USD 1.69 Billion
Automotive Fuel Cell Market Size, Share, Growth Analysis, By Component(Fuel Stack, Fuel Processor, Power Conditioner, Air Compressor), By Type(Polymer Electrolyte Membrane (PEM) Fuel Cell, Direct Methanol Fuel Cell (DMFC), Phosphoric Acid Fuel Cell (PAFC), Others), By Fuel Type(Hydrogen, Methanol, Ethanol), By Operating Range(Up to 250 Kms, 251 - 400 Kms, 401 - 550 Kms, Above 550 Kms), By Power Output(< 150 KW, 151 - 250 KW, >250 KW), By Propulsion(Electric, Hybrid), By Vehicle Type(Passenger Vehicle (Hatchback, Sedan, SUV), Light Commercial Vehicle), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25C2122 |
Region:
Global |
Published Date: October, 2024
Pages:
223
|Tables:
64
|Figures:
75
Automotive Fuel Cell Market Insights
Global Automotive Fuel Cell Market size was valued at USD 415 billion in 2022 and is poised to grow from USD 544.48 billion in 2023 to USD 4780.27 billion by 2031, growing at a CAGR of 31.2% during the forecast period (2024-2031).
Increased awareness among consumers and government to promote Zero Emission Vehicles (ZEVs), and implementation of more carbon reduction targets & norms will fuel the automotive fuel cell market growth. To reduce their dependence on fossil fuels, countries are focusing on developing more efficient and cleaner fuel-cell vehicles and continuously use them in various industries. Fuel cell electric vehicles (FCEV) uses direct hydrogen fuel for propulsion, leaving water and heat as the primary by-products. Fuel cell stacks are integrated into many types of vehicles including buses and trucks, providing a significant contribution air quality is destroyed as more materials are thrown away.
Many companies are trying to carry out R&D activities to bring about advancement in fuel cell technology of automotive technology worldwide. Currently, there are several players who are integrating technology into their vehicles to increase the energy efficiency of vehicles.
The automotive fuel market is growing rapidly, with strong growth driven by the need for cleaner and more efficient vehicle technologies. Fuel-filled vehicles (FCVs) are emerging as alternatives it promises to replace conventional combustion engines and battery-operated vehicles (BEVs) due to their quick refuelling times, long driving range, environmental impact and reduced.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Passenger Cars
Fastest Growth
Passenger Cars
Growth Rate
3.3% CAGR
Global Automotive Fuel Cell Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Automotive Fuel Cell Market Segmental Analysis
Global Automotive Fuel Cell Market is segmented by Component, Type, Fuel Type, Operating Range, Power Output, Propulsion, and region. Based on Component, the market is segmented into Fuel Stack, Fuel Processor, Power Conditioner, Air Compressor, Humidifier, and Others. Based on Type, the market is segmented into Polymer Electrolyte Membrane (PEM) Fuel Cell, Direct Methanol Fuel Cell (DMFC), Phosphoric Acid Fuel Cell (PAFC), and Others. Based on Fuel Type, the market is segmented into Hydrogen, Methanol, and Ethanol. Based on Operating Range, the market is segmented into Up to 250 Kms, 251 - 400 Kms, 401 - 550 Kms, and Above 550 Kms. Based on Power Output, the market is segmented into < 150 KW, 151 - 250 KW, >250 KW. Based on Propulsion, the market is segmented into Electric, Hybrid. Based on Vehicle Type, the market is segmented into Passenger Vehicle, Light Commercial Vehicle, Heavy Duty Truck, Bus & Coach, and Off-road Vehicle. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Vehicle Type
The passenger cars segment recorded the highest automotive fuel cell market share of 86.7% in 2023 and is expected to expand at the fastest CAGR during the forecast period. Passenger cars are being adopted in countries like Japan and South Korea is driving the segment growth in the market. The depletion of fossil fuel resources is driving up the price of automotive fuel. It requires the government to find sustainable, low-emission sources to power vehicles. The passenger cars segment is driving increased public interest and awareness of fuel cell technology. As more passenger FCVs become available, the potential of hydrogen fuel cells under real-world conditions is demonstrated, increasing public acceptance and encouraging investment in hydrogen systems. As transportation fuel costs decline and fuel systems expand, the passenger cars segment with fuel cell technology is expected to contribute, helping to position hydrogen-powered vehicles as practical, environmentally friendly modes of transportation the encounter doesn’t break down for the everyday user.
