The Global Automotive Fuel Cell Market was valued at USD 1.8 Bn in 2020 and is expected to reach USD 15.1 Bn by 2027, with a growing CAGR of 35.5% during the forecast period.
A fuel cell is a device that generates electrical energy from chemical reactions. A Proton Exchange Membrane (PEM) fuel cell generates electricity via a chemical reaction between hydrogen and oxygen. The fuel cell requires a continuous supply of gas and oxygen to maintain the chemical reaction. Through this reaction, fuel cells can produce electricity constantly for as long as fuel and oxygen are supplied.
Global Automotive Fuel Cell Market Dynamics:The increasing demand for electric vehicles with the surge in government initiatives to promote green energy and mobility across the globe is the major factor that drives the growth of the automotive fuel cell industry during the forecast period. For instance, according to the report published by International Energy Agency (IEA) in 2021, electric car sales reached a record of 3 Mn in 2020, which is 40% up from the previous year. Moreover, technological advancement is one of the major influencing factors that drive the automotive fuel cell market growth. For instance, in March 2021, Advent Technologies Holding, Inc. (USA), an innovation-driven company in fuel cell and hydrogen technologies signed an agreement with the US Department of Energy’s (DOE’s) Los Alamos National Laboratory (LANL), Brookhaven National Laboratory (BNL) and National Renewable Energy Laboratory (NREL). The agreement will lead to strengthen US manufacturing in the fuel cells sector and bring high-temperature proton exchange membrane (HT-PEM) fuel cells to the market.
By Vehicle Type
By Electrolyte Type
By Fuel Type
By Power Output
By Region
Based on the vehicle type, the passenger cars segment is expected to dominate the market during the forecast period owing to the high adoption rate
Based on the vehicle type, the automotive fuel cell market has been segmented into commercial vehicles and passenger cars. The passenger cars segment is expected to dominate the automotive fuel cell market during the forecast period owing to the high adoption rate and rise in demand for personal mobility. Moreover, the increasing government initiatives to adopt zero-emission vehicles are the main factor that propels the segment growth during the forecast period.
Based on the electrolyte type, the proton exchange membrane fuel cell segment lead the market during the forecast period due to its properties
Based on the electrolyte type, the automotive fuel cell market is segmented into proton exchange membrane fuel cell, direct methanol fuel cell, alkaline fuel cell, and phosphoric acid fuel cell. The proton exchange membrane fuel cell segment leads the automotive fuel cell market during the forecast period owing to its various advantages such as high power density, less start-up time, and lower working temperature, and others drive the growth of these segments. On the other hand, phosphoric acid fuel cells are growing at the highest CAGR during the forecast period owing to the significant impurity tolerance, high stability, high power outputs, and others that propel the market growth.
Based on region, North America is expected to dominate the automotive fuel cell market during the forecast period
North America is expected to dominate the automotive fuel cell market during the forecast period owing to the increasing research and development activities. Moreover, the increasing government initiatives are one of the major factors that propel the growth of the market in the region. The state and national governments of the U.S. have put forward their plan to deploy a huge number of passenger and commercial vehicles on the roads. For instance, in January 2018, the governor of California signed an executive order to amend the initial hydrogen goals of the state to new objectives which include setting up 200 hydrogen refuelling stations by 2025 and the deployment of 5 Mn zero-emission vehicles by 2030.
The report also provides an in-depth analysis of automotive fuel cells market dynamics such as drivers, restraints, opportunities, and challenges:
Drivers
Restraints
Opportunities
Challenges
COVID-19 Impact on the Automotive Fuel Cell Market Analysis:
The COVID-19 pandemic impacted various industries such as manufacturing, retail, and others owing to the strict lockdown imposed by the government to curb the spread of the virus. The supply chain of products and services was disrupted owing to the production halt from the different industries. Similarly, the automotive fuel cell market was impacted significantly during the COVID-19 pandemic. For instance, Honda sales decline by more than 15% during the pandemic, while operating profit fell by around 13%. However, the demand for its vehicles recovered at a fast rate in the initial month of 2021. FCEV sales also increased along with the demand for zero-emission vehicles. Moreover, the government support to adopt green mobility is one of the important factors that accelerate the growth of the market soon.
*Note: A detailed analysis is specific to the automotive fuel cell market will be provided in the report
The report also provides an in-depth analysis of key trends in the automotive fuel cell market:
The report also provides an in-depth analysis of recent news developments and investments:
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Market Introduction
Research Methodology
Executive Summary
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Market Overview & Competitive Landscape
Market Segmentation (Market Size and Share Analysis)
Market Dynamics
COVID – 19 Opportunity Mapping
Regional Market Analysis
Company Profiles
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