Global Automotive Fuel Cell Market
The GMI Research forecasts that the Automotive Fuel Cell Market is witnessing an upsurge in demand over the forecast period. This is mainly due to the increasing demand for zero emission vehicles via tax rebates and subsidies and the mounting investments by government to develop hydrogen fuel infrastructure.
Introduction of the Automotive Fuel Cell Market
Fuel cell technology helps in powering electric vehicles in which energy is stored as hydrogen and can be transformed to electricity by the fuel cell. Fuel cell technology, further, helps to combat greenhouse gas emissions and offers mobility with battery vehicles.
Key Players of the Global Automotive Fuel Cell Market:
- Toshiba India Pvt. Ltd
- Hyster Yale
- Nedstack Fuel Cell Technology BV
- Toyota Motor
- Nuvera Fuel Cells, Llc
- American Honda Motor Co., Inc.
- Daimler AG
- Hyundai Group
- Ballard Power Systems
Automotive Fuel Cell Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Some of the prominent drivers responsible for the growth of the global automotive fuel cell market include the accelerating sales of electric vehicles accompanied by the rising government initiatives, schemes, and allowances to stimulate clean transportation and evade the discharge of greenhouse gasses. As per the International Energy Agency Organization, over 7.2 million electric vehicles were sold in 2019, comprehending nearly 2 Million vehicle sales annually, which have further bolstered the market size.
Moreover, the leading market players are increasingly launching new electric vehicles which employ fuel cell technology to power vehicles, further contributes to the market growth. For example, Honda, in 2019, launched its Clarity Fuel cell vehicle by fabricating an association with GM to produce modernized hydrogen fuel cell systems in Michigan, United States. Also, in late 2018, Hyundai merged with Audi and its parent Volkswagen Group, in late 2018, to expand the production of the fuel-cell system from 3,000 to 700,000 units. Thus, all these factors together supplemented the automotive fuel cell market share.
However, the growing apprehension about battery and inflated capital cost required for manufacturing led by instability in raw material prices will hamper the market growth. The insufficiency of infrastructure availability may further restrict the growth of the automotive fuel cell industry.
Automotive Fuel Cell Market Segmentation:
Segmentation by Electrolyte Type
- Polymer Electrolyte Membrane (PEM) Fuel Cell
- Phosphoric Acid Fuel Cell (PAFC)
Segmentation by Component Type
- Power Conditioner
- Fuel Processor
- Fuel Stack
Segmentation by Power Output
- <100 Kw Power Output
- 100–200 Kw Power Output
- >200 Kw Power Output
Segmentation by Vehicle Type
- Passenger Vehicles
- Light Commercial Vehicles
Segmentation by Region:
- North America
- United States of America
- Asia Pacific
- Rest of APAC
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business insights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects.