Segments - Automotive Fuel Cell Market by Electrolyte Types (Polymer Electronic Membrane Fuel Cell, Direct Methanol Fuel Cell, Alkaline Fuel Cell, and Phosphoric Acid Fuel Cell), Vehicle Types (Passenger Cars and Commercial Vehicles), Fuel Types (Hydrogen and Methanol), Power Outputs (below 100 KW, 100 to 200 KW, and above 200 KW), and Regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028
The global automotive fuel cell market size is anticipated to expand at a substantial CAGR during the forecast period, 2021-2028. The growth of the market is attributed to increasing demand for unconventional sources of energy. Moreover, rising demand for fuel efficiency and development of zero emission vehicles are driving the market growth.
A fuel cell is an electrical device created by a chemical reaction between a source fuel and an oxidant. Fuel cell acts as a battery-operated counterpart. They are powerful and emission-free.
Fuel cell vehicles (FCV) use fuel cells to power the vehicle's electric motor. Many FCVs use a fuel cell combined with a battery and super capacitor to efficiently start-up, power, and utilize the best energy source for constant and peak power. In FCVs, the fuel cell uses oxygen from the air and compressed hydrogen.
These vehicles use hydrogen gas to power an electric motor. In contrary to conventional vehicles that run on gasoline or diesel, fuel cell cars and trucks combine hydrogen and oxygen to produce electricity, which runs the electric motor.
The report on the global automotive fuel cell market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Automotive Fuel Cell Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018–2019 |
Forecast Period |
2021–2028 |
Segmentation |
Electrolyte Types (Polymer Electronic Membrane Fuel Cell, Direct Methanol Fuel Cell, Alkaline Fuel Cell, and Phosphoric Acid Fuel Cell), Vehicle Types (Passenger Cars and Commercial Vehicles), and Fuel Types (Hydrogen and Methanol), Power Outputs (Below 100 KW, 100 to 200 KW, and Above 200 KW) |
Regional scope |
North America, Latin America, Europe, Asia Pacific and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
Ballard Power Systems Inc., Doosan Fuel Cell Co. Ltd, Hydrogenics, and Nedstack Fuel Cell Technology BV. |
Polymer electronic membrane fuel cell segment to grow at a rapid pace
Based on electrolyte types, the market is divided into polymer electronic membrane fuel cell, direct methanol fuel cell, alkaline fuel cell, and phosphoric acid fuel cell, other. The polymer electronic membrane fuel cell segment is anticipated to account for a major market share and is anticipated to grow at a rapid rate during the forecast period. High power density and sound dynamic characteristics of this fuel cell type as compared to types of fuel cells is driving the segment growth.
Commercial vehicles segment to account a significant market share
Based on vehicle types, the market is divided into passenger cars and commercial vehicles. The commercial vehicles segment is anticipated to account for a major share due to the growing environmental concerns Moreover, governments and environmental agencies are enacting stringent emission norms and laws, which are expected to increase the manufacturing cost of fuel-efficient diesel engines in the coming years. As a result, the new commercial vehicle diesel engines are expected to adopt fuels at a healthy pace during the forecast period
Hydrogen segment to exhibit a robust CAGR
Based on fuel types, the market is divided into hydrogen and methanol. The hydrogen segment is projected to grow at a robust rate due during the forecast period. Hydrogen gas clearly carries less energy per volume than methane, which is expected to result in the growth of hydrogen segment in the automotive fuel cell market.
100 to 200 KW segment to account a remarkable market share
On the basis of power outputs, the market is divided into below 100 KW, 100 to 200 KW, and above 200 KW. The 100 to 200 KW segment is expected to expand at substantial CAGR during the forecast period. Fuel cell power output depends majorly on the fuel used and if it is hydrogen then it majorly ranges between 50 KW to 250 KW. On the other hand, the above 200kW segment is expected to exhibit a high CAGR in the projected timeline.
Europe to account a considerable market share
On the basis of regions, the market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe is anticipated to account for a considerable market share owing to presence of major automotive companies active in the region. This, in turn, is increasing investment on R&D activities, which includes new fuel cell technologies. Moreover, rising technological advancements in the development of integrated systems that combine key components of FCVs, including hydrogen gas injectors and air valves.
The major players of the market are Ballard Power Systems Inc., Doosan Fuel Cell Co. Ltd, Hydrogenics, and Nedstack Fuel Cell Technology BV. Companies are focusing on innovation, partnerships, and acquisitions to expand their market share.