Farmington, Feb. 20, 2023 (GLOBE NEWSWIRE) -- The Global Fuel Cell Powertrain Market Size Was Valued At USD 144 Million In 2021. The Market Is Projected To Grow From USD 235.8 Million In 2022 To USD 12,530.3 Million By 2029, Exhibiting A CAGR Of 89.3% During The Forecast Period. The COVID-19 pandemic has been shocking and has never happened before. Because of this, demand for fuel cell powertrain has been lower than expected in all regions compared to levels before the pandemic. From 2019 to 2020, the global market dropped by 16.54%, according to our research.
A Fuel Cell Powertrain (FCP) is an electric drive system that uses a fuel cell to turn hydrogen energy into electric power. FCPs don't have harmful emissions coming out of the tailpipe like Internal Combustion Engine (ICE) powertrains do.
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Recent Developments:
- In June 2022, Bloom Energy partners with Ferrari, a global leader in luxury and automotive for 75 years, to set a new pace for carbon neutrality in manufacturing by 2030. The company announced a 1-megawatt (MW) installation of Bloom's solid oxide. Fuel cells at Ferrari's expanding manufacturing facility with headquarters in Maranello, Italy.
- In April 2022, Nuvera Fuel Cells received a purchase order signing a Memorandum of Understanding (MoU) with Hytech AS, an engineering services company based in Norway. The company will evaluate the use of the E-45 fuel cell engine in vehicle and stationary power applications. Hytech is also exploring the development of hydrogen powered hydraulic pumps and auxiliary power units using Nuvera's fuel cell solutions.
Segment Analysis:
Power Output Insights
The less than 150 kW segment led the market in 2021, and this is likely to stay the case for the rest of the forecast period. Most fuel cell electric vehicles, especially passenger cars sold all over the world, have less than 150kW of power. One of the most popular fuel cell cars, the Toyota Mirai, has a powertrain that puts out 128kW. So, the demand for fuel-cell passenger cars is likely to drive the growth of the segment in the near future.
Component Insights
The fuel cell system segment has the biggest share of the market and is expected to grow at the fastest rate over the next few years. One of the most important and expensive parts of an FCEV is the fuel cell system. Part of the fuel cell system is the fuel cell. About 60% of the cost of an FCEV goes to the fuel cell. So, the demand for fuel cell systems goes up as more FCEVs are sold, which helps the fuel cell systems segment grow even more.
Vehicle Type Insights
In 2021, passenger cars were the most popular type of vehicle, and that trend is expected to continue over the next few years. Passenger cars help the business of fuel cell-based powertrains a lot. During the forecast period, the segment is expected to grow because of the growing popularity of fuel cell passenger vehicles like the Toyota Mirai, Hyundai NEXO, and others, as well as the automaker's efforts to roll out new fuel cell passenger vehicles to meet the growing demand for green transportation around the world.
Regional Outlook:
Asia Pacific was the largest part of this market in 2021, and the fastest CAGR suggests that it will stay the largest part throughout the forecast period. More and more people in places like South Korea and China are buying fuel-cell cars, which is making the market grow. The government of South Korea is very focused on making the area's hydrogen infrastructure better. For example, in December 2021, the South Korean government said that by the end of 2022, 43 hydrogen stations would be built along highways. The government is very interested in green transportation.
North America had the second largest share in 2021. More and more people in California want FCEVs, which is making the market grow. In February 2022, a contract was signed between Chevron USA Inc. and Iwatani Corporation of America (ICA) to build 30 hydrogen fueling stations in California. The California Air Resources Board (CARB) thinks that there will be more than 176 hydrogen stations in California to support about 250,000 fuel-cell vehicles. In the area in question, the market is growing because hydrogen infrastructure is getting better and more people want pollution-free cars.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 89.3% from 2023 to 2030. |
| Revenue Forecast by 2022 | USD 235.8 Million |
| By Power Output | Less than 150 kW, 150 to 250 kW, More than 250kW, Others |
| By Component | Fuel Cell System, Battery System, Drive System, Hydrogen Storage System, Others |
| By Vehicle Type | Passenger Cars, Commercial Vehicle, Buses, Other |
| By Companies | Cummins Inc. (U.S.), Robert Bosch GmbH (Germany), Denso Corporation (Japan), Ballard Power Systems (Canada), FEV Group (Canada), Nuvera Fuel Cell LLC. (U.S.), Plug Power (U.S.), SFC Energy (Germany), Bloom Energy (U.S.), Ceres Power(U.K.) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Trends:
People care more about the environment and the government wants to fight climate change, so FCEVs and pure electric vehicles are becoming more popular (EVs). Along with the fast growth of electric vehicles, there is also a lot of interest in fuel cell vehicles in the US, South Korea, and other advanced economies.
Market Driving Factors:
All of the top automakers are working on green mobility so that they can help people all over the world get around in the future. So, automakers are spending a lot of money to make more green transportation options, like electric and fuel cell electric vehicles that need fuel cell powertrains. In September 2021, for example, Hyundai Motor Group said that all of its commercial vehicles would have hydrogen fuel cells by 2028. The company said it would keep making both electric cars and cars with fuel cells that run on hydrogen. The company also said that in 2023, it would start selling new cars with powertrains that use hydrogen fuel cells.
Key Segments Covered:
Top Market Players:
Cummins Inc. (U.S.), Robert Bosch GmbH (Germany), Denso Corporation (Japan), Ballard Power Systems (Canada), FEV Group (Canada), Nuvera Fuel Cell LLC. (U.S.), Plug Power (U.S.), SFC Energy (Germany), Bloom Energy (U.S.), Ceres Power(U.K.) and others.
By Power Output
- Less than 150 kW
- 150 to 250 kW
- More than 250kW
- Others
By Component
- Fuel Cell System
- Battery System
- Drive System
- Hydrogen Storage System
- Others
By Vehicle Type
- Passenger Cars
- Commercial Vehicle
- Buses
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
Check out more related studies published by Contrive Datum Insights:
- Direct Methanol Fuel Cell Market - The global direct methanol fuel cell market is projected to grow from $2.00 million in 2022 to $5.85 million in 2029 at a CAGR of 16.6% in the forecast period.
- Aircraft Fuel Systems Market - The Global Aircraft Fuel Systems Market Is Expected To Reach USD 9.15 Billion By 2022 From, At A CAGR Of 7.0% During The Forecast Period.
- Electric Fuel Pump Market - The global Electric Fuel Pump market is projected to grow at a CAGR of 7.2% during the forecast period 2022 to 2030.
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