Hydrogen Fuel Cell Passenger Vehicles Have All-Time High Sales in 2021, Says Information Trends
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Forty-four thousand fuel cell passenger vehicles sold so far
With sixteen thousand hydrogen fuel cell passenger vehicles sold in 2021, the hydrogen fuel cell automobiles market registered another all-time high, according to Information Trends. The sales were 89 percent higher than the sales of these vehicles in 2020.
In its 2022 study, Global Market for Hydrogen Fuel Cell Vehicles, Information Trends says that close to forty-four thousand hydrogen fuel cell passenger vehicles were sold by year-end 2021 ever since their sales began. These sales are in addition to the sales of commercial trucks and buses which are witnessing significant traction.
Two Asian auto brands are dominating the market, with Hyundai’s Nexo SUV steadily expanding its lead over Toyota’s Mirai sedan, said Sana Arif Bhatti, research analyst at Information Trends. Both companies have displayed an unflinching commitment to fuel cell vehicles which augurs well for the growth of this market.
Among European automakers, BMW is poised to enter the fuel cell passenger vehicle market. It is launching an X5 small-series hydrogen fuel cell vehicle model in late 2022. Jaguar Land Rover and Ineos are launching competing SUVs, both of which are in a testing stage. Opel, which is responsible for fuel cell development within the PSA group, its testing its Zafira family vans equipped with fuel cells.
Chinese automakers that have rolled out fuel cell passenger vehicles include SAIC, Grove Hydrogen Automobile, and GAC Motor. Several other Chinese automakers are planning to enter this market which is ready for rapid growth.
According to Ms. Bhatti, the growth of hydrogen fuel cell passenger vehicles market has been slower than anticipated because of the expense of building these vehicles as well as the lack of hydrogen a sufficient number of hydrogen fueling stations. However, the buildout of hydrogen stations continues apace, and the cost of building the vehicles is dropping due to economies of scale.
In its 2022 study, Global Market for Hydrogen Fuel Cell Vehicles, Information Trends says that close to forty-four thousand hydrogen fuel cell passenger vehicles were sold by year-end 2021 ever since their sales began. These sales are in addition to the sales of commercial trucks and buses which are witnessing significant traction.
Two Asian auto brands are dominating the market, with Hyundai’s Nexo SUV steadily expanding its lead over Toyota’s Mirai sedan, said Sana Arif Bhatti, research analyst at Information Trends. Both companies have displayed an unflinching commitment to fuel cell vehicles which augurs well for the growth of this market.
Among European automakers, BMW is poised to enter the fuel cell passenger vehicle market. It is launching an X5 small-series hydrogen fuel cell vehicle model in late 2022. Jaguar Land Rover and Ineos are launching competing SUVs, both of which are in a testing stage. Opel, which is responsible for fuel cell development within the PSA group, its testing its Zafira family vans equipped with fuel cells.
Chinese automakers that have rolled out fuel cell passenger vehicles include SAIC, Grove Hydrogen Automobile, and GAC Motor. Several other Chinese automakers are planning to enter this market which is ready for rapid growth.
According to Ms. Bhatti, the growth of hydrogen fuel cell passenger vehicles market has been slower than anticipated because of the expense of building these vehicles as well as the lack of hydrogen a sufficient number of hydrogen fueling stations. However, the buildout of hydrogen stations continues apace, and the cost of building the vehicles is dropping due to economies of scale.
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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.
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