Automotive Fuel Cell Systems Market Is Forecasted to Reach to US$ 65 Billion by 2033

The market for automotive fuel cell systems is expected to grow from its current value of US$ 2 billion in 2023 to US$ 65 billion by 2033, at an astounding CAGR of 41.6% throughout the projected period.

In electric vehicles, fuel cells are used in place of or in combination with batteries and super capacitors to power the onboard electric motor. The ability to create high-energy cells that can power cars makes automotive fuel cell technology an alluring option for automakers. Typically, compressed hydrogen and oxygen from the air are used to power fuel cells. The majority of fuel cell cars emit heat and water, hence they are regarded as zero-emission cars.

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Key Takeaways from Market Study:

• The global automotive fuel cell systems market amounted to US$ 2 billion in 2023.
• Worldwide demand for automotive fuel cell systems is projected to surge at a CAGR of 41.6% during the forecast period (2023 to 2033).
• The global market is estimated to touch US$ 65 billion by 2033.
• Asia Pacific accounted for 65% share of the global market in 2022.
• Passenger cars captured 84.3% share of the worldwide market in 2022.

"Soaring demand for zero-emission vehicles and significant government support are primary aspects driving the global market for automotive fuel cell systems. Moreover, rising gasoline prices globally are increasing the demand for fuel-cell-powered vehicles," says a Fact.MR analyst.

Winning Strategy:

Major car manufacturers are focusing on collaborations to introduce new vehicles and expand their presence in the worldwide market.
• For example, Toyota launched hydrogen fuel-cell trucks in conjunction with Isuzu and Hino Motors in June 2022. These trucks can drive great distances to perform multiple delivery tasks in a single day.

Competitive Landscape:

Key players in the automotive fuel cell systems market are concentrating on tactics such as collaborations, investments, new developments, R&D activities, and acquisitions to expand and strengthen their worldwide presence. Moreover, numerous start-ups are working on innovative solutions

• Hydra, a Canadian start-up, provides a 'dual-fuel' solution for commercial truck fleets. The standard diesel engine is modified by a plug-and-play Hydrogen Injection System (HIS). As a result of the change to clean-fuel flexibility, automobiles can run on both diesel and hydrogen.
• Hyundai Motor announced in June 2022 that its improved hydrogen-based Nexo SUV would be available in 2024. The firm has decided that mass production and sales of its new Nexo will commence in the second part of 2024.
• In February 2022, Toyota developed the Packaged Fuel Cell System Module, which includes critical functionalities such as fuel cell stacks into a compact package, making it appropriate for its upcoming truck and bus projects.

Key Companies Profiled:
• Ballard Power Systems, Inc
• Daimler AG
• Ceres Power Holdings PLC
• Hyundai Motor Company
• Honda Motor Co., Ltd
• Nissan Motor Co., Ltd
• Toyota Motor Corporation

Key Segments of Automotive Fuel Cell Systems Industry Research:

• By Component :
o Fuel Stacks
o Fuel Processors
o Other Components

• By Power Output :
o Below 150 KW
o 150 to 250 KW
o Above 250 KW

• By Vehicle Type :
o Passenger Cars
o Light Commercial Vehicles
o Heavy Commercial Vehicles

• By Region :
o North America
o Latin America
o Europe
o Asia Pacific & China
o Middle East & Africa

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Questionnaire answered in the Market outlook Report of Automotive Fuel Cell Systems include:

• What is the key strategy deployed by large players to maximize Automotive Fuel Cell Systems growth?
• What are the main challenges faced by players in the Automotive Fuel Cell Systems Demand?
• With the advent of technological advancement, how will the Automotive Fuel Cell Systems landscape change over the forecast period?
• What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Automotive Fuel Cell Systems size?

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This release was published on openPR.