Automotive Fuel Cell Market Insights by 2025

The volume of the Automotive Fuel Cell Market is estimated to be 7,785 units in 2018 and is projected to reach 268,786 units by 2025, at a CAGR of 65.86% from 2018 to 2025. The key growth drivers for the market are higher fuel efficiency, longer driving range, and fast refueling of fuel cell; stringent emission norms; increasing government initiatives and investment for the development of fuel cell technology; and the increasing use of fuel cell in the transportation sector.

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The ecosystem of the fuel cell market consists of fuel cell manufacturers such as Ballard Power Systems (Canada), ITM Power (UK), Hydrogenics (Canada), Plug Power (US), and AFCC (Canada). The OEMs considered include Toyota (Japan), Honda (Japan), Hyundai (South Korea), Daimler (Germany), and Nissan (Japan).

PEMFC is estimated to witness the fastest growth and is estimated to have the largest market share in the automotive fuel cell market, by electrolyte type. The fuel cell produces zero emissions and can help in reducing greenhouse gas emissions. PEMFC are used in passenger and commercial vehicles due to their high-power density, suitable operating temperature, small size, high efficiency, and lightweight. Hence, the PEMFC segment is expected to dominate the automotive fuel cell market during the forecast period.

The fuel stack segment, by component type, is estimated to hold the largest market share in 2018. However, the power conditioner segment is estimated to be the fastest-growing segment during the forecast period because of the increasing adoption of electronic systems in vehicles.

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The passenger car segment is estimated to hold the largest market share, in terms of volume, for automotive fuel cell, by vehicle type, during the forecast period. The segment is estimated to be the fastest-growing market owing to the ease of application of fuel cell technology in passenger cars, increased driving range, cost efficiency, and high focus of OEMs to implement fuel cell technology in passenger cars.

The Asia Pacific represents the biggest market for green technologies in the world. The governments are setting renewable energy targets, backed by favorable policies such as the Kyoto Protocol. Currently, the largest markets for fuel cells in the Asia Pacific are Japan and South Korea. This has been the dominant region for fuel cell adoption since 2009 due to the commercial deployment of Japanese fuel cell micro-CHP products. Japan, the first nation to commercialize fuel cells, is supporting a project on residential and automotive applications. The Asia Pacific is projected to be the largest market for Automotive fuel cells by 2025 due to the high acceptance of electric vehicles, increasing hydrogen infrastructure, and commercialization of fuel cells in the countries in this region.

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Critical questions would be:
1. Where will all these developments into the Fuel cell technology take the industry in the mid to long term?
2. How many models will be launched in FCEV space by 2025?
3. Is there a threat to the market from the substitute propulsions such as BEVs or PHEVs?

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