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Automotive Fuel Cell Systems Market Growth to $65 Billion by 2033 | Fact.MR
Automotive Fuel Cell Systems Market
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Fuel cell vehicles are ideal for transportation since they operate quietly, have a greater driving range than their competitors, and offer speedier technology for refueling. Additionally, this fuel can be used for trains, buses, defense vehicles, HCVs (heavy commercial vehicles), LCVs (light commercial vehicles), and other types of transportation.
Key Takeaways from Market Study
The global automotive fuel cell systems market amounted to US$ 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.
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Market Titans:
Ballard Power Systems, Inc
Daimler AG
Ceres Power Holdings PLC
Hyundai Motor Company
Honda Motor Co., Ltd
Nissan Motor Co., Ltd
Toyota Motor Corporation
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 Segments of Automotive Fuel Cell Systems Industry Research
By Component :
Fuel Stacks
Fuel Processors
Other Components
By Power Output :
Below 150 KW
150 to 250 KW
Above 250 KW
By Vehicle Type :
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
By Region :
North America
Latin America
Europe
Asia Pacific & China
Middle East & Africa
Browse Full Report @ https://www.factmr.com/report/automotive-fuel-cell-systems-market
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global automotive fuel cell systems market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
The study divulges essential insights on the market based on component (fuel stacks, fuel processors, other components), power output (below 150 KW, 150 to 250 KW, above 250 KW), and vehicle type (passenger cars, light commercial vehicles, heavy commercial vehicles), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
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