Automotive Fuel Cell Market Estimated to Cross 932.6 thousand units by 2028
According to the new market research report “Automotive Fuel Cell Market by Component (Fuel Processor, Fuel Stack, Power Conditioner, Air Compressor, Humidifier), Power Output (<150kW, 150– 250kW, >250kW), H2 Fuel Station, Vehicle Type (PC, LCV, Truck, Bus), and Region – Global Forecast 2028“, published by MarketsandMarkets™, is estimated to be USD 13.6 thousand units in 2020 and projected to reach 932.6 thousand units by 2028, at a CAGR of 69.7%. The market is driven by fuel cell advantages such as better fuel efficiency than ICE vehicles, longer driving range than other electric vehicles, fast refueling time, zero greenhouse gas emissions, and government initiatives pertaining to hydrogen infrastructure.
Browse and in-depth TOC on “Automotive Fuel Cell Market”
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The key players in the Automotive Fuel Cell Market include Ballard Power Systems, Plug Power, Delphi Technologies, Doosan Corporation, Proton Power Systems PLC, and Hydrogenics, and among others.
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Passenger car segment to be largest in the Automotive Fuel Cell Market, by vehicle type
The rising demand for personal mobility and increasing per capita income are driving the sale of passenger cars. There are several fuel cell passenger car models available in the market. Due to the high demand for passenger cars, large passenger car production capabilities, stringent emission norms, comparatively lower fuel cell production costs, and increasing investments by leading fuel cell manufacturers such as Ballard Power Systems, the passenger car segment of the Automotive Fuel Cell Market, by vehicle type, is projected to lead the market. Realizing the huge potential of fuel cell passenger cars, many companies are planning to launch their models in the coming years. For instance, BMW is planning to introduce the fuel cell technology developed together with Toyota in the BMW X6 and X7 in the coming years. At the International Automobile Exhibition (IAA) 2019, BMW presented the ‘i Hydrogen Next,’ a fuel cell study based on a BMWs X5 model. The company announced in September 2019 that a fleet of these vehicles would be on the roads by 2022.
Fuel Stack is projected to be the largest segment of the Automotive Fuel Cell Market, by component
The fuel cell stack is an essential component of the fuel cell system. To generate more power and electricity, individual fuel cells are stacked. This assembly is called a fuel cell stack. Fuel stack is the most expensive component of a fuel cell system. The size of the stack defines the power output of the fuel cell. The number of fuel cell stacks can be increased to generate more power and electricity. As the stack size increases, the cost per unit power generated decreases. Hence, fuel cells are efficient for long-range transportation.
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Europe is projected to be the fastest-growing Automotive Fuel Cell Market
The European Automotive Fuel Cell Market is driven by government support and funding. Europe has set a very ambitious goal of reducing 80% CO2 emissions by 2050 and created a roadmap for the same. Under this, the FCHJU was established in 2008 and was carried out until 2013 as the first public-private partnership under the European Strategic Energy Technology Plan (SET-Plan). Its objective was to accelerate the development of fuel cells and hydrogen technologies in Europe to enable their commercialization. The continuation and further strengthening of the program have been proposed under Horizon 2020, the new innovation investment package for 2014 to 2020. The Joint Initiative for Hydrogen Vehicles across Europe (JIVE) was started in 2017 to deliver 139 fuel cell buses and hydrogen refueling infrastructure across five countries. A year later, the next phase of the initiative (JIVE 2) was launched alongside the original six-year program. Combined, the JIVE and JIVE 2 programs plan to deploy nearly 300 fuel cell buses in 22 cities across Europe.
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