Automotive Fuel Cell Market

Automotive Fuel Cell Market is projected to reach USD 19824 million by 2028, exhibiting a CAGR of 40.8% during forecast period.

Introduction of the Automotive Fuel Cell Market Report

Fuel cell technology is used in powering electric vehicles in which energy is stored as hydrogen that can be converted to electricity by the fuel cell. Fuel cell technology in automotive applications helps combat global greenhouse gas emissions. It provides a low carbon emission solution to mobility with battery electric vehicles.

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Market Dynamic

Key Drivers and Emerging Trends

The factors driving the global automotive fuel cell market include increasing electric vehicle sales across the globe with the surge in government initiatives and schemes and funding to promote clean transportation and avoid greenhouse gas emissions worldwide. For instance, according to the International Energy Agency Organization, globally, in 2019, more than 7.2 million electric vehicles have been sold, registering 2 Million vehicle sales annually, which have propelled the demand for the automotive fuel cell market growth.

Also, rising launching of new electric vehicles by the leading players which uses fuel cell technology to power the vehicles and favourable government policies and scheme for greener technology have propelled the automotive fuel cell market growth. For instance, in 2019, Honda launched its Clarity Fuel cell vehicle by making a joint venture with GM to produce advanced hydrogen fuel cell systems in Michigan, United States. Also, in late 2018, Hyundai collaborated with Audi and its parent Volkswagen Group to increase the fuel-cell system production from 3,000 to 700,000 units. Thus, such a rising trend towards adopting new fuel cell-based electric vehicles has propelled the automotive fuel cell market across the globe.

Restraint in the Automotive Fuel Cell Market

However, increasing concerns about wastage of the battery and the high capital cost required for manufacturing fuel cells due to fluctuation in raw material pricing may hamper the global automotive fuel cell market. Also, these cost issues and a lack of infrastructure availability hinder the automotive fuels cell market growth. This describes the technology is identified as a high-cost barrier.

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Electrolyte Type – Segment Analysis

Based on the electrolyte type, polymer electrolyte membrane (PEM) fuel cell is expected to grow at the fastest rate in the global automotive fuel cell market during the forecast period owing to rising demand for the new electric vehicles around the globe with a surge in government initiatives and schemes around the globe. To boost electric mobility, the Government of India has planned to support 1.5 Million electric vehicles through subsidies. The Road Transport and Highways Minister in India (MoRTH) has announced the phase-II of Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) scheme by implementing the total budgetary support of USD 1362.52 Million for supporting about 62,000 electric passenger cars and buses, and 1.5 Million electric three- and two-wheelers in India. Thus, the polymer electrolyte membrane (PEM) fuel cell has several benefits: low weight and high power density. These polymer electrolyte membranes (PEM) fuel cells can operate at low temperatures.

Component Type – Segment Analysis

Based on the component type, fuel stack is projected to capture the largest market share over the forecast period in the global automotive fuel cell market due to the rising demand in electric mobility such as buses, trucks, etc. with the surge in government investment around the globe. For instance, China has planned to invest heavily in foreign fuel cell technology in 2018. For instance, Weichai Power, one of China’s largest state-owned diesel engine manufacturers, has purchased 20% stakes in Ballard Power Systems (Canada) and Ceres Power (UK) leading fuel cell manufacturers. This joint venture aims to make over 2,000 fuel cells per year for commercial vehicles by 2021.

Power Output – Segment Analysis

Based on the power output, 100–200 kW power output holds the highest market share in 2020 in the global automotive fuel cell market due to the high usage of heavy-duty commercial vehicles such as buses, trucks, etc., in government spending and funding. For instance, the central government has USD 486 Million incentives support for adopting more than 7,090 e-buses-amounting subsidy of USD 69,000 per bus. It created a massive demand for 100-200 kW power output automotive fuel cell market growth.

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Regional – Segment Analysis:

Based on the region, the North American region is growing at the fastest pace over the forecast period owing to rising fuel cell vehicles sale in some of the United States and Canada due to their strict emission laws, rules, and regulations to support the growth of zero-emission vehicles. The government provides incentives and subsidies for such vehicles, with rising consumer awareness in this region that has propelled the automotive fuel cell market growth. For instance, California State in the United States has offered a subsidy for light-duty zero-emission vehicles and plug-in hybrid electric vehicles (PHEVs) for low-income families with an extra USD 2,000. Also, Canada and the United States have the world’s leading fuel cell manufacturers such as Plug Power, Ballard, BorgWarner, etc., which has propelled the demand for the automotive fuel cell market growth.

Top Market Players

Various notable players operating in the market include Toshiba India Pvt. Ltd, Nissan, Nedstack Fuel Cell Technology BV, Hyundai Group, Ballard Power Systems, Cummins, Toyota Motor, Hyster Yale, Nuvera Fuel Cells, Llc, American Honda Motor Co., Inc., Daimler AG and among others.

