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Automotive Fuel Cell Market Size
Automotive Fuel Cell Market size was valued at more than USD 3.53 billion in 2023 and is anticipated to grow at a CAGR of over 14.6% between 2024 and 2032.
A fuel cell is an electrochemical device that generates electricity through a chemical reaction between hydrogen and oxygen. It is used to power electric vehicles (EVs), comprising of cars, trucks, and buses. In a fuel cell, the hydrogen is fed into the anode, and oxygen from the air is introduced into the cathode. Shifting focus towards clean and sustainable transportation solutions along with large scale investments by government, automakers, and energy companies will further drive the industry outlook.
Report Attributes | Details |
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Base Year: | 2023 |
Market Size in 2023: | USD 3.53 Billion |
Forecast Period: | 2024 to 2032 |
Forecast Period 2024 to 2032 CAGR: | 14.6% |
2032 Value Projection: | USD 9.51 Billion |
Historical Data for: | 2019 to 2023 |
No. of Pages: | 300 |
Tables, Charts & Figures: | 665 |
Segments covered: | Type, Power Output, and Application |
Growth Drivers: |
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Pitfalls & Challenges: |
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COVID- 19 Impact
Covid– 19 outbreak had a notable impact on the automotive fuel cell market on the account of production disruptions, factory closures, and workforce restrictions aimed at reducing the spread of the virus. Large scale disruptions in the supply of critical components and materials, further impact the ability of manufacturers to meet the set production targets. However, growing requirement for sustainable transportation solutions along with the potential of fuel cell technology in achieving emissions reduction will foster the business scenario.
Automotive Fuel Cell Market Trends
Ongoing development of the hydrogen refueling infrastructure will boost the adoption of fuel cell vehicles (FCV). Close coordination between various industry stakeholders and continuous growth of automobile industry will stimulate the business trends. Shifting focus on fuel cells for heavy-duty and commercial vehicles, including trucks, buses, and trains coupled with research efforts to improve the overall efficiency of fuel cells will boost the product demand.
Automotive Fuel Cell Market Analysis
PEMFC automotive fuel cell market valuation to cross USD 1.4 billion by 2032, owing to its ability to offer advantages consisting of high efficiency, zero emissions, and quick refueling times. Numerous government incentives and subsidies will continue to promote the product deployment. Moreover, collaboration between automakers, fuel cell manufacturers, and infrastructure developers will complement the industry dynamics.
> 200 kW fuel cell market is estimated to observe around 12.5% growth rate up to 2032. Utilization of larger fuel cell systems in commercial vehicles, heavy-duty trucks, buses, and industrial applications in conjunction with the rising efforts to reduce carbon emissions across the transport sector will positively drive the automotive fuel cell market outlook. Marketing efforts and consumer outreach campaigns along with improvement in fuel cell technology will positively influence business scenario. Furthermore, grants, tax credits, and regulatory measures are encouraging fleet operators to invest in fuel cell technology, thereby, contributing to the business trends.
Passenger cars market size is predicted to reach USD 7.5 billion by 2032, on account of growing consumer access to a broader range of fuel cell vehicles and availability of a variety of zero-emission mobility solutions. Shifting consumer trends toward sustainable freight comprising passenger transportation will proliferate the industry trends. Additionally, innovative peer-to-peer car-sharing platforms coupled with advanced features and systems to ensure a safe and reliable driving experience will augment the technology adoption.
North America automotive fuel cell market is estimated to exhibit over 9% CAGR from 2023 to 2032. Strong government support along with significant investments in fuel cell technology will enhance the business growth. Increasing adoption of fuel cell technology for urban transit and commercial transport will encourage the system adoption. In addition, rising interest in using hydrogen as an energy carrier for various applications, including industrial processes and power generation along with ongoing research and development efforts to improve the efficiency, durability, and cost-effectiveness of the product will drive the industry outlook.
Automotive Fuel Cell Market Share
Some of the eminent industry participants across the automotive fuel cell market include
- Acumentrics
- Altergy
- Ballard Power Systems
- FuelCell Energy, Inc
- Toshiba Energy Systems & Solutions Corporation
- Plug Power Inc.
- Cummins Inc.
- Panasonic Holdings Corporation
- Bloom Energy
- Convion Ltd
- Hyster-Yale Group, Inc.
- Advent Technologies
- BorgWarner Inc.
Partnerships, contracts, agreements, acquisitions, and collaborations with various suppliers and third-party distributors throughout the entire value chain will contribute to product developments, thereby strengthening the industry potential.
Automotive Fuel Cell Industry News
- In November 2022, Cummins Inc. singed a MoU with Tata Motors for collaboration to design & develop low and zero emission propulsion solutions for commercial vehicles in India. These solutions include fuel cells, battery EV systems, and internal combustion engines. The aim is to encourage and develop green mobility across the country and bring cutting edge hydrogen technologies across the sector. Therefore, the company has significantly increased customer base with its fuel cell technology.
- In May 2023, Hyundai Motor Company commercialized its new XCIENT fuel cell tractor for the North America commercial vehicle market. The invention of the class 8 fuel cell electric model allowed the company to support hydrogen mobility and achieve carbon neutrality. Thus, the launch of this product enhanced the company’s position in the region.
This automotive fuel cell market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘Units & USD Million’ from 2023 to 2032 for the following segments:
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By Type
- PEMFC
- PAFC & AFC
- Others
By Power Output
- < 100 kW
- 100 – 200 kW
- > 200 kW
By Application
- Passenger Cars
- Commercial Vehicle
- Others
The above information has been provided for the following regions and countries:
- North America
- U.S
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Austria
- Asia Pacific
- Japan
- South Korea
- China
- India
- Philippines
- Vietnam
- Middle East & Africa
- South Africa
- Sadui Arabia
- UAE
- Latin America
- Brazil
- Peru
- Mexico
Frequently Asked Questions (FAQ) :