New York, NY, Feb. 29, 2024 (GLOBE NEWSWIRE) -- The latest research report [115+] pages with 360-degree visibility, titled “Automotive Fuel Cell Market Share, Size, Trends, Industry Analysis Report, By Component (Fuel Processor, Fuel Stack, Power Conditioner, Air Compressor, Humidifier); By Component; by fuel type; by Vehicle Type; by Electrolyte Type; by specialized vehicle; by Power Output; by Operating Miles; And By Region; Segment Forecast, 2024- 2032" published by Polaris Market.
The global automotive fuel cell market size and share is currently valued at USD 1.10 billion in 2023. It is anticipated to generate an estimated revenue of USD 40.62 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 49.4% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032.
Market Definition & Overview
- How Does an Automotive Ful Cell Work? How Big is Automotive Fuel Cell Market Size/Share?
Fuel cells are utilized to power automobiles, which are driven by hydrogen fuel. This kind of fuel is kept in high-pressure tanks until it is needed for a fuel cell stack, which produces electricity through the reaction of oxygen and hydrogen in the surrounding air. In contrast to conventional fuel cell vehicles, which often run on gasoline or diesel, fuel cell vehicles use a combination of hydrogen and oxygen to produce electricity.
Moreover, numerous automakers are taking the lead in creating new, more eco-friendly, and efficient powertrains due to the necessity to preserve natural resources and save the environment. Fuel cell vehicles run on electricity produced internally by sending hydrogen gas through the fuel cell stack. This fuel cell technology can power both passenger automobiles and commercial vehicles. This growing use of fuel cell vehicles in government departments in various countries is anticipated to propel the automotive fuel cell market trend.
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Automotive Fuel Cell Market Key Companies
- American Honda Motor Company, Inc.
- AVL
- Ballard Power Systems
- Bosch
- Daimler AG
- Hyundai Motor Company
- ITM Power
- Nedstack Fuel Cell Technology
- Nissan Motor Corporation
- Nuvera Fuel Cells, LLC
- Plug Power
- Toshiba
- Toyota Motor Company
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Key Highlights
- Throughout the projection period, the market will rise because of factors such as strict environmental regulations, incentives and subsidies supporting clean fuels, and the hazardous emissions from combustion engine vehicles.
- The automotive fuel cell market segmentation is mainly based on component, vehicle type, fuel type, specialized vehicle, electrolyte type, operating miles, power output, and region.
- North America dominated with the largest market share in 2023.
Market Developments
Growth Drivers:
- Increased Government Targets: Increased governmental goals combined with encouraging legislation will undoubtedly increase demand for fuel cell vehicles (FCVs), expanding the automotive fuel cell market demand. Governments all around the world have set high standards for themselves, like lowering emissions and promoting environmentally friendly modes of transportation. Therefore, laws are being put in place to encourage the use of FCVs. These regulations could improve the price and usability of FCVs for customers by offering tax breaks, financial aid, and infrastructure improvements.
- Continuous Innovation: Businesses are pursuing constant innovation due to a confluence of rapidly developing technology, flexible project management techniques, and a keen awareness of changing customer demands. This environment is one of cooperation, where different viewpoints come together to inspire innovation and propel discoveries. Furthermore, social responsibility and sustainability are essential elements, with innovation becoming more and more focused on finding solutions that benefit the environment and society as a whole in addition to boosting profits.
Industry Trends:
- Technological Advancements: Fuel cell electric vehicles (FCEVs) with greater range and power outputs have been made possible by technological developments in fuel cell components and associated technologies. In the near future, there should be a noticeable shift in the demand for FCEVs due to this trend.
- Awareness: The development of alternative powertrain technology by manufacturers has been prompted by increased awareness of car emissions, which has further advanced automotive fuel cell market size development.
Restraints:
- High Cost: Compared to conventional internal combustion engines or even battery electric vehicles, the initial expenditure needed for developing and integrating fuel cell systems into automobiles is frequently much larger. This price includes the fuel cell stack, hydrogen storage devices, and related infrastructure, among other parts. The high cost and restricted availability of infrastructure for hydrogen refueling further impede the widespread use of fuel cell vehicles.
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Segmentation Overview
- The Passenger Vehicles Sector Grows at the Fastest CAGR
Consumer interest in electric and alternative fuel vehicles is rising as a result of worries about energy security, air quality, and environmental sustainability. Passenger cars are among the most widely used automobiles worldwide, and as people's awareness of the environment grows, so does the need for greener and more effective modes of transportation.
