Press release
Automotive Fuel Cell Market Expansion Outlook: $6.65 Billion in 2029
Automotive Fuel Cell Market
What Is the Projected CAGR for the Automotive Fuel Cell Market from 2024 to 2025?
There has been a swift expansion of the automotive fuel cell market in the past few years. The market is projected to increase from $3.45 billion in 2024 to $3.94 billion in 2025, registering a compound annual growth rate (CAGR) of 14.2%. Factors propelling the growth during the historical period include improved fuel efficiency, increasing acceptance of vehicles running on hydrogen fuel, governmental drives for cleaner energy sources, and more rigorous emission laws.
What are the Expected Market Size and CAGR for Automotive Fuel Cell by 2029?
The size of the automotive fuel cell market is predicted to experience swift expansion in the imminent years, reaching a value of $6.65 billion by 2029 with a compound annual growth rate (CAGR) of 14.0%. Factors contributing to this growth during the forecasted timeline include extended driving range, the expanding demand for electric cars, enhanced hydrogen infrastructure, enhanced fuel efficiency, and heightened emphasis on renewable energy. The forecasted period is also expected to witness key trends such as the creation of compact and lightweight designs, progress in hydrogen production and storage, advances in battery technologies, and a surge in research and development investments.
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Which Factors Are Driving the Global Automotive Fuel Cell Market Expansion?
The increase in preference for electric vehicles is anticipated to fuel the expansion of the automotive fuel cell market in the future. Electric vehicles, powered by electric motors that utilize electrical energy retained in batteries or other storage devices, offer environmental advantages such as lesser emissions. Add to this the monetary benefits, advancements in battery technology, and encouraging government policies that enhance the demand for electric vehicles. Automotive fuel cells, which generate electricity through a chemical process involving hydrogen and oxygen, are implemented in electric vehicles as an alternative to the exclusive reliance on battery-supplied electricity. For example, the International Energy Agency, an intergovernmental organization based in France, stated in April 2024 that electric vehicle sales saw a rise by 3.5 million in 2023 from the previous year, showing annual growth of 35%. Hence, the escalating demand for electric vehicles is boosting the expansion of the automotive fuel cell market.
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Which Segment Currently Holds the Largest Share of the Automotive Fuel Cell Market?
The automotive fuel cell market covered in this report is segmented -
1) By Type: Polymer Electronic Membrane Fuel Cell, Phosphoric Acid Fuel Cells (PAFC) And Alkaline Fuel Cells (AFC), Other Types
2) By Fuel Type: Hydrogen, Methanol, Ethanol
3) By Power Rating: Below 100 kW, 100-200 kW, Above 200 kW
4) By Application: Passenger Cars, Commercial Vehicles, Other Applications
Subsegments:
1) By Polymer Electrolyte Membrane Fuel Cell (PEMEC): High-Temperature Pem Fuel Cells, Low-Temperature Pem Fuel Cells, Proton Exchange Membrane Fuel Cells For Light Vehicles, Pemfc For Heavy-Duty And Commercial Vehicles
2) By Phosphoric Acid Fuel Cells (PAFC) And Alkaline Fuel Cells (AFC): Phosphoric Acid Fuel Cells For Stationary And Automotive Applications, High-Temperature Phosphoric Acid Fuel Cells, Alkaline Fuel Cells For Aerospace And Specialty Vehicles, Alkaline Fuel Cells For Electric Vehicles (EVD)
3) By Other Types: Solid Oxide Fuel Cells (SOFC) For Automotive Applications, Molten Carbonate Fuel Cells (MCFC), Direct Methanol Fuel Cells (DMFC), Regenerative Fuel Cells, Hybrid Fuel Cell Systems (Combining Multiple Fuel Cell Types)
Which Major Trends Are Shaping the Future of the Automotive Fuel Cell Industry?
In response to the growing demand for environmentally friendly vehicles, many leading automotive fuel cell market companies concentrate on creating innovative technologies. One such technology is the dual hydrogen fuel cell system. Unlike a regular setup, this system runs on two fuel cells that generate electricity from hydrogen, increasing efficiency, redundancy, or power output in diverse applications. As an application example, Hyundai Motor Company, based in South Korea, put forth their new XCIENT Fuel Cell tractor in May 2023. The model enhances hydrogen fuel cells capacity, promising quick refueling and a longer range, making it the ideal fit for commercial transport necessities. Furthering hydrogen mobility, Hyundai's vision is to promote sustainable trucking and develop an extensive hydrogen ecosystem throughout the U.S.
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Which Key Players Dominate the Automotive Fuel Cell Industry Globally?
Major companies operating in the automotive fuel cell market are Toyota Motor Company, Daimler AG, Ford Motor Company, American Honda Motor Company Inc., Robert Bosch GmbH, Nissan Motor Corporation, Kia Motors Corporation, Aisin Corporation, Mitsubishi Heavy Duty Industries Limited, Cummins Inc., Toshiba Corporation, BorgWarner Inc., Hyster-Yale Materials Handling Inc., AVL List GmbH, Bloom Energy Corporation, Plug Power Inc., FuelCell Energy Inc., SFC Energy AG, Ballard Power Systems Inc., Nuvera Fuel Cells LLC, ITM Power plc, Nedstack Fuel Cell Technology, Watt Fuel Cell Corporation, Ceramic Fuel Cells Ltd., Delphi Technologies
What Are the Fastest-Growing Regions in the Automotive Fuel Cell Market?
Asia-Pacific was the largest region in the automotive fuel cell market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive fuel cell market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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