Automotive Fuel Cell System Market Size Opportunities, Size, Share, Emerging Trends, Technological Innovation And Forecasts 2022-2031
The automotive fuel cell system market market studied was valued at USD 1,628 million in 2022, and it is expected to reach USD 10,162 million by 2031, projecting a CAGR of 40.63% during the forecast period.
The outbreak of pandemic COVID-19 has not impacted the market as badly as it has to the other automotive segments. The demand took a shock during the lockdown period but it is expected that the market will gain the momentum during 2021 and high growth will continue during the forecast period.
The automotive fuel cell market is a revolutionary development that reduces the cost of infrastructure and other resources. The fuel cells use either hydrogen or methane as the primary energy provider. Both the fuel cells are cleaner sources of fuel, as against the conventional lithium-ion battery cells.
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Eight of the world’s largest automobile manufacturers have plans to commercialize fuel cell vehicles (FCVs) by 2025. With the recent Volkswagen emissions scandal, China has made efforts to promote fuel cell technology in automobiles.
Key Market Trends
Rising Adoption of Fuel Cell Systems in Commercial Vehicles
With the growing environmental concerns, governments and environmental agencies are enacting stringent emission norms and laws, which are expected to increase the manufacturing cost of fuel-efficient diesel engines in the coming years. As a result, the new commercial vehicle diesel engines segment is expected to register a sluggish growth rate during the short term.
Additionally, conventional fossil fuel powered commercial vehicles, especially trucks and buses, are responsible for increasing transportation emission. The advent of fuel cell commercial vehicles, which are considered as low or zero-emission vehicles, is anticipate to reduce vehicular emissions emitted by heavy commercial vehicles.
Moreover, initiatives by government bodies around the world to opt for green energy mobility in order to curtail and curb transportation pollution is a key factor that is projected to drive the fuel cell commercial vehicle market in the near future.For instance,
– In April 2020, India’s largest power producer and a central PSU under Ministry of Power, NTPC Ltd, has invited global expression of interest to provide 10 Hydrogen Fuel Cell (FC) based electric buses and an equal number of Hydrogen Fuel Cell-based electric cars in Leh and Delhi.
Europe is Expected to Witness Higher Growth Rate over the Forecast Period
Various major companies are active in the automotive fuel cell system market in Europe. For instance, in March 2021, Robert Bosch GmbH announced that it is planning to develop automotive fuel cell (FC) system components and commercialize them by 2022. In addition to FC stacks, which are under development, the company will be developing integrated systems that will combine key components of fuel cell vehicles (FCV), including hydrogen gas injectors and air valves.
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Moreover, in March 2021, Daimler Truck AG and the Volvo Group founded a fuel cell joint venture. The Volvo Group acquired 50% shares in the existing Daimler Truck Fuel Cell GmbH & Co. KG with around EUR 0.6 billion. The new joint venture, cellcentric GmbH & Co. KG will be the world’s leading manufacturers of fuel cells.
Companies active in the region are constantly working on new materials and new fuel cell technologies and are spending in expansion of their facilities. It is expected to continue in the coming years as some companies have shown their intent on fuel cell technology by announcing upcoming investments. For instance,
Competitive Landscape
The automotive fuel cell system market is dominated by players, such as Ballard Power Systems Inc., Doosan Fuel Cell Co. Ltd, Hydrogenics, and Nedstack Fuel Cell Technology BV. These companies have been expanding their business by new innovative technologies so that they can have an edge over their competitors.
– In September 2019, Hyundai collaborated with Cummins in order to explore opportunities to develop new generation fuel cell technology that would power future vehicles. Hyundai fuel cell technology and Cummins electric motors together expanded their new electric and fuel cell powertrains so that they intend to work with North American OEMs for the integration of these systems into their vehicles.
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness – Porter’s Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
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