Mon, 05 Jun 2023

Automotive Fuel Cell Market

The global automotive fuel cell market size is expected to grow from USD 1.9 billion in 0202 to USD 10.6 billion by 2027. It will witness a 44.61% CAGR during the forecast period.

Factors attributing to the growth of the automotive fuel cell market include favourable support from the government to enhance hydrogen infrastructure, increased driving range, and enhanced fuel-efficient vehicles will propel the market growth.

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Furthermore, fast refuelling, rising vehicle production, and no greenhouse gas emission will offer remarkable growth in the automotive fuel cell industry. Furthermore, the automotive fuel cell has a significant opportunity to replace high carbon generation fleets along with its zero tailpipe emission design.

COVID-19 Pandemic

The COVID-19 pandemic had a negative impact on the automotive segment. During the lockdown, demand fell, but it is projected that the market would pick up again in 2022, with significant growth continuing throughout the forecast period.

Insights by Electrolyte Type

  • PAFC

The Phosphoric Acid Fuel Cell is anticipated to have a remarkable growth during the forecast period as it has features like less start-up time, high power density, produce near-zero emissions, and low working temperatures, thereby driving the growth of the market segment PEMFC.

Insight by Component Type

  • Fuel Stack
  • Power Conditioner
  • Fuel Processor

The power conditioner is anticipated to grow at a faster pace during the forecast period as it is widely deployed and has constant power generation capacity.

Insight by Power Output

  • <100 kW
  • >200 kW
  • 100–200 kW

The less than 100 kW power output is widely used in buses, LCV trucks, passenger cars, and industrial trucks. There is an increased advancement of novel fuel cell-powered vehicles that have reduced manufacturing costs.

Insight by Fuel Type

  • Hydrogen
  • Methanol

Methanol is a flammable, colourless liquid with a faint alcoholic odour. It's the most basic alcohol, and it's utilised in fuel cells as a solvent. In comparison to hydrogen fuel cells, methanol fuel cells are more readily available, easier to carry, provide less power, and have lower costs.

Insight by Vehicle Type

  • Trucks
  • Passenger Car
  • Buses
  • Light Commercial Vehicle

The passenger car dominates the automotive fuel cell market owing to surge in driving range, the efficiency of fuel cell technology and their cost-efficacy will drive the market growth for passenger cars in the automotive fuel cell industry.

Regional Analysis

  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World

Asia-Pacific dominates the global automotive fuel cell industry owing to initiatives by the government to set up renewable energy targets and the presence of massive markets in China, Japan, and South Korea. Moreover, the rising demand for electric vehicles and increased disposable income for environmentally friendly technologies will drive the market growth in the region.

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Recent developments

  • In May 2022, Ballard Power Systems established a strategic collaboration with Wisdom (Fujian) Motor Company Limited, Templewater Group, and Bravo Transport Services Limited to accelerate commercial fuel cell electric vehicle (FCEV) adoption in Hong Kong.
  • In March 2022, Ceres, a leading developer of electrochemical technologies, and HORIBA MIRA, a major European automotive engineering and testing consultancy announced a long-term agreement to scale up the UK's delivery of novel fuel cell and hydrogen technology to international markets. Ceres is a fast-growing UK technology company that develops fuel cells for electricity generation and electrolysis for green hydrogen production. It provides sophisticated fuel cell technologies to global partners such as Bosch, Weichai, Doosan, and Miura in order to build climate-friendly systems and products for power generation, transportation, industry, and data centres.

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VynZ Research is a global market research firm offering research, analytics, and consulting services on business strategies. VynZ Research has a recognized trajectory record and our research database is used by many renowned companies and institutions in the world to strategize and revolutionize business opportunities. The company focuses on providing valuable insights on various technology verticals such as Chemicals, Automotive, Transportation, Energy, Consumer Durables, Healthcare, ICT and other emerging technologies.

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