The light commercial vehicle segment is expected to expand at a significant CAGR of 48.6% during the forecast period. Light commercial vehicles are supplying chain equipment. Using a fuel cell instead of a battery converts electrical energy into higher torque and power. Thus, fuel-efficient long-haul vehicles such as LCVs are the best option in terms of cost savings and transportation efficiency. The light commercial vehicle (LCV) segment is another major driver of growth in the automotive fuel cell industry, especially for automotive manufacturers and logistics providers with efficiency, long-range and low priority. They have a wide driving range and fast refueling times, which provide they have greater advantages than battery-powered electric cars and trucks. Companies like Hyundai and Toyota are exploring this segment with plans to develop fuel cell-powered trucks and pickup trucks, which aims to meet the needs of businesses with complex logistics.
Analysis by Component
As per automotive fuel cell market analysis, the fuel stack is the core of a fuel cell system, where the electrical bond between hydrogen and oxygen is to produce electricity, water, and heat. Key players in the sector, such as Ballard Power Systems and Toyota, focus on developing high-performance, sustainable fuels to meet unique automotive application. Advances in fuel packaging technology have a direct impact on the overall use of fuel cell vehicles (FCVs). By delaying fuel injection and reducing manufacturing costs, manufacturers are making FCVs more commercially viable and cost-effective. Furthermore, advances in fuel injection have extended FCV driving and per hydrogen mileage reduce consumption, both of which are key factors in attracting consumers and manufacturers to gasoline-powered vehicles.
The fuel processor segment plays a supporting or important role in the automotive fuel cell market by ensuring a continuous supply of pure hydrogen for the collected fuel. The fuel processor, which is usually combined with conversion and purification systems, produces hydrocarbons to hydrogen. Thereby expanding the fuel efficiency and advantages of fuel-cell systems. Although direct hydrogen injection is becoming more common in automobiles hydrogen on board or locally from alternative fuels making fuel production practical in a limited hydrogen system. Fuel products are especially valuable commercially and in areas where hydrogen storage facilities are still being developed. By providing flexibility in hydrogen sources, fuel operators can contribute to greater adoption of FCVs, to the extent that extensive hydrogen refuelling networks are established. They can also be used in hybrid fuel cell systems that manage supply consistent and reliable. As hydrogen infrastructure evolves, fuel producers could shift from onboard systems to hydrogen production in refuelling stations, which could contribute to fuel-cell vehicle biomass.
Global Automotive Fuel Cell Market By Vehicle Type
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Automotive Fuel Cell Market Regional Insights
Asia-Pacific is expected to lead the market owing to significant growth in adoption of FCEV and positive results in reduction of Greenhouse Gas (GHG). Various countries across the region are also investing heavily are promoting the development of hydrogen systems and a positive goal to expand available hydrogen fuel stations. Key countries active in the region include China, South Korea and Japan. The success of the companies comes from a several reasons. These include positive support from governments, capital expenditure on research and innovation, and major automotive manufacturers using direct fuels. Countries like Japan and South Korea lead the way in fuel consumption. There are ambitious plans for widespread use, especially for fuel cell vehicles. This has made Asia-Pacific increasingly important in the global market for this technology.
Appropriate government targets and initiatives coupled with huge investments in R&D to develop the most advanced FC systems will increase the size of the North America region in the automotive fuel market. Increasing cross-country adoption of hydrogen-based technologies, with a motivational target to promote zero-emission vehicles to further support the regional approach. In 2019, it was announced that the Canadian government under its federal budget will provide funding of CAD$130 million. Additionally, aspirational targets have been set for ZEV sales if it includes light tariffs of 10%, 30% and 100% vehicles sold on ZEVs in 2025, 2030 and 2040 respectively. The main contributing countries are the USA and Canada.
Global Automotive Fuel Cell Market By Region
- Largest
- Fastest
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Automotive Fuel Cell Market Dynamics
Drivers
Favorable Government Initiatives and Investments Boost the Demand
- It is expected to contribute to the growth of the industry by promoting fuel efficiency and increasing investment in research and development activities while simultaneously reducing production costs. R&D is planned to support the adoption of FC systems for a variety of heavy-duty applications with low installation costs. In addition, local governments have introduced encouraging policies to improve hydrogen infrastructure and support FCEV adoption through grants and incentives.
Growing Demand for Zero-Emission Vehicles Is Set to Propel the Market Growth
- Rising greenhouse gas emissions, the decline of fossil fuels and emission-free vehicles such as electric cars, fuel-efficient electric vehicles. R&D activities are underway to accelerate their adoption. FCEVs use hydrogen fuel cells to generate electricity and provide water as it only heats up as a by-product, thus solving the problems of air pollution and climate change.
Restraints
High Production and Infrastructure Costs
- The automotive fuel cell market faces significant challenges due to the high costs associated with fuel processing and the infrastructure required to supply hydrogen fuel. In addition, installation of hydrogen fuel is time-consuming and expensive. This limits the appeal of gasoline-powered vehicles, especially in underdeveloped infrastructure areas, and slows down market penetration.
