What is the global market size of Fuel Cell Powertrain Market?

Global Fuel Cell Powertrain Market size was valued at USD 144 million in 2021 and is poised to grow from USD 235.8 million in 2022 to USD 12530.3 million by 2030, growing at a CAGR of 89.3% in the forecast period (2023-2030).

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 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.

Fuel Cell Powertrain Market Report Snapshots

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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).

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. '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)'

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.

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.

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.

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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

Fuel Cell Powertrain Market Dynamics

Fuel Cell Powertrain Market Report Snapshots

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