Westford USA, April 16, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the fuel cell powertrain market will attain a value of USD 12974.72 billion by 2030, with a CAGR of 62.1% over the forecast (2022-2030). The market for Fuel Cell Powertrain is expected to grow at a rapid pace during the forecast period, owing to increased awareness about rising greenhouse gas emissions and the growing adoption of fuel cell electric vehicles. Furthermore, fuel cells have several advantages over combustion engines, such as higher energy efficiency and lower emissions, lower operational costs due to the elimination of battery replacement and charging, and silent operation due to fewer moving parts. These previously mentioned factors are likely to boost market growth.
According to the SkyQuest's, Furthermore, increased R&D activities to make hydrogen-powered vehicles safe, eco-friendly, and affordable are expected to drive the global fuel cell powertrain market during the forecast period. Electric drive components such as electric motors and inverters are combined as part of the fuel cell powertrain to maximize battery space while meeting a wide range of temperature requirements. All of these factors are helping to drive the growth of the Fuel Cell Powertrain market.
Browse in-depth TOC on "Fuel Cell Powertrain Market"
- Pages - 278
- Tables - 68
- Figures - 62
A fuel cell powertrain is an electrically powered system that uses a fuel cell to convert hydrogen energy into electricity. Fuel cells have a variety of applications, including material handling, emergency backup power, and transportation. Fuel cell powertrains are more efficient and environmentally friendly than internal combustion engine powertrains because they do not emit harmful pollutants,
Prominent Players in Fuel Cell Powertrain Market
• AVID Technology Ltd
• Ballard Power Systems
• Ceres Power
• Cummins
• Brown Machine Group
• Delphi Technologies
• Denso Corporation
• ITM Power Manufacturers
• Robert Bosch
• Bloom Energy
• SFC Ene Ballard Power Systems
• Cummins Inc.
• Denso Corporation
• Robert Bosch GmbH
• FEVrgy
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Commercial Vehicle Segment Is Expected to Grow the fastest Attributed to Its High Efficiency
Commercial vehicle segment is expected to grow the fastest during the forecast period. The market for Fuel Cell Powertrain is expected to be fueled by high efficiency, long driving range and the need to reduce greenhouse gas emissions. Renault is one of the most recent companies to incorporate Hydrogen into its commercial vehicle lineup. The company has installed hydrogen fuel cell powertrains in its KANGOO and MASTER models. As a result, such advancements are likely to fuel the growth of the commercial vehicle segment in the Fuel Cell Powertrain market during the forecast period. Commercial vehicle sales are expected to increase in the second half of 2021, owing to increased economic activity, increased road traffic and a recovery in global production and demand.
During the forecast period, North America is expected to remain a consistent region of the Fuel Cell Powertrain market. The introduction of strict rules and laws to reduce GHG emissions is a significant factor driving demand for Fuel Cell Powertrain across the region. Europe is expected to have a significant share of the fuel cell powertrain market due to manufacturers' increasing efforts to reduce vehicle weight in order to improve performance.
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Less than 150 kw Segment Led the Market Due to Increase in The Fuel Efficiency of the Vehicle
The market for less than 150 kW was dominated in 2021 and is expected to remain dominant throughout the forecast period. The majority of fuel cell electric vehicles sold worldwide, particularly passenger vehicles, have a power output of less than 150kW. For example, one of the best-selling fuel cell vehicles, the Toyota Mirai, has a powertrain with a 128kW output. As a result, rising demand for fuel-cell passenger cars is expected to drive segment growth in the near future. Asia Pacific is expected to grow significantly during the forecast period. The regional market for Fuel Cell Powertrain is expected to expand as consumer demand for eco-friendly and fuel-efficient vehicles rises. The presence of numerous domestic and foreign fuel cell power train manufacturers can also be attributed to market expansion.
A comprehensive analysis of the major players in the Fuel Cell Powertrain market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Fuel Cell Powertrain Market
- In June 2022, Hydroplane Ltd announced that they were use hydrogen fuel cell technology for flight decarbonization that can be retrofitted with existing general aviation aircraft. In addition, the company announced the completion of a recent funding round in which it raised $2 million from unnamed angel investors.
- In June 2022, a battery cell specialist and a major manufacturing facility called 'Scots' collaborated on the development of advanced hydrogen hypercars and heavy goods vehicles.
Key Questions Answered in Fuel Cell Powertrain Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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