Pike Research has released a new report on fuel cell vehicles (FCVs) in which it has predicted that the commercialization of light duty FCVs will take place by 2014. According to the report, by 2014, FCVs will be available in most parts of the world and sales of these vehicles are set to exceed 2.8 million across the world by 2020.
Dave Hurst, an industry analyst, said that with significant support from automobile industry leaders such as Toyota, General Motors, Daimler AG, Honda, and Hyundai, commercialization of FCVs is set to become a reality. Now the pressure is on governments and gas companies to establish sufficient numbers of hydrogen fueling stations to meet the demands from this emerging sector, Hurst said.
According to the Pike Research study, with a market share of 37% of FCV sales, Western Europe will be leading the world market closely followed by Asia Pacific with a market share of 36%. The sales of FCVs in North America will be about 25% from 2014 to 2020. The revenues from the sales of FCVs are expected to reach $23.9 billion per year by the year 2020 as per the report.
The report from Pike Research provides in-depth analyzes of various fuel cell technologies and drivers for the development of FCVs. Forecasts provided in the report include for fuel cell transit vehicles, production of light duty FCVs and their sales, research across the world and spending for development and revenue from sales of FCVs. The report also provides details about the important players in the fuel cell market.