The fuel cell generates energy by utilizing oxygen from the surrounding environment and compressed hydrogen. Most of the vehicles that use fuel cells to power the motor emit water and heat and hence these vehicles are classified as zero-emission vehicles. The rise in demand for vehicles with better fuel efficiency and increased driving range is a factor responsible for the high CAGR of the global automotive fuel cell market. Further, the rise in demand for automobiles in the developing economies is leading to increased automobile production, which in turn is boosting the demand for automotive fuel cells. For instance: according to IBEF, the Indian automotive industry (including component manufacturing) is expected to reach rs. 16.16-18.18 trillion (US$ 251.4-282.8 billion) by 2026. Therefore, such enormous automotive market projections are expected to bring attractive opportunities for the automotive fuel cell market over the forecast period. Moreover, stringent norms imposed by government agencies and regulatory bodies on automotive carbon emission are a factor anticipated to boost the automotive fuel cell demand. Additionally, the development of FCEV commercial freight trucks and fuel cell-operated buses are the major factor likely to create lucrative growth opportunities for the market in the upcoming years. However, insufficient hydrogen-producing infrastructure, rising popularity for battery electric vehicles (BEV) and hybrid electric vehicles (HEV), and high cost of the fuel cells are few factors anticipated to hinder the growth of the global automotive fuel cell market during the forecast period.
Global Automotive Fuel Cell Market is valued at approximately USD 748.20 million in 2020 and is anticipated to grow with a healthy growth rate of more than 54.02% over the forecast period 2021-2027.
The regional analysis of the global automotive fuel cell market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. Europe is the leading/significant region across the world in terms of market share owing to the high rate of vehicle production and stringent environmental protection policies. However, Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2019-2026. APAC region represents the biggest market for green technology in the world and therefore is expected to create growth opportunities for the automotive fuel cell market across the region.
Major market players included in this report are Ballard Power Systems, Hydrogenics, ITM Power, Plug Power, Nuvera Fuel Cells, Ceres Power, Nedstack, Doosan Corporation, Delphi Technologies, and Proton Power Systems PLC.
The detailed segments and sub-segment of the market are explained below:
By Component: Fuel Stack, Fuel Processor, Power Conditioner, Air Compressor, Humidifier
By Power Output: <150 kW 150–250 kW >250 kW
By Vehicle Type: Passenger Car, LCV, Bus, Truck
By H2 Fuel Station: Asia Oceania, Europe, North America
By Specialized Vehicle Type: Material Handling Vehicle, Auxiliary Power Unit for Refrigerated Truck
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