Fuel Cell Powertrain Market is Forecasted to Reach CAGR of 62.1% by 2028, Size, Share, Trends, Growth Outlook and Segmentation Analysis

A fuel cell powertrain is a type of powertrain that uses a fuel cell to generate electricity and power an electric motor. A fuel cell is an electrochemical device that converts chemical energy from a fuel (such as hydrogen) and an oxidant (such as oxygen) into electrical energy.

The fuel cell powertrain market size is estimated to grow from USD 103.6 Mn in 2021 to USD 3040.1 Mn by 2028, registering a CAGR of 62.1% during the projection period. A fuel cell is used to transform hydrogen-based energy into electrical power in a fuel cell powertrain (FCP), an electrically powered system. Fuel cell powertrains are much more efficient and eco-friendly than internal combustion engine powertrain systems, and FCPs don't produce any hazardous pollutants.

𝐆𝐞𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐑𝐞𝐩𝐨𝐫𝐭@ https://www.extrapolate.com/sample/Automotive/fuel-cell-powertrain/25634

Due to their numerous benefits, including their energy efficiency, environmental friendliness, zero emissions, lack of noise pollution, and longer lifespan, fuel cell powertrains are utilized in a variety of vehicles, including passenger cars, buses, trucks, LCVs, and industrial vehicles. The US Department of Energy claims that the use of fuel cell powertrains improves the nation's energy security. It is anticipated that government measures influencing the development of the infrastructure for hydrogen refueling would accelerate market growth.

𝐏𝐚𝐬𝐬𝐞𝐧𝐠𝐞𝐫 𝐂𝐚𝐫𝐬 𝐒𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐄𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐞 𝐇𝐢𝐠𝐡𝐞𝐬𝐭 𝐆𝐫𝐨𝐰𝐭𝐡 𝐎𝐰𝐢𝐧𝐠 𝐭𝐨 𝐢𝐭𝐬 𝐑𝐢𝐬𝐢𝐧𝐠 𝐏𝐨𝐩𝐮𝐥𝐚𝐫𝐢𝐭𝐲

On the basis of the vehicle type, the global fuel cell powertrain market is categorized into passenger cars, commercial vehicles, and buses. The passenger cars segment is anticipated to rise at a quick CAGR during the projected period, dominating the market share in 2021. A significant portion of the market revenue for fuel cell-based powertrains comes from passenger cars. The segment growth is anticipated to be boosted during the forecast period by the rising popularity of passenger fuel cell vehicles such as the Toyota Mirai, Hyundai NEXO, and others, as well as the automaker's efforts to introduce new passenger fuel cell vehicles to meet the rising demand for green mobility globally.

𝐁𝐫𝐨𝐰𝐬𝐞 𝐌𝐨𝐫𝐞 𝐃𝐞𝐭𝐚𝐢𝐥𝐬 𝐖𝐢𝐭𝐡 𝐓𝐎𝐂@ https://www.extrapolate.com/Automotive/fuel-cell-powertrain/25634

The bus segment, on the other hand, is the one that is expected to increase the fastest during the projected period. To achieve the dependability and durability goals set by the transit agency, manufacturers are heavily investing in the development of fuel-cell bus technology, supporting the segment's growth.

𝐆𝐫𝐨𝐰𝐢𝐧𝐠 𝐏𝐮𝐛𝐥𝐢𝐜 𝐀𝐰𝐚𝐫𝐞𝐧𝐞𝐬𝐬 𝐨𝐟 𝐑𝐢𝐬𝐢𝐧𝐠 𝐆𝐫𝐞𝐞𝐧𝐡𝐨𝐮𝐬𝐞 𝐆𝐚𝐬 𝐄𝐦𝐢𝐬𝐬𝐢𝐨𝐧𝐬 𝐭𝐨 𝐅𝐮𝐞𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡

Globally, there has been a considerable increase in the consumption of fossil fuels. Most fossil fuels are used in the transportation industry. Rising levels of greenhouse gas emissions are a result of rising fossil fuel consumption. Different low-polluting fuels and vehicles have been introduced, such as hybrid electric vehicles, battery-powered electric vehicles, fuel cell vehicles, compression ignition (CI) engines, and advanced internal combustion (ICE), to improve environmental conditions and reduce greenhouse gas emissions. Hydrogen is used in fuel cell vehicles to power them, which produces fewer emissions than other options.

𝐄𝐧𝐪𝐮𝐢𝐫𝐞 𝐀𝐛𝐨𝐮𝐭 𝐑𝐞𝐩𝐨𝐫𝐭@ https://www.extrapolate.com/enquire/Automotive/fuel-cell-powertrain/25634

In the upcoming years, the market is also expected to be driven by the growing research and development efforts being made to make hydrogen-powered vehicles safe, secure, and economical.