Key Developments:

• • In 2020, Ford, Renault-Nissan, and Daimler agreed on jointly developing a fuel cell system to speed up the availability of zero-emission vehicles. These carmakers launched “the world’s first affordable, mass-market fuel-cell car” in 2017.
  • In 2021, Hyundai planned to launch a hydrogen car in India to bring a hydrogen-powered car, also called fuel-cell cars, to India.

Segments covered in the Report:

The global automotive fuel cell market has been segmented on the basis of electrolyte type, component type, power output, vehicle type and key regions. Based on electrolyte type, the market is segmented into polymer electrolyte membrane (PEM) fuel cell, phosphoric acid fuel cell (PAFC). Based on component type, the market is segmented into power conditioner, fuel processor, and fuel stack. Based on power output, the market is segmented into <100 Kw Power Output, 100–200 Kw Power Output and >200 Kw Power Output. Based on vehicle type the market is segmented into passenger vehicles, light commercial vehicles, truck, bus, and others. 

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Key questions answered in this research report:

• • At what pace is global Automotive Fuel Cell market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Automotive Fuel Cell market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Automotive Fuel Cell market?
  • Which electrolyte type generated maximum revenues in 2020 and identifies the most promising Electrolyte Type during the forecast period?
  • What are the various vehicles types of global automotive fuel cell market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Automotive Fuel Cell Market by Electrolyte Type

• • Polymer Electrolyte Membrane (PEM) Fuel Cell
  • Phosphoric Acid Fuel Cell (PAFC)

Global Automotive Fuel Cell Market by Component Type

• • Power Conditioner
  • Fuel Processor
  • Fuel Stack
  • Others

Global Automotive Fuel Cell Market by Power Output

• • <100 Kw Power Output
  • 100–200 Kw Power Output
  • >200 Kw Power Output

Global Automotive Fuel Cell Market by Vehicle Type

• • Passenger Vehicles
  • Light Commercial Vehicles
  • Truck
  • Bus
  • Others

Global Automotive Fuel Cell Market by Region

• • North America Automotive Fuel Cell Market (Option 1: As a part of the free 25% customization)
    • North America Automotive Fuel Cell Market by Electrolyte Type
    • North America Automotive Fuel Cell Market by Component Type
    • North America Automotive Fuel Cell Market by Power Output
    • North America Automotive Fuel Cell Market by Vehicle Type
    • US Automotive Fuel Cell Market All-Up
    • Canada Automotive Fuel Cell Market All-Up
  • Europe Automotive Fuel Cell Market (Option 2: As a part of the free 25% customization)
    • Europe Automotive Fuel Cell Market by Electrolyte Type
    • Europe Automotive Fuel Cell Market by Component Type
    • Europe Automotive Fuel Cell Market by Power Output
    • Europe Automotive Fuel Cell Market by Vehicle Type
    • UK Automotive Fuel Cell Market All-Up
    • Germany Automotive Fuel Cell Market All-Up
    • France Automotive Fuel Cell Market All-Up
    • Spain Automotive Fuel Cell Market All-Up
    • Rest of Europe Automotive Fuel Cell Market All-Up
  • Asia-Pacific Automotive Fuel Cell Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Automotive Fuel Cell Market by Electrolyte Type
    • Asia-Pacific Automotive Fuel Cell Market by Component Type
    • Asia-Pacific Automotive Fuel Cell Market by Power Output
    • Asia-Pacific Automotive Fuel Cell Market by Vehicle Type
    • China Automotive Fuel Cell Market All-Up
    • India Automotive Fuel Cell Market All-Up
    • Japan Automotive Fuel Cell Market All-Up
    • Rest of APAC Automotive Fuel Cell Market All-Up
  • RoW Automotive Fuel Cell Market (Option 4: As a part of the free 25% customization)
    • RoW Automotive Fuel Cell Market by Electrolyte Type
    • RoW Automotive Fuel Cell Market by Component Type
    • RoW Automotive Fuel Cell Market by Power Output
    • RoW Automotive Fuel Cell Market by Vehicle Type
    • Brazil Automotive Fuel Cell Market All-Up
    • South Africa Automotive Fuel Cell Market All-Up
    • Saudi Arabia Automotive Fuel Cell Market All-Up
    • UAE Automotive Fuel Cell Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Automotive Fuel Cell Market All-Up

Major Players Operating in the Automotive Fuel Cell (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Toshiba India Pvt. Ltd
  • Nissan
  • Nedstack Fuel Cell Technology BV
  • Hyundai Group
  • Ballard Power Systems
  • Cummins
  • Toyota Motor
  • Hyster Yale
  • Nuvera Fuel Cells, Llc
  • American Honda Motor Co., Inc.
  • Daimler AG