Automotive Fuel Cell Market
Automotive Fuel Cell Market
The Automotive Fuel Cell Market is expected to reach USD 19824 million by 2028, growing at a CAGR of 40.8% over forecast period (2021-2028).
The factors driving the growth of Automotive Fuel Cell Market includes Government initiatives to enhance hydrogen infrastructure, growing demand for fuel cell vehicles in the transportation and automotive sectors, rising awareness about zero-emission vehicles and increase in the production of hybrid electric vehicles around the world. According to the report published by Statista, around 2.9 million units of plug-in hybrid vehicles were produced worldwide, and this figure is expected to reach 5.4 million by the end of 2025, which will accelerate the Automotive Fuel Cell Market share in the approaching years. Moreover, growing adoption of advanced technologies in the automotive industry, rise in the launch of innovative products, improvements in the living standards and increasing popularity of green hydrogen-powered train, are some of the additional factors supplementing the Automotive Fuel Cell Market size. In addition, increasing investments on developing fuel cell technology, rapid urbanization, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.
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However, growth of the Automotive Fuel Cell Market is hindered attributed to high cost of manufacturing of fuel cells.
The major players operating in the market are Ballard Power Systems, Cummins, Toyota Motor, Hyster Yale, Nuvera Fuel Cells, Llc, Toshiba India Pvt. Ltd, Nissan, Nedstack Fuel Cell Technology BV, American Honda Motor Co., Inc., Daimler AG and Hyundai Group, among others.
Based on Electrolyte Type, the Polymer Electrolyte Membrane (PEM) Fuel Cell segment is predicted to capture the largest market share during the forecast period
Growing demand for electric vehicles across the globe and rise in the number of Electric Vehicles charging stations, are some of the factors responsible for the segment’s growth.
Based on Power Output, the 100–200 Kw Power Output segment is projected to hold the highest market share over the forecast period
Increasing demand for heavy-duty commercial vehicles such as bus and trucks, is propelling growth of the segment.
Based on Region, the North American region is anticipated to capture the largest market share during the forecast period
Government incentives for the manufacturing of electric vehicles, presence of the leading players such as Ballard Power Systems, Nuvera Fuel Cells, and Cummins, rising population growth rates, rapid industrialization, and high per capita income, are some of the important factors augmenting the market growth in North American region.
Key Developments
- In 2020, Ford, Renault-Nissan, and Daimler entered into an agreement to jointly develop a fuel cell system to speed up the availability of zero-emission vehicles. These carmakers introduced “the world’s first affordable, mass-market fuel-cell car” in 2017.
- In 2021, Hyundai announced to launch a hydrogen car in India to bring a hydrogen-powered car, also called fuel-cell cars, to India.
Market Segmentation
Segmentation by Electrolyte Type
- Polymer Electrolyte Membrane (PEM) Fuel Cell
- Phosphoric Acid Fuel Cell (PAFC)
Segmentation by Component Type
- Power Conditioner
- Fuel Processor
- Fuel Stack
- Others
Segmentation by Power Output
- <100 Kw Power Output
- 100–200 Kw Power Output
- >200 Kw Power Output
Segmentation by Vehicle Type
- Passenger Vehicles
- Light Commercial Vehicles
- Truck
- Bus
- Others
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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