Korea leads in deployments, followed by California and Japan
STERLING, Va., Feb. 9, 2023 /PRNewswire/ — Over 56 thousand hydrogen fuel cell passenger vehicles were sold worldwide by the end of 2022, says Information Trends in a study. At the same time, several automakers, both start-ups and established players are vying to enter the fuel cell auto market.
The study, Global Market for Hydrogen Fuel Cell vehicles, 2023 says that more than 30 thousand fuel cell vehicles were sold in the past two years, reflecting a significant traction in the sales of these vehicles.
Except for California, the United States has been dragging its feet in implementing this technology, particularly because of lack of action at the federal level, said Haani Kambrani, the author of the study. On the other hand, the speed of deployments has accelerated in Europe and Asia.
The only impediment to the adoption of these vehicles has been the lack of hydrogen stations, Ms. Kambrani said. The sales of these vehicles are taking place rapidly in regions that have a well-deployed hydrogen fueling infrastructure.
More than half of the fuel cell vehicles sold so far have been in Korea because it has the densest hydrogen fueling infrastructure of any major market, she said. Other regions with strong sales of fuel cell vehicles are Japan and California where significant deployments of hydrogen stations have taken place.
According to the report, Hyundai’s Nexo has been a clear winner among fuel cell vehicles rolled out so far. Nexo’s only other competitor in the market has been Toyota’s Mirai. But as the market gains traction, other companies are jumping into the bandwagon.
Honda is preparing to re-enter this market, beginning with the U.S. where it will launch a fuel cell vehicle in 2024 that will be based on its Honda CR-V. BMW will start mass-producing and selling fuel cell vehicles developed jointly with Toyota in 2025.
Other major companies that are in various stages of entering this space include Renault and Jaguar Land Rover. Renault has unveiled a hydrogen fuel cell Scenic Vision that is “part of a longer-term vision, beyond 2030.” Jaguar Land Rover has developed a prototype hydrogen fuel cell vehicle but has not revealed its rollout plans.
The country with the most automakers making inroads into the fuel cell passenger vehicle market is China, although rollouts in the country so far have hardly been more than technical demonstrations.
At least eight start-ups are also planning to enter this market.
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.
Media Contact:
Samy Sabarwal
1-703-424-9400
348176@email4pr.com
SOURCE Information Trends
