When you’re buying your first fuel cell car, think again
The first fuel-cell vehicle to hit Australia is likely to be the Tesla Model S. Aussie investors could be in for a shock, however, with the electric car market set to be worth more than $2 billion in 2019, according to a report.
Key points:The Australian Fuel Cell Vehicle (AFV) industry is set to generate more than half a billion dollars in sales by 2019, with $1 billion being the target by 2020The report says the market is set for a $2.2 billion boost over 2020As the market for fuel cell vehicles has grown in the past few years, it has attracted interest from both foreign and domestic investors, with some analysts predicting the industry could be worth $2bn in 2019.
“The Australian fuel cell vehicle market is poised to generate a staggering $1.2bn over the next three years, with a target of $2b by 2020,” said research firm IHS Automotive, which analysed the market data.
“There’s a good chance that it could be the second-largest global fuel cell market by 2020.”
With more than 80% of the vehicles sold in Australia currently built using hydrogen, the potential for fuel cells to take over is very real.”IHS Automobile’s analysis also said that while Australia has the highest number of hydrogen fueling stations per capita in the world, there was a gap of about 20,000 between the number of stations in Australia and the number in other countries.”
As fuel cell technology becomes more widespread and as the cost of hydrogen has fallen significantly, Australia is poised for a very bright future in terms of fuel cell adoption,” the company said.
The industry is also set to receive more attention than ever, with fuel cell companies increasingly targeting Australian consumers, with Tesla recently opening its first petrol station in Melbourne, and the company recently launching its first hydrogen fueling station in Sydney.
Fuel cell vehicles can be driven on highways and in the back of trucks, with an average fuel efficiency of 60 kilometres per litre.
The most recent figures from the Australian Bureau of Statistics (ABS) show the industry generated about $1,000 per vehicle sold in 2019 and $1 million in 2020.
But the market has been slow to catch on with the public, with only a few hundred vehicles registered for commercial use, according the report.
Despite the slow uptake, the industry has attracted a lot of attention in recent years.
In February 2018, the Australian Government announced it was funding $4.6 million over five years to support fuel cell technologies.
It also introduced a new carbon emission tax to help fund the fuel cell industry.
While it has struggled to establish a foothold in Australia, Tesla’s Model S has been a hit, selling for $1million in the US.
The Model S’s popularity is set in part by the car’s design, with its large battery pack and dual-clutch automatic transmission making it a fast and reliable car.”
Despite Tesla’s success, the car still has a long way to go in Australia before it can be sold on the open market.”
It’s very well-designed, very well designed, very easy to drive.”
Despite Tesla’s success, the car still has a long way to go in Australia before it can be sold on the open market.
Australia has not had a hydrogen fueling system for more than a decade.
The fuel cell cars are not yet ready for the market, with Australia’s fleet of electric cars not yet capable of supplying enough hydrogen to meet demand.
The ABC contacted Tesla, the company behind the Model S, and Hyundai Australia, which makes the Hyundai i20, but has yet to receive a response.
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