Automotive Fuel Cell Market size, share, development, industry growth and demand forecast to 2023

The Global report on “Automotive Fuel Cell Market” delivering key insights and providing a competitive advantage to clients through a detailed report. The report also details the information about the global market status, growth rate, future trends, market drivers, challenges, opportunities and porter’s forces analysis with respect to these elements. An exclusive data offered in this report is collected by research and industry experts team.

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“Government initiatives in research and development of hydrogen infrastructure and fuel cell cost reduction are likely to propel the automotive fuel cell market”

The automotive fuel cell market is estimated to be 7,785 units in 2018 and is projected to grow at a CAGR of 65.86% during the forecast period (2018–2025), to reach a market size of 268,786 units by 2025. To reduce greenhouse gas emissions, governments in various countries are taking initiatives to create clean energy sources. Governments are increasingly investing in alternative sources of energy such as fuel cells. Fuel cell vehicles emit no greenhouse gases (GHG) and pollutants. Thus, they can positively impact the environment. This will boost the demand for fuel cell technology in the automotive industry. Governments are taking initiatives, making investments, and promoting the use of fuel cells. Along with the development of fuel cell technology, it is important to create a robust infrastructure that can cater to the needs of hydrogen-powered transportation.

Therefore, governments are increasingly investing in the development of required hydrogen infrastructure, providing an opportunity for the automotive fuel cell market to grow in the future. In FCEVs, fuel cells are installed inside the vehicle and hydrogen gas is stored under pressure. If a spark of electricity comes in contact with the hydrogen, it could catch fire. This is a major restraint for the growth of the market.

“The >200 KW is estimated to be the fastest growing segment of the automotive fuel cell market, by power output, in terms of volume”

Typical fuel cell buses and trucks need a fuel cell with more than 200 kW power output. Fuel cell buses are the most suitable mode of transportation for the introduction of fuel cell technology in automotive applications. For transportation within a limited area, less investment is needed to build the required hydrogen infrastructure. Several governments across the globe are taking initiatives for developing public and private fuel cell vehicle transport systems. Various investments have been made for the development and production of fuel cell buses. The adoption of fuel cell technology in the truck segment is still in a development stage. However, owing to the advantages of high fuel efficiency and low cost of transportation for longer driving distance, the truck fuel cell market is estimated to grow at the highest growth rate. Hence, owing to high growth rate of buses and trucks, the automotive fuel cell market for >200 KW is estimated to be fastest growing market.

“The truck segment is the fastest growing segment of automotive fuel cell market”

Currently, there are few fuel cell truck models available in the automotive market. However, the rapid development of fuel cell technology will boost the fuel cell trucks market. Fuel cell vehicles are more efficient and cost-effective for long-range transportation. Hence, using fuel cell trucks for goods carriage will result in better emission control and cost-effectiveness. Moreover, fuel cell electric vehicle is cost effective than other electric vehicles for long range transportation.

“Asia Pacific is estimated to be the fastest growing regional market for automotive fuel cell”

Asia Pacific is estimated to be the fastest growing market for automotive fuel cell, with Japan accounting for the largest market share in 2018. The market growth in the region can be attributed to the increased focus on the development of fuel cell technology. Also, Japan plans to launch around 100 fuel cell buses before the 2020 Tokyo Olympics. Asia Pacific is expected to remain the region of focus for the automotive fuel cell market in the next seven years due to increasing developments in fuel cell technology and infrastructure and the high adoption of fuel cell vehicles in countries such as China and Japan.

The study contains insights provided by various industry experts, ranging from equipment suppliers to Tier-1 companies and OEMs. The break-up of the primaries is as follows:

  • By Company Type: Tier-1–48%, Tier-2–34%, and Tier 3–18%
  • By Designation: C—level Executives–61%, Directors–27%, Others–12%
  • By Region: North America–42%, Europe–34%, Asia Pacific–19%, RoW–5%

The report provides detailed profiles of the following companies

  • Ballard Power System (Canada)
  • Hydrogenics (Canada)
  • ITM Power (UK)
  • Plug Power (US)
  • Ceres Power (UK)
  • Nedstack (The Netherlands)
  • Nuvera (US)
  • AFCC (Canada)
  • Toshiba (Japan)
  • Panasonic (Japan)
  • Delphi (UK)
  • Toyota (Japan)
  • Hyundai (South Korea)
  • Daimler (Germany)
  • Nissan (Japan)

Research Coverage

Automotive fuel cell market has been segmented by electrolyte type (Phosphoric Acid Fuel Cell (PAFC), and Proton Exchange Membrane Fuel cell (PEMFC)), component (fuel processor, fuel stack, and power conditioner), power output (200 KW), hydrogen fuel station (Asia pacific, Europe, and North America), vehicle type (passenger car, light commercial vehicle, bus, and truck), and region (Asia Pacific, Europe, and North America). The market has been projected in terms of volume (units) and the market by component type is projected in terms of value (USD million).

Reasons to Buy the Report:

The report provides insights into the following points:

  • Market Penetration: The report provides comprehensive information on automotive fuel cell market and the top players in the industry.
  • Regulatory Framework: The report offers detailed insights into norms leading to the application of automotive fuel cells and the effect of the regulations on the market.
  • Market Development: The report provides comprehensive information on various technologies of automotive fuel cell. The report analyzes the markets for various automotive fuel cell technologies across different countries.
  • Market Diversification: The report provides exhaustive information about emerging technologies, recent developments, and investments in the global automotive fuel cell market.
  • Competitive Assessment: The report offers an in-depth assessment of strategies, services, and manufacturing capabilities of leading players in the global automotive fuel market.

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