The automoitve fuel cell market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are Ballard Power System (Canada), ITM Power (UK), Plug Power (US), Toshiba (Japan), AFCC (Canada), Hydrogenics (Canada) and Ceres Power (UK).
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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.
Key Target Audience
- Automoitve fuel cell manufacturers and component suppliers
- Fuel stack component manufacturers
- Power conditioner component manufacturers
- Automotive OEMs
- Industry associations and other electric vehicle manufacturers
- The automobile industry and related end-user industries
Automotive 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.
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Rising demand for automotive fuel cell vehicles in automotive and transportation sectors and government initiatives toward building hydrogen infrastructure will further boost automotive fuel cell market. In FCEVs, fuel cells are installed inside vehicle and hydrogen gas is stored under pressure.
If a spark of electricity comes in contact with hydrogen, it could catch fire. This is a major restraint for the growth of market.
1 Attractive Opportunities in the Automotive Fuel Cell Market
2 Automotive Fuel Cell Market, By Vehicle Type,
3 Automotive Fuel Cell Market, By Power Output,
4 Automotive Fuel Cell Market, By Electrolyte Type,
5 Automotive Fuel Cell Market, By Hydrogen Stations,
6 Automotive Fuel Cell Market, By Component Type,
7 Automotive Fuel Cell Market, By Region,
Currently, there are few automotive 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.
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Asia Pacific is estimated to be the fastest growing market for 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.
The study contains insights provided by various industry experts, ranging from equipment suppliers to Tier-1 companies and OEMs.
- By Company Type: Tier-1–48%, Tier-2–34%, and Tier 3–18%
- By Designation: C—level Executives–61%, Directors–27%, Others–12%
- By Region: North America–42%, Europe–34%, Asia Pacific–19%, RoW–5%
Also, Japan plans to launch around 100 fuel cell buses before the 2020 Tokyo Olympics. 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.
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