USD 144 million
Fuel Cell Powertrain Market Size, Share, Growth Analysis, By Component(Hydrogen Storage systems, Battery systems, Drive systems, Fuel Cell Systems), By Vehicle Type(Passenger Cars, Light Commercial Vehicles, Trucks, Buses), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10B2029 |
Region:
Global |
Published Date: February, 2024
Pages:
278
|Tables:
68
|Figures:
75
Fuel Cell Powertrain Market Insights
Global Fuel Cell Powertrain Market size was valued at USD 144 million in 2019 and is poised to grow from USD 235.8 million in 2023 to USD 12530.3 million by 2031, growing at a CAGR of 89.3% in the forecast period (2024-2031).
An electrically driven system that uses a fuel cell to transform hydrogen energy into electricity is known as a fuel cell powertrain. A few applications for fuel cells include transportation, emergency backup power, and material handling. Since they don't produce harmful pollutants, fuel cell powertrains are more effective and environmentally friendly than internal combustion engine powertrains.
A fuel cell is used in a fuel cell powertrain which is an electrically powered system, to transform hydrogen-based energy into electricity. Transport, emergency backup power, and material handling are just a few of the uses for fuel cells. Fuel cell power trains are extremely effective and environmentally beneficial because they don't produce hazardous emissions as internal combustion engine powertrains do. The deployment of fuel cell powertrains improves energy security, according to the U.S. Department of Energy.
The increasing sale of fuel cell electric vehicles (FCEV) is the key factor in the fuel cell powertrain market growth. However, owing to the pandemic-induced lockdown, several OEMs were forced to halt production in the first quarter of 2020. Furthermore, several OEMs resumed production in the second quarter at lower capacity utilization. Hence, lower vehicle production and reduced vehicle demand have led to a considerable drop in FCP demand. This is likely to lead to reduced investment in innovative R&D initiatives over the short to mid-term. Hence, reduced demand for FCPs owing to lower vehicle production, increased emphasis on commercial vehicle (LCV, HCV) applications, and reduced investment over the short term is the key impact of COVID-19 on the market.
US Fuel Cell Powertrain Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Passenger Cars
Fastest Growth
Passenger Cars
Growth Rate
89.3% CAGR
Global Fuel Cell Powertrain Market 2021-2028 ($ Mn)
Country Share for Asia-Pacific Region- 2021 (%)
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Fuel Cell Powertrain Market Segmental Analysis
The Fuel Cell Powertrain Market is segmented based on the Component, Vehicle Type, and region. Based on the Component, the Fuel Cell Powertrain Market is segmented as Hydrogen Storage systems, Battery systems, Drive systems, Fuel Cell Systems, Fuel Cell Systems, and Others. Based On Vehicle, the Fuel Cell Powertrain Market is segmented as Passenger Cars, Light Commercial Vehicles, Trucks, and Buses. Based on Region Fuel Cell Powertrain Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Fuel Cell Powertrain Market Analysis by Component
The Fuel Cell Powertrain Market has been segmented on the basis of components into fuel cell systems, battery systems, drive systems, hydrogen storage, and others. Due to the falling prices of essential fuel cell stack components including bipolar plates, stack housing, and MEA, the fuel cell systems market segment is expected to experience significant expansion (membrane electrode assemblies). The market is anticipated to see considerable expansion in the battery systems category.
Fuel Cell Powertrain Market Analysis by Vehicle Type
The Fuel Cell Powertrain Market has been segmented on the basis of Vehicle type into Passenger cars, commercial vehicles, Buses, and trucks. The passenger cars segment has acquired the largest market share. High adoption rates, rising per capita incomes, and expanding consumer demand for personal mobility are anticipated to drive the market for fuel cell passenger cars. Programs in several countries to replace ICE taxi fleets with zero-emission taxi fleets are also anticipated to offer significant development opportunities during the projection period.
Global Fuel Cell Powertrain Market by Vehicle Type, 2021 (%)
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Fuel Cell Powertrain Market Regional Insights
During the forecast period, Asia Pacific is expected to grow significantly. The market for fuel cell powertrains in the region is expected to grow as consumer demand for eco-friendly and fuel-efficient vehicles rises. The presence of numerous domestic and foreign fuel cell power train producers can also be credited with the market expansion in Asia Pacific.
