Fuel Cell Powertrain Market 2021 Emerging Trends, CAGR Status, Growth, Analysis and Forecast to 2025

The global sustainability drive targeting reduced dependence on conventional fossil fuels for lower environmental footprint is driving the development of alternative powertrains propelled by fuels. The promising trend of vehicle electrification will be the strongest factors fuelling the demand for fuel cell powertrain technology in the global market. The global fuel cell powertrain market is shaping up rapidly as the commercialisation of fuel cell electric vehicles (FCEVs) has picked up pace recently as a viable sustainable transport solution. This is further supported by favourable regulatory framework and the necessary electric vehicle infrastructure in developed regions. With the world's leading automakers like Toyota, Hyundai, and Honda pioneering the path towards the alternative fuel powered transportation, the prospects of the fuel cell powertrain market are poised to flourish.

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A new upcoming study of Fairfield Market Research states that while the impact of COVID-19 pandemic has imposed a temporary dent to the market, there are some significant challenges facing the market participants that will continue to challenge rapid market growth in the foreseeable future. Limited production of fuel cell powertrain that further translates into an expensive price point will lay a roadblock for mass production and adoption.

LCVs Remain Top Demand Generator

Renault has been the global leader in fuel cell powertrain development in light commercial vehicles (LCVs) segment. While the company has vehicles such as Kangoo, and Master with successful fuel cell powertrain deployment, some of the leading automakers are indulging in a novel design concept involving LCVs as passenger minibuses. The demand for fuel cell powertrain is expected to be ascending in the LCV segment.

Asia Pacific Set to Become Hub for Fuel Cell Powertrain Manufactures; China Remains Crucial Market

With predictions of around 45% car sales with fuel cell powertrain deployment taking over conventional vehicles by 2040, the market is most likely set to discover an influx of opportunities in the near future. Asia has been one of the most significant markets for the growth of fuel cell industry, led by early tech adopters like Japan, and Korea. China however gathered momentum faster than the rest two and witnessed expansion in the fuel cell powertrain space at a higher rate. With exploding progress of the transport sector and briskly budding fuel cell bus market, the Chinese manufacturers will be at the forefront in the fuel cell powertrain landscape. Strong presence of global auto brands and inexpensive labour overheads will be the key factors attracting investments to Asia Pacific in future.

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Key Companies Prefer Partnerships and Collaborations

Some of the top players stirring competition in the global fuel cell powertrain market include DENSO CORPORATION, Cummins Inc., Ballard Power Systems, Hypowa Ltd., Ceres, Hyundai Motor Company, Robert Bosch GmbH, FCP FUEL CELL POWERTRAIN GMBH, and FEV Group GmbH. The global competition landscape is fairly fragmented and key companies continue to form alliances to leverage advent of technology. While established companies are showing preference for vertical integration, several new entrants are likely to add to the competition intensity.

There have been significant investments in R&D of fuel cell electric vehicles over the recent past, leading to notable improvements in their design and development. Development of sustainable solutions that would come at competitive prices is currently the focal area for key manufacturers. To achieve the same, companies are prioritising strategic M&A, and joint ventures. Collaborated development of superior powertrain architecture is gaining a competitive edge for them. Collaboration between Hyundai Motor Company and Cummins Inc., and partnership between Nikola Corporation and Robert Bosch GmbH have been some of the recent and successful strategic developments in industry.

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