Automotive & Transportation

Global Automotive Fuel Cell Market – Analysis and Forecast (2018-2024) - Industry Insights by Electrolyte Type (PEMFC and PAFC), by Component Type (Fuel Stack, Power Conditioner and Fuel Processor), Power Output (<100 kW, >200 kW and 100–200 kW) and by Vehicle Type (Trucks, Passenger Car, Buses and Light Commercial Vehicle)

Status : Upcoming
Report Code : VRAT-4001
Available Format :
Industry : Automotive & Transportation

Industry Overview

Automotive fuel cell is a fuel cell used in electric vehicle in combination of battery or instead of a battery. The global automotive fuel cell market is growing at a significant rate, due to decreased oil dependency and reduced amount of greenhouse gas. Different electrolyte type contributed to the automotive fuel cell market size. The market has witnessed high demand for Proton Exchange Membrane Fuel Cell (PEMFC) in the coming years due to small size, high-power density, high efficiency, light weight, and appropriate operating temperature.

Market Segmentation

Insight by Electrolyte Type

On the basis of electrolyte type, the automotive fuel cell market is subdivided Proton Exchange Membrane Fuel Cell (PEMFC) and Phosphoric Acid Fuel Cell (PAFC). Of both electrolyte types, Proton Exchange Membrane Fuel Cell (PEMFC) accounted the larger share and it is also predicted to grow at the faster rate in the market, due to small size, high-power density, high efficiency, light weight, and appropriate operating temperature.

Insight by Component Type

On the basis of component type, the market is subdivided into fuel stack, power conditioner and fuel processor. Of all the component type, fuel stack segment accounted the largest share in the market. In addition, power conditioner segment is expected to grow at fastest rate in the automotive fuel cell market due to mounting implementation of electronic systems in vehicles.

Insight by Power Output

On the basis of power output, the market is subdivided into <100 kW power output, >200 kW power output and 100–200 kW power output. Among the all power output, the 100–200 kW power output segment accounted the largest share in the automotive fuel cell market due to elevated need of passenger vehicle, improved performance and upsurge driving range. In addition, >200 kW power output segment is expected to grow at the fastest rate in the market due to bulk implementation of fuel cell commercial vehicles.

Insight by Vehicle Type

On the basis of vehicle type, the market is subdivided into trucks, passenger car (PC), buses and light commercial vehicle (LCV). Among the all vehicle types, the passenger cars accounted the largest share and is expected to grow at the fastest rate in the automotive fuel cell market due easiness of application of fuel cell technology, cost efficacy, augmented driving range, high demand for passenger cars, strict emission norms and elevated emphasis of OEMs to employ fuel cell technology in passenger cars.

Industry Dynamics

Industry Trends

Declining price of fuel cell, fuel cell for heavy load transportation, hydrogen production process, plug-in hybrid fuel cell vehicles and powertrain costs of FCEVs and BEVs at several electric energy capacity levels are the trends observed in the automotive fuel cell industry.

Growth Drivers

Decreased oil dependency, improved fuel productivity, upsurge driving range, escalating need for fuel cell vehicles in the automotive and transportation sectors and speedy refueling of fuel cell are the primary growth drivers for automotive fuel cell market.

In addition, increase in the requirement of efficient vehicle with zero carbon emission, a reduced amount of greenhouse gas, strict emission norms and mounting alarm about environmental pollution are also driving the growth of the market. For instance, according to World Health Organization (WHO), globally exposure of ambient air pollution leads to 4.2 million deaths every year. In addition, 91% of the world’s population lives in place where air quality exceeds WHO guidelines limits.

Government schemes advancing hydrogen infrastructure and mounting government proposals for the progress of fuel cell technology are also facilitating the growth for the automotive fuel cell market.

Challenges

Elevated vehicle cost, extremely flammable and difficult to identify hydrogen leakages are the major challenges for the growth of automotive fuel cell market. In addition, mounting need for BEVs and HEVs and inadequate hydrogen infrastructure are also hindering the growth of the market.

Industry Ecosystem

Globally industry players are leveraging market growth through launching new products. Moreover, the high level of capital requirement also poses a major barrier for the entry of new players. This offers an edge to the established players in the industry competition.

Geographic Overview

Geographically, Asia-Pacific is the largest automotive fuel cell market due to greater production and commercialization of fuel cell vehicle. Green technologies, mounting hydrogen infrastructure and high recognition of electric vehicle are also up surging growth of the Asia-Pacific automotive fuel cell market.

Competitive Insight

Key players in the automotive fuel cell market are catering the demand by investing on technologically advanced automotive fuel cell across the globe. In August 2018, Ballard Power Systems signed an agreement to divest its subsidiary, Protonex, to retain assets related to fuel cell propulsion systems for commercial unmanned vehicles. Toshiba, ITM Power, Nedstack, Ballard Power Systems, Ceres Power, Hydrogenics, Plug Power and Delphi are the key players offering automotive fuel cell.