Throughout the projection period, North America is most expected to be a stable region of the global fuel cell powertrain market. A significant reason driving the demand for fuel cell powertrain in the region is the introduction of strict norms and laws to limit GHG emissions.
The markets in Europe and Asia are developing rapidly toward battery and fuel cell-based energy storage and energy supply. Europe is also expected to acquire a significant proportion of Fuel Cell Powertrain Market due to the efforts that are being taken by manufacturers to lower the weight of automobile so as to improve their performance.
Global Fuel Cell Powertrain Market By Geography, 2021 - 2028
- Largest
- Fastest
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Fuel Cell Powertrain Market Dynamics
Fuel Cell Powertrain Market Driver
- Raising public knowledge of greenhouse gas emissions will offer several opportunities. Rising environmental awareness regarding air pollution and greenhouse gas emissions will significantly boost the market for fuel cell powertrains throughout the forecast period. Additionally, as FCEV usage rises and automotive technology develops rapidly, the market is growing.
Fuel Cell Powertrain Market Restraint
- High flammability and difficulties in identifying hydrogen leaking are anticipated to hinder market expansion. Further, the market for fuel cell powertrains is expected to face challenges from the strong demand for BEVs and HEVs and from the lack of infrastructure for fuel cell vehicles.
- Significant growth in battery and hybrid electric vehicles, as well as the high flammability of hydrogen leaks, are predicted to hamper the market for fuel cell powertrains. The COVID 19 pandemic has also adversely impacted global auto supply chains and production, which is anticipated to reduce demand for fuel cell powertrains.
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Fuel Cell Powertrain Market Competitive Landscape
MAM USA Corporation, Baby Shusher, and The White Company are a few of the top Fuel Cell Powertrain manufacturers with sizable market shares. To compete with industry leaders, these businesses employ new product development and expansion as a primary strategy to capture a substantial market share. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions.
Fuel Cell Powertrain Market Top Player's Company Profiles
- Ballard Power Systems
- Plug Power Inc.
- Hydrogenics Corporation
- Toshiba Fuel Cell Power Systems Corp.
- Nuvera Fuel Cells
- SFC Energy AG
- AFC Energy
- Intelligent Energy
- Ceres Power
- Bloom Energy
- Doosan Fuel Cell America
- FuelCell Energy
- Horizon Fuel Cell Technologies
- ITM Power
- Nedstack Fuel Cell Technology
- Proton Motor Fuel Cell
- Shanghai Shenli Technology Co. Ltd.
- Sunrise Power Co. Ltd.
- Toyota Motor Corporation
- UTC Power (United Technologies Corporation)
Fuel Cell Powertrain Market Recent Developments
- In June 2022, Hydroplane Ltd has announced that they will be using hydrogen fuel cell technology for flight decarbonization that can retrofit with existing general aviation aircraft. Also, company announced its recent funding round closure in which it raised $2 million from unnamed angel investors.
- In June 2022, A battery cell specialist with a major manufacturing facility ‘Scots’ will be collaborating on the development of advanced hydrogen hyper cars and heavy goods vehicles.
Fuel Cell Powertrain Key Market Trends
- The need for clean energy sources has been generated by the rising environmental issues, such as climate change and poor air quality, as a result of rapid regional transportation sector growth and excessive fossil fuel usage. Fuel cells produce no emissions and aid in the reduction of greenhouse gases.
- A fuel cell primarily employs hydrogen or methanol to maximize energy security while lowering economic reliance on oil and gas. The expansion of the automotive fuel cell industry is anticipated to be aided by expanding hydrogen refueling infrastructure and escalating environmental concerns.
Fuel Cell Powertrain Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Fuel Cell Powertrain Market Analysis, in terms of vehicle type, the passenger car segment has held the largest market share, and the commercial vehicle segment is also expected to grow rapidly during the forecast period. The global market for fuel cell powertrains can be segmented into fuel cell systems, battery systems, drive systems, hydrogen storage systems, and others based on component. In the upcoming years, it is predicted that the battery system market would expand at a high CAGR.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 144 million |
| Market size value in 2031 | USD 12530.3 million |
| Growth Rate | 89.3% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| 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:-
|
| Historical Year | 2019 |
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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 Fuel Cell Powertrain 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 Fuel Cell Powertrain 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 Fuel Cell Powertrain 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 Fuel Cell Powertrain 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 Fuel Cell Powertrain Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Fuel Cell Powertrain 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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