Navigant Research has published a new report stating that fuel cell vehicles (FCV) – cars and buses, will exceed an annual 228,000 sales by 2024, and this forecast is for global sales.
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People knew of FCV cars before this time, but it never gained much attention until recently when Toyota released the Mirai – its first fuel cell car. It is possible to start producing FCVs for now, but the auto industry wants to ensure that costs of production for those using battery or hybrid technology is driven down, and that all infrastructure – mostly hydrogen, is abundantly available to fuel the cars and buses.
“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,” said 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.”
There can’t be many production units of FCVs until the auto industry puts all production infrastructure in place; and to make this possible, the industry is looking to partner with collaborators in the retail fueling and hydrogen supply section of the industry.
The Fuel Cell Vehicles report examines the position of global fuel car passenger car and bus development vis-à-vis the challenges in the way of global commercialization. The study analyzes what the government can do to uphold this objective as well as construct required facilities that will drive down costs.
The worldwide sales prediction covers aspects of Asia Pacific, Europe, North America, and the Rest of World from now till 2024. The market prospects of the fuel cell vehicles were also assessed to see how they can be distributed throughout the world and how the vehicles can compete with other kinds of vehicles with new technologies in the auto market.
Readers are free to download the executive summary of the complete report at Navigant Research to better understand the issues outlined and what needs to be done to achieve stated objectives.