Automotive Fuel Cell Market
Growth Factors of Automotive Fuel Cell Market
The automotive fuel cell market size was valued at USD 4.98 billion in 2023, and the market is now projected to grow from USD 7.42 billion in 2024 to USD 121.39 billion by 2032, exhibiting a CAGR of 41.81% during the forecast period of 2024-2032.
The automotive fuel cell market growth is expected to benefit from expanded research and improvement efforts to introduce green gas cell systems and reduce manufacturing charges. Regional governments are also enforcing rules to improve hydrogen infrastructure and help FCEV adoption through subsidies and objectives.
Numerous agencies global are working on research and development to increase gas cellular car technology. In December 2020, Ballard Power Systems received a observe-on order from Belgian company Van Hool to electricity Van's fuel mobile electric powered buses (FCEBs) in Emmen, Netherlands. Ballard will provide 10 new FC modules for A330 buses, with an running range of 350-400 kilometers and a carrying potential of 74 humans.
Comprehensive Analysis of Automotive Fuel Cell Market
The market is break up into Proton Exchange Membrane Fuel Cell (PEMFC) and Phosphoric Acid Fuel Cells (PAFC) The PEMFC phase is anticipated to dominate because of its low working temperature, high electricity density, and compact length. The Phosphoric Acid Fuel Cell section is anticipated to revel in full-size marketplace boom because of its excessive energy outputs, balance, and higher impurity tolerance. The market is split into beneath a hundred kW, one hundred-200 kW, and above 2 hundred kW power ratings. The underneath 100 kW rated FC systems are predicted to enjoy significant growth because of gas mobile passenger vehicle adoption. The 100-2 hundred kW power stacks are projected to show vast increase. The marketplace is commonly divided into passenger motors, moderate commercial enterprise motors (LCVs), buses, and trucks. Passenger vehicles are predicted to account for nearly all of quantity and sales.
The Asia Pacific region lead the automotive fuel cell market share by benefitting a market size of USD 3.64 billion in 2023 due to accelerated deployment of FCEVs and wonderful GHG discounts. Countries like China, South Korea, and Japan are investing in hydrogen infrastructure improvement and increasing refuelling station availability, with key companies.
Market players are that specialize in introducing modern merchandise and solutions for light, medium, and heavy-duty automobiles. Major companies are expanding production facilities to reduce costs and set large production targets to meet growing zero-emission vehicle needs. Key companies profiled encompass Ballard Power Systems, Plug Power, Hydrogenics, Hyundai Motor Company, Nuvera Fuel Cells, LLC, PowerCell Sweden AB, Horizon Fuel Cell Technologies, Nedstack Fuel Cell Technology_AVL, ElringKlinger, Intelligent Energy, and Pragma Industries.
In October 2019, Plugpower partnered with Germany's MULAG to develop a new variety of electric cargo tow vans powered by using fuel cell technology, to be able to be deployed at Hamburg Airport.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Unit Value (USD Billion) and Volume (Units)
Growth Rate CAGR of 41.81% from 2024-2032
Segmentation By Type
By Power Rating
- Below 100 kW
- 100 – 200 kW
- Above 200 kW
By Vehicles
- Passenger Vehicles
- Light Commercial Vehicles (LCVs)
- Bus
- Trucks
By Region
- North America (the U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Sweden, and the Rest of Europe)
- Asia Pacific (China, South Korea, Japan, and the Rest of Asia Pacific)
- Rest of the World
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