Automotive Fuel Cell Market Report Key Players: Acumentrics SOFC Corporation, Altergy Systems, Automotive Fuel Cell Corp, Ballard Power Systems, FuelCell Energy Solutions GmbH, Toshiba, Plug Power Inc., Hydrogenics Corporation, BIC Consumer Products, Cell

North America automotive fuel cell market share will exhibit a significant growth over the coming years, owing to the growing support from private companies and national laboratories. U.S. will contribute noticeably towards the regional automotive fuel cell market. The escalating efforts by the U.S. government to promote fuel cell technology will influence the regional share considerably over the coming timeframe.

Asia Pacific automotive fuel cell market dominated the regional landscape by accounting for 60% of the global market share in 2015 and is anticipated to register an annual growth rate of 11.8% over the coming period of 2016 to 2023. The growth can be attributed to the supportive government rules and regulations regarding the usage of the fuel cell. Europe automotive fuel cell market is projected to register a CAGR of more than 14.5% over the coming six years.

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Fuel cell vehicle market has already seen a significant surge over the past years and is poised to register a massive growth with a volume estimation of 14,765 units by 2023. Increasing innovations and advancements in the fuel-cell technology coupled with noteworthy participation of the industry participants will enhance the automotive fuel cell market outlook substantially. Fuel cell vehicles are gaining high popularity, driven by the benefits offered by them both from the environmental and economic perspectives. For instance, these vehicles require low maintenance, incur minimal operational cost, and reduce the noise pollution level considerably.

Light duty automotive fuel cell market size occupied 50% of the overall industry share in 2015 and is predicted to surpass 7500 units by 2023, owing to its increasing demand to cut the gasoline consumption globally. Moreover, incorporation of hydrogen fuel cell in buses, forklifts, and power back-up applications will create a lucrative roadmap for the automotive fuel cell market over the period of 2016 to 2023.

Key industry player profiles include:
o Toshiba
o Panasonic
o Cellkraft AB
o Ballard Power Systems
o Hydrogenics Corporation
o Altergy Systems
o Convion Limited
o Plug Power Incorporation
o Fuel Cell Energy Solutions GmbH
o Acumentrics SOFC Corporation
o Automotive Fuel Cell Corporation
o BIC Consumer Products
o Bloom Energy
o M-FIELD Energy Limited

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Toyota has sold its first miral fuel cell Sedan car in Belgium. Hydrogenics Corporation has become the first client of Toyota miral in Belgium. This zero emission sedan car can be refueled within 3 to 5 minutes and has a driving range of about 550 km. The most important features of this car is a good driving range, less refueling time and no emissions other than water vapor. These fuel cell cars also referred as green vehicles are environment friendly than the cars using diesel or petrol as they do not add to the environmental pollution or greenhouse gas emissions in atmosphere.

In 2015, Audi unit of Volkswagen group had purchased fuel cell technology from Ballard power systems at about $112 million. Ballard will transfer automotive related patents to Volkswagen group for $50 million and will offer engineering services till 2019. The Audi unit of Volkswagen had made plans to make technology available to its other automobile brands like Lamborghini, Porsche and Bentley. Automaker has introduced the concept of fuel cell powered cars based on Passat Sedan, Audi A7 luxury car and Volkswagen golf hatchback.

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