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The global fuel cell powertrain market size is expected to exhibit strong growth by reaching USD 12,530.3 million by 2029. Fortune Business Insights™ in its report titled “Fuel Cell Powertrain Market Size, Share & COVID-19 Impact Analysis, By Power Output (Less than 150 kW, 150-250 kW, and More than 250 kW), By Component (Fuel Cell System, Battery System, Drive System, Hydrogen Storage System, and Others), By Vehicle Type (Passenger Cars, Commercial Vehicle, and Buses), and Regional Forecasts, 2022-2029” observes that the market size stood at USD 144 million in 2021 and touched USD 235.8 million in 2022. The market is expected to exhibit a CAGR of 89.3% during 2022-2029. Rising advancements in fuel cell technology and robust demand for clean energy are expected to enhance the market’s progress.
Robert Bosch GmbH Partnered with Qingling Motors to Establish Great Brand Image
Robert Bosch GmbH entered INTO a partnership with Qingling Motors in April 2021. The company plans to manufacture and sell its Bosch hydrogen fuel cell system in the Chinese markets and elevate its brand image globally.
Reduced Vehicle Production Negatively Affected the Industry During the Pandemic
This market was adversely affected during the COVID-19 pandemic due to lower vehicle production. The alarming spike in COVID-19 infections resulted in the closure of several facilities, affecting manufacturing activities. Further, transport and travel restrictions created raw material shortages. However, the adoption of industrial automation and reduced capacities helped manufacturers to balance their costs and recover losses. Additionally, post-COVID-19 relaxations empowered companies to continue their business and boost their annual revenues. These factors fostered the industry’s progress after the pandemic.
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High Fuel Economy and Long Travel Range to Enhance Market Progress
Fuel Cell Powertrain (FCP) is an electric propulsion system that converts hydrogen energy into electric power by using a fuel cell. The long travel range of fuel cell powertrain may boost the product’s demand. Further, the high fuel economy of fuel-cell-powered electric vehicles is likely to enhance the demand for fuel cell powertrain. Moreover, increasing demand for low-emission and fuel-efficient vehicles may enhance the market’s progress. Also, manufacturers ramp up their production capacities to enhance their sales figures. These factors may drive the market growth.
Major Players Deploy Partnerships for the Expansion of their Facilities to Expand their Market Reach
The prominent companies operating in the market deploy partnerships to expand their manufacturing facilities and expand their market reach. For example, Bloom Energy partnered with Ferrari in June 2022 to set novel carbon-neutral manufacturing standards by 2030. This strategy may allow the company to expand its manufacturing facility and market reach. Furthermore, companies deploy research and development, mergers, acquisitions, innovations, industrial automation, and other strategies to fulfill organizational goals and elevate their market position globally.
Key Industry Development
List of Key Players Profiled in the Report
Further Report Findings
Table of Segmentation
Value (USD Million) & Volume (Units)
By Power Output
By Vehicle Type