Limited Hydrogen Production and Storage
- Another major limitation is the lack of effective hydrogen production and storage solutions. Currently, most hydrogen is produced from fossil fuels, reducing the environmental costs of fuel-cell vehicles. Furthermore, hydrogen storage is technically complex and expensive, requiring special reservoirs and safety measures. This restriction hinders the development of fuel-efficient vehicles, as production and storage solutions are necessary to ensure the sustainability and widespread availability of the technology
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Automotive Fuel Cell Market Competitive Landscape
The competitive landscape of the automotive fuel cell market is dominated by leading automotive manufacturers and key suppliers of fuel efficiency technologies. Major brands like Toyota, Hyundai and Honda are using their automotive expertise and partnerships with government and hydrogen infrastructure companies to drive FCV adoption. Specialty companies like Ballard Power Systems and Nicola are focusing on fuel cell technology will provide and build a complete hydrogen ecosystem. The competition is based on developing cost-effective, sustainable fuel cell technologies, and overcoming the challenge of developing hydrogen fuel networks, which are important for FCV adoption. Collaboration are important strategies for market expansion, especially incentives and support for services with government that can be provided.
Top Player’s Company Profile
- Advent Technologies Holdings
- Ballard Power Systems
- Ceres Power
- Cummins Inc.
- Dana Incorporated
- Doosan Group
- General Motors
- Honda Motors
- Hyster-Yale
- Hyundai Group
- Intelligent Energy
- ITM Power
- Nedstack
- Panasonic Corporation
- Plug Power, Inc.
- PowerCell AB
- Proton Motor Power Systems
- Robert Bosch GmbH
- Stellantis
- Sunrise Power Co. Ltd.
- Swiss Hydrogen Power
- Toray Industries
- Toshiba
- Toyota Motor Corporation
Recent Developments
- In June 2022 – Toyota along with its subsidiary Woven Planet Holdings, Inc., produced a functional prototype of their portable hydrogen cartridge. The design of this cartridge will facilitate transportation and distribution of hydrogen energy for a wide range of everyday uses both inside the home as well as outside.
- In June 2022- Hyundai Motor announced that the updated hydrogen powered Nexo SUV would be released by 2014. The company has determined that large-scale production and sales of its new Nexo will commence in the latter part of 2024.
- In September 2022- Advent Technologies Holdings signed a three-year contract with the German State of Brandenburg. Under this contract, Advent will provide methanol-based fuel cell systems to the German State of Brandenburg. Within the region, these fuel cell systems will be installed in some critical communication sites.
Automotive Fuel Cell Key Market Trends
- Innovations in the Development of Medium and Heavy-Duty Vehicles to Drive Market Growth: Many companies are trying to carry out R&D activities to bring about advancement in fuel cell technology of automotive technology worldwide. Currently, there are a number of players who are integrating technology into their vehicles to increase the energy efficiency of vehicles. For example, in December 2020, Ballard Power Systems received a follow-on order from a Van Hul, Belgian company for a Vans-designed electric bus (FCEB), for delivery to Emmen.
- Focus on Improving Hydrogen Infrastructures to Augment Industry Pace: To keep FCEVs on the roads, hydrogen systems play an important role in meeting their fuel requirements. In addition to this, many companies are also focusing on producing clean hydrogen fuel, building new hydrogen fuel plants to support FCEV expansion. For example, in July 2020 Air Liquide announced plans to build H2 fuel the first high pressure (about 700 bar) in France was announced 20 fuel tanks can be filled with 1,000 kg/day.
Automotive Fuel Cell Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, the automotive fuel cell market trend is rapidly evolving as a sustainable solution in the transition towards zero-carbon transportation. The combination of technological advances, strategic incentives and government incentives makes fuel cell vehicles (FCVs) a much more viable option than conventional battery-electric vehicles (BEVs). The market is leading automotive manufacturers such as Toyota, Hyundai and Honda Infrastructure to support the fulfilment network. Major suppliers of fuel cell technology, such as Ballard Power Systems and Nicola Corporation, play an important role in developing and delivering advanced fuel cell systems for consumer and commercial applications. Despite the cost of initially high and the limited fuel system, the market prospects are promising provide encouragement. As technological advances reduce costs and increase the sustainability of fuel cells, this market is expected to grow significantly, especially in regions such as North America, Europe and Asia. This development is expected to be a global impetus for FCVs to move towards a greener, hydrogen-powered future in transportation.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 415 billion |
| Market size value in 2031 | USD 4780.27 billion |
| Growth Rate | 31.2% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Automotive Fuel Cell Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Automotive Fuel Cell Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Automotive Fuel Cell Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Fuel Cell Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Fuel Cell Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Automotive Fuel Cell Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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