Automotive Fuel Cell Market Outlook
According to a new report by Expert Market Research titled, “Automotive Fuel Cell Market Size, Share, Analysis, Report and Forecast 2023-2028″, the automotive fuel cell market is projected to grow at a CAGR of 40.6% between 2023 and 2028. Aided by the rising demand for zero-emission vehicles and the expanding applications of fuel cells in the automotive industry, the market is expected to grow significantly by 2028.
Fuel cells are energy conversion technologies that turn fuel (hydrogen) into electricity through a chemical reaction. To improve the vehicle’s economy and lower greenhouse gas emissions, they are widely utilised in the automotive industry, notably in electric cars (EVs). Compared to traditional vehicles, fuel cell vehicles (FCVs) provide a number of benefits, including as great energy economy, silent operation, and quick refilling times.
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The surge in consumer preference for zero-emission vehicles is one of the key drivers propelling the global automotive fuel cell market growth. With heightened awareness of the environmental impact of carbon emissions and stringent emission regulations worldwide, there has been a significant shift towards greener transport alternatives. This, in turn, has led to an increased demand for fuel cell vehicles.
The expanding applications of fuel cells in the automotive industry also significantly contribute to the automotive fuel cell market expansion. Fuel cells are increasingly being used in commercial vehicles like buses and lorries in addition to passenger cars. Fuel cell vehicles are an appealing option for commercial transportation due to their great energy efficiency and extended driving range, contributing to the market’s expansion.
Moreover, technological advancements and improvements in fuel cell technology are expected to further drive market growth. Developments in fuel cell design and materials have resulted in more durable and cost-effective solutions, making fuel cells a more viable option for automotive applications.
Further, the growing infrastructure for hydrogen refuelling stations is likely to spur the growth of the automotive fuel cell market. Governments worldwide are investing heavily in building the necessary infrastructure to support the growth of FCVs, which is expected to facilitate the widespread adoption of these vehicles.
In addition, the growing demand for alternative fuel vehicles in the logistics and transportation sector, driven by the need for sustainable and efficient transport solutions, is also anticipated to catalyse the automotive fuel cell market growth.
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Automotive Fuel Cell Market Segmentation
The market can be divided based on component, power output, vehicle type, and region.
Market Breakup by Component
- Fuel Stack
- Fuel Processor
- Power Conditioner
- Air Compressor
Market Breakup by Power Output
- Below 150 KW
- 150-250 KW
- Above 250 KW
Market Breakup by Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global automotive fuel cell companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Ballard Power Systems Inc.
- Ceres Power Holdings plc
- Robert Bosch GmbH
- Plug Power Inc.
- Toyota Motor Corporation
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