Over 20 million hydrogen fuel cell vehicles will be sold cumulatively worldwide by 2032, according to a new report published by Information Trends, generating approximately $1.2 trillion in cumulative revenues for the auto industry.
According to the report’s lead author, Naqi Jaffery, hydrogen fuel cell vehicles will represent the fastest-growing segment of the auto market by 2050.
The report, “Global Market for Hydrogen Fuel Cell Vehicles,” says that by 2020, sufficient hydrogen filling infrastructures would be in place in several regions of the world, giving an initial boost to the market for hydrogen fuel cell vehicles.
In the year 2032, over 5 million of these vehicles will be sold, with projected revenues of over $250 billion.
The report states that Toyota, Honda and Hyundai have already rolled out hydrogen fuel cell vehicles, and several other major automakers are poised to enter the market.
In terms of unit sales, the report expects the U.S. will dominate the market compared with other countries, but the Asia-Pacific region will witness the highest growth.
The report carries out an in-depth analysis of the emerging market and discusses major players and product rollouts, providing both long-term and short-term forecasts. Containing detailed data for each region and for major countries in each region, the report divides the timeline for hydrogen fuel cell vehicle rollouts into three segments – 2015-2020, 2021-2026, and 2027-2032 – and provides forecasts for each of the three time periods.