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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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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.
List of Key Players Profiled in this Market Report
Further Report Findings
Table of Segmentation
Volume (Units) and Value (USD Billion)
Type; Power Rating; Vehicles; and Region
By Power Rating