Automotive Fuel Cell Market, Share, Analysis, Trend, challenges, Opportunities and Forecast to 2024

The global automotive fuel cell market was estimated over 5, 000 units in 2015. It would grow at a CAGR of nearly 13% in the forecast period (2016-2024). The market can reach over 10, 850 units by 2024. Expansion across fuel cell vehicles or FCVs owing to pollution-awareness will drive the industry in the near future.

Fuel cell vehicles are also referred to as fuel cell electric vehicles or FCEVs. Hydrogen is mainly used to run FCEVs. More than 80 million hydrogen tons are manufactured each year to meet the voracious demand of the FCEV industry. Therefore, developments in hydrogen infrastructure should positively influence the market.

Awareness regarding pollution & its injurious effects will be the key industry propeller. High costs in comparison to other zero emission automobiles execute a primary role in buying decisions. Shortage of infrastructure for storing, manufacturing, and supplying hydrogen is likely to prevent market flow.

Key Players:

The worldwide market is highly competitive and characterized by numerous large players and small & medium-sized enterprises. Major competitors are Toshiba, Panasonic, Ballard, Plug Power Inc., and Acumentrics SOFC Corporation.

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In 2015, the transportation sector largely contributed to carbon dioxide emissions in the U.S., adding to the greenhouse gas problem. The use of FCEVs may curb pollution. A fuel cell contains electrodes. It converts chemical energy into electrical through electromechanical reactions. Electrolytes move electrically-charged elements from one electrode to another, speeding-up chemical reactions in cells.

Biogas, natural gas, and other alternatives are used in fuel cells. This aids in reducing & eliminating noise & air pollution, as hydrogen in combination with oxygen, creates water. FCEVs are free of combustion during energy production.

Low corrosion and lack of ‘high operation temperature’ owing to the absence of combustion are likely to boost the longevity of vehicles. This coupled with their lower maintenance costs can add industry growth. Research & development (R & D) activities should create business opportunities, leading to more employments.

High costs of automotive fuel cells are predicted to hamper the industry. Moreover, lack of technological advancements can hinder the industry. The Automotive Fuel Cell Market is split into applications and regions.

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