Dublin, Dec. 13, 2022 (GLOBE NEWSWIRE) -- The "Automotive Fuel Cell Market by Vehicle Type (Buses, Trucks, LCVs, Passenger Cars), Component, Fuel Cell Type, Fuel Type, Hydrogen Fuel Points, Operating Miles, Power Capacity, Specialized Vehicle Type and Region - Global forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global automotive fuel cell market is projected to grow from 25 thousand units in 2022 to 724 thousand units by 2030, registering a CAGR of 52.4%. Fuel cell operated vehicles such as buses, LCVs, passenger cars, and trucks, were mapped as part of this research. The growing demand for zero-emission commercial freight trucks and buses have accelerated the growth of long range fuel cell vehicles. The rapid setup of hydrogen infrastructure worldwide the demand for FCEVs is also expected to increase gradually. Technological breakthroughs in fuel cell components and other technologies have made it possible to have longer range and high-power engines in fuel cell electric vehicles (FCEVs). This will create a shift in demand for FCEVs in the coming years.
251-500 miles range segment to be the largest segment in the market during the forecast period.
The 251-500 miles segment is currently the largest because its high range in a single filling is the primary reason for buying FCEVs over other EVs. Most fuel-cell vehicles currently available in the market are under this range. Above 500 miles is an upcoming segment due to OEMs working on improving range beyond earlier limits. As technology keeps developing and the size of fuel cells decreases, FC vehicles will be able to cover a larger range on a single filling. This is the reason for above 500 miles to be the fastest-growing segment in the future. The 251-500 miles segment is projected to be the largest during the forecast period. This segment includes FCEV passenger cars and some smaller buses and trucks. The 2021 Honda Clarity comes with a range of 360 miles on a single filling. Similarly, 2021 Toyota Mirai Limited and 2021 Toyota Mirai XLE come with 357- and 402-miles range, respectively. Toyota provides a number of offers including USD 15,000 worth of free fuel for the Toyota Mirai. Hyundai Nexo and Hyundai Nexo Blue come with a range of 354 and 380 miles, respectively. Riversimple Movement is available with a range of 300 miles in a single filling.
<150 kW segment to lead the demand for automotive fuel cell electric vehicles during the forecast period.
The <150 kW segment is estimated to be the largest during the forecast period. Currently, most fuel-cell vehicle models use a fuel-cell stack with <150 kW power output. Passenger cars contribute to the largest share of the automotive fuel cell market. Most fuel-cell car models use fuel-cell stacks with an output power of less than 150 kW. Hence, the segment is estimated to be the largest.
Market Dynamics
Drivers
- Better Fuel Efficiency and Increased Driving Range
- Rapid Increase in Investment and Development for Green Hydrogen Production
- Fast Refueling
- Reduced Oil Dependency
- Lower Emissions Than Other Vehicles
- Fuel Cell Product Lifecycle
Restraints
- High Flammability
- Hard to Detect Hydrogen Leakages
- High Initial Investments in Hydrogen Fueling Infrastructure
- Lower Efficiency Than BEVs and HEVs
Opportunities
- Rising Demand for Fuel-Cell Vehicles in Automotive and Transportation
- Fuel-Cell Vans to be an Emerging Opportunity for OEMs
- Government Initiatives Promoting Hydrogen Infrastructure
- Development of Mobile and Community Hydrogen Fueling Systems
Challenges
- High Vehicle Costs
- Insufficient Hydrogen Infrastructure
- Rising Demand for BEVs and HEVs
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Automotive Fuel Cell Market, by Vehicle Type
7 Automotive Fuel Cell Market, by Component
8 Automotive Fuel Cell Market, by Specialized Vehicle Type
9 Automotive Fuel Cell Market, by Operating Miles
10 Automotive Fuel Cell Market, by Power Output
11 Automotive Fuel Cell Market, by Fuel Type
12 Automotive Fuel Cell Market, by Hydrogen Fuel Points
13 Automotive Fuel Cell Market, by Fuel Cell Type
14 Automotive Fuel Cell Market, by Region
15 Competitive Landscape
16 Company Profiles
17 Analyst's Recommendations
18 Appendix
Companies Mentioned
- Advent Technologies Holdings
- Ballard Power Systems
- Bloom Energy
- Borgwarner
- Bosch
- Bramble Energy
- Ceres Power
- Cummins
- Daimler
- Dana Incorporated
- Doosan Group
- Elringklinger Ag
- Ford Motor Company
- Fuel Cell Systems Manufacturing LLC
- Fuelcell Energy
- Honda
- Hydra Energy Corporation
- Hyster-Yale
- Hyundai Group
- Intelligent Energy
- Ionomr Innovations
- Isuzu Motors
- ITM Power
- Mebius Fuel Cell
- Nedstack
- Nikola
- Panasonic
- Plug Power
- Powercell Ab
- Proton Motor Power Systems
- Riversimple
- Saic Motors
- Sunfire
- Sunrise Power Co. Ltd
- Swiss Hydrogen Power
- Symbio
- Toray Industries
- Toshiba
- Toyota Motor Corporation
- Van Hool
- Volkswagen Ag
For more information about this report visit https://www.researchandmarkets.com/r/e099n4
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