Automotive Fuel Cell Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Automotive Fuel Cell Market grew at a CAGR of 19.7% between 2017-2021 and is estimated to be US$ 672.4Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 26.8% and is expected to reach a valuation of US$ 7,224.7Mn by 2032 end.
The government’s assistance in promoting zero-emission automobiles is projected to fuel the market’s growth, and the fast-rising consumer awareness is the main reason for increasing demand. Additionally, strict pollution regulations and the advancement of fuel cell technology are a couple of the other factors that have impacted the market’s growth during the anticipated era.
Additionally, compared to other vehicles, fuel cell-based cars have a longer driving range, operate quietly, and have quick refueling technology, making them the best choice for transportation. This fuel can be used in various vehicles, including LCVs, autos, buses, railroads, and defense vehicles.
ChemView Consulting has analyzed that FCEVs have superior fuel efficiency than cars with internal combustion engines (ICE). An FCEV typically gets 63 miles per gallon of gasoline-equivalent (MPGge), while an ICE car only gets 29 MPGge on the highway. An FCEV’s fuel efficiency can increase by up to 3.2% via hybridization. An FCEV typically gets around 55 MPGe on urban roads, compared to ICE vehicles’ 20 MPGe. The driving range of FCEVs and battery-powered electric vehicles (BEVs) differs significantly on a full tank or a full charge. FCEVs can cover nearly 300 miles without refueling. A BEV can travel approximately 110 miles on average with its battery fully charged.
The automotive fuel cell market is anticipated to be dominated by the passenger car segment. The need for fuel-cell passenger vehicles is expected to be driven by the high adoption rate and demand for personal mobility. In the upcoming years, it is anticipated that government plans to replace ICE taxi fleets with zero-emission ones will present significant growth opportunities.
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Segments Covered in Report
By Vehicle Type:
- Buses
- LCVs
- Passenger Cars
- Trucks
By Electrolyte Type:
- PEMFC (Proton exchange membrane fuel cell)
- PAFC (Phosphoric acid fuel cell)
By Power Output:
- <150 kW
- 150-250 kW
- >250 kW
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Automotive Fuel Cell Market
- Based on the vehicle type, the automotive fuel cell market is anticipated to dominate the passenger car segment. The need for fuel-cell passenger vehicles is expected to be driven by the high adoption rate and demand for personal mobility. In the upcoming years, it is anticipated that government plans to replace ICE taxi fleets with zero-emission ones will present significant growth opportunities.
- Based on the electrolyte type, the polymer electrolyte or proton exchange membrane fuel cell (PEMFC) offers low weight, high power density, and lower volume than conventional fuel cells. This cell fuel is employed in huge trucks, buses, and automobiles.
- Based on the region, Asia Pacific Region has the largest market, with a global market share of 59.8% for green technologies. Governments in this region are establishing goals for renewable energy, which are supported by beneficial regulations like the Kyoto Protocol.
Competition Summary
Key companies covered in the market study are Ballard Power Systems, Toyota Motor Corporation, Hyundai Group, Hyster Yale, Plug Power
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impact market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
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