The global automotive fuel cell market is growing at a lucrative rate. Increase in use of fuel cell systems in commercial vehicles due to rise in environmental concerns, rise in initiatives undertaken by the government of most of the countries to go for green energy mobility, and ability of the fuel cell vehicle to offer better fuel economy as compared to ICE vehicles are some of the key factors that are propelling the growth of the global market. Fuel cell electric vehicles provide noiseless operations, fast refueling, high driving range, and zero emission of air pollutants and greenhouse gases. Thus, the fuel cells are considered to be ideal for use in automotive applications and transportation including defense vehicles, cars, trains, buses, LCVs, and material handling vehicles. In addition to this, fuel cells are an easily scalable and versatile source of electricity. All such factors coupled with the increase in adoption of fuel cell cars, huge investment to develop fuel cell infrastructure, and rapidly expanding automotive industry are fostering the growth of the global automotive fuel cell market. In addition to this, new joint ventures among the key players, heavy investment in expanding the product portfolio, and companies persistently working on raw materials are also some of the key features that are spurring the growth of the market. Furthermore, the development of new fuel cell technologies may create lucrative opportunities for the growth of the global automotive fuel cell market. The outbreak of the covid-19 pandemic has severely hit the growth of the global automotive fuel cell market. The restriction on movement and change in consumer behavior led to a decline in the demand for the new vehicles. The production of the vehicles was also ben hampered due to the disruption in the supply chain and constraint on personnel movement. Thus, the tremendous shift in supply and demand of the vehicles during the pandemic hampered the overall growth of the market.
The global automotive fuel cell market is classified based on power output, vehicle type, electrolyte type, and geography. Based on the power output, the global automotive fuel cell market is segregated into Below 100 KW, 100 KW - 200 KW, and Above 200 KW. The vehicle type segment is categorized into commercial vehicles and passenger cars. Based on the electrolyte type, the global market is segregated into phosphoric acid fuel cell, alkaline fuel cell, direct methanol fuel cell, and polymer electronic membrane fuel cell.
The global automotive fuel cell market is highly competitive due to the growing demand for fuel cells and the development of novel fuel cell technologies. Some of the key participants operating in the global market are Ballard Power Systems Inc., SFC Energy AG, Nuvera Fuel Cells LLC, Hyundai Group, Cummins Inc., Plug Power, Toyota Motor Corporation, Doosan Fuel Cell Co Ltd, Nedstack Fuel Cell Technology B.V., and Hyster Yale among others.
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Trends and Future Outlook:
- Growing investments by key automobile manufacturers in fuel cell-based vehicles
- Increasing government funding fuel cell based vehicles