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Automotive Fuel Cell Market
Automotive Fuel Cell Market
Global demand for the Automotive Fuel Cell market was valued over 3.1 Thousand Units in 2019 and is expected to reach a CAGR of 69% between 2019 and 2028.
— Prakash Torase
SUITE N202, NEW YORK, UNITED STATES, December 7, 2022 /EINPresswire.com/ — Zion Market Research has published a new report titled “Global Automotive Fuel Cell Market – By Component (Fuel Processor, Fuel Stack, Power Conditioner, Air Compressor, and Humidifier), By Power Output (250kW), By H2 Fuel Station (Asia, Europe, and North America), By Vehicle Type (Passenger Car, Light Commercial Vehicle, Truck, and Bus), By Specialized Vehicle (Material Handling Vehicle and Auxiliary Power Unit for Refrigerated Truck), and By Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019 – 2028.” According to the report, global demand for the Automotive Fuel Cell market was valued over 3.1 Thousand Units in 2019 and is expected to reach a CAGR of 69% between 2019 and 2028.
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Key Drivers of Global Automotive Fuel Cell Market:
Rise in demand for vehicles is prompting continuous investments by automakers in research and development for the development of cost-effective, environment-friendly and low toxic products with a high life within the industry. Emerging markets for automobiles are witnessing an increase in vehicle production, which is turn is boosting the automotive fuel cell market across the globe.
Compliance with new emissions standards for passenger cars and commercial vehicles is majorly achieved by applying changes to the engine alone. Stringent norms on carbon emission of automotive enacted by regulatory bodies across the globe are also anticipated to boost the demand for automotive fuel cell, which in turn controls the emission of toxic gases from vehicles. This is likely to boost the global automotive fuel cell market.
Rising global environmental issues such climate change and poor air quality due high fossil fuel consumption propel the demand for clean energy source. Fuel cell generates zero emission and contributes to eliminate greenhouse gases, which is estimated to drive the automotive fuel cell market during the forecast period.
Global Automotive Fuel Cell Market
Fuel stack category is projected to dominate the Automotive Fuel Cell market during the forecast period
Fuel stack accounts for the largest market share of the global Automotive Fuel Cell market owing to increasing adoption of fuel stack for reducing the overall expenditure. The mass production of fuel stack will help reduce the cost of a single fuel stack owing to the extensive R&D activities fuel cell technology field. Thus, the fuel stack production will, in turn, help escalate the growth of the global Automotive Fuel Cell market.
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Passenger car category is estimated to hold the highest market share during the forecast period
The dominance of the passenger car category is attributed to the increase in demand for private mobility and high per capita income in the developing markets. Additionally, the plan of many countries to transform taxi fleets to fuel cell-based automotive will supplement the global Automotive Fuel Cell market growth.
Asia is estimated to be the largest market for automotive fuel cells during the forecast period, followed by Europe and North America.
The growing vehicle production and increasing demand for fuel cell buses for public transportation in Asia are expected to drive the Asia Automotive Fuel Cell market. In addition, the advancement in fuel cell-based technologies in regions such as Japan, China, and South Korea will, successively, propel the Automotive Fuel Cell market growth. Moreover, increasing investments in the production and fuel cell vehicle industries are anticipated to increase the sales of automotive fuel cells during the forecast period.
Key Market Players
Some major players of the Automotive Fuel Cell market include ITM Power, Hydrogenic, Plug Power, Ballard Power Systems, Delphi Technologies, Doosan Corporation, and Proton Power System PLC, among others.
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The report on global Automotive Fuel Cell market is segmented into:
Global Automotive Fuel Cell Market: By Component Segmentation Analysis
Fuel Processor
Fuel Stack
Power Conditioner
Air Compressor
Humidifier
Global Automotive Fuel Cell Market: By Power Output Segmentation Analysis
<150 kW
150–250 kW
>250 kW
Global Automotive Fuel Cell Market: By H2 Fuel Station Segmentation Analysis
Asia
Europe
North America
Global Automotive Fuel Cell Market: By Specialized Vehicle Segmentation Analysis
Material handling vehicle
Auxiliary power unit for refrigerated truck
Global Automotive Fuel Cell Market: By Vehicle Type Segmentation Analysis
Passenger car
Bus
Light commercial vehicle (LCV)
Truck
Global Automotive Fuel Cell Market: By Regional Segmentation Analysis
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
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Prakash Torase
zion market research
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