Pune, India, May 18, 2021 (GLOBE NEWSWIRE) -- The global automotive fuel cell market size is expected to experience exponential growth by reaching USD 34.63 billion by 2028 while exhibiting an impressive CAGR of 53.5% between 2021 and 2028. Fortune Business Insights in its latest report, titled, “Automotive Fuel Market, 2021-2028.”, mentions that the market stood at USD 1.07 billion in 2020. The increasing demand for environment friendly automotive is propelling the market growth as fuel cell electric vehicles (FCEVs) utilize hydrogen and discharge heat and vapors as byproducts. For instance, in January 2021, Air Liquide invested in an electrolyzer manufacturing facility. This facility has capacity up to 200MW and produces low carbon and green hydrogen. This environment friendly and strategic venture comprises 40% of stake ownership in H2V Normandy. Thus it will help Air Liquide moto to boost hydrogen energy production and lower the carbon usage in industries.
COVID-19 Impact
The negative effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. However, the hydrogen energy sector was moderately affected by the virus. This is ascribable to low financial liquidity among small and local manufacturers.
In longer terms as of after COVID economy recovery, the market is anticipated to witness significant growth. For, instance, in July 2020, the Railway Industry Association in the U.K. asked the government to invest in green hydrogen powered trains.
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Market Segmentation:
On the basis of its type, the market is divided into proton exchange membrane fuel cell, phosphoric acid fuel cell and others. By power rating it is trifurcated into, below 100KW, 100-200KW and above 200KW. Based on vehicles, it is segmented into, passenger vehicles, light vehicles, bus and trucks.
Based on vehicles, passenger vehicles held a global construction equipment market share of about 60.0% in 2020. The segment is expected to experience considerable growth backed by stringent rules on emission of greenhouse gases by different governments
Lastly, on the basis of region, the market is bifurcated into North America, Europe, Asia-Pacific, and Rest of the World.
What does the Report Include?
The global Automotive Fuel Cell Market for automotive fuel cell reports provides in-depth analysis and focuses on the key aspects such as seaplanes product type, key players, applications, engine type, and seating capacity. Furthermore, the report offers insights on market trends, competitive landscape, competition, product pricing, market status and highlights key industry developments by adopting several research methodologies. It also includes several direct and indirect factors that have contributed to the market's growth over recent years.
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Driving Factor
Increasing Government Focus to Adopt Sustainable Energy Solutions to Aid Growth
Supportive initiatives by administration worldwide to popularize FCEVs on the road in coming times will boost automotive fuel cell market growth. For instance, in March 2019, the Japanese government announced the deployment of 800 00 fuel cell vehicles. In addition, they also aim to build 900 hydrogen refueling stations by 2030 to promote green energy. Moreover, to check greenhouse gas emissions, governments are imposing strict rules to use clean energy in industries and achieve zero-emission vehicles (ZEVs). For example, the European Union aims to cut down emissions of these harmful gases by 55% by the year 2020 and establish climate neutrality by 2050 under its Climate Target Plan.
Regional Insights
Asia Pacific to Dominate Backed by Support of Government Agencies
Asia Pacific is expected to hold the highest position in the automotive fuel cell market share during the forecast period. This is ascribable to green environment initiatives and investment in hydrogen energy in the regions. According to the report by Power Technology, published in 2021, China leads in hydrogen production in the whole world. It has an annual output of 20 million tons, and it covers one-tenth of its energy using hydrogen energy. The region stood at 0.42 billion in 2019 and 0.66 in 2020.
North America is also anticipated to hold the major market share, owing to increased research and development in fuel cell technology.
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Competitive Landscape
Key Players to Focus on Establishing Partnerships to Intensify Competition
The market is consolidated by major companies striving to maintain their position by focusing on collaborations and establishing partnerships. For instance, In May 2020, Ballard inked a Memorandum with ITM Power and others to work on FCEBs in Australian public transport systems. Moreover, other key players are adopting proactive strategies such as new product launches, mergers, and facility expansion to favor the market's growth in the forthcoming years.
Industry Development
- September 2020: Ballard Power System collaborated with MAHLE to commercialize a zero-emission fuel cell system for heavy and medium-duty trucks.
List of the Key Players Profiled in the Global Market for Automotive Fuel Cell Market
- Ballard Power Systems
- Hyundai Motor Company
- Toyota Motor Company
- Nissan Motor Corporation
- Nedstack Fuel Cell Technology
- Plug Power
- American Honda Motor Company, Inc.
- Daimler AG
- Toshiba
- Delphi Technologies
- ITM Power
- Núvera Fuel Cells, LLC
- Ceres Power
- AVL
- Bosch
- Continental Industries
- Elringklinger
- H2V Industry
- Hexagon Composites ASA
- Horizon Fuel Cell Technologies
- Danish Power Systems
- FABER INDUSTRIE SPA
- FREUDENBERG
- Grove Hydrogen Automotive
- Shanghai Re-Fire Technology Co., Ltd
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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
- Automotive Fuel Cell 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
- Automotive Fuel Cell 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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