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Global Automotive Fuel Cell Markets, 2021-2028 with Ballard Power Systems, Toyota Motor, Hyundai, Hyster Yale, and Cummins Dominating

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Dublin, May 28, 2021 (GLOBE NEWSWIRE) -- The "Automotive Fuel Cell Market by Component (Fuel Processor, Fuel Cell Stack, Power Conditioner, Air Compressor, Humidifier), Power Output, Hydrogen Fuel Stations, Vehicle Type (Passenger Car, LCV, Truck, Bus), Operating Miles, Region - Global Forecast 2028" report has been added to ResearchAndMarkets.com's offering.

The global 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%.

Governments are supporting FCEV's through subsidies & tax rebates for using low emission vehicles and working in collaboration with such OEMs to speed up the growth of their countries.

Increased demand for efficient and low emission vehicles along with government support will boost the automotive fuel cell market. Consumers from developing countries are already feeling the heat of the increasing cost of petrol. Fuel Cell vehicles use can reduce the operating cost of these vehicles. To make the automotive fuel cell market grow, continued support from the government will be needed along with the growing research of fuel cell systems to reduce the initial cost of fuel cell options for the vehicles.

However, the COVID-19 pandemic is expected to have an impact on the automotive fuel cell market. Both the production and sales of FCEVs had come to a halt in the first few months of 2020 across the globe as the whole ecosystem had been disrupted.

However, in the next two quarters, the sale of FCEVs had been growing. OEMs had to wait until lockdowns were lifted to resume production, which affected their business. Post the pandemic, the demand for FCEVs might increase, as people are getting increasingly conscious of reducing emissions from vehicles around the world.

The Passenger vehicle Segment is expected to be the largest market in the vehicle segment in the forecast.

Passenger cars are motor vehicles primarily used to transport passengers and have up to 9 seating capacity, including the driver. The passenger car segment is projected to be the largest in the automotive fuel cell market. The high adoption rate and rising demand for personal mobility is 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, 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 are projected to be the fastest-growing segment during the forecast period due to their increasing demand for long range commercial usage.

North America to have the fastest growing hydrogen fuel stations in the forecast period.

North America is a fast-growing market for hydrogen fuel stations. US has a large number of hydrogen fuel stations catering to the market. Both US and Canada have been encouraging the demand for low emission vehicles. Fuel cell vehicles are in high demand in some states like California in US and BC in Canada.

They have encouraged the growth of FCEVs by their emission regulations and laws that support the growth of zero emission vehicles. Some states in both countries provide subsidies for such vehicles including FCEVs. US has more than 25,000 hydrogen fuel cell based forklifts and a considerable number of FC buses across its states. 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.

LCV's segment is expected to be the fastest growing in the Vehicle type segment in the forecast period.

Light commercial vehicles (LCVs) are vehicles with a mass ranging from between 3.5 to 7 tons. LCVs are used for the carriage of goods. Minibusses with a mass ranging from 3.5 to 7 tons, which are used for passenger transportation, have also been considered under this segment. Currently, the light commercial fuel cell vehicle market is very small, with the availability of only a few models.

However, continuous developments are being undertaken in this field. Due to developments in fuel cell technology, prices of fuel cells are expected to reduce, offering significant opportunities in the LCV market. As FC LCVs are low emission vehicles and provide a higher range compared to other EVs, these vehicles are expected to have a high demand for the logistics and delivery businesses.

The Automotive Fuel Cell Market is dominated by established players such as Ballard Power Systems (Canada), Toyota Motor Corporation (Japan), Hyundai Group (South Korea), Hyster Yale (US), and Cummins (US).

Market Dynamics

Drivers

  • Better Fuel Efficiency and Increased Driving Range

  • Fast Refueling

  • Reduced Oil Dependency

  • Lower Emissions Than Other Vehicles

  • Fuel Cell Product Lifecycle

Restraints

  • Highly Flammable

  • Hard to Detect Hydrogen Leakages

  • High Initial Investments in Hydrogen Fueling Infrastructure

  • Lower Efficiency Than BEVs and HEVs

Opportunities

  • Rising Demand for Fuel Cell Vehicles in Automotive and Transportation

  • FCEV Commercial Freight Truck Developments

  • Fuel Cell Bus Development & Deployment Announcements

  • Fuel Cell Buses Around the World, 2020

  • Government Initiatives Promoting Hydrogen Infrastructure

  • Development of Home and Community Hydrogen Fueling Systems

Challenges

  • High Vehicle Costs

  • Insufficient Hydrogen Infrastructure

  • Rising Demand for Bevs and HEVs

Porter's Five Forces

Existing and Upcoming FCEV Models

Automotive Fuel Cell Market Ecosystem

  • Hydrogen Fuel Suppliers

  • Tier I Suppliers (Fuel Cell and Related Component Producers)

  • OEMs

  • End-users

Value Chain Analysis

Fuel Cell Pricing Analysis

Technology Analysis

  • Direct Borohydride Fuel Cells

  • Non-Precious Metal Catalyst Based Fuel Cell

  • Increase in Lifespan for New Fuel Cells

  • Packaged Fuel Cell System Module

  • Methane Fuel Cells

Patent Analysis

Case Study

  • Ballard Fuel Cell Zero-Emission Trucks in Shanghai

Companies Mentioned

  • Ballard Power Systems

  • Borgwarner

  • Bosch

  • Ceres Power

  • Cummins

  • Daimler

  • Dana Incorporated

  • Doosan Group

  • Elringklinger Ag

  • Ford Motor Company

  • Fuel Cell Systems Manufacturing LLC

  • Honda

  • Hydra Energy Corporation

  • Hyster-Yale

  • Hyundai Group

  • Intelligent Energy

  • Isuzu Motors

  • ITM Power

  • Mebius Fuel Cell

  • Nedstack

  • Nikola

  • Panasonic

  • Plug Power

  • Powercell Ab

  • Proton Motor Power Systems

  • Riversimple

  • Saic Motors

  • Sunrise Power Co. Ltd

  • Swiss Hydrogen Power

  • Symbio

  • Toray Industries

  • Toshiba

  • Toyota Motor Corporation

  • Van Hool

  • Volkswagen Ag

For more information about this report visit https://www.researchandmarkets.com/r/ufu8nr

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