Automotive Fuel Cell Market 2022-2035 Actionable Strategy & Insights
Automotive Fuel Cell Market by Electrolyte Type, by Fuel Type, By Component, by Power Output, by Specialized Vehicle, and by Vehicle Type: Global Analysis -2035
PORTLAND, OREGON, UNITED STATES, February 1, 2022 /EINPresswire.com/ -- Automotive Fuel Cell Market Outlook 2022-2035: With rising concern of emission levels and carbon footprints, the governments are in churn to find an alternative to gasoline engines. This has led to increasing adoption of zero emission vehicles. The fuel cell is an economical and attractive option for mobility with zero emissions. A fuel cell-electric vehicle is an electrically driven vehicle in which electricity is generated by a fuel cell using hydrogen as an energy source. Alternatively, this energy can be temporarily stored by the traction battery. Additionally, fuel cells have a higher efficiency than diesel or gas engines. Moreover, most fuel cells operate with a low noise level as compared to internal combustion engine.
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Automotive Fuel Cell Market scope and structure analysis:
Report Metric Details
Market size available for years 2019–2027
Base year considered 2019
Forecast period 2020–2027
Forecast units Value (USD)
Segments covered Electrolyte type, fuel type, component, power output, specialized vehicle, vehicle type
Regions covered North America (the U.S. and Canada), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and The Middle East and Africa
Companies covered Ballard, Nuvera Fuel Cells LLC, Nedstack, SFC Energy AG, Elcogen AS, Fuel Cell Energy Inc., ITM Power, Hydrogenics, Plug Power, and Proton Power System PLC
COVID-19 scenario analysis on Automotive Fuel Cell Market:
• The financial market has disrupted totally due to coronavirus pandemic.
• The halt in production of vehicles industries has impacted heavily automated tire mounted sensor industries. Although this won’t affect the aftermarket sales of the automotive tire mounted sensor.
• Consumer spending will remain low for initial few months of lockdown as per the economists and buying preference will shift toward essential item than luxuries. This will affect the automotive industry.
• Despite everything, the zero-emission vehicle market tends to grow in near future. People are understanding the drawbacks of pollution occurred due to conventional vehicles. Additionally, shared mobility would face a downfall due to COVID-19; thereby, fueling the zero-emission vehicle market.
• The consumer buying preference might be seen to shift toward zero-emission vehicles due to awareness for environment & cleaner technologies.
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Top impacting factors: market scenario analysis, trends, drivers and impact analysis
Increase in awareness of zero-emission vehicle has amplified the market for automotive fuel cell. Stringent government norms and emission standards to reduce carbon footprints globally drive the growth of the automotive fuel cell market. Additionally, fuel cells increase the operating range of the vehicle. Besides, rising awareness of unhealthy air quality index prescribed by the World Health Organization (WHO) can increase the sales of automotive fuel cells. However, hydrogen is highly flammable and difficult to store. Also, increasing adoption of BEVs & HEVs and inadequate hydrogen infrastructure are hampering the growth of the market. Further, the maintenance of fuel cells is simple since there are no moving parts; thereby, proliferating market growth.
The automotive fuel cell market trends are as follows:
Innovations to drive the market growth
Fuel cells have many advantages but because it is expensive to split water into oxygen and hydrogen, restraints its market growth. However, the automotive fuel cell market manufacturers are under a constant pressure of finding an alternative to split water molecules. Recently, the scientists at Swinburne University of Technology and Griffith University found a way to split water molecules by using inexpensive metals such as iron and nickel as catalysts. This would help in proliferating the automotive fuel cell market growth.
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Increase in adoption of passenger fuel cell cars
Many automakers are also focusing on adopting fuel cell technologies in car. For instance, BMW presented i Hydrogen next car that uses fuel cell technology. Additionally, BMW and Toyota have signed a pact to cooperate on fuel-cell technologies. Moreover, governments are heavily investing in developing the infrastructure for fuel cell market growth. To illustrate, South Korea will produce 6.2 million units of fuel cell electric vehicles and build 1,200 refilling stations across the country by 2040.
Key segments covered:
• Polymer Electronic Membrane Fuel Cell (PEMFC)
• Direct Methanol Fuel Cell
• Alkaline Fuel Cell
• Phosphoric Acid Fuel Cell (PAFC)
• Fuel Processor
• Fuel Stack
• Power Conditioner
• Air Compressor
• <150 kW
• 150–250 kW
• >250 kW
• Material handling vehicle
• Auxiliary power unit for refrigerated truck
• Passenger car
• Commercial Vehicle
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