Automotive Fuel Cell Market to Soar at 53.5% CAGR till 2028; Mounting Concerns over Intensification of Global Warming & Climate Change to Propel the Market

The global automotive fuel cell market size is projected to reach USD 34.63 billion by 2028 owing to the increasing adoption of proton exchange membrane fuel cell (PEMFC), states Fortune Business Insights™ in its report, titled “Automotive Fuel Cell Market Size, Share & COVID-19 Impact Analysis, By Type (Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), and Others), By Power Rating (Below 100 kW, 100 – 200 kW, and Above 200 kW), By Vehicles (Passenger Vehicles, Light Commercial Vehicles (LCVs), Bus, and Trucks), and Regional Forecast, 2021-2028”. The report also states that in 2020, the value of this market stood at USD 1.07 billion and the market is anticipated to register a spectacular CAGR of 53.5% from 2021 to 2028.

The COVID-19 pandemic has boosted the automotive fuel cell market growth as research into hydrogen fuel cell technology has intensified amid the pandemic. This is mainly attributable to the escalating demand for energy-efficient mobility technologies, given the aggravated conditions of COVID patients who have been exposed to high pollution levels for an extended period of time. Against this backdrop, the market showcased an incredible CAGR of 44.06% in 2020 and hit a value of USD 1.73 billion in 2021.

Ballard Secures Additional Order for 10 Fuel Cell Modules for Buses in the Netherlands

In December2020, Ballard Power Systems bagged a follow-on order for ten automotive fuel cell modules from Van Hool, leading bus original equipment manufacturer (OEM) based in Belgium. The modules will be installed in Van Hool’s A330 buses, which are slated for deployment in the Netherlands under the JIVE2 funding program. To be delivered in 2021 by Ballard, these modules will power Van Hool’s signature A330 fuel cell electric buses (FCEBs) that will be put on the road in 2022 by Groningen-Drenthe and the Emmen-based public transport agency, Qbuzz. Shell has been signed on to provide a hydrogen refueling station and it is also planning to build a plant to produce green hydrogen.

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https://www.fortunebusinessinsights.com/industry-reports/automotive-fuel-cell-market-101809

Increasing Presence of Fuel Cell Trucks to Catalyze Market Growth

Innovations in automotive fuel cell technologies have led to the development and deployment of heavy-duty trucks driven by fuel cell units. In October 2019, for example, H2Haul, a $13 million project, was announced by the European Commission, with the aim of demonstrating the efficacy of fuel cell trucks as viable and direct substitutes to diesel-powered trucks. In February 2020, to take another example, Plug Power released its 125 kW ProGen hydrogen engine for trucks, buses, and port applications. Furthering the cause of fuel cell-driven trucks is the South Korean auto major, Hyundai Motor Company, which announced its plans of showcasing its fleet of zero-emission heavy-duty trucks, in partnership with Hydrospider, on Swiss roads in the spring of 2020. Initiation of such projects and programs to promote next-generation transport and logistics is brightening the outlook of this market.

Improving Hydrogen Infrastructure to be the Core Concern of Key Players

Key players in this market are intensely focused on building and improving hydrogen infrastructure, especially in developed economies, to accelerate the adoption of automotive fuel cell solutions. These companies have been making significant investments in R&D activities to develop breakthrough solutions and promote sustainable mobility.

Industry Development:

• July 2020: Air Liquide installed Europe’s maiden high-pressure hydrogen refueling station, with a capacity to power the first fleet of long-haul hydrogen trucks in the continent. The installation is in line with Air Liquide’s aim to speed up the deployment of hydrogen-based heavy-duty vehicles via large-scale projects.

List of Key Players Profiled in this Market Report

• Wind2Gas Energy GmbH & Co KG (Germany)


• Umicore (Belgium)


• Shanghai Re-Fire Technology Co., Ltd. (China)


• Hystorsys (Norway)


• Hydrogenious (Germany)


• Hexagon Composites ASA (Norway)


• H2 Energy (Switzerland)


• FREUDENBERG (Germany)


• e.Go Mobile AG (Germany)


• Bosal (Belgium)


• Air Liquide (France)


• W. L. Gore & Associates (U.S.)


• Hauzer Techno Coating B.V. (Netherlands)


• Wuhan Tiger FCV (China)


• Symbio (France)


• PowerCell Sweden AB (Sweden)


• FEV Group GmbH (Germany)


• ElringKlinger (Germany)


• Bosch (Germany)


• Ceres Power (UK)


• ITM Power (UK)


• Hydrogenics (Canada)


• Daimler AG (Germany)


• Plug Power (U.S.)


• Nissan Motor Corporation (Japan)


• Hyundai Motor Company (South Korea)


• Wystrach (Germany)


• UQM Technologies (U.S.)


• Solaris Bus & Coach S.A (Poland)


• Pragma Industries (France)


• Hydrospider (Switzerland)


• Horizon Fuel Cell Technologies (Singapore)


• H2V Industry (France)


• Grove Hydrogen Automotive (China)


• FABER INDUSTRIE SPA (Italy)


• Danish Power Systems (Denmark)


• Blue World Technologies (Denmark)


• Foresight Energy Co., Ltd. (China)


• Bing Energy (U.S.)


• Hauzer Techno Coating B.V. (Netherlands)


• Wuhan Tiger FCV (China)


• Symbio (France)


• Proton Motor Fuel Cell GmbH (Germany)


• Intelligent Energy (England)


• Faurecia (France)


• Continental Industries (Germany)


• AVL (Austria)


• Nuvera Fuel Cells, LLC (U.S.)


• Delphi Technologies (UK)


• Toshiba (Japan)


• American Honda Motor Company, Inc. (Japan)


• Nedstack Fuel Cell Technology (Netherlands)


• Toyota Motor Company (Japan)


• Ballard Power Systems (Canada)

Further Report Findings

• By vehicle type, the market has been segmented into passenger vehicles, buses, light commercial vehicles, and trucks. Here, the passenger vehicles segment is expected to lead the automotive fuel cell market share due to the ambitious carbon emission targets set by various governments around the globe. In 2020, the segment held a dominant market share of 60.0%.     


• Asia Pacific is poised to emerge as a crucial investment hub for automotive fuel cell manufacturers and developers on account of the large manufacturing capacities of China and India, along with the strong promotion of hydrogen economy in the region. The Asia Pacific market size stood at USD 0.66 billion in 2020.

Table of Segmentation