Global Automotive Fuel Cell Market – Industry Insights by Electrolyte Type, Component Type, Power Output and by Vehicle Type Forecast to 2024

Automotive fuel cell is a fuel cell used in electric vehicle in combination of battery or instead of a battery. The global automotive fuel cell market is growing at a significant rate, due to decreased oil dependency and reduced amount of greenhouse gas. Different electrolyte type contributed to the automotive fuel cell market size. The market has witnessed high demand for Proton Exchange Membrane Fuel Cell (PEMFC) in the coming years due to small size, high-power density, high efficiency, light weight, and appropriate operating temperature.

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Declining price of fuel cell, fuel cell for heavy load transportation, hydrogen production process, plug-in hybrid fuel cell vehicles and powertrain costs of FCEVs and BEVs at several electric energy capacity levels are the trends observed in the automotive fuel cell industry.

Decreased oil dependency, improved fuel productivity, upsurge driving range, escalating need for fuel cell vehicles in the automotive and transportation sectors and speedy refueling of fuel cell are the primary growth drivers for automotive fuel cell market.

In addition, increase in the requirement of efficient vehicle with zero carbon emission, a reduced amount of greenhouse gas, strict emission norms and mounting alarm about environmental pollution are also driving the growth of the market. For instance, according to World Health Organization (WHO), globally exposure of ambient air pollution leads to 4.2 million deaths every year. In addition, 91% of the world’s population lives in place where air quality exceeds WHO guidelines limits.

Government schemes advancing hydrogen infrastructure and mounting government proposals for the progress of fuel cell technology are also facilitating the growth for the automotive fuel cell market.

Elevated vehicle cost, extremely flammable and difficult to identify hydrogen leakages are the major challenges for the growth of automotive fuel cell market. In addition, mounting need for BEVs and HEVs and inadequate hydrogen infrastructure are also hindering the growth of the market.

Globally industry players are leveraging market growth through launching new products. Moreover, the high level of capital requirement also poses a major barrier for the entry of new players. This offers an edge to the established players in the industry competition.

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Geographically, Asia-Pacific is the largest automotive fuel cell market due to greater production and commercialization of fuel cell vehicle. Green technologies, mounting hydrogen infrastructure and high recognition of electric vehicle are also up surging growth of the Asia-Pacific automotive fuel cell market.

Key players in the automotive fuel cell market are catering the demand by investing on technologically advanced automotive fuel cell across the globe. In August 2018, Ballard Power Systems signed an agreement to divest its subsidiary, Protonex, to retain assets related to fuel cell propulsion systems for commercial unmanned vehicles. Toshiba, ITM Power, Nedstack, Ballard Power Systems, Ceres Power, Hydrogenics, Plug Power and Delphi are the key players offering automotive fuel cell.

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This release was published on openPR.