Moreover, a large number of governments are setting laws and incentives into place to promote the use of fuel-cell and electric vehicles, especially in the passenger automobile market. These consist of monetary inducements like refunds, tax breaks, and subsidies in addition to laws requiring reduced emissions limits and encouraging the construction of infrastructure for charging and refilling.
- The Proton Exchange Membrane Fuel Cell (PEMFC) Sector Holds the Largest Market Share
The PEMFCs sector holds the largest automotive fuel cell market share in 2023. It is a good fit for automotive applications because of its great power density and high efficiency. In order to satisfy the demands of contemporary cars, they provide responsive performance with fast start-up times and efficient operation under a range of load circumstances.
Also, when compared to other fuel cell technologies, PEMFCs are smaller and lightweight, which facilitates their integration into cars without appreciably increasing their overall weight or size. This feature is especially helpful for automotive applications where weight and space restrictions are important considerations.
Automotive Fuel Cell Market: Report Scope & Dynamics
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 40.62 Billion |
| Market size value in 2024 | USD 1.64 Billion |
| Expected CAGR Growth | 49.4% from 2024 – 2032 |
| Base Year | 2023 |
| Forecast Year | 2024 – 2032 |
| Top Market Players | American Honda Motor Company, Inc., AVL, Ballard Power Systems, Bosch, Daimler AG, Hyundai Motor Company, ITM Power, and others. |
| Segments Covered | By Component, By Fuel Type, By Vehicle Type, By Electrolyte Type, By Specialized Vehicle, By Power Output, By Operating Miles, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Regional Insights
North America: The United States and other countries in North America serve as a center for technological innovation and research in the automobile industry. In North America, a number of significant automakers, academic organizations, and tech firms are actively researching, developing, and bringing fuel cell technology to market for automobile use. North America has been able to sustain its competitive advantage in the global fuel cell business due to its innovation leadership. Also, the expansion of the automotive fuel cell market in North America is aided by governmental initiatives that promote clean mobility and lower greenhouse gas emissions.
Asia Pacific: To increase the performance, economy, and affordability of fuel-cell vehicles, IT firms and automakers in the Asia Pacific region are aggressively funding research and development. Fuel cell vehicles are becoming increasingly competitive with conventional internal combustion engine vehicles due to advancements in fuel cell technology, battery technology, and vehicle design. Due to a rise in the need for transportation options, the Asia Pacific region is seeing rapid population growth and urbanization.
Browse the Detail Report “Automotive Fuel Cell Market Share, Size, Trends, Industry Analysis Report, By Component (Fuel Processor, Fuel Stack, Power Conditioner, Air Compressor, Humidifier); By Component; by fuel type; by Vehicle Type; by Electrolyte Type; by specialized vehicle; by Power Output; by Operating Miles; And By Region; Segment Forecast, 2024- 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/automotive-fuel-cell-market
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Key Questions Addressed in the Report:
- What is the CAGR expected to be recorded for the automotive fuel cell industry?
Ans: The market is expected to record a CAGR of 49.4% from 2024-2032.
- How much is the market worth during the forecast period?
Ans: The global market size and share are currently valued at USD 1.10 billion in 2023 and are anticipated to generate an estimated revenue of USD 40.62 billion by 2032.
- Which segments are covered in the report?
Ans: The automotive fuel cell market segmentation is mainly based on component, vehicle type, fuel type, specialized vehicle, electrolyte type, operating miles, power output, and region.
- What factors are driving the market growth?
Ans: Throughout the projection period, the automotive fuel cell market growth will rise because of factors such as strict environmental regulations, incentives and subsidies supporting clean fuels, and the hazardous emissions from combustion engine vehicles.
- Which region is leading the market?
Ans: North America dominated with the largest market share in 2023.
Polaris Market Research has segmented the automotive fuel cell market report based on component, fuel type, vehicle type, electrolyte type, specialized vehicle, power output, operating miles, and region
By Component Outlook
- Fuel Processor
- Fuel Stack
- Power Conditioner
- Air Compressor
- Humidifier
By Fuel Type Outlook
- Ethanal
- Methanol
- Hydrogen
By Vehicle Type Outlook
- Passenger Vehicles
- Commercial Vehicles
- Buses
- Trucks
By Electrolyte Type Outlook
- Proton Exchange Membrane Fuel Cell (PEMFC)
- Phosphoric Acid Fuel Cell (PAFC)
By Specialized Vehicle Outlook
- Material Handling Vehicle
- Refrigerated Truck
By Power Output Outlook
- Below 100 kW
- 100 – 200 kW
- Above 200 kW
By Operating Miles Outlook
- Less than150
- 150-250
- Above 250
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Australia)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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