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Fuel Cell vehicle market to reach $16.9bn by 2020: Pike Research

ABR Staff Writer Published 11 October 2011

Commercial sales of fuel cell vehicles (FCVs) are expected to cross one million by the end of this decade, generating $16.9bn per year by 2020, according a latest study by Pike Research.

The largest market for FCVs will be the Asia Pacific region, which will account for more than half of total worldwide sales in 2020.

Commercialisation of FCV is expected to accelerate starting from in 2015 with most rapid growth seen in Western Europe which is expected to see a compound annual growth rate (CAGR) in sales of almost 53%.

After a five-year ramp-up period, production from top automakers will likely reach just under 58,000 in 2015 and the production will rapidly increase afterwards.

Early sales will be focused on areas where infrastructure investments have been or are being made, such as the US primarily California and the New York City region; Germany; Scandinavia; Japan mainly Tokyo, Nagoya, Osaka, and Fukuoka; South Korea primarily around Seoul; and Shanghai, China.

Pike Research senior analyst Lisa Jerram however said that the limiting factor for the FCV market will be the availability of hydrogen infrastructure. If current plans for station construction are delayed or abandoned, the rollout of FCVs will be similarly pushed back.