𝐊𝐞𝐲 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬 -

- April 2020: Ballard reports that Solaris has placed a second order for 20 fuel cell modules to power buses in the Netherlands. The Solaris Urbino 12 Hydrogen buses, whose deployment is being proposed in South Holland, Germany, will be powered by the Ballard 70Kw heavy-duty fuel cell.

𝐋𝐈𝐒𝐓 𝐎𝐅 𝐊𝐄𝐘 𝐂𝐎𝐌𝐏𝐀𝐍𝐈𝐄𝐒 𝐏𝐑𝐎𝐅𝐈𝐋𝐄𝐃:
-Robert Bosch GmbH, (Columbus, Indiana, US)
-Denso Corporation (Aichi, Japan)
-Cummins Inc. (Columbus, Indiana, US)
-Ballard Power Systems (Burnaby, Canada)
-FEV Europe GmbH (Aachen, Germany)
-Doosan Fuel Cell Co., Ltd. (Seoul, South Korea)
-Arcola Energy Limited (Hackney, UK)

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐁𝐲

𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐓𝐲𝐩𝐞:
-Passenger Cars
-Commercial Vehicle
-Buses

𝐃𝐫𝐢𝐯𝐞 𝐓𝐲𝐩𝐞:
-Rear-Wheel Drive (RWD)
-Front-Wheel Drive (FWD)
-All-Wheel Drive (AWD)

𝐂𝐨𝐦𝐩𝐨𝐧𝐞𝐧𝐭𝐬 :
-Fuel Cell System
-Battery System
-Drive System
-Hydrogen Storage System

𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚 𝐭𝐨 𝐋𝐞𝐚𝐝 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐡𝐚𝐫𝐞 𝐃𝐮𝐞 𝐭𝐨 𝐑𝐢𝐬𝐢𝐧𝐠 𝐃𝐞𝐦𝐚𝐧𝐝 𝐟𝐨𝐫 𝐏𝐚𝐬𝐬𝐞𝐧𝐠𝐞𝐫 𝐂𝐚𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐑𝐞𝐠𝐢𝐨𝐧

North America is the region with the largest market for fuel cell powertrains as a result of the rising demand for passenger cars, notably in the US. Growing adoption and increased market sales are anticipated as a result of the rising research and development activities for the growing number of hydrogen refueling stations in the region.

The Asia Pacific region, particularly China, Japan, and South Korea, is the second-largest market for fuel cell powertrains as a result of rising government initiatives and distinctive policies in this region. For instance, the International Energy Agency (IEA) reports a rise in vehicle sales from 4100 in 2017 to 4400 in 2019 in China and South Korea. Additionally, it is projected that growing government attention on clean energy and awareness of the world's rising greenhouse gas emissions would have an impact on market growth.

𝐏𝐫𝐨𝐝𝐮𝐜𝐭 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 𝐢𝐬 𝐭𝐡𝐞 𝐊𝐞𝐲 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐲 𝐄𝐦𝐩𝐥𝐨𝐲𝐞𝐝 𝐛𝐲 𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬𝐞𝐬

For the purpose of maintaining their position in the global market, major companies in the fuel cell powertrain market are focusing on a number of business tactics. Leading businesses in the market use partnerships, collaborations, product developments, events, mergers and acquisitions, product innovations, and patents as their primary strategies.

𝐓𝐀𝐁𝐋𝐄 𝐎𝐅 𝐂𝐎𝐍𝐓𝐄𝐍𝐓𝐒:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact On Fuel Cell Powertrain Market
Chapter 5. Global Fuel Cell Powertrain Market Overview, By Vehicle Type, 2015 - 2028(USD Million)
Chapter 6. Global Fuel Cell Powertrain Market Overview, By Drive Type, 2015 - 2028(USD Million)
Chapter 7. Global Fuel Cell Powertrain Market Overview, By Components, 2015 - 2028(USD Million)
Chapter 8. Global Fuel Cell Powertrain Market Overview, By Geography, 2015 - 2028(USD Million)
Chapter 9. North America Fuel Cell Powertrain Market Overview, By Countries, 2015 - 2028(USD Million)
Chapter 10. Europe Fuel Cell Powertrain Market Overview, By Countries, 2015 - 2028(USD Million)
...Continued

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬:
Extrapolate
Phone: (+1) 888 328 2189
E-mail: talk@extrapolate.com
Website: https://www.extrapolate.com
Blog: https://www.extrapolate.com/blog

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬
Extrapolate bridges the gaps in information with the latest reports published across industries and geographies, covering minute details to put the power of decision-making in your hands. Our focus is to help our partners grow with the power of Insight.

In a connected world, merely being informed is not enough, the speed of information dissemination is a crucial determinant of success. Our team of dedicated subject matter experts and research specialists deep dive into the most complex markets and produce insights that will help shape the way your business moves forward. Our research process harnesses the latest in technology and the best SMEs to build relevant reports that can future-proof your business.

This release was published on openPR.