Automotive Fuel Cell Market Overview
The global Automotive fuel cell market is anticipated to expand the market growth at 15% CAGR during the forecast period of 2022 to 2030. Moreover, a significant value has been generated in the market size during the research period.
The worldwide Automotive fuel cell market growth is driven due to the increased driving range and better fuel economy. Moreover, the increasing demand for fuel cell vehicles in the transportation and automotive industry might bring significant opportunities for the manufacturers and key players.
However, the high initial investments in hydrogen fuelling infrastructure might affect the Automotive fuel cell industry in the forecast period. Apart from this, the global market might experience challenges due to the high vehicle cost.
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Automotive Fuel Cell Market Segmentation
The global Automotive fuel cell market is segmentally divided into different segments such as fuel type, components, electrolyte type,
Depending on the fuel type segment, the current market has been segmented into methanol, hydrogen and others. The methanol fuel cells are easily available, involve lesser costs, generate low power, and are easy to transport. The hydrogen-powered cells are basically small in size and able to produce high power. In terms of the electrolyte type segment, the global market has been segmented into PAFC (Phosphoric Acid Fuel Cell) and PEMFC (Proton-exchange membrane fuel cell). Among these, the PEMFC electrolyte is widely preferred across the world because it helps in reducing greenhouse gases and produces near-zero-emissions. Apart from these, this type of electrolyte has many advantages that include being easy to install, lightweight, having a high-power density, highly portable, highly efficient, and used in varying operating temperatures.
Based on the component segment, the global Automotive fuel cell market has been classified into fuel stack, fuel processor, and power conditioner. Out of all, the power conditioner is extensively preferred because it has the capacity to produce constant power. In contrast, the fuel processor needs constant routine maintenance and monitoring. In terms of the power output segment, the worldwide market has been divided into 100KW, 100-200 KW, and 200 KW. Among these, the 100-200 KW output gives the highest output at the best price. On the basis of vehicle type segment, the global market has been segregated into heavy commercial vehicles (HCV), light commercial vehicles (LCV), and passenger vehicles (PV).
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Automotive Fuel Cell Market Regional Analysis
Regionally, the worldwide Automotive fuel cell market is classified based on different regions such as Asia Pacific, North America, Europe, and the rest of the world.
Among all regions, the Asia Pacific regional market is projected to generate significant market growth during the research timeframe. This region is growing due to the continuous support of the government from different countries like Japan, China, and Hong Kong towards the use of renewable energies. Also, favourable policies are introduced in the region to reduce the effects of global warming, which is fuelling the regional market growth.
Automotive Fuel Cell Industry News
In February 2022, the implementation of the "Renewable Energy Research and Technology Development" program was announced by the Ministry of New and Renewable Energy of India. This has aimed to support research in different aspects of renewable energy, such as fuel cell development and inter-alia hydrogen-based transportation.
Key Players
- Ballard Power Systems Inc. (Canada)
- ITM Power (U.K.)
- Hydrogenics (Canada)
- Plug Power (U.S.)
- Automotive Fuel Cell Cooperation (Canada)
- Ceramic Fuel Cells Ltd (Australia)
- Delphi Technologies (U.K.)
- Doosan Fuel Cell America (U.S.)
- Nedstack (The Netherlands)
- Plug Power (U.S.)
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