Automotive Fuel Cell Market Analysis, Growth & Latest Trends | Forecast up to 2025
Posted: Mar 11, 2019
According to the new market research report "Automotive Fuel Cell Market by Components (Fuel Stack, Fuel Processor, Power Conditioner), Electrolyte Type (PEMFC, PAFC), Power Output (200KW), Vehicle Type (PC, LCV, Bus, Truck), H2 Fuel Station, Region - Global Forecast to 2025", published by MarketsandMarkets™, The automotive fuel cell market is estimated to be 7,785 units in 2018 and is projected to grow at a CAGR of 65.86% during the forecast period (2018–2025), to reach a market size of 268,786 units by 2025.
To reduce greenhouse gas emissions, governments in various countries are taking initiatives to create clean energy sources. Governments are increasingly investing in alternative sources of energy such as fuel cells. Fuel cell vehicles emit no greenhouse gases (GHG) and pollutants. Thus, they can positively impact the environment. This will boost the demand for fuel cell technology in the automotive industry. Governments are taking initiatives, making investments, and promoting the use of fuel cells. Along 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. Therefore, governments are increasingly investing in the development of required hydrogen infrastructure, providing an opportunity for the automotive fuel cell market to grow in the future.
Browse and in-depth TOC on "Automotive Fuel Cell Market"
57 - Tables
77 - Figures
180 - Pages
"The>200 KW is estimated to be the fastest growing segment of the automotive fuel cell market, by power output, in terms of volume"
Typical fuel cell buses and trucks need a fuel cell with more than 200 kW power output. Fuel cell buses are the most suitable mode of transportation for the introduction of fuel cell technology in automotive applications. For transportation within a limited area, less investment is needed to build the required hydrogen infrastructure. Several governments across the globe are taking initiatives for developing public and private fuel cell vehicle transport systems. Various investments have been made for the development and production of fuel cell buses. The adoption of fuel cell technology in the truck segment is still in a development stage. However, owing to the advantages of high fuel efficiency and low cost of transportation for longer driving distance, the truck fuel cell market is estimated to grow at the highest growth rate. Hence, owing to the high growth rate of buses and trucks, the automotive fuel cell market for>200 KW is estimated to be the fastest growing market.
"The truck segment is the fastest growing segment of automotive fuel cell market"
Currently, there are few fuel cell truck models available in the automotive market. However, the rapid development of fuel cell technology will boost the fuel cell trucks market. Fuel cell vehicles are more efficient and cost-effective for long-range transportation. Hence, using fuel cell trucks for goods carriage will result in better emission control and cost-effectiveness. Moreover, fuel cell electric vehicle is cost-effective than other electric vehicles for long-range transportation.
The report provides detailed profiles of the following companies:
- Ballard Power System (Canada)
- Hydrogenics (Canada)
- ITM Power (UK)
- Plug Power (US)
- Ceres Power (UK)
- Nedstack (The Netherlands)
- Nuvera (US)
- AFCC (Canada)
- Toshiba (Japan)
- Panasonic (Japan)
- Delphi (UK)
- Toyota (Japan)
- Hyundai (South Korea)
- Daimler (Germany)
- Nissan (Japan)
"Asia Pacific is estimated to be the fastest growing regional market for automotive fuel cell"
The Asia Pacific is estimated to be the fastest growing market for an automotive fuel cell, with Japan accounting for the largest market share in 2018. The market growth in the region can be attributed to the increased focus on the development of fuel cell technology. Also, Japan plans to launch around 100 fuel cell buses before the 2020 Tokyo Olympics. The Asia Pacific is expected to remain the region of focus for the automotive fuel cell market in the next seven years due to increasing developments in fuel cell technology and infrastructure and the high adoption of fuel cell vehicles in countries such as China and Japan.
Browse Related Reports:
Electric Vehicle Market by EV battery Cost, EV Components (Battery, On-Board Charger), Propulsion (BEV, PHEV, HEV, FCEV), Recharging Station (Normal & Super Charging), Govt. Regulation (EV Subsidies, EV Tax Rebates) and Region - Global Forecast to 2021
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.