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

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.