The global Automotive Fuel Cell Vehicle market was valued at $ 1.14 billion in 2019 and is anticipated to grow at a CAGR of 58.8% from 2020 to 2027. The factors that have accelerated the growth of the automotive fuel cell market include growing demand for environmental concern, high efficiency of a hydrogen fuel cell, an increase in the government investment, and programs for the development of fuel cells, and among others. The other factors that have led to the growth of the market include advancement in technology and faster refueling as compared to gasoline and diesel.
Increase in government initiatives
Various governments across the globe have taken different initiatives for the development of fuel cell vehicles to overcome the environmental concern. According to the Fuel Cell & Hydrogen Energy Association, Canada’s Department of Natural Resources (NRCan) had introduced the Green Infrastructure Fund in 2017 to support the deployment of clean energy infrastructure across the country. The funds from this initiative are dedicated to electric vehicles and alternate fuel infrastructure development. Also According to Fuel Cell & Hydrogen Energy Association, Japan’s Ministerial Council on Renewable Energy in 2018, released a new strategy to allow the global path for a carbon-free society. The strategy involved the adoption of hydrogen FCVs by lowering the price of hydrogen to one-fifth of its current cost by 2050. There are various other initiatives which different governments are taking for the development of fuel cell vehicle which will hence lead to the growth of the market in the future.
Greenhouse reduction by the use of hydrogen fuel cell
The production of hydrogen can be done through carbon-free energy sources or by the use of fossil fuel with carbon dioxide. Hence, the use of hydrogen in vehicles can lead to the elimination of greenhouse gas emission which will eventually limit the environmental concern. The fuel cell used in the vehicles will provide an efficient and clean energy generation for different fuels. According to data published by the European Commission, the introduction of fuel cell vehicles can reduce the overall greenhouse gas emission from the passenger car fleet in the European Union.
According to data published by the European Commission, the percentage of new cars fuelled with zero-carbon hydrogen is 5% in 2020 and is expected to be 25% by 2030 and 35% by 2040.
Key Insight in the report:
The Automotive Fuel Cell Vehicle market report covers Executive Summary, Market Dynamics, Trend Analysis, Market Size and Forecast, Competitive Intelligence, Market Positioning, Product Benchmarking, and Opportunity Analysis.
The report covers extensive competitive intelligence which include the following data points:
• Business Overview
• Business Model
• Financial Data
• Financial – Existing
• Financial – Funding
• Product Segment Analysis and specification
• Recent Development and Company Strategy Analysis
• SWOT Analysis
The report covers market sizing and forecasting at the country level as well as at the segment level. Automotive Fuel Cell Vehicle market is analyzed across below-mentioned different segments:
|Technology||Power Rating||Vehicle Type||Component|
|Proton Exchange Membrane Fuel Cell||Below 100 kW||Passenger Car||Fuel Processor|
|Phosphoric Acid Fuel Cells||100 – 200 kW||Commercial Vehicle||Fuel Stack|
|Solid Oxide Fuel Cell||Above 200 kW||Air Compressor|
Based on technology, the market is segmented based on Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cells, Solid Oxide Fuel Cells, and Others. Proton Exchange Membrane Fuel Cell is expected to dominate the market during the forecast period because it provides different benefits such as high efficiency, and low complexity in operation. The PEM store more energy as compared to standard fuel cell coupled with high durability and no carbon emissions. Hence, various benefits offered by PEM segment will lead to the growth of the market in the future.
Based on vehicle type, the market is segmented based on passenger car and commercial vehicles. The passenger car segment is expected to account for the largest market share during the forecast period due to the growing demand for passenger cars and increased per capita income in the emerging economies.
Based on Component, the market is segmented based on Fuel Processor, Fuel Stack, and Air Compressor. Fuel Stack segment is expected to dominate the market during the forecast period due to its uniform distribution of reactants connected to each cell.
Asia Pacific region is expected to dominate the automotive fuel cell market due to the increased number of passenger vehicles in the overall production of the vehicles in countries such as India, China, and Japan. The Asia Pacific is considered the largest market for the environment-friendly technologies in the world which includes the fuel cells and hence dominated the market.
Some of the key players in of Automotive Fuel Cell Vehicle market include:
• ITM Power
• Ballard Power Systems
• Delphi Technologies
• Doosan Corporation
• Proton Power System PLC
• Plug Power
• General Motors
REPORT CONTENT BRIEF:
• High level analysis of the current and future market trends and opportunities
• Detailed analysis on current market drivers, restraining factors, and opportunities in the future
• Historic market size for year 2019 and forecast from 2020 to 2027
• Vendor market share analysis at each product level
• Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
• Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations and partnerships as well as funding taken and investment done, among others.