Pune, Aug. 19, 2020 (GLOBE NEWSWIRE) -- The global automotive fuel cell market size is projected to reach USD 24.81 billion by the end of 2027. The increasing investments in technological integration will play a huge role in the growth of the market in the coming years. The increasing demand for sustainable products will have a massive impact on the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Automotive Fuel Cell Market Size, Share & COVID-19 Impact Analysis, By Type (Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), and Others), By Power Rating (Below 100 kW, 100 – 200 kW, and Above 200 kW), By Vehicles (Passenger Vehicles, Light Commercial Vehicles (LCVs), Bus, and Trucks), and Regional Forecast, 2020-2027, the market was worth USD 0.74 billion and will exhibit a CAGR of 56.7% during the forecast period, 2020-2027.
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Covid-19 Pandemic to Bring a Bag of Mixed Fortunes for Fuel Cell Manufacturers
The recent coronavirus outbreak has brought about a sense of panic among people across the world. The efforts taken to curb the spread of the disease have had an adverse effect on several industries across the world. Due to strict lockdowns and social distancing practices, several businesses have taken a huge hit in the past few months. The decline in production rates has affected the manufacturers in a drastic way. The shortages in resources and liquidity among SMEs have also had an adverse effect on the global automotive fuel cell market in the immediate future. Having said that, the deployment of this technologies will be prioritized by governmental organizations despite such outbreaks and this will provide a huge growth opportunity for the companies in the coming years.
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Automotive fuel cell is used to power an electric vehicle based on hydrogen operated system. The device is said to generate high amount of energy utilizing clean fuels. The increasing awareness regarding carbon emissions and the efforts taken to maximize the use of sustainable energy will bode well for the companies operating in the automotive fuel cell market in the coming years. The presence of several large scale companies will have a direct impact on the growth of the overall market in the coming years. Recent technological advancements have been an integral part of growth of the market and the increasing investments in the development of efficient fuel cell technologies will have a positive impact on the growth of the overall automotive fuel cell market in the foreseeable future.
Increasing Efforts taken to Maximize the Production of Fuel Cells will Bode well for Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing efforts taken to maximize the production of automotive fuel cells by major companies across the world have made the highest impact on market growth. In July 2020, Hyzon Motors announced the launch of a new production unit in the Netherlands. This plant is aimed at manufacturing hydrogen fuel cell powered trucks. The United States-based company aims the develop several fuel cell powered trucks by the end of 2021. The company will look to capitalize on its massive consumer base across the world and this plant will help the company take it up a notch. Such efforts taken by companies across the world will bode well for the market in the coming years.
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Asia Pacific to Emerge Dominant; Presence of Several Large Scale Companies will Aid Market Growth
The report analyses the latest market trends across five major regions, including North America, Europe, and the Rest of the World. Among all regions, the market in Asia Pacific is projected to emerge dominant in the coming years. The increasing investments in hydrogen infrastructure will have a huge impact on the growth of the regional market in the coming years. The presence of numerous large scale FC passenger car manufacturers will provide impetus to the growth of the market in this region. As of 2019, the market in Asia Pacific was worth 0.42 billion and this value is projected to increase at a considerable pace in the coming years.
List of Key companies profiled in the Automotive Fuel Cell Market Research Report are:
- Ballard Power Systems (Canada)
- Hyundai Motor Company (South Korea)
- Plug Power (U.S.)
- Hydrogenics (Canada)
- AVL (Austria)
- Air Liquide (France)
- Umicore (Belgium)
- PowerCell Sweden AB (Sweden)
- Horizon Fuel Cell Technologies (Singapore)
- Nuvera Fuel Cells, LLC (U.S.)
- Nedstack Fuel Cell Technology (Netherlands)
- ElringKlinger (Germany)
- Valmet Automotive (Finland)
- Pragma Industries (France)
- Intelligent Energy (England)
Industry Developments:
July 2020 – Hyzon Motors announced the launch of a new unit centered in the Netherlands, Europe. The US based company aimes at manufacturing hydrogen fuel cell-powered trucks by the end of 2021.
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Automotive Fuel Cell Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Automotive Fuel Cell Market Analysis (Units, USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Proton Exchange Membrane Fuel Cell (PEMFC)
- Phosphoric Acid Fuel Cell (PAFC)
- Others
- Market Analysis, Insights and Forecast – By Power Rating
- Below 100 kW
- 100 – 200 kW
- Above 200 kW
- Market Analysis, Insights and Forecast – By Vehicles
- Passenger Vehicles
- Light Commercial Vehicles (LCVs)
- Bus
- Trucks
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
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Have a Look at Related Research Insights:
Phosphoric Acid Fuel Cell Market Size, Share & Industry Analysis, By Application (Vehicles, Cogeneration, Others), and Regional Forecast, 2019-2026
Proton Exchange Membrane Fuel Cell (PEMFC) Market Size, Share & Industry Analysis, By Application (Transport, Stationary, Others), and Regional Forecast, 2019-2026
Solid Oxide Fuel Cell Market Size, Share & Industry Analysis, By Application (Stationary, Transport, Portable), By End-User (Commercial, Data Centers, Military & Defense, Others), and Regional Forecast, 2019-2026
Fuel Cell Market Size, Share and Global Trend By Type (Solid Oxide Fuel Cell, Proton Exchange Membrane Fuel Cell, Molten Carbonate Fuel Cell, Phosphoric Acid Fuel Cell, Alkaline Fuel Cell, Direct Methanol Fuel Cell), By Application (Portable, Stationary, Transportation), and Geography Forecast till 2026
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