(USGovernment-News.Com, February 06, 2020 ) According to the new market research report “Automotive Fuel Cell Market by Component (Fuel Processor, Fuel Stack, Power Conditioner, Air Compressor, Humidifier), Power Output (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"
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 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.
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.
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. These companies have followed supply contracts/agreements/partnerships/collaborations/joint ventures key strategies to gain traction in the Automotive Fuel Cell Market.
Browse Related Reports:
Electric Vehicle Market by Vehicle (Passenger Cars & Commercial Vehicles), Vehicle Class (Mid-priced & Luxury), Propulsion (BEV, PHEV & FCEV), EV Sales (OEMs/Models) Charging Station (Normal & Super) & Region - Global Forecast to 2030
Electric Commercial Vehicle Market by Propulsion Type, Vehicle Type, Range, Battery Type, Length of Bus, Power Output Type, Battery Capacity Type, Component Type, Autonomous Vehicles Type, and Region - Global Forecast to 2027
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Industry resource center today to browse our selection of 600+ complimentary Industry magazines, white papers, webinars, podcasts, and more. Get popular titles including: