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Research report published by Proficient Market Research “Automotive Fuel Cell Market, By Type: (Polymer Electronic Membrane Fuel Cell, Direct Methanol Fuel Cell, Alkaline Fuel Cell, and Phosphoric Acid Fuel Cell), By Vehicle Type (Passenger Cars and Commercial Vehicles) By Power Output (Below 100 KW, 100 to 200 KW, and Above 200 KW) Market – Growth, Future Prospects, Post COVID-19 Scenario 2020 – 2028”, states that the global automotive fuel cell market is expected to grow at a CAGR of 13.9% during the forecast period from 2020 to 2028.
The global automotive fuel cell market is growing at a lucrative rate. Increase in use of fuel cell systems in commercial vehicles due to rise in environmental concerns, rise in initiatives undertaken by the government of most of the countries to go for green energy mobility, and ability of the fuel cell vehicle to offer better fuel economy as compared to ICE vehicles are some of the key factors that are propelling the growth of the global market. Fuel cell electric vehicles provide noiseless operations, fast refueling, high driving range, and zero emission of air pollutants and greenhouse gases. Thus, the fuel cells are considered to be ideal for use in automotive applications and transportation including defense vehicles, cars, trains, buses, LCVs, and material handling vehicles. The production of the vehicles was also ben hampered due to the disruption in the supply chain and constraint on personnel movement. Thus, the tremendous shift in supply and demand of the vehicles during the pandemic hampered the overall growth of the market.
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The global automotive fuel cell market is classified based on power output, vehicle type, electrolyte type, and geography. Based on the power output, the global automotive fuel cell market is segregated into Below 100 KW, 100 KW – 200 KW, and Above 200 KW. The vehicle type segment is categorized into commercial vehicles and passenger cars. Based on the electrolyte type, the global market is segregated into phosphoric acid fuel cell, alkaline fuel cell, direct methanol fuel cell, and polymer electronic membrane fuel cell.
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Market Players
The global automotive fuel cell market is highly competitive due to the growing demand for fuel cells and the development of novel fuel cell technologies. Some of the key participants operating in the global market are Ballard Power Systems Inc., SFC Energy AG, Nuvera Fuel Cells LLC, Hyundai Group, Cummins Inc., Plug Power, Toyota Motor Corporation, Doosan Fuel Cell Co Ltd, Nedstack Fuel Cell Technology B.V., and Hyster Yale among others.
Trends and Future Outlook:
Growing investments by key automobile manufacturers in fuel cell-based vehicles
Increasing government funding fuel cell based vehicles
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Based on the type the global automotive fuel cell market is bifurcated into the following
Polymer Electronic Membrane Fuel Cell
Direct Methanol Fuel Cell
Alkaline Fuel Cell
Phosphoric Acid Fuel Cell
Polymer Electronic Membrane Fuel Cell segment held the largest share by type
In 2020, polymer electronic membrane fuel cell segment held the largest share by type. The segment held around 31% of the share in the global market in 2020. Advantage with the polymer electronic membrane fuel cell such as high-power density, low weight and volume as compared to other fuel cell contributing to large share in the overall market.
Based on the vehicle type the global automotive fuel cell market is bifurcated into the following
Passenger Cars
Commercial Vehicles
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Passenger Vehicles segment held the largest share of the market
In 2020, passenger vehicles segment held the largest share of the market, the segment held around 64% share of the market in 2020. Growing research on applications of fuel cell in passenger car has contributed significant share in the market. Whereas, commercial vechicles segment is expected to grow at rapid rate over the forecast period.
Based on the power output the global automotive fuel cell market is bifurcated into the following
Below 100 KW
100 to 200 KW
Above 200 KW
100 to 200 KW segment held the largest share of the market
In 2020, 100 to 200 KW segment held the largest share of the market, the segment held around 48% share of the market in 2020. Large demand of this power output range in large as well as small vehicles is driving the growth of the segment in overall market.
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North America held the largest share in the Automotive Fuel Cell Market
In 2020, North America held the largest share in the automotive fuel cell market, and expected to register strong growth over the forecast period. Well-developed automobile sector and increasing demand for alternate fuel driving the growth of the market in this region. On the other side, rapidly growing automobile sector in Asia pacific is expected to spur the demand of automotive fuel cell over the forecast period.
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