fuel cell vehicle (FCV) is a type of electric vehicle which utilizes a fuel cell to run its in-board electric motor, rather than a battery, or in combination with a battery or super condenser. Electricity generation, a fuel cell is used for running the engine. The air oxygen and compressed hydrogen normally are used for fuel cell service. Since most vehicles in the fuel cells issue water and heat, they are categorized as zero-emission vehicles.
Fatpos Global anticipates the Automotive Fuel Cell market to surpass USD XX Billion by 2030, which is valued at XX billion in 2019 at a compound annual growth rate of XX%.
Emerging car markets have seen a rise in the automotive industry, which in turn raises the demand for car fuel cells. The strict emissions requirements are primarily met by motor modifications alone for passenger cars and commercial vehicles. The demand for automotive cells, which in turn regulates the pollution of toxic gases from cars, is also set to fuel by strict global environmental norms imposed by regulatory authorities on vehicle CO2 emissions. A correct replacement of IC engine vehicles is one solution to compliance with the new emissions requirements. As an alternative, fuel cell vehicles are a safer option.
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Automotive Fuel Cell Market: Segments
Global Automotive Fuel Cell market has been segmented based on component, vehicle type, and location. It has been further segmented based on region into North America, Europe, Asia-Pacific, Mid East, and Africa.
By Component (in %), global Automotive Fuel Cell Market, 2019
Fuel Stack is anticipated to grow at a CAGR of over XX% from 2019 to 2030
Global Automotive Fuel Cell Market is segmented by component into Humidifier, Power Conditioner, Fuel Processor, Fuel Stack, and Air Compressor. The stack of fuel leads to the highest proportion of fuel cell costs. The emphasis is therefore on producing stacks of fuel to minimize the production costs. The costs of each fuel stack decrease with the increase of the fuel stack made. Thus, bulk fuel cell production is a way of lowering costs. The adoption rate of fuel cells must be increased to reach the mass production of fuel cells. Due to comprehensive R & D practices in the area of fuel cell technology, the cost of a marginal fuel cell system will dramatically decrease. Therefore, in the future too, the cost of each variable will decrease.
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By Vehicle Type (in %), Global Automotive Fuel Cell Market, 2019
Passenger car dominated the market with XX% Market share in 2019 and is anticipated to witness significant growth in the forecasted period
Global Automotive Fuel Cell market is segmented by vehicle type into Passenger Cars, Light Commercial Vehicle, Truck, Bus, and Materials Handling Vehicles. The increase in private transportation and per capita income in the developing economies can attribute to the growth of this segment. Many countries are also planning to turn taxi fleets into cars for fuel cells. South Korea, for example, is planning to get 120,000 taxis on fuel cells by 2040. Moreover, different taxi fleet producers like Hype in France have chosen fuel cell vehicles.
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Global Automotive Fuel Cell Market: Regions
The Asia Pacific is anticipated to dominate the market with an XX% market share in 2019 growing at a CAGR of XX% over the forecasted period.
The area of Asia-Pacific will drive global car cell sales and become a rapidly expanding market. The governments of nations like China, Japan, and Hong Kong encourage the use of alternative energy sources assisted by supportive policies to reduce global warming’s adverse effects. The area of North America is taking measures to limit the carbon footprint because of the on-road use of a large number of vehicles. High demand for cars and trucks is raising the fuel cell market as an environmentally friendly alternative to conventional cells.
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Top Market Players:
- Ballard Power Systems Inc. (Canada)
- Hydrogenics (Canada)
- Automotive Fuel Cell Cooperation (Canada)
- Plug Power (U.S.)
- Delphi Technologies (U.K.)
- ITM Power (U.K.)
- Nedstack (The Netherlands)
- Doosan Fuel Cell America (U.S.)
- Plug Power (U.S.)
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