Automotive Fuel Cells Market Size & Share, Key Players Growth Analysis of Toyota, Honda, Hyundai, Ballard, Nedstack, Others
A fuel cell is a device that generates electricity by a chemical reaction. Automotive fuel cells create electricity to power an electric motor, generally using oxygen from the air and compressed hydrogen. They are more efficient than conventional internal combustion engine vehicles and produce no harmful tailpipe exhaust—they emit water vapor and warm air.
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With increasing emission levels, the governments across the globe are focusing on promoting the adoption emission-free vehicles. Several countries around the world including the US and Germany are providing various incentives for fuel cell vehicle buyers.
For instance, fuel cell vehicle buyers in Germany receive an incentive of about USD 4,450. Similarly, Japan also provides a purchase subsidy of about USD 19,740 for fuel cell vehicles. Additionally, countries such as China, Japan, South Korea, and the US are also focusing on developing hydrogen infrastructure. Such initiatives will increase the popularity and adoption of fuel cell vehicles, which will subsequently drive the growth of the fuel cells market for the automotive industry.
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In the global market, the following companies are covered:
Market Segment by Product Type
o Hydrogen Fuels
o Other Fuels
Market Segment by Application
o Passenger Vehicle
o Commercial Vehicle
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