Global Market for Automotive Fuel Cell is Anticipated to grow at a Significant Pace i.e., USD 10.6 Billion during the Forecast Period 2021-2027

Published Date: Aug, 2021

The global automotive fuel cell market is expected to witness a CAGR of 44.61% during the forecast period. The automotive fuel cell market is a revolutionary advancement that reduces the costs of infrastructure and other resources. The primary energy providers are either hydrogen or methane in the fuel cells. Both fuel cells are cleaner fuel sources as compared to conventional lithium-ion batteries. Factors propelling the growth of the automotive fuel cell market are the rising demand for less emission commuting, rising awareness among consumers, and initiatives by the government to provide zero-emission vehicles via subsidies and tax rebates that have forced the manufacturers to produce fuel cell vehicles globally. Governments of various countries have increased their investment in hydrogen fuel infrastructure and provide incentives to buyers, which will create promising opportunities for original equipment manufacturers to expand their revenue and vision.

Ballard Power System collaborated with MAHLE to commercialize a zero-emission fuel cell system for heavy and medium-duty trucks.

The COVID-19 outbreak had impacted vehicle production due to the complete lockdown but is anticipated that the market will again gain momentum in 2021. The FCEV manufacturers had a moderate impact on production because there was a  demand for zero-emission vehicles during the second half of 2020, resulting in the rise in demand for the automotive fuel cell market.

Browse 70 market data Tables and 38 Figures spread through 238 Pages and in-depth TOC on Automotive Fuel Cell Market by Electrolyte Type (PEMFC and PAFC), by Component Type (Fuel Stack, Power Conditioner and Fuel Processor), by Power Output (<100 kW, >200 kW and 100–200 kW), by Fuel Type (Hydrogen and Methanol), and by Vehicle Type (Trucks, Passenger Car, Buses and Light Commercial Vehicle), and Region - Global Forecast to 2027"

By vehicle type, the LCV’s segment is projected to witness the fastest-growing segment during the forecast period.

On the basis of vehicle type, the global automotive fuel cell market is segmented into trucks, passenger cars (PC), buses, and light commercial vehicles (LCV). Light commercial vehicles are anticipated to be the fastest-growing category during the forecast period as they have high demand in logistics and delivery. Moreover, with the rising advancement in fuel cell technology, the price of fuel cells is anticipated to get reduced, resulting in growth opportunities for the LCV market.

Global Automotive Fuel Cell Market Segmentation Analysis

Segment

Categorization

Leading Category

Electrolyte Type

Proton Exchange Membrane Fuel Cell (PEMFC) and Phosphoric Acid Fuel Cell (PAFC)

Proton Exchange Membrane Fuel Cell (PEMFC) (Largest)

Component Type

Fuel Stack, Power Conditioner, Air Compressor, Humidifier, and Fuel Processor

Fuel Stack (Largest)

Power Conditioner (Fastest)

Power Output

Below 100 kW, 100kW to 200 kW, and Above 200 kW

100kW to 200 kW (Largest)

Above 200 kW

(Fastest)

Fuel Type

Hydrogen and Methanol

Hydrogen (Fastest)

Vehicle Type

Trucks, Passenger Cars (PC), Buses, Light Commercial Vehicles (LCVs)

Passenger Cars (Largest)

Trucks (Fastest)

Buses (Fastest)

Region

North America, Europe, Asia-Pacific, and Rest of the World

Asia-Pacific (Largest)

North America (Fastest)

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“North America to be the fastest-growing region in the automotive fuel cell market.”

North America is anticipated to grow at a faster pace in the automotive fuel cell market in terms of capacity owing to the presence of supporting policies to limit carbon footprint in the region and the availability of funds for R&D related to fuel cells. The increasing demand for passenger vehicles and heavy commercial vehicles has raised the demand for fuel cells as a greener alternative to traditional cells.

Some of the major players in the global automotive fuel cell market include Toshiba, ITM Power, Toyota, Nedstack, Ballard Power Systems, Ceres Power, Hydrogenics, Plug Power, and Delphi.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2027

Historical Period

2015–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Electrolyte Type, Component Type, Power Output, Fuel Type, Vehicle Type, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

Toshiba, ITM Power, Toyota, Nedstack, Ballard Power Systems, Ceres Power, Hydrogenics, Plug Power and Delphi

Global Automotive Fuel Cell Market Coverage

Electrolyte Type Insight and Forecast 2015-2027

  • PEMFC
  • PAFC

Component Type Insight and Forecast 2015-2027

  • Fuel Stack
  • Power Conditioner
  • Fuel Processor

Power Output Insight and Forecast 2015-2027

  • <100 kW
  • >200 kW
  • 100–200 kW

Fuel Type Insight and Forecast 2015-2027

  • Hydrogen
  • Methanol

Vehicle Type Insight and Forecast 2015-2027

  • Trucks
  • Passenger Car
  • Buses
  • Light Commercial Vehicle

Geographical Segmentation

Automotive Fuel Cell Market by Region

North America

  • By Electrolyte Type
  • By Component Type
  • By Power Output
  • By Fuel Type
  • By Vehicle Type
  • By Country – U.S., Canada, and Mexico

Europe

  • By Electrolyte Type
  • By Component Type
  • By Power Output
  • By Fuel Type
  • By Vehicle Type 
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Electrolyte Type
  • By Component Type
  • By Power Output
  • By Fuel Type
  • By Vehicle Type
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Electrolyte Type
  • By Component Type
  • By Power Output
  • By Fuel Type
  • By Vehicle Type 
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries

 

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Global Market for Automotive Fuel Cell is Anticipated to grow at a Significant Pace i.e., USD 10.6 Billion during the Forecast Period 2021-2027