Automotive Fuel Cell: Market Size. From $12,597. 13 units in 2020, the global Automotive Fuel Cell market is projected to reach $543,753. 61 units by 2028. Based on our analysis the market is expected to grow at a CAGR of 60.
New York, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Automotive Fuel Cell Market Analysis & Trends - Industry Forecast to 2028" - https://www.reportlinker.com/p06127669/?utm_source=GNW
1% from 2020 - 2028 timeframe.
Some of the prominent trends that the market is witnessing include focus on improving hydrogen infrastructures, development of home and community hydrogen fueling systems, and innovations in the development of medium and heavy-duty vehicles.
Global Automotive Fuel Cell Market: Market Dynamics
Automotive fuel cell vehicles have gained fame in recent years as a consequence of their enhanced performance, shorter refueling time, and longer range. Except for these benefits and abridged emissions, the technology results in superior power and higher torque. Furthermore, a fuel cell vehicle has a driving range of 300 to 380 miles. Moreover, recent catalyst developments are key for the future of fuel cell technology, as they will improve durability through innovative catalyst layer designs. The increasing demand for environment-friendly automotive, rising need to integrate alternative fuel vehicles to keep a check on global greenhouse gases (GHG) emissions, and enhanced fuel efficiency are fueling the growth of the market across the globe. The huge government targets supported by encouraging policies are one of the key factors contributing to the growth of the market.
For instance, in July 2020, the Railway Industry Association in the UK asked the national administration to augment investments to support battery and green hydrogen-powered trains as a part of the post-COVID economy recovery. The organization has put forward interests and proposals to boost the deployment of low-carbon trains and propel the green economic revival.
On the other hand, the inferior efficiency than BEVs and HEVs is likely to obstruct the profit boundaries. In addition, the growth of home and community hydrogen fueling systems will further boost for the automotive fuel cell market.
Impact of COVID-19 on Automotive Fuel Cell
The outbreak of the Covid-19 pandemic has not impacted the market as badly as it had impacted the other automotive segments. Regardless of the unique crisis created by the outbreak of this global health problem, the hydrogen sector is anticipated to be moderately influenced by the pandemic situation. One of the major short-term difficulties is the significant shortage of financial liquidity among small players owing to the economic slowdown. This deficiency may result in a decline in revenues and working professionals, along with the absence of small-scale technology providers for a short period. Moreover, the COVID-19 pandemic may affect the achievability of governments’ emission targets due to cash deficits among customers, while environmental and climate challenges continue to be the key threat to the planet in the long term. The spread of this disease has certainly helped to bring a green wave across the world, with substantial declines in harmful emissions from various human development actions. Furthermore, the constant deployment of FCEVs will enable governments to positively utilize this adverse situation and carry forward this low-carbon technology utilization movement to combat the harmful climate problems. Consequently, the demand for fuel cell technology is likely to take a positive upturn following this coronavirus pandemic.
By Vehicle Type
Passenger Vehicles Segment Dominate the Market
The passenger vehicle segment is anticipated to hold a dominant position in the market during the forecast period, due to the colossal emission targets introduced by different governments, the high adoption rate, and the growing demand for personal mobility. Plans by governments to convert ICE taxi fleets into zero-emission are expected to provide significant growth opportunities in the coming years. Passenger cars are motor vehicles primarily used to transport passengers and have up to 9 seating capacities, including the driver.
North America Region is Leading in the Global Market Place
The North America region is likely to have huge demand during the forecast period, owing to the growing R&D investments by various players, along with a considerable allotment of centralized R&D budgets for fuel cell technologies. The US has a huge number of hydrogen fuel stations catering to the market. Both US and Canada have been encouraging the demand for low secretion vehicles. Fuel cell vehicles are in high demand in some states like California in the US and BC in Canada. They have encouraged the growth of FCEVs by their emission regulations and laws which support the development of zero-emission vehicles. US and Canada have some of the world’s top fuel cell manufacturers like Ballard, Plug Power, BorgWarner, etc. which has increased demand for FCEV in the country.
List of the Key Players Profiled in the Market Include:
• Toyota Motor Company
• Nissan Motor Corporation
• Delphi Technologies
• Continental Industries
• Ballard Power Systems
• Hyundai Motor Company
• Danish Power Systems
• Shanghai Re-Fire Technology Co., Ltd
• Núvera Fuel Cells, LLC
• American Honda Motor Company, Inc.
• Daimler AG
• ITM Power
• Hexagon Composites ASA
• Horizon Fuel Cell Technologies
List of the Regions/Countries Profiled in the Market Include:
• Rest of Europe
• New Zealand
• Rest of Asia Pacific
• Saudi Arabia
• Rest of Middle East
• Rest of Latin America
Rest of the World (RoW)
• South Africa
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