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Automotive Fuel Cell Market is projected to reach USD 19824 million by 2028, registering 40.8% CAGR during 2021-2028 | Size, Trends & Forecast
Automotive Fuel Cell Market
The Automotive Fuel Cell Market is expected to reach USD 19824 million by 2028, growing at a CAGR of 40.8% over forecast period (2021-2028).
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/automotive-fuel-cell-market-analysis-industry-research/
The factors driving the growth of Automotive Fuel Cell Market includes Government initiatives to enhance hydrogen infrastructure, growing demand for fuel cell vehicles in the transportation and automotive sectors, rising awareness about zero-emission vehicles and increase in the production of hybrid electric vehicles around the world. According to the report published by Statista, around 2.9 million units of plug-in hybrid vehicles were produced worldwide, and this figure is expected to reach 5.4 million by the end of 2025, which will accelerate the Automotive Fuel Cell Market share in the approaching years. Moreover, growing adoption of advanced technologies in the automotive industry, rise in the launch of innovative products, improvements in the living standards and increasing popularity of green hydrogen-powered train, are some of the additional factors supplementing the Automotive Fuel Cell Market size. In addition, increasing investments on developing fuel cell technology, rapid urbanization, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.
However, growth of the Automotive Fuel Cell Market is hindered attributed to high cost of manufacturing of fuel cells.
The major players operating in the market are Ballard Power Systems, Cummins, Toyota Motor, Hyster Yale, Nuvera Fuel Cells, Llc, Toshiba India Pvt. Ltd, Nissan, Nedstack Fuel Cell Technology BV, American Honda Motor Co., Inc., Daimler AG and Hyundai Group, among others.
Based on Electrolyte Type, the Polymer Electrolyte Membrane (PEM) Fuel Cell segment is predicted to capture the largest market share during the forecast period
Growing demand for electric vehicles across the globe and rise in the number of Electric Vehicles charging stations, are some of the factors responsible for the segment's growth.
Based on Power Output, the 100-200 Kw Power Output segment is projected to hold the highest market share over the forecast period
Increasing demand for heavy-duty commercial vehicles such as bus and trucks, is propelling growth of the segment.
Based on Region, the North American region is anticipated to capture the largest market share during the forecast period
Government incentives for the manufacturing of electric vehicles, presence of the leading players such as Ballard Power Systems, Nuvera Fuel Cells, and Cummins, rising population growth rates, rapid industrialization, and high per capita income, are some of the important factors augmenting the market growth in North American region.
Key Developments
In 2020, Ford, Renault-Nissan, and Daimler entered into an agreement to jointly develop a fuel cell system to speed up the availability of zero-emission vehicles. These carmakers introduced "the world's first affordable, mass-market fuel-cell car" in 2017.
In 2021, Hyundai announced to launch a hydrogen car in India to bring a hydrogen-powered car, also called fuel-cell cars, to India.
Market Segmentation
Segmentation by Electrolyte Type
Polymer Electrolyte Membrane (PEM) Fuel Cell
Phosphoric Acid Fuel Cell (PAFC)
Segmentation by Component Type
Power Conditioner
Fuel Processor
Fuel Stack
Others
Segmentation by Power Output
200 Kw Power Output
Segmentation by Vehicle Type
Passenger Vehicles
Light Commercial Vehicles
Truck
Bus
Others
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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