Automotive Fuel Cell market size is expected to surpass around US$594,125 units by 2027
The global Automotive Fuel Cell market gathered revenue around USD 20,160 units in 2020 and market is set to grow USD 594,125 units by the end of 2027 and is estimated to expand at a modest CAGR of 61.6% during the prediction period 2021 to 2027. Factors such as growing demand for low emission commuting and governments supporting long range, zero emission vehicles through subsidies & tax rebates have compelled the manufacturers to provide fuel cell vehicles around the world. This has led to a growing demand for automotive fuel cells in the market.
Increasing investments by governments across the globe to develop hydrogen fuel infrastructure and incentives offered to buyers will create opportunities for OEMs to expand their revenue stream and geographical presence. The market in Asia Pacific is projected to experience steady growth owing to the high demand for cost efficient and low-emission vehicles, while the North American market is the fastest growing market due to the government initiatives and growing high-performance Commercial vehicle segment. However, the low presence of hydrogen fueling stations, higher costs involved in initial investments, and performance constraints could hamper the growth of the global automotive fuel cell market.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Automotive Fuel Cell market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Automotive Fuel Cell market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Automotive Fuel Cell market report empower readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
Opportunity: Rising demand for fuel cell vehicles in automotive and transportation
FCEVs offer a high driving range, fast refueling, noiseless operation, and zero emissions of greenhouse gases and air pollutants. Hence, the use of fuel cells is ideal for transportation and automotive applications. Fuel cells are versatile and easily scalable sources of electricity that can be used for large applications in transportation such as material handling vehicles, buses, trains, cars, defense vehicles, and LCVs. Fuel cells are also used as stationary fuel sources in commercial applications. Fuel cells can be used as primary power, backup power, and to generate heat and power in combined heat and power (CHP) systems. Moreover, governments are taking initiatives and promoting fuel cells for transportation, which can further boost the demand for fuel cells in the automotive and transportation sectors.
North America to have the fastest-growing number of hydrogen fuel stations during the forecast period
North America is a fast-growing market for hydrogen fuel stations. US has a large number of hydrogen fuel stations catering to the market. Both US and Canada have been encouraging the demand for low emission vehicles. Fuel cell vehicles are in high demand in some states like California in US and BC in Canada. They have encouraged the growth of FCEV’s by their emission regulations and laws which support the growth of zero emission vehicles. Some states in both the countries provide subsidies for such vehicles including FCEV’s. US has more than 25,000 hydrogen fuel cell-based forklifts and a considerable number of FC buses across its states. US and Canada have some of the world’s top fuel cell manufacturers like Ballard, Plug Power, BrogWarner etc. which has increased demand for FCEV in the country.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Significant Market Participants Operational in the Automotive Fuel Cell Market are:
Ballard Power Systems (Canada), Toyota Motor Corporation (Japan), Hyundai Group (South Korea), Hyster Yale (US), Cummins (US). among others
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
Based on Components:
Based on Vehicle Type:
Based on Power Capacity:
Based on Operating Miles:
Based on Hydrogen Fuel Point:
Based on Specialised Vehicle Type:
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
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Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers