Automotive Fuel Cell Market to Hit 268,786 Units by 2025

The Automotive Fuel Cell Market is estimated to be 7,785 Units in 2018 and is projected to reach a market size of 268,786 Units by 2025, growing at a CAGR of 65.86% during the forecast period. The market is driven by factors such as better fuel efficiency, longer driving range than other electric vehicles, fast refueling time, no greenhouse gas emission and government initiatives pertaining to hydrogen infrastructure.

Research Methodology:

This research study involves the use of secondary sources such as company annual reports/presentations, industry association publications, automotive magazine articles, directories, technical handbooks, World Economic Outlook, trade websites, technical articles, and databases such as Hoover’s, Bloomberg Businessweek, and Factiva to identify and collect information for an extensive commercial study of the automotive fuel cell market. The primary sources comprise industry experts, engineers, product managers, R&D managers, automobile OEMs, fuel cell manufacturers, and sales managers. In-depth interviews have been conducted with various primary respondents, including key industry participants, subject-matter experts (SMEs), technical experts, fuel cell experts of major market players, and industry consultants to obtain and verify critical qualitative and quantitative information as well as to assess prospects.

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Leading Players Of Automotive Fuel Cell Market Are:

The ecosystem of the fuel cell market consists of fuel cell manufacturers such as Ballard Power Systems (Canada), ITM Power (UK), Hydrogenics (Canada), Plug Power (US), and AFCC (Canada). The OEMs considered include Toyota (Japan), Honda (Japan), Hyundai (South Korea), Daimler (Germany), and Nissan (Japan).

The Proton Exchange Membrane fuel cell (PEMFC) is estimated to be the fastest growing and the largest market in automotive fuel cell market during the forecast period

PEMFC is estimated to witness fastest growth and is estimated to have the largest market share in automotive fuel cell market, by electrolyte type. The fuel cell produces zero emissions and can help in reducing the greenhouse gas emissions. PEMFC are used in passenger and commercial vehicles due to their high-power density, suitable operating temperature, small size, high efficiency, and light weight. Hence, PEMFC segment is expected to dominate the automotive fuel cell market during the forecast period.

Passenger car segment to be the largest segment in the automotive fuel cell market, by vehicle type

Due to the ease of application of fuel cell technology in passenger cars, increased driving range, cost effectiveness of fuel cell passenger cars, and high focus of OEMs to implement fuel cell technology in passenger cars are boosting the growth of the passenger car segment. There are several FCEV passenger car models, such as Toyota Mirai, Honda Clarity, and others, available in the market. Due to the high demand for passenger cars, large passenger car production capabilities, stringent emission norms, comparatively low fuel cell production costs, and increasing investments by leading fuel cell manufacturers such as Ballard Power Systems, the passenger car segment of the automotive fuel cell market is projected to lead the market.

Asia Pacific is projected to be the fastest growing regional market for automotive fuel cell

Asia Pacific represents the biggest market for green technologies in the world. The governments are setting renewable energy targets, backed by favorable policies such as the Kyoto Protocol. Currently, the largest markets for fuel cells in Asia Pacific are Japan and South Korea. This has been the dominant region for fuel cell adoption since 2009 due to the commercial deployment of Japanese fuel cell micro-CHP products. Japan, the first nation to commercialize fuel cells, is supporting a project on residential and automotive applications. Asia Pacific is projected to be the largest market for automotive fuel cell by 2025 due to the high acceptance of electric vehicles, increasing hydrogen infrastructure, and commercialization of fuel cells in the countries in this region.

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