Global Automotive Fuel Cell Market Calculated to Grow at an Impressive Rate of 15% | Favorable Government initiatives Anticipated to Drive the Global Automotive Fuel Cell Market

A report released by Market Research Future (MRFR) reveals that the global automotive fuel cell market is expected to see an impressive growth during the forecast period of 2017 to 2023. The global market is anticipated to grow at a compound annual rate of 15% during the mentioned period.

The significant growth of the market can be attributed to the conscious decisions taken by the automakers to reduce carbon footprint to compensate the sale of large automotive. The second key factor are the number of favorable initiatives undertaken by the government across developed countries to find cleaner as well as greener alternatives to fuel. The third driving factor of the global market is the threat imposed upon the physical wellbeing of the user by traditional cell technology.

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Market Segmentation

The global automotive fuel cell market segmentation is based upon the following components: electrolyte type, vehicle type, power output, components, and fuel type.

By electrolyte type, the market includes proton exchange membrane fuel cells (PEMFC) and phosphoric acid fuel cell (PAFC). The PEMFC segment holds a higher demand than the PAFC segment. As PEMFC produce almost zero-emissions and help in limiting the greenhouse gases substantially, it holds significant popularity than its counterpart. Moreover, the PEM fuel cells are lightweight in nature, highly portable, easy to install, and hold a high-power density, can be utilized in different operating temperatures, and are highly efficient.

By fuel type, the market divided into methanol and hydrogen. The hydrogen-powered cells segment is expected garner decent traction in the forthcoming years due its ability to generate high power and because of its minute size. The methanol segment is also expected to witness significant demand due its easy of availability, easy to transport nature, it involves less cost, and generates low power.

By power output, the market distributes into 100KW, 100-200KW, and above 200KW. The 100-200KW segment is the most produced power output as it provides the highest output at a given price.

By components, the market segments into power conditioner, fuel processor, and fuel stack. The power conditioner segment is expected to retain its dominance in the global market with the highest share percentage. This is due to its continuous capacity in power generation.

By vehicle type, the market comprises heavy commercial vehicle (HCV), passenger vehicle (PV), and light commercial vehicle (LCV).

Regional Analysis

The global automotive fuel cell market is regionally segmented into the following regions: Europe, Asia Pacific, North America, and the Rest of the World.

Geographically, the global automotive fuel cell market is spearheaded by Asia Pacific. The region holds the maximum shares and is forecasted to drive significant sales to the global market in the coming years, thereby cementing itself as a stand out regional market. The government of Hong Kong, Japan, and China are going above and beyond in encouraging the usage of renewable energies by coming up with favorable policies. These policies are aimed at restricting ill effects of global warming. This acts as a major driver to the overall growth of the Asia Pacific regional market.

The North American region backed by a favorable government is taking imperative steps to reduce the carbon footprint therein. This is due to the large population of vehicles plying on the roads. The high demand for passenger vehicles and heavy commercial vehicles herein is a key factor that is influencing a positive demand of the market in this region. Consumers are seeing automotive fuel cells as a greener alternative to the conventional cells, which is subsequently driving the growth of the market.

Competitive Landscape

The global automotive fuel cell market includes a number of key players, both large and small, who are contributing significantly to the overall growth of the market. Some of the leading names identified by MRFR are Plug Power (U.S.), ITM Power (U.K.), Delphi Technologies (U.K.), Automotive Fuel Cell Cooperation (Canada), Ballard Power Systems Inc. (Canada), Ceramic Fuel Cells Ltd (Australia), Hydrogenics (Canada), Plug Power (U.S.), Nedstack (The Netherlands), Doosan Fuel Cell America (U.S.), and others.

May 1st, 2019, Robert Bosch GmbH reported its plans of entering the market for automotive fuel cells after its recent collaboration with fuel cell stack manufacturer, namely PowerCell Sweden AB.

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Key Questions Addressed by the Report

  • What was the historic market size?
  • Which segmentation (Product/ Capacity) is driving market?
  • What will be the growth rate?
  • How are the key players in this market?
  • What are the strategies adopted by key players?

TABLE OF CONTENTS

 

1 EXECUTIVE SUMMARY

 

2 SCOPE OF THE REPORT

2.1 MARKET DEFINITION

2.2 SCOPE OF THE STUDY

2.2.1 DEFINITION

2.2.2 RESEARCH OBJECTIVE

2.2.3 ASSUMPTIONS

2.2.4 LIMITATIONS

2.3 RESEARCH PROCESS

2.3.1 PRIMARY RESEARCH

2.3.2 SECONDARY RESEARCH

2.4 MARKET SIZE ESTIMATION

2.5 FORECAST MODEL

3 MARKET LANDSCAPE

3.