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Automotive Fuel Cell Market Insights| Key Players: Ballard Power Systems (Canada), Toyota Motor Corporation (Japan), Hyundai Group (South Korea), Hyster Yale (US) and Cummins (US).

05-17-2021 11:48 AM CET | Logistics & Transport

Press release from: MarketsandMarkets

Automotive Fuel Cell Market Insights| Key Players: Ballard

According to the new market research report "Automotive Fuel Cell Market by Component (Fuel Processor, Fuel Cell Stack, Power Conditioner, Air Compressor, Humidifier), Power Output, Hydrogen Fuel Stations, Vehicle Type (Passenger car, LCV, Truck, Bus), Operating Miles, Region - Global Forecast 2028", Published by MarketsandMarkets™, size is projected to grow from 20,168 units in 2021 to reach 596,255 units by 2028, at a CAGR of 62.2%.

Factors such as growing demand for long-range zero emissions commuting and governments supporting low emission vehicles through subsidies & tax rebates have led to automakers adopting FCEV’s and the growth of the Automotive Fuel Cell Market.

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Browse in-depth TOC on "Automotive Fuel Cell Market"
197 – Tables
79 – Figures
279 – Pages

Growing concerns over increased pollution by the automotive industry is the prime reason government bodies are promoting zero-emission vehicles over Petrol or Diesel ones. People have recognized the need for promoting zero-emission vehicles to reduce the increasing pollution. To attract and encourage people to buy FCEV’s, government bodies of different countries are introducing lucrative schemes and incentives that include formidable discounts, lower vehicle acquisition taxes, lower road taxes for zero-emission vehicles, etc.

Asia Oceania is expected to be the largest market in the forecast

In this report, the countries considered in the Asia Oceania region are China, Japan, South Korea, India, Thailand, and Indonesia. The region is home to some of the fastest-developing economies of the world, such as China and India. The governments of these emerging economies have recognized the growth potential of the global Automotive Fuel Cell Market and, hence, have adopted various initiatives to attract major OEMs for the development of FCEV’s and required hydrogen infrastructure in their domestic markets. Japanese OEMs like Toyota and Honda and South Korean OEMs like Hyundai are increasingly investing in boosting production capacities. For instance, Toyota is doubling its investments in fuel cell vehicles to expand production, thereby decreasing the cost of hydrogen fuel cell vehicles. Japan is projected to be the fastest-growing market in Asia Oceania. India and Australia will also have significant growth. Currently, the commercialization of hydrogen vehicles has just started in these countries. However, they will showcase huge opportunities in the coming time. Australia is working with countries like Japan to develop its hydrogen capabilities at a rapid scale.

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Europe is expected to be the fastest-growing market during the forecast

The European Automotive Fuel Cell Market is projected to grow at a high rate. Germany is projected to be the largest Automotive Fuel Cell Market in Europe. The German market is projected to grow due to increasing investments by the government to develop hydrogen infrastructure and the growing adoption of fuel cell buses in public transportation. Until the end of 2020, Germany had 90 operational hydrogen fuel stations. France, the Netherlands, and the UK also have a considerable market for fuel cell vehicles. Their governments have supported the growth of zero-emission vehicles in their countries. These countries have set up hydrogen related infrastructure and are on their way to move towards a zero-emission future. Italy will grow at the fastest rate due to its government supporting fuel cell vehicles in the country, along with various European OEMs catering to this market.

The Passenger cars segment is expected to be the largest segment in the forecast period

The passenger car segment is projected to be the largest in the Automotive Fuel Cell Market. The high adoption rate and rising demand for personal mobility are expected to drive the fuel cell passenger car market. Plans by governments to convert ICE taxi fleets into zero-emission are expected to provide significant growth opportunities in the coming years. The truck and bus segments are projected to be fast-growing segments. High efficiency, longer driving range, and the need to decrease greenhouse gas emissions are expected to boost the growth of the fuel cell truck and bus market. Other off-road vehicles are also expected to benefit from the development of FC technology. Fuel cell LCVs is projected to be the fastest-growing segment during the forecast period due to their increasing demand for long-range commercial usage.

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Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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