The Automotive Fuel Cell Market is estimated to be 7,785 Units in 2018 and is projected to reach a market size of 268,786 Units by 2025, growing at a CAGR of 65.86% during the forecast period. The market is driven by factors such as better fuel efficiency, longer driving range than other electric vehicles, fast refueling time, no greenhouse gas emission and government initiatives pertaining to hydrogen infrastructure.
The ecosystem of the fuel cell market consists of fuel cell manufacturers such as Ballard Power Systems (Canada), ITM Power (UK), Hydrogenics (Canada), Plug Power (US), and AFCC (Canada). The OEMs considered include Toyota (Japan), Honda (Japan), Hyundai (South Korea), Daimler (Germany), and Nissan (Japan).
• Rising demand for fuel cell vehicles in the automotive & transportation sectors
• Government initiatives promoting hydrogen infrastructure
The Asia Pacific is estimated to be the largest market for automotive fuel cell during the forecast period, followed by North America and Europe. The higher production of fuel cell vehicles such as cars, buses, and trucks are driving the automotive fuel cell market in this region. Also, Asia Pacific represents the biggest market for green technologies in the world. The largest markets for fuel cells in the Asia Pacific are China, Japan, and South Korea.
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The fuel stack segment, by component type, is estimated to hold the largest market share in 2018. However, the power conditioner segment is estimated to be the fastest-growing segment during the forecast period because of the increasing adoption of electronic systems in vehicles.
The passenger car segment is estimated to hold the largest market share, in terms of volume, for automotive fuel cell, by vehicle type, during the forecast period. The segment is estimated to be the fastest-growing market owing to the ease of application of fuel cell technology in passenger cars, increased driving range, cost efficiency, and high focus of OEMs to implement fuel cell technology in passenger cars.
The 100–200 KW segment is estimated to hold the largest market share, by volume, for automotive fuel cell, by power output, during the forecast period. The growth will be driven by high demand for passenger vehicles. High output powered vehicles provide increased driving range and better performance. >200 KW is estimated to be the fastest-growing segment in the market. The segment is expected to grow because of the mass adoption of fuel cell commercial vehicles.
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The Proton Exchange Membrane (PEM) fuel cell is estimated to be largest and fastest-growing market, in terms of volume, in the automotive fuel cell, by electrolyte type. PEM fuel cells are used in passenger and commercial vehicles for their high-power density, suitable operating temperature, small size, and lightweight.
• Automotive 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