Automotive Fuel Cell Market

Automotive Fuel Cell Market Size (2023-2028):

The Global Automotive Fuel Cell Market was worth US$ 3.99 billion in 2022 and is anticipated to reach a valuation of US$ 32.83 billion by 2028 and is predicted to register a CAGR of 52.40% during 2023-2028.

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 it's 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 their operation. As most cell vehicles emit water and warmth, these vehicles are classified as zero-emissions vehicles.

Market Drivers:

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.

Market Restraints:

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 increases 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.

Market Recent Developments:

• 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 the world's most original hydrogen gasoline station in Munich
• Hydrogen cell electric vehicles offer refueling in, but five minutes – which is about an equivalent time it takes to refuel standard petrol or diesel vehicle.

AUTOMOTIVE FUEL CELL MARKET REPORT COVERAGE:

Market Segmentation:

Automotive Fuel Cell Market - By Type:

• Proton Exchange Membrane Fuel Cell (PEMFC) 
• Phosphoric Acid Fuel Cell (PAFC) 
• Alkaline Fuel Cell (AFC) 
• Solid Oxide Fuel Cell (SOFC) 
• Direct Methanol Fuel Cell (DMFC) 
• Molten Carbonate Fuel Cell (MCFC) 
• Microbial Fuel Cell (MFC) 

Proton Exchange Membrane cell (PEMFC) accounted for the larger share of the global automotive fuel cell market, and it's also predicted to grow at a faster rate within the market, thanks to their small size, high-power density, high efficiency, lightweight, and appropriate operating temperature.

Automotive Fuel Cell Market - By Application:

• Transport 
• Portable 
• Stationary

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.

Automotive Fuel Cell Market - By End-User:

• Vehicles 
• Utilities 
• Defense

According to the End-User, passenger vehicles accounted for the most important share and are 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.

Market Reginal Analysis:

The Global Automotive Fuel Cell Market Report includes the segmentation of regions:

• North America - U.S, Canada
• Europe - Norway, Germany, Sweden
• Asia Pacific - China, India, Japan
• Latin America - Brazil, Mexico, Argentina
• Middle East and Africa - Middle East, Africa

Europe automotive fuel cell market dominated the global business and is likely to continue its dominion in the foreseen years. North America's 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 in 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.

Market Key Players:

1. Ballard Power Systems
2. Hydrogenics
3. SFC Energy
4. Plug Power
5. Toshiba Energy Systems & Solution Corporation
6. Mitsubishi Hitachi Power Systems
7. Aisin Seiki Co.
8. Bloom Energy
9. Ceres Power
10. Kyocera
11. SOLIDpower
12. Doosan Fuel Cell America
13. Horizon Fuel cell, Altergy
14. Nuvera
15. AFC Energy
16. Microrganic Technologies
17. Sainergy
18. Arcola Energy Ltd.