Automotive Fuel Cell Industry Overview:

Automotive fuel cell market is expected to grow with a CAGR of approx. 15% forecast period.

The Automotive Fuel Cell Market Report helps automakers to manufacture high energy cells that are capable of powering the automobiles. Market Research Future (MRFR) has published a report about the global automotive fuel cell market that estimates massive increase for this market at 15% CAGR (Compound Annual Growth Rate) between 2017 and 2023.

The major factor supporting the global automotive fuel cell market growth is conscious decisions by the automakers to reduce the carbon footprint in order to compensate the large automotive sales. The second factor is government initiatives in developed countries to find cleaner and greener alternatives to fuel. The third factor is the threat posed to the physical wellbeing of the user by conventional cell technology.

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Key Players

The key players in the global automotive fuel cell market include Automotive Fuel Cell Cooperation (Canada), Ballard Power Systems Inc. (Canada), Ceramic Fuel Cells Ltd (Australia), Delphi Technologies (UK), Hydrogenics (Canada), ITM Power (UK), Nedstack (The Netherlands), and Plug Power (USA).

The global automotive fuel cell market can be segmented on the basis of the components, electrolyte type, fuel type, power output, vehicle type, and lastly, region. The components-based segmentation segments this market into the fuel processor, fuel stack, and power conditioner. Based on the electrolyte type, the market has been segmented into phosphoric acid fuel cell (PAFC) and proton exchange membrane fuel cells (PEMFC).

By fuel type, the market has been segmented into hydrogen and methanol. On the basis of power output, the market has been segmented into less than 100KW, 100-200 KW, and more than 200KW. As per vehicle type, the market has been segmented into the light commercial vehicle (LCV), heavy commercial vehicle (HCV), and passenger vehicle (PV).

The regional segmentation of the global automotive fuel cell market share segments the market into regional markets known as Europe, North America, Asia Pacific, and the rest of the world (RoW). During the forecast period, the Asia Pacific region is expected to drive maximum sales of the global automotive fuel cell market, making it a continually growing market.

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The governments of countries like China, Hong Kong, and Japan are encouraging the use of renewable energies backed with favorable initiatives and policies to restrict carbon emissions and the ill effects of global warming. Another important country-specific market in this India, followed by the remaining countries of the Asia Pacific region.

North America is also taking steps to reduce carbon emissions due to a large number of vehicles plying on the roads. The high demand for passenger vehicles and heavy commercial vehicles always raises the demand as well as the market for the fuel cell as a greener alternative to the traditional cells. The major country-specific markets in this region are the USA and Canada. Many key market players are based in North America, especially in the USA, vehicle fuel cell technology.

Europe is a significant regional market due to the presence of many key market players, the presence of some key market players, and government-imposed restrictions to curb environmental pollution. The vital country-specific markets are Spain and Germany, followed by the remaining countries in Europe. France and UK can be considered as potential markets in future as they are among the strongest economies in Europe, .

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