The global Automotive Fuel Cell Market Revenue is predicted to grow at a 15% CAGR over the forecast period (2017-2023), states the new Market Research Future (MRFR) report. The automotive fuel cell technology assists automakers in manufacturing high energy cells, which can power automobiles. Fuel cell run cars are emission-free and efficient, much as their battery-operated counterparts.
Various factors are propelling the Automotive Fuel Cell Market growth. These factors, as specified by the Market Research Future (MRFR) report, include better fuel efficiency, fast refueling time, longer driving range, initiatives taken by the government related to hydrogen infrastructure, no greenhouse gas emissions, and decreased oil dependency. Additional factors pushing market growth include growing demand for fuel cell cars in the transportation and automotive sectors, improved fuel productivity, conscious decisions by carmakers to cut down the carbon footprint, and the threat posed to the user’s physical wellbeing by conventional cell technology.
On the contrary, inadequate hydrogen infrastructure, growing need for HEVs and BEVs, elevated vehicle cost, extremely flammable as well as the difficulty of identifying hydrogen leaks are factors that may deter the Automotive Fuel Cell Market growth over the forecast period.
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The Market Research Future report provides a wide segmental analysis of the Automotive Fuel Cell Market based on electrolyte type, components, power output, fuel type, and vehicle type.
By electrolyte type, the Automotive Fuel Cell Market is segmented into PAFC and PEMFC. Of these, PEMFC will have the largest share in the market over the forecast period. This is owing to its appropriate operating temperature, lightweight, high efficiency, high-power density, and small size.
By components, the Automotive Fuel Cell Market is segmented into fuel stack, power conditioner, and fuel processor. Of these, the fuel stack segment will dominate the market over the forecast period. This will be followed by the power conditioner segment.
By power output, the Automotive Fuel Cell Market is segmented into >200KW, 100-200KW, and <100KW. Of these, the 100-200KW segment will lead the market over the forecast period. This is owing to upsurge driving range, improved performance, and growing demand for the passenger vehicle.
By fuel type, the Automotive Fuel Cell Market is segmented into methanol, hydrogen, and others.
By vehicle type, the Automotive Fuel Cell Market is segmented into heavy commercial vehicle, light commercial vehicle, and passenger vehicle. Of these, the passenger vehicle segment will have the maximum share in the market over the forecast period. This is owing to easy application, augmented driving range, cost-efficacy, growing demand for passenger cars, and the growing emphasis of OEMs to employ fuel cell technology in passenger vehicles.
Based on the region, the Automotive Fuel Cell Market report covers growth opportunities and the latest trends across the Asia Pacific (APAC), Europe, North America, and the Rest of the World (RoW). Of these, the APAC region will dominate the market over the forecast period. The governments in Hong Kong, Japan, and China are encouraging the usage of renewable energies that are backed with favorable policies for restricting the ill effects of global warming.
The Automotive Fuel Cell Market in North America will have a healthy growth over the forecast period. This region is taking steps for reducing the carbon footprint owing to a considerable number of cars plying on the roads. Moreover, the burgeoning demand for heavy commercial vehicles and passenger vehicles is boosting the demand for a fuel cell as a greener substitute to traditional cells.
Leading players profiled in the Automotive Fuel Cell Market report include Plug Power (US), Nedstack (The Netherlands), Doosan Fuel Cell America (US), Delphi Technologies (UK), Ceramic Fuel Cells Ltd (Australia), Automotive Fuel Cell Cooperation (Canada), Plug Power (U.S.), Hydrogenics (Canada), ITM Power (UK), and Ballard Power Systems Inc. (Canada), among others.
July 2019: Automobile giants Toyota and BMW have joined hands to develop a fuel cell car. BMW will introduce a test fleet of X5 SUVs during the early 2020s and a volume-production model in 2025 that will be co-developed with Toyota.