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The growth trend of the automotive fuel cell market is influenced by many factors. Also, it has potential as an alternative for the traditional engines powered by gasoline or diesel due to its clean attributes and high efficiency. Besides, this industry is under pressure from increased focus on environmental sustainability and stricter emission standards. This is due to pollution and clear transportation caused by putting hard emission rules worldwide. As a result, auto firms are looking into fuel cell technology because they have identified the viability of hydrogen vehicles thus leading to investment and development in this area.
Another important factor affecting the automotive fuel cell market is its own evolution regarding advancements in fuel cell technology itself. Consequently, researchers are working on making fuel cells more efficient, more durable and less expensive. Through innovations in materials, catalysts as well as system designs for instance that make fuel cells highly efficient hence at reduced costs while enhancing their life cycle. Therefore, these positive steps are what will drive interest for FCVs such that they can become desirable in most places where there are automobiles.
Additionally, availability of infrastructure for hydrogen production storage and distribution is another key market factor affecting automotive fuel cells. The future of FCVs relies heavily on whether a strong Hydrogen Infrastructure (HI) can be developed or not. Governments across countries have invested in constructing stations where Hydrogen can be refueled hence promoting FCEV deployment within their territories. An expanded HI will help address consumer concerns about convenience and access to refueling that also affects adoption rates.
Further still; cost considerations and economies of scale influence the automotive fuel cell market significantly too. The biggest hurdle against widespread adoption has been high manufacturing cost associated with FC systems though volumes are expected lower prices through economies of scale.Therefore it calls for efforts towards reducing the price of components such as platinum based catalysts used in FCs and improvement of manufacturing processes so that this technology becomes competitive vis-Ã -vis conventional internal combustion engines (ICEs) and electric vehicles (EVs).
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Electrolyte Type, Components, Power Output, Fuel Type and Vehicle TypeGeographies CoveredNorth America, Europe, Asia Pacific, and the Rest of the WorldCountries CoveredThe US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and BrazilKey Companies ProfiledBallard Power Systems Inc. (Canada), ITM Power (U.K.), Hydrogenics (Canada), Plug Power (U.S.), Automotive Fuel Cell Cooperation (Canada), and Ceramic Fuel Cells Ltd (Australia). Delphi Technologies (U.K.), Doosan Fuel Cell America (U.S.), Nedstack (The Netherlands) and Plug Power (U.S.)Key Market OpportunitiesIncreases the demand for the fuel cell as a greener alternative to the traditional cellsKey Market DynamicsThe need for greener alternative for automobile fuel can impel |
Automotive Fuel Cell Market Highlights:
Automotive Fuel Cell Market Scenario:
The Automotive Fuel Cell market is projected to grow from USD 2658.4 Million in 2021 to USD 21873.71 Million by 2032, exhibiting a compound annual growth rate (CAGR) 34.1% during the forecast period (2023 - 2032). On the basis of the electrolyte type, the PEMFC (Proton-exchange membrane fuel cell) is preferred compared to the PAFC (Phosphoric Acid Fuel Cell). PEMFC produce near-zero emissions and thus aid in limiting the greenhouse gases substantially. PEMFC cells are lightweight, easy to install, highly portable, have a high power density, can be used in varying operating temperatures and are highly efficient. On the basis of the components, the power conditioner is widely used due to its constant power generation capacity. The fuel processor component requires constant monitoring and routine maintenance.Â
On the basis of the fuel type, the hydrogen-powered cells are able to generate high power, and are small in size. The methanol fuel cells comparative to the hydrogen variety are easily available, easy to transport, generate low power and involve lesser costs. On the basis of power output, the 100-200 KW variety is the most widely produced, since it gives the highest output at a given cost.
Automotive Fuel Cell Market Key Players
- Ballard Power Systems Inc. (Canada)
- ITM Power (U.K.)
- Hydrogenics (Canada)
- Plug Power (U.S.)
- Automotive Fuel Cell Cooperation (Canada)
- Ceramic Fuel Cells Ltd (Australia)
- Delphi Technologies (U.K.)
- Doosan Fuel Cell America (U.S.)
- Nedstack (The Netherlands)
- And others include Plug Power (U.S.).
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On the basis of region, the market is segmented into North America, Asia Pacific, Europe, and Rest of the World. Asia Pacific region is expected to drive sales of the automotive fuel cell global market, making it a continually growing market. The governments of countries such as China, Japan and Hong Kong are encouraging the use of renewable energies backed with favorable policies to restrict the ill effects of global warming. North America region is taking steps to reduce the carbon footprint due to a large number of vehicles plying on the roads. The high demand for passenger vehicles and heavy commercial vehicles increases the demand for the fuel cell as a greener alternative to the traditional cells.
The automotive fuel cell technology is an attractive proposition for automakers, which helps them manufacture high energy cells capable of powering the automobiles. The fuel cells use either hydrogen or methane as the primary energy provider. Both these elements are cleaner sources of fuel, as against the conventional lithium-ion battery cells, which cannot be recycled. The lithium-ion battery cells pose the problem of disposal, thus impacting the environment considerably.
Several factors aid the growth of the automotive fuel cell global market. Firstly, the automakers are making conscious decisions to reduce the carbon footprint to compensate the large automotive sales. Secondly, governments of developed nations are taking concrete steps to reduce the global warming by turning to cleaner and greener alternatives of fuel. Thirdly, the conventional cell technology poses a considerable threat for the physical wellbeing of the user, if not handled with care.Â
The report for Global Automotive Fuel Cell Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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