Fuel Cells Market For Automotive Industry 2023-2027
The fuel cells market for automotive industry is forecasted to grow by USD 4,382.26 mn during 2022-2027, accelerating at a CAGR of 26.7% during the forecast period. The report on the fuel cells market for automotive industry provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by increased demand for efficient and cleaner fuel, government incentives for fuel cell vehicles, and advantages of hydrogen fuel cell vehicles.
Technavio's fuel cells market for automotive industry is segmented as below:
By Fuel Type
By Application
- Light-duty vehicles
- Heavy-duty vehicles
- Others
By Geographical Landscape
- APAC
- North America
- Europe
- South America
- Middle East and Africa
This study identifies the reduction in cost of fuel cell systems as one of the prime reasons driving the fuel cells market for automotive industry growth during the next few years. Also, increase in R and D investment and activities and diverse applications of fuel cell technology will lead to sizable demand in the market.
The report on the fuel cells market for automotive industry covers the following areas:
- Fuel cells market for automotive industry sizing
- Fuel cells market for automotive industry forecast
- Fuel cells market for automotive industry industry analysis
The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading fuel cells market for automotive industry vendors that include Acumentrics Inc, Ballard Power Systems Inc., BorgWarner Inc., Ceres Power Holdings plc, Cummins Inc., Daimler AG, ElringKlinger AG, Hyster Yale Materials Handling Inc., Hyundai Motor Co., Intelligent Energy Ltd., ITM Power plc, Nedstack Fuel Cell Technology BV, Nel ASA, PRAGMA INDUSTRIES, Proton Motor Fuel Cell GmbH, The Symbio SAS, TW Horizon Fuel Cell Technologies, Valmet Automotive Group, W. L. Gore and Associates Inc., and PowerCell Sweden AB. Also, the fuel cells market for automotive industry analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.