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Global Automotive Fuel Cell Market
Global Automotive Fuel Cell Market was valued US$ XX Mn. in 2019 and is expected to grow US$ XX Mn. by 2027, at a CAGR of XX% during the forecast period. Global Automotive Fuel Cell Market The report study has analyzed revenue impact of COVID-19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
Market Overview: Fuel cells are powered with direct hydrogen fuel and are used in various types of vehicles, including buses and trucks to deliver propulsive power to the vehicle engines.
Various countries are constantly focusing on developing and deploying efficient, clean fuel-powered vehicles across different sectors to reduce fossil fuel dependency.
Fuel cell electric vehicles (FCEVs) utilize direct hydrogen fuel for propulsion of automotive, leaving water and heat as the main discharges. Also, new prototypes are being designed to use this zero-emission alternative for long-haul operations in numerous applications with high power requirements, for example, marine and rail to make conventional technologies obsolete. Asia Pacific is expected to hold a major portion, because of the presence of established manufacturing infrastructure by key FCEV producers across the region. Several small players are also present in the territory to support the production of several fuel cell components, like bipolar plates, catalysts, and many others, together with complete FC stack modules. Also, different countries have implemented new policies and targets to promote hydrogen-based automotive to achieve carbon-free economies with deployment of bulk fuel cell vehicle fleets.
Market Dynamics: Growing need to incorporate alternative fuel vehicles to keep a check on global greenhouse gases (GHG) emissions, together with the increasing preference among consumers towards ZEV adoption will foster the industry outlook. Several market competitors have introduced advanced variants to their FCEV fleet to be enough to the increasing demand. Additionally, key participants have introduced new plans to set up new facilities and deploy a huge amount of FCEVs on roads. Government initiatives in R&D of hydrogen infrastructure and fuel cell cost reduction are expected to force the automotive fuel cell market, because of the shifting global climate and increasing global warming, governments are taking initiatives to create clean energy sources.
Governments are progressively investing in alternative sources of energy, like fuel cells. As fuel cells emit no greenhouse gases (GHG) and pollutants, they can impact the environment positively. With the development of fuel cell technology, it is important to create a robust infrastructure that can cater to the needs of hydrogen-powered transportation. Thus, governments are gradually investing in the development of required hydrogen infrastructure, providing an opportunity for the automotive fuel cell market to grow in the future. The report on the automotive fuel cell market report 2020-2027 will appreciate anyone who wants to better understand the market in several end-use industries. It will be beneficial for companies that want to better understand the part of the market in which they are already involved or those that want to enter or grow into another regional or technical part of the automotive fuel cell industry.
Market Segmentation: According to the power output, the >250 KW is expected to hold the largest market share of the automotive fuel cell market, by 2027. Typical fuel cell heavy-duty buses and trucks need a fuel cell with >250 kW power output. Fuel cell buses are considered to be the most appropriate mode of transportation for the introduction of fuel cell technology in automotive applications. For transportation within a limited area, less investment is needed in building the required hydrogen infrastructure. Numerous investments have been made in the development and production of fuel cell buses.
The adoption of fuel cell technology in the truck segment is still in the development stage. But, due to the advantages of high efficiency and low cost of transportation for long-distance, the fuel cell truck market is expected to grow at a noteworthy growth rate. For example, Nikola is expected to launch its fuel cell truck model by 2021. The company announced that the truck would have the highest driving range and a fuel stack with the largest power output as compared to models available in the current market. Anheuser-Busch, a brewery company in the US, ordered 800 fuel cell trucks from Nikola in 2018, and the order will start delivering as soon as the product is available in the market. Global Automotive Fuel Cell Market1 Region-wise, Asia Pacific held the US$ 0.22 billion market share of the global market in 2018, because of the exponential rise in the deployment of fuel cell electric vehicles (FCEVs). Other factors, like the positive results in greenhouse gas (GHG) reduction targets and substantial development of hydrogen infrastructure, are further forecasted to help the region grow in the long run. Key countries that are actively operating in the territory are China, South Korea, and Japan.
Industry Development: In Dec 2018, Hyundai Motor Group revealed their “FCEV Vision 2030’ vision wherein they want to step out of the transportation sector and grow their reach towards hydrogen technology. Under this, Hyundai is making efforts to increase its production of fuel cell systems to about 700,000 on an annual basis till 2030. In Sept 2018, six heavy-duty fuel cell power modules were announced to be supplied to TransPower and GTI by Hydrogenics Corporation.
These power modules will be supplied for the Class 8 Navistar DRAYAGE set of trucks to be deployed in Southern California, yearly. In Oct 2019, Plugpower announced to initiate a collaboration with MULAG, a Germany based vehicle manufacturer to produce light commercial vehicles (LCVs). The partnersh
ip aims to build a new range of electric cargo tow trucks propelled using fuel cell technology and to be deployed at Hamburg Airport in the country. The objective of the report is to present a comprehensive analysis of the Global Automotive Fuel Cell Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Automotive Fuel Cell Market dynamics, structure by analyzing the market segments and project the Global Automotive Fuel Cell Market size. Clear representation of competitive analysis of key players by type, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Automotive Fuel Cell Market make the report investor’s guide.
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Scope of the Global Automotive Fuel Cell Market
Global Automotive Fuel Cell Market, By Component
• Fuel Processor • Fuel Stack • Power Conditioner • Air Compressor • Humidifier
Global Automotive Fuel Cell Market, By Power Output
• 250 kW
Global Automotive Fuel Cell Market, By Specialized Vehicle
• Material handling vehicle • Auxiliary power unit for refrigerated truck
Global Automotive Fuel Cell Market, By Vehicle Type
• Passenger car • Bus • Light commercial vehicle (LCV) • Truck
Global Automotive Fuel Cell Market, By Region
• North America • Europe • Asia Pacific • Middle East & Africa • South America
Key players operating in the Global Automotive Fuel Cell Market
• Ballard Power Systems • ITM Power • Plug Power • Delphi Technologies • Doosan Corporation • Hydrogenics • Proton Power System PLC • Hyundai Motor Company • Nuvera Fuel Cells, LLC • PowerCell Sweden • AB Horizon Fuel Cell Technologies • Nedstack Fuel Cell Technology • AVL • ElringKlinger • Intelligent Energy • Pragma Industries • Umicore • Valmet Automotive • Air Liquide
This report submitted by Maximize market Research Company
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