Global Analysis," the market research firm disclosed that close to 2,400 hydrogen fuel cell vehicles were sold in the first three quarters of 2017.
The sales activity is striking, because a robust hydrogen fueling infrastructure is not widely available yet, said Naqi Jaffery, the lead author of the report.
By 2021, at least 10 brands will be selling hydrogen fuel cell vehicles, Jaffery said. By this time, hydrogen fueling infrastructures will be sufficiently developed in several regions to allow large-scale hydrogen mobility.
Brands that will be competing for market share by 2021 include Toyota, Lexus, Hyundai, Kia, Honda, Mercedes-Benz and BMW. Other entrants in this space include Tata Motors, Pininfarina S.p.A. (owned by Mahindra & Mahindra) and Riversimple. More companies will join the bandwagon after 2021.
The U.S. has generated 50 percent of the global hydrogen fuel cell vehicle sales so far, and Europe has been able muster only 10 percent, even though Europe has more hydrogen stations than the U.S.
This incongruity stems from the fact that hydrogen stations in Europe are spread out across 15 countries, but in the U.S., they are concentrated in the San Francisco Bay Area and Los Angeles and Orange counties in the state of California.
Currently, Japan has the most hydrogen stations, and vehicle sales in Japan and Korea have constituted 40 percent of the global sales.
In terms of brands, Toyota Mirai has swept the market with over three-quarters of sales. The rest of the sales are divided between Hyundai ix35 Tucson Fuel Cell and Honda Clarity Fuel Cell, with the Hyundai vehicle leading the Honda car by one percentage point.
The report, "Hydrogen Fuel Cell Vehicles: A Global Analysis," provides an update on the status of the hydrogen fuel cell vehicle market. It has sales data up to the 3rd quarter of 2017 by models and regions.
About Information Trends
Information Trends is a reputable market research, consulting and advisory services firm based in the Washington D.C. metro area. It is headed by market research industry veteran, Naqi Jaffery, formerly of Gartner.
SOURCE Information Trends