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Dublin, May 28, 2021 (Global News Agency) – “Automotive fuel cell market by component (fuel processor, fuel cell stack, power conditioner, air compressor, humidifier), power output, hydrogen fuel station, vehicle type (passenger car, LCV, truck, bus), Operating Mileage, Region-Global Forecast 2028” Report has been added to ResearchAndMarkets.com provide.
By 2028, the global automotive fuel cell market is expected to increase from 20,168 units in 2021 to 596,255 units, a compound annual growth rate of 62.2%.
The government is supporting FCEVs to use low-emission vehicles through subsidies and tax rebates, and is cooperating with such original equipment manufacturers to accelerate their country’s development.
Increasing demand for high-efficiency and low-emission vehicles and government support will drive the automotive fuel cell market. Consumers in developing countries have already felt the heat of rising gasoline prices. The use of fuel cell vehicles can reduce the operating costs of these vehicles. In order to promote the development of the automotive fuel cell market, as fuel cell system research continues to deepen, continuous support from the government will be needed to reduce the initial cost of vehicle fuel cell selection.
However, the COVID-19 pandemic is expected to have an impact on the automotive fuel cell market. Due to the destruction of the entire ecosystem, FCEV production and sales have ceased globally in the first few months of 2020.
However, in the next two quarters, FCEV sales have been increasing. Original equipment manufacturers had to wait until the blockade was lifted to resume production, which affected their business. After the pandemic, as people become more aware of reducing emissions from vehicles around the world, the demand for FCEVs may increase.
In the forecast, the passenger car segment is expected to become the largest market in the automotive segment.
Passenger cars are motor vehicles mainly used to transport passengers and can hold up to 9 seats, including the driver. The passenger car segment is expected to become the largest segment of the automotive fuel cell market. The high adoption rate and growing demand for personal travel are expected to drive the fuel cell passenger vehicle market. The government plans to convert the ICE taxi fleet to zero emissions, which is expected to provide important growth opportunities in the coming years.
The truck and bus segment is expected to become a fast-growing segment. High efficiency, longer driving range and the need to reduce greenhouse gas emissions are expected to drive the growth of the fuel cell truck and bus market. Other off-road vehicles are also expected to benefit from the development of fuel cell technology. Fuel cell LCVs are expected to be the fastest-growing segment during the forecast period as their demand for remote commercial use continues to increase.
During the forecast period, North America has the fastest growing hydrogen fuel station.
North America is a rapidly growing market for hydrogen fuel stations. The United States has a large number of hydrogen fuel stations to cater to the market. The United States and Canada have been encouraging the demand for low-emission vehicles. Fuel cell vehicles are in great demand in some states such as California in the United States and British Columbia in Canada.
They encourage the development of FCEV through emission regulations and laws that support the development of zero-emission vehicles. Some states in the two countries provide subsidies for such vehicles, including FCEV. The United States has more than 25,000 hydrogen fuel cell-based forklifts and a considerable number of fuel cell buses in its states. The United States and Canada have some of the world’s top fuel cell manufacturers such as Ballard, Plug Power, and BorgWarner, which has increased the country’s demand for FCEV.
During the forecast period, the LCV segment is expected to become the fastest growing segment in the vehicle type segment.
A light commercial vehicle (LCV) is a vehicle with a mass between 3.5 and 7 tons. LCV is used for cargo transportation. Minibuses weighing between 3.5 and 7 tons for passenger transportation are also considered in this market segment. At present, the light commercial fuel cell vehicle market is very small and there are few models to choose from.
However, the field is constantly evolving. Due to the development of fuel cell technology, the price of fuel cells is expected to drop, providing important opportunities for the light commercial vehicle market. Since FC LCV is a low-emission vehicle and offers a higher cruising range compared to other electric vehicles, it is expected that these vehicles will have a high demand for logistics and delivery services.
The automotive fuel cell market is dominated by well-known companies such as Ballard Power Systems (Canada), Toyota Motor Corporation (Japan), Hyundai Group (South Korea), Hyster Yale (United States) and Cummins (United States).
Market dynamics
Rider
- Better fuel efficiency and increased mileage
- Quick refueling
- Reduce oil dependence
- Lower emissions than other vehicles
- Fuel cell product life cycle
Restraint
- Highly flammable
- Difficult to detect hydrogen leaks
- High initial investment in hydrogen fuel infrastructure
- Lower efficiency than BEV and HEV
Business
- Automotive and transportation demand for fuel cell vehicles continues to grow
- FCEV Commercial Cargo Truck Development
- Fuel cell bus development and deployment announcement
- 2020 global fuel cell bus
- Government initiatives to promote hydrogen infrastructure
- Development of hydrogenation systems for homes and communities
challenge
- High vehicle cost
- Insufficient hydrogen infrastructure
- Growing demand for Bev and HEV
Potter’s five powers
Existing and upcoming FCEV models
Automotive fuel cell market ecosystem
- Hydrogen fuel supplier
- Tier 1 supplier (manufacturer of fuel cell and related components)
- OEM
- End user
Value chain analysis
Fuel cell pricing analysis
technical analysis
- Direct borohydride fuel cell
- Non-precious metal catalyst-based fuel cell
- Extend the service life of new fuel cells
- Packaged fuel cell system module
- Methane fuel cell
Patent analysis
case study
- Ballard fuel cell zero-emission truck in Shanghai
Companies mentioned
- Ballard Power System
- BorgWarner
- Bosch
- Ceres Energy
- Cummins
- Daimler
- Dana Corporation
- Doosan Group
- Ellinklinger co., ltd.
- Ford Motor Company
- Fuel Cell System Manufacturing Co., Ltd.
- Honda
- Hydra Energy
- Hester-Yale
- Hyundai Group
- Smart energy
- Isuzu Motors
- ITM power supply
- Mebius fuel cell
- downstairs
- Nicholas
- Matsushita
- Plug power
- Power battery antibody
- Proton Motor Power System
- Riversimple
- SAIC Motor
- Sunrise Power Co., Ltd.
- Swiss Hydrogen
- Symbio
- Toray Industry
- Toshiba
- Toyota Motor Corporation
- Van Hull
- Volkswagen
For more information about this report, please visit https://www.researchandmarkets.com/r/ufu8nr
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