Global Automotive Fuel Cell Market is Anticipated to reach USD 10.6 billion by 2027

The global automotive fuel cell market was valued at USD 1.9 billion in 2020 and is anticipated to reach USD 10.6 billion by 2027, thus registering a CAGR of 44.61% during the forecast period 2020-2027.

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The global automotive fuel cell market is growing at a substantial rate, due to the mandatory norms for carbon emissions, rising adoption of electric vehicles in developing economies, reduced oil dependency, rising need for better fuel efficiency, longer drive range offered by the vehicles, and decreasing the amount of greenhouse gas. The various type of electrolytes has 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 its small size, high power density, high efficiency, lightweight, and appropriate operating temperature.

The COVID-19 pandemic is anticipated to have an adverse effect on the automotive fuel cell market as there was a shortage of financial liquidity among small players, production and sale of FCEVs had come to a halt. Nevertheless, the hydrogen sector is expected to have a moderate influence during the coronavirus pandemic. Moreover, the constant deployment of FCEVs post the pandemic have increased and people are conscious of using low-carbon emission from vehicles across the globe.

The decline in the price of the fuel cells, fuel cells 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 in the automotive fuel cell industry.

The reducing oil dependency, improved fuel productivity, mounting driving range, increase in demand for fuel cells in the automotive sector and the transport sector, rising consumer awareness, and rapid refueling of the fuel cells are the important growth drivers for the automotive fuel cell market.

There is an increase in demand for fuel cell vehicles in automotive and transportation as it offers a high driving range, noiseless operation, fast refueling, and zero emissions of greenhouse gases and air pollutants. The fuel cells are versatile and have easy scalability of electricity, thus used in large applications in transportation such as LCVs, material handling, buses, cars, defense vehicles, and trains.

Globally the market players are leveraging market growth by product launch. Moreover, the high capital investment act as a barrier to the entry of new players. Thus provides an edge to the established players in the industry competition.

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Geographically, Asia-Pacific is the largest automotive fuel cell market owing to the rising production, initiatives by the government, and commercialization of fuel cell vehicles. Green environment initiatives, investment in hydrogen infrastructure, and high recognition of electric vehicles are also up surging growth of the Asia-Pacific automotive fuel cell market. North America is anticipated to be the fastest-growing during the forecast period owing to increased research and development in fuel cell technology.

Key players in the automotive fuel cell market are maintaining their position by collaborations, strategic partnerships, product launches, mergers, facility expansion, and investing in technologically advanced automotive fuel cells across the globe.

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