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Fuel Cell Powertrain Market to Reach USD 12,530.3 Million by 2029; Rapid Technological Advancements in Fuel Cell Technology to Propel Market Progress

January 04, 2023 | Automotive & Transportation

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

  • February 2022: Ballard Power Systems undertook a non-binding Memorandum of Understanding (MoU) with Adani Group and deployed a joint investment to commercialize fuel cells in several industrial and mobility applications in India.

List of Key Players Profiled in the Report

  • Cummins Inc. (U.S.)

  • Robert Bosch GmbH (Germany)

  • Denso Corporation (Japan)

  • Ballard Power Systems (Canada)

  • FEV Group (Canada)

  • Nuvera Fuel cell LLC. (U.S.)

  • Plug Power (U.S.)

  • SFC Energy (Germany)

  • Bloom Energy (U.S.)

  • Ceres Power (U.K.)

Further Report Findings

  • The market in Asia Pacific stood at USD 99.2 million in 2021 and is expected to gain a huge portion of the global fuel cell powertrain market share in the coming years. The robust adoption of fuel cells in China and South Korea is expected to enhance the industry’s progress.

  • Further, increasing adoption of fuel cell powertrain for developing hydrogen infrastructure projects is expected to enhance the industry’s growth prospects.

  • In North America, increasing demand for FCEV in California may elevate fuel cell adoption. This factor may enhance market progress in the region.

Table of Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Value (USD Million) & Volume (Units)

By Power Output

  • Less than 150 kW

  • 150 to 250 kW

  • More than 250kW

By Component

  • Fuel Cell System

  • Battery System

  • Drive System

  • Hydrogen Storage System

  • Others

By Vehicle Type

  • Passenger Cars

  • Commercial Vehicle

  • Buses

By Geography

  • North America (By Power Output, By Component, By Vehicle Type)

    • U.S.

    • Canada

    • Mexico

  • Europe (By Power Output, By Component, By Vehicle Type)

    • U.K.

    • Germany

    • France

    • Rest of Europe

  • Asia Pacific (By Power Output, By Component, By Vehicle Type)

    • China

    • Japan

    • India

    • South Korea

    • Rest of Asia pacific

  • Rest of the World (By Power Output, By Component, By Vehicle Type)

Global Fuel Cell Powertrain Market
  • PDF
  • 2021
  • 2018-2020
  • 200


  • 4850

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