Pune, India, March 09, 2021 (GLOBE NEWSWIRE) -- The global automotive fuel cell market size is projected to reach USD 34.63 billion by 2028, exhibiting a CAGR of 53.5% during the forecast period, as per estimates provided by Fortune Business Insights™ in its report, 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, 2021-2028” The report states that the value of the market stood at USD 1.07 billion in 2020.
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Increasing Research into Fuel Cell Technology to Boost the Market
The massive potential of fuel cells has encouraged several research studies, designed to develop and investigate novel materials, elements, and compounds that can accelerate the advancement of fuel cell technology. In November 2020, for instance, a team of researchers from the University of California, Los Angeles, California Institute of Technology, and Ford Motor Company accomplished a major breakthrough in hydrogen-based automotive fuel cell technology. The team successfully used solar energy to convert water into hydrogen during the day and reverse the process at night. In January 2021, researchers at the Pohang University in South Korea discovered a way to efficiently produce hydrogen fuel through the water-electrolysis process using nickel as an electro-catalyst. These research undertakings are set to rapidly augment the fuel cell technology and accelerate the growth of this market.
Market Segments
Based on vehicles, the market has been categorized into passenger vehicles, buses, light commercial vehicles, and trucks. The passenger vehicles segment led the market with a share of 60.0% in 2020.
By type, the market has been segregated into proton exchange membrane fuel cell (PEMFC), phosphoric acid fuel cell (PAFC), and others. On the basis of power rating, the market has been segmented into below 100 kW, 100-200 kW, and above 200 kW. In terms of geography, the market has been clubbed into North America, Europe, Asia Pacific, and the Rest of the World.
What Does the Report Offer?
The report contains a detailed segmentation of the market and a piecemeal study of each segment. Furthermore, the report delivers a comprehensive analysis of the regional developments occurring in the market, along with in-depth research into the market drivers, trends, and challenges. In addition to all of the above, the report provides a thorough assessment of the competitive landscape of the market.
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Driving Factor
COVID-19 to Prove Beneficial for the Market, States Fortune Business Insights™
Registering a prolific CAGR of 44.06% in 2020 and reaching a value of USD 1.73 billion in 2021, the automotive fuel cell market growth is set to make substantial gains from the COVID-19 pandemic, according to Fortune Business Insights™. One prominent reason for this is the proven correlation between COVID-19 and prolonged exposure to PM2.5. For example, a statistical analysis by Harvard University conducted in November 2020 found that higher PM2.5 exposures are positively correlated with higher coronavirus mortality rates. These and such findings will push the demand for clean mobility solutions even after the pandemic is over, wherein automotive fuel cell technology will play a critical role. Furthermore, hydrogen fuel cells have also been utilized by the healthcare industry to fight the contagion. In May 2020, for instance, the South Africa Department of Science and Innovation deployed seven hydrogen fuel cell units in a military hospital in the country. This market is, therefore, slated to chart an enduring growth trajectory in the near future as the need for sustainable mobility solutions heightens worldwide.
Regional Insights
Asia Pacific to be at the Market Forefront; Europe to Make Notable Headway
Asia Pacific is expected to dominate the automotive fuel cell market share during the forecast period owing to the rising investments towards building hydrogen refueling infrastructure, especially in China. Besides this factor, long-term targets of governments in the region to deploy fuel cell electric vehicles (FCEVs) will further propel the market. In 2020, the region’s market size was USD 0.66 billion.
In Europe, the market is poised to undergo phenomenal expansion on account of the stringent emission norms set by the European Union (EU). Moreover, the favorable policies of the EU supporting research in hydrogen and automotive fuel cell technology will also contribute to the regional market growth.
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Competitive Landscape
Key Players to Implement Varied Business Expansion Strategies & Escalate Competition
The focus on advancing automotive fuel cell technologies is prompting leading companies to adopt and execute different strategies to broaden their business horizons. One such strategy is the diversification of portfolios, powered by the development and introduction of path-breaking fuel cell products. This strategy is also enabling players to establish a footprint and capture regional markets.
Industry Development:
- July 2020: Hyzon Motors announced the setting up of Hyzon Motors Europe B.V., its new headquarters in Europe located in Groningen, the Netherlands. The center in the Netherlands will empower Hyzon to release hydrogen-powered zero-emission commercial vehicles in Europe and reduce carbon footprint worldwide.
List of Key Players Covered in Automotive Fuel Cell Market Report:
- Wystrach (Germany)
- UQM Technologies (U.S.)
- Solaris Bus & Coach S.A (Poland)
- Pragma Industries (France)
- Hydrospider (Switzerland)
- Horizon Fuel Cell Technologies (Singapore)
- H2V Industry (France)
- Grove Hydrogen Automotive (China)
- FABER INDUSTRIE SPA (Italy)
- Danish Power Systems (Denmark)
- Blue World Technologies (Denmark)
- Foresight Energy Co., Ltd. (China)
- Bing Energy (U.S.)
- Hauzer Techno Coating B.V. (Netherlands)
- Wuhan Tiger FCV (China)
- Symbio (France)
- Proton Motor Fuel Cell GmbH (Germany)
- Intelligent Energy (England)
- Faurecia (France)
- Continental Industries (Germany)
- AVL (Austria)
- Nuvera Fuel Cells, LLC (U.S.)
- Delphi Technologies (UK)
- Toshiba (Japan)
- American Honda Motor Company, Inc. (Japan)
- Nedstack Fuel Cell Technology (Netherlands)
- Toyota Motor Company (Japan)
- Ballard Power Systems (Canada)
- Wind2Gas Energy GmbH & Co KG (Germany)
- Umicore (Belgium)
- Shanghai Re-Fire Technology Co., Ltd. (China)
- Hystorsys (Norway)
- Hydrogenious (Germany)
- Hexagon Composites ASA (Norway)
- H2 Energy (Switzerland)
- FREUDENBERG (Germany)
- e.Go Mobile AG (Germany)
- Bosal (Belgium)
- Air Liquide (France)
- W. L. Gore & Associates (U.S.)
- Hauzer Techno Coating B.V. (Netherlands)
- Wuhan Tiger FCV (China)
- Symbio (France)
- PowerCell Sweden AB (Sweden)
- FEV Group GmbH (Germany)
- ElringKlinger (Germany)
- Bosch (Germany)
- Ceres Power (UK)
- ITM Power (UK)
- Hydrogenics (Canada)
- Daimler AG (Germany)
- Plug Power (U.S.)
- Nissan Motor Corporation (Japan)
- Hyundai Motor Company (South Korea)
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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
- Value Chain 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, 2017-2028
- 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
- North America Automotive Fuel Cell Market Analysis (Units, USD Billion), Insights and Forecast, 2017-2028
- 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 Country
- U.S.
- Canada
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