Fuel Cell Powertrain Market

Introduction of the Fuel Cell Powertrain Market Report

Fuel cell powertrain is a system in which energy is stored as hydrogen and it gets converted into electricity through a fuel cell. Fuel cells are the devices that convert the chemical energy of a fuel directly into electricity by electrochemical reactions and not by combustion. In a fuel cell, hydrogen and oxygen are combined to generate electricity, heat, and water. Fuel cell powertrains are used in several vehicles including passenger cars, buses, LCVs, trucks, and industrial vehicles owing to various advantages including eco-friendliness, energy efficiency, zero emission, no noise pollution, and longer life span. The global fuel cell powertrain market has different component such as fuel cell system, drive system, hydrogen storage system, and other parts.

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Market Dynamic

Key Drivers and Emerging Trends

The fuel cell powertrain market is projected to grow at a significant rate during the forecast period primarily due to the rising awareness related to the increasing greenhouse gas emission and air pollutants in the environment, along with the rapid technological changes in the automotive industry and the growing adoption of fuel cell electric vehicles (FCEV). In addition, fuel cells offer various advantages that includes higher energy efficiency, lower emissions than combustion engines; lower operational cost due to the elimination of changing, charging, and managing batteries; and quiet operation owing to fewer moving parts. This factor is expected to stimulate the growth of the market.

Moreover, various organization such as Fuel Cell & Hydrogen Energy Association, U.S.; the Fuel Cells and Hydrogen Joint Undertaking (FCH JU), Europe; the International Partnership for Hydrogen and Fuel Cells in the Economy (IPHE); Canadian Hydrogen and Fuel Cell Association; and U.S. Department of Energy, among others are increasingly supporting research, technological development and demonstration activities in fuel cell and hydrogen energy technologies, which is likely to support the growth of the global fuel cell powertrain market.

Restraint in the Fuel Cell Powertrain Market

However, the rising demand for battery and hybrid electric vehicles and high flammability of hydrogen leakage are some of the factors that are expected to hamper the growth of the fuel cell powertrain market. Additionally, the outbreak of COVID 19 pandemic has further disrupted the supply chains and production of vehicles across the globe, which is anticipated to restrain the demand for fuel cell powertrain in the market.

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Component – Segment Analysis

Based on the component, the fuel cell system is expected to dominate the market during the forecast period. The fuel cell system is one of the major component of a fuel cell powertrain that converts the chemical energy of the fuel to electrical power. Some of the leading companies such as Robert Bosch GmbH, Denso Corporation, Continental AG, and Panasonic Corporation, are involved in the development of fuel cell system components including fuel cell stack, humidifier, air compressor, power conditioner, and fuel processor.

Drive Type – Segment Analysis

Based on the drive type, front wheel drive (FWD) is anticipated to grow a higher CAGR during the forecast period primarily due to various benefits such as less expensiveness, low weight of the engine, and better gas mileage as compared to other drive type.

Vehicle Type – Segment Analysis

Based on the vehicle type, passenger cars segment is expected to witness a higher CAGR during the forecast period owing to the growing adoption of fuel cell electric cars throughout the world due to fewer gas emission, better fuel efficiency, silent operation, and easy operation. The strong presence of companies such as Tesla Inc., BMW Group, Nissan Motor Corporation, and Volkswagen AG, that offer electric passenger cars is likely to drive the market growth.

Power Output – Segment Analysis

Based on the power output, less than 150 kW power output segment is expected to lead the global fuel cell powertrain market in upcoming years owing to growing application of below 150 kW fuel cell in light commercial vehicles and cars. Moreover, major cities including UK, U.S., Canada, China, India, and France are expected to ban the usage of all diesel-powered cars by 2030, which is expected to boot the growth of fuel cell EVs, thereby contributing to the market growth.

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Regional – Segment Analysis:

Based on the region, North America region is expected to dominate the global fuel cells powertrain market during the forecast period. This can primarily be attributed to the presence of large number of companies such as FuelCell Energy, Inc., Plug Power Inc., Cummins, Inc., Frontier Energy, Inc., Nel ASA, and Raytheon Technologies Corporation, that are engaged in the development of fuel cell solutions in this region. On the other hand, Asia-Pacific region is projected to grow at a faster CAGR over the forecast period. This can be attributed to rising demand for clean and fuel efficient vehicles among consumers in the region. Moreover, the presence of various fuel cell power train manufacturers such as Doosan Corporation, Denso Corporation, Shanghai Fuel Cell Vehicle Power System Co., Ltd, across the region is further supporting the market growth.

Top Market Players

Various notable players operating in the market include Ballard Power Systems, Cummins, Inc., Denso Corporation, Robert Bosch GmbH, FEV Group GmbH, ITM Power, Ceres Power Holdings plc, Continental AG, BorgWarner Inc., and FCP Fuel Cell Powertrain GmbH, among others. 

Key Developments:

• • In 2020, BorgWarner Inc. acquired Delphi Technologies Plc, one of the leading companies developing combustion systems, powertrains, fuel cell, electrification products and software and controls, and operates in the passenger car and commercial vehicle markets. This acquisition is expected to enhance BorgWarner’s combustion, commercial vehicle and aftermarket businesses.
  • In 2019, Cummins, Inc. and Hyundai Motor Company collaborated for the development and commercialization of electric and fuel cell powertrain. This step offered a combination of Hyundai fuel cell systems and Cummins’ electric powertrain, battery and control technologies.

Segments covered in the Report:

The global Fuel Cell Powertrain Market has been segmented on the basis of component, vehicle type, drive type, power output, and regions. Based on component, the market is segmented into, fuel cell system, battery system, drive system, hydrogen storage system, and others. Based on vehicle type, the market is segmented into passenger cars, LCV, buses, and trucks. Based on drive type, the market is segmented into rear-wheel drive (RWD), front-wheel drive (FWD), and all-wheel drive (AWD). Based on power output, the market is segmented into <150 kW, 150-250 kW, and >250kW. 

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Key questions answered in this research report:

• • At what pace is global Fuel Cells Powertrain Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Fuel Cell Powertrain 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 Fuel Cell Powertrain Market?
  • Which component generated maximum revenues in 2019 and identify the most promising component during the forecast period?
  • What are the various vehicle types of global Fuel Cell Powertrain 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?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Component, By Drive Type, By Vehicle Type, By Power Output, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Ballard Power Systems, Cummins, Inc., Denso Corporation, Robert Bosch GmbH, FEV Group GmbH, ITM Power, Ceres Power Holdings plc, Continental AG, BorgWarner Inc., and FCP Fuel Cell Powertrain GmbH, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Fuel Cell Powertrain Market by Component

• • Fuel Cell System
  • Battery System
  • Drive System
  • Hydrogen Storage System
  • Others

Global Fuel Cell Powertrain Market by Vehicle Type

• • Passenger Cars
  • Light Commercial Vehicles
  • Buses
  • Trucks

Global Fuel Cell Powertrain Market by Drive Type

• • Chemical Rear-Wheel Drive (RWD)
  • Front-Wheel Drive (FWD)
  • All-Wheel Drive (AWD)

Global Fuel Cell Powertrain Market by Power Output

• • <150 kW
  • 150-250 kW
  • >250kW

Global Fuel Cell Powertrain Market by Region

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

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

• • Ballard Power Systems.
  • Cummins, Inc.
  • Denso Corporation
  • Robert Bosch GmbH
  • FEV Group GmbH
  • ITM Power
  • Ceres Power Holdings plc
  • Continental AG
  • BorgWarner Inc.
  • FCP Fuel Cell Powertrain GmbH