Annual Fuel Cell Car and Bus Sales Are Expected to Exceed 228,000 by 2024, According to Navigant Research
By Business Wire News
By Business Wire News
A new report from Navigant Research analyzes the market for fuel cell passenger cars and buses, including its drivers and barriers, with global sales forecasts, through 2024.
Toyota’s introduction of the Mirai, its first production-level fuel cell car, has thrust fuel cell vehicles (FCVs) back into the spotlight. While the performance of FCVs makes them ready for commercial launch, the industry is still focused on the two key requirements for larger-scale market introduction: driving down vehicle costs to be competitive with battery and hybrid vehicle technology and developing the hydrogen infrastructure necessary to fuel the vehicles. Click to tweet: According to a new report from Navigant Research, annual sales of FCVs are expected to exceed 228,000 by 2024.
“Commercial FCVs are finally available to drivers in select markets, with early indications of real customer interest and signs that manufacturers are getting serious about pricing FCVs to compete at the premium-vehicle level,” says Lisa Jerram, principal research analyst with Navigant Research. “Automakers serious about fuel cell technology are expected to tackle the fueling infrastructure problem head on, with much needed investments in station buildout.”
Until the infrastructure is available, the market for FCVs is expected to remain supply-constrained, with vehicle production at low levels, according to the report. To facilitate the creation of FCV infrastructure, automakers are collaborating with new partners in retail fueling and hydrogen supply.
The report, Fuel Cell Vehicles, assesses the state of global fuel cell passenger car and bus development and progress made in addressing the main barriers to successful commercialization. The study discusses the top government initiatives to support this goal and the key infrastructure and cost issues related to FCVs. Global sales forecasts of FCVs, segmented by region (North America, Europe, Asia Pacific, and Rest of World), extend through 2024. The report examines the prospects for fuel cell cars and buses to reach widespread commercial deployment and compete against other technologies and profiles a few of the key players in the FCV market. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is an independent specialized, global professional services firm that combines deep industry knowledge with technical expertise to enable companies to defend, protect and create value. With a focus on industries and clients facing transformational change and significant regulatory and legal issues, the Firm serves clients primarily in the healthcare, energy and financial services sectors which represent highly complex market and regulatory environments. Professional service offerings include strategic, financial, operational, technology, risk management, compliance, investigative solutions, dispute resolutions services and business process management services. The Firm provides services to companies, legal counsel and governmental agencies. The business is organized in four reporting segments – Disputes, Investigations & Economics; Financial, Risk & Compliance; Healthcare; and Energy. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Fuel Cell Vehicles, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.