Pleasanton, CA, Dec. 07, 2021 (GLOBE NEWSWIRE) -- The Global Automotive Fuel Cell Market is expected to grow from USD 1.8 Bn in 2020 to USD 15.1 Bn by 2027, at a CAGR of 35.5%.
The supportive government initiatives across the globe to promote FCEVs on the road will boost automotive fuel cell market growth. For instance, in March 2019, the Japanese authorities introduced the deployment of 800 00 fuel cell vehicles. They also goal to construct 900 hydrogen refuelling stations by 2030 to promote green energy. Moreover, to check greenhouse gas emissions, governments are implementing strict regulations to use clean energy in industries and obtain Zero-Emission Vehicles (ZEVs). For instance, the European Union targets to reduce down emissions of these harmful gases by 55% in 2020 and establish climate neutrality by 2050 under its Climate Target Plan.
The better fuel economy and increased driving range are among the prominent factor that accelerate the growth of the market. FCEVs provide a higher fuel economy than ICE vehicles. The fuel economy of an FCEV is around 63 miles per gallon gasoline equivalent (MPGge), while that of an ICE automobile is 29 MPGge on highways. Hybridization can enhance the fuel economy of an FCEV by up to 3.2%. On urban roads, the fuel economy of an FCEV is around 55 MPGge compared to 20 MPGge for ICE vehicles. There is a substantial difference in the driving range of FCEVs and BEVs on either full tank or full charge. FCEVs can travel nearly 300 miles without refuelling. The average range of a BEV is around 110 miles with a fully charged battery. Thus, driving the demand for the automotive fuel cell market.
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The high initial investment for the infrastructure is one of the major restraining factors that hamper the market growth. Moreover, the high cost of the vehicles acts as a major challenge for the growth of the market. However, the government support to adopt zero-emission vehicles provides a lucrative opportunity for the automotive fuel cell market during the forecast period.
The key players operating in the automotive fuel cell market are:
Toshiba India Pvt. Ltd., Ballard Power Systems, Cummins Inc., ITM Power, PLUG POWER INC., Ceres, Nedstack Fuel Cell Technology BV, NUVERA FUEL CELLS, LLC, Toyota Motor Sales, U.S.A., Inc., American Honda Motor Co., Inc., Hyundai Motor Company, Daimler AG, Nissan, TW Horizon Fuel Cell Technologies, Intelligent Energy Limited
Global Automotive Fuel Cell Market by Region Outlook (Revenue, USD Million, 2021-2027):
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
In terms of geography, the Asia Pacific region is growing at the highest CAGR during the forecast period owing to the encouraging FCEV deployment targets of governments, coupled with growing expenditure in hydrogen fuelling infrastructure. The countries like China, South Korea, and Japan are anticipated to lead the automotive fuel cell industry. China is effectively focusing on buses and trucks for FCEVs. For instance, according to secondary sources, in 2019, over more than 2,500 fuel cell vehicles were sold in China, mainly buses (44%) and vans (56%). Moreover, Toyota and Hyundai have an extensive presence in the region. These companies are the main FCEV manufacturers across the globe. Besides, Japan, China, and Korea have set short- and long-term objectives to attain an optimistic number of fuel cell vehicles on the road. Increasing investments and developments are predicted to be made through governments and OEMs to promote fuel cell vehicles in these countries, to enhance the market growth in the region.
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The Global Automotive Fuel Cell Market Segmentation:
Global Automotive Fuel Cell Market by Vehicle Type Outlook (Revenue, USD Million, 2021-2027):
- Commercial Vehicles
- Passenger Cars
Global Automotive Fuel Cell Market by Electrolyte Type Industry Outlook (Revenue, USD Million, 2021-2027)
- Proton Exchange Membrane Fuel Cell
- Direct Methanol Fuel Cell
- Alkaline Fuel Cell
- Phosphoric Acid Fuel Cell
Global Automotive Fuel Cell Market by Fuel Type Industry Outlook (Revenue, USD Million, 2021-2027)
- Hydrogen
- Methanol
Global Automotive Fuel Cell Market by Power Output Outlook (Revenue, USD Million, 2021-2027)
- Below 100 KW
- 100 to 200 KW
- Above 200 KW
Key Findings:
- Based on the fuel type, the hydrogen segment is expected to lead the automotive fuel cell market during the forecast period
- Based on the power output, the above 200 KW segment is growing at the highest CAGR during the forecast period
- Based on region, the Asia Pacific region is growing at the highest CAGR during the forecast period
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Recent News:
- In December 2020, Nuvera Fuel Cells LLC (USA) introduced that its fuel cell technology became a vital component of a recently-announced partnership among Capacity Trucks and the Hyster-Yale Group to increase electrically powered and hydrogen-powered terminal tractors.
- In February 2021, Ballard Power Systems (Canada) signed a non-binding memorandum of understanding (MOU) with Chart Industries Inc. for the joint development of integrated system solutions, which consist of a fuel cell engine with onboard liquid hydrogen (“LH2”) storage and vaporization for the transportation industry, specifically for heavy-duty applications, consisting of buses, trucks, trains, and marine vessels.
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