Automotive Fuel Cell Market Forecasts to 2028 – Global Analysis By Vehicle Type, Component, Operating Mile, Power Capacity, Electrolyte Type, Specialised Vehicle Type, Fuel Type and By Geography
According to Stratistics MRC, the Global Automotive Fuel Cell Market is accounted for $1.12 billion in 2020 and is expected to reach $31.18 billion by 2028 growing at a CAGR of 51.5% during the forecast period. While the factors like fast refuelling and reduced oil dependency are propelling the market growth. However, highly flammable is hampering the market growth.
A fuel cell vehicle is a type of electric vehicle that uses a fuel cell, instead of a battery, or in combination with a battery or supercapacitor, to power in its onboard electric motor. A fuel cell is also the source of electricity to power the motor. Fuel cells generally use oxygen from the air and compressed hydrogen for their operation.
Based on the vehicle type, the passenger vehicle segment is estimated to have a lucrative growth during the forecast period. The high implementation and growing demand for personal mobility are expected to drive the fuel cell passenger vehicle segment. Plans by governments to convert ICE taxi fleets into zero-emission are expected to provide significant growth opportunities in the future.
By geography, Asia Pacific is going to have a huge demand owing to the empowering FCEV deployment goals of governments, combined with rising investments in hydrogen fueling infrastructure. Furthermore, high fuel stack built-up capacities in the region, due to the existence of different large-scale FC passenger car manufacturers, will also add to the regional landscape.
Some of the key players profiled in the Automotive Fuel Cell Market include Panasonic, Toshiba, Toyota Motor Corporation, AFCC, American Honda Motor Company Inc., Ballard Power Systems, BorgWarner Inc., Continental Industries, Cummins, Daimler AG, Delphi Technology, Hydrogenics, Hyster Yale, Hyundai Motor Company, ITM Power, Nedstack Fuel Cell Technology, Nissan Motor Corporation, Plug Power, and Proton Motor Fuel Cell GmbH.
Estimated Market Size in 2020:
USD 1.12 billion
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Predicted 2028 Value:
Tables, Graphs& Figures
Vehicle Type, Component, Operating Mile, Power Capacity, Electrolyte Type, Specialised Vehicle Type, Fuel Type and Region
Core Drivers and Opportunities:
Restraining Factors & Market Threats:
Vehicle Types Covered:
• Passenger Vehicle
• Commercial Vehicle
• Multi-Purpose Vehicle
• Sport Utility Vehicles (SUVs) & Crossovers
• Buses and Coaches
• Two Wheelers
• Heavy & Special Duty Truck
• Electrical Vehicles
• Agricultural Vehicles
• Forklift, Port Vehicle, & Internal Container Handling Vehicle
• Air Compressor
• Fuel Cell Stack
• Fuel Processor
• Power Conditioner
Operating Miles Covered:
• 0-250 Miles
• 251-500 Miles
• Above 500 Miles
Power Capacities Covered:
• <150 kW
• 150-250 kW
• >250 kW
Electrolyte Types Covered:
• Alkaline Fuel Cell (AFC)
• Direct Methanol Fuel Cell (DMFC)
• Molten Carbonate Fuel Cell (MCFC)
• Phosphoric Acid Fuel Cell (PAFC)
• Proton Exchange Membrane Fuel Cell (PEMFC)
• Solid Oxide Fuel Cell (SOFC)
• Polymer Electronic Membrane Fuel Cell
Specialised Vehicle Types Covered:
• Material Handling Vehicles
• Auxiliary Power Unit for Refrigerated Truck
Fuel Types Covered:
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Key Questions Answered In The Report
The Global Automotive Fuel Cell Market is majorly driven by fast refueling, better fuel efficiency and increased driving range and reduced oil dependency.
The passenger vehicle segment is growing at the highest CAGR due to the high adoption rate and increasing demand for personal mobility.
The Asia Pacific dominated with a significant market share owing to the green environment initiatives and investment in hydrogen energy.
The North America market is growing at the highest CAGR due to increased research and development in fuel cell technology.
Key players in Automotive Fuel Cell Market include Panasonic, Toshiba, Toyota Motor Corporation, AFCC, American Honda Motor Company Inc., Ballard Power Systems, BorgWarner Inc., Continental Industries, Cummins, Daimler AG, Delphi Technology, Hydrogenics, Hyster Yale, Hyundai Motor Company, ITM Power, Nedstack Fuel Cell Technology, Nissan Motor Corporation, Plug Power, and Proton Motor Fuel Cell GmbH.
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