The global automotive fuel cell market size to succeed in USD 1.06 billion by 2024 from an estimated market size of USD 0.34 billion in 2019, at a compounded annual growth rate (CAGR) of above 25.4% during the forecast period.
The main factors driving the global automotive fuel cell market include the growing demand to decarbonize energy end-use, government regulation for desulphurization of refinery activities, and increased demand for hydrogen within the transportation sector.
A fuel cell vehicle (FCV) may be a sort of electric vehicle that uses a cell, rather than A battery, or together with A battery or supercapacitor, to power its onboard motor. For the generation of electricity to power the engine, the cell is employed. Cell generally use oxygen from the air and compressed hydrogen for its operation. As most cell vehicles emit water and warmth, these vehicles are classified as zero-emissions vehicles.
After losing money for almost two decades, Johnson Matthey Plc's fuel-cell components are seeing some fruits on the rear of China's policies boosting the stuttering hydrogen-powered auto industry.
German auto supplier Bosch confirmed that it had reached a contract with Powercell Sweden AB to combinedly mass-produce hydrogen fuel cells for electrifying heavy-duty commercial vehicles.
BMW opens world's most original hydrogen gasoline station in Munich
Hydrogen cell electric vehicles offer refuelling in, but five minutes – which is about an equivalent time it takes to refuel standard petrol or diesel vehicle.
Drivers and Restraints of Automotive Fuel Cell:
Burning fossil fuels is the primary method to get power for electrical purposes and vehicle propulsion globally. Moreover, these methods increasingly contribute to pollution. To beat this, the dependence on clean energy is increasing, because the need for electricity and transportation systems is rising. This issue was also addressed within the Paris agreement, where nearly 174 countries agreed to scale back their carbon footprint to make sure that the worldwide temperature rise stabilizes at 1.5 degrees Celsius without compromising on the increasing electricity demand. All these aspects boost the expansion of the global automotive fuel cell market in the coming years.
Catalysts are a crucial part of the cell and may enhance the working range of a cell by up to 46% by increasing the facility density. A number of the foremost typical fuel cells are DMFC, PAFC, and PEM, which believe rare-earth element metals like platinum for enhancing the reaction rate. Rare-earth element metals are expensive, and their use increases the general cost of the cell. The value of platinum, consistent with an equivalent report, was nearly USD 1500 per ounce. The importance of catalysts employed by a cell is almost 26% of the entire cost when a variety of 1000 systems are produced per annum. However, when the number of systems produced increase to 500,000 per annum, the value of catalysts rises to just about 41% of the entire cost of the cell. Therefore, the high cost of catalysts is projected to inhibit the expansion of the automotive fuel cell market during the forecast period.
Proton Exchange Membrane cell (PEMFC) accounted for the larger share in the global automotive fuel cell market, and it's also predicted to grow at the faster rate within the market, thanks to small size, high-power density, high efficiency, lightweight, and appropriate operating temperature.
Transportation is the most promising application of the automotive fuel cell business that is likely to expand with the growing number of commercial operations around the world.
According to the End-User, the passenger vehicles accounted for the most important share and is predicted to grow at the fastest rate within the global automotive cell market due easiness of application of cell technology, cost-efficacy, augmented golf range, high demand for passenger cars, strict emission norms and elevated emphasis of OEMs to use cell technology in passenger cars.
Automotive Fuel Cell Market Region wise analysis:
Marked Segmentation based on the region:
a. Middle East
Europe automotive fuel cell market dominated the global business and likely to continue its dominion in the foreseen years. North America automotive fuel cell market is the second-largest producer and consumer of petroleum, globally. The refinery throughput within the region in 2018 was the second-largest within the world. In this region, the US accounted for the most important share of 93.8% in 2018 within the advances in cell technology market. Policies are being framed to research and encourage the usage of unpolluted fuels like hydrogen for various energy requirements. Asia Pacific automotive fuel cell market is predicted to drive sales of the worldwide business, making it a continually growing market. The governments of nations like China, Japan and Hong Kong are encouraging the utilization of renewable energies backed with favorable policies to limit the ill effects of global warming.
Key Players of Market:
Automotive fuel cell market contains some leading players, such as Ballard Power Systems, Hydrogenics, SFC Energy, Plug Power, Toshiba Energy Systems & Solution Corporation, Mitsubishi Hitachi Power Systems, Aisin Seiki Co., Bloom Energy, Ceres Power, Kyocera, SOLIDpower, Doosan Fuel Cell America, Horizon Fuel cell, Altergy, Nuvera, AFC Energy, Microrganic Technologies, Sainergy, and Arcola Energy Ltd.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Automotive Fuel Cell Market, By Type
6.1.1 Proton Exchange Membrane Fuel Cell (PEMFC)
6.1.2 Phosphoric Acid Fuel Cell (PAFC)
6.1.3 Alkaline Fuel Cell (AFC)
6.1.4 Solid Oxide Fuel Cell (SOFC)
6.1.5 Direct Methanol Fuel Cell (DMFC)
6.1.6 Molten Carbonate Fuel Cell (MCFC)
6.1.7 Microbial Fuel Cell (MFC)
6.1.8 Market Size Estimations & Forecasts (2019-2024)
6.1.9 Y-o-Y Growth Rate Analysis
6.1.10 Market Attractiveness Index
6.2 Automotive Fuel Cell Market, By Application
6.2.4 Market Size Estimations & Forecasts (2019-2024)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
6.3 Automotive Fuel Cell Market, By End-User
6.3.4 Market Size Estimations & Forecasts (2019-2024)
6.3.5 Y-o-Y Growth Rate Analysis
6.3.6 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Type
7.2.3 By Application
7.2.4 By End-User
7.3.1 By Country
220.127.116.11 Rest of Europe
7.3.2 By Type
7.3.3 By Application
7.3.4 By End-User
7.4 Asia Pacific
7.4.1 By Country
18.104.22.168 South Korea
22.214.171.124 South East Asia
126.96.36.199 Australia & NZ
188.8.131.52 Rest of Asia-Pacific
7.4.2 By Type
7.4.3 By Application
7.4.4 By End-User
7.5 Latin America
7.5.1 By Country
184.108.40.206 Rest of Latin America
7.5.2 By Type
7.5.3 By Application
7.5.4 By End-User
7.6 Middle East and Africa
7.6.1 By Country
220.127.116.11 Middle East
7.6.2 By Type
7.6.3 By Application
7.6.4 By End-User
8. Key Player Analysis
8.1 Ballard Power Systems
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Toshiba Energy Systems & Solution Corporation
8.3 Mitsubishi Hitachi Power Systems
8.4 Aisin Seiki Co.
8.5 Bloom Energy
8.6 Ceres Power
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures