The global Electric Automotive Fuel Cell Market size is projected to reach 596,255 units by 2028, from an estimated 20,168 units in 2021, at a CAGR of 62.2%.
Factors such as growing demand for long-range zero-emission commuting and governments supporting low emission vehicles through subsidies & tax rebates have compelled Vehicle Manufacturers to invest in low emission vehicles which have further increased demand for FCEV’s and automotive fuel cells and related industries.
The automotive fuel cell market has promising growth potential due to several factors, including the growing demand for low emission vehicles in the market, government’s support for growth in infrastructure, plans to reduce higher emission fuel vehicles across many countries across the world, etc. The rapidly growing sales volume of FCEV’s in Asia Oceania, Europe, and North America have propelled the growth of the global automotive fuel cell market.
The report provides detailed profiles of the following companies
- Ballard Power System (Canada)
- Hydrogenics (Canada)
- ITM Power (UK)
- Plug Power (US)
- Ceres Power (UK)
- Nedstack (The Netherlands)
- Nuvera (US)
- AFCC (Canada)
- Toshiba (Japan)
- Panasonic (Japan)
- Delphi (UK)
- Toyota (Japan)
- Hyundai (South Korea)
- Daimler (Germany)
- Nissan (Japan)
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In the automotive fuel cell market, by vehicle type, the Passenger cars segment is projected to dominate the market, while LCV’s will be the fastest-growing segment during the forecast period. The high adoption rate and rising demand for personal mobility are expected to drive the fuel cell passenger car market. Plans by governments to convert ICE taxi fleets into zero-emission are expected to provide significant growth opportunities in the coming years. The truck and bus segments are projected to be fast-growing segments. High efficiency, a longer driving range, and the need to decrease greenhouse gas emissions are expected to boost the growth of the fuel cell truck and bus market. Other off-road vehicles are also expected to benefit from the development of FC technology. Fuel cell LCVs is projected to be the fastest-growing segment during the forecast period due to their increasing demand for long-range commercial usage.
The European automotive fuel cell market is projected to grow at a high rate. Germany is projected to be the largest automotive fuel cell market in Europe. The German market is projected to grow due to increasing investments by the government to develop hydrogen infrastructure and the growing adoption of fuel cell buses in public transportation. Until the end of 2020, Germany had 90 operational hydrogen fuel stations. France, the Netherlands, and the UK also have a considerable market for fuel cell vehicles. Their governments have supported the growth of zero-emission vehicles in their countries. These countries have set up hydrogen related infrastructure and are on their way to move towards a zero-emission future. Italy will grow at the fastest rate due to its government supporting fuel cell vehicles in the country, along with various European OEMs catering to this market.
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Asia Oceania is projected to account for the largest share of the automotive fuel cell market during the forecast period. Japanese OEMs like Toyota and Honda and South Korean OEMs like Hyundai are increasingly investing in boosting production capacities. For instance, Toyota is doubling its investments in fuel cell vehicles to expand production, thereby decreasing the cost of hydrogen fuel cell vehicles. Japan is projected to be the fastest-growing market in Asia Oceania. India and Australia will also have significant growth. Currently, the commercialization of hydrogen vehicles has just started in these countries. However, they will showcase huge opportunities in the coming time. Australia is working with countries like Japan to develop its hydrogen capabilities at a rapid scale.
With the development of alternative fuel vehicle technology and increasing adoption of FCEV’s across various major and developing countries, the global automotive fuel cell market is anticipated to witness exponential growth in the coming decades. During the last few years, many countries have initiated plans to develop charging infrastructure networks to propel the growth of zero-emission vehicles like FCEV’s to reduce carbon emissions caused by conventional ICE vehicles. As of December 2020, the global FCEV market is dominated by Passenger cars while Buses, trucks and LCV’s will grow at a faster rate. Newer technologies with substitutes for platinum in fuel cells, compact fuel cell modules, larger ranged fuel cell vehicles, etc. have been coming due to extensive R&D in this Industry. Thus, this industry is still in its high growth stage with a need for the growth of hydrogen infrastructure for making fuel availability easier with more innovation in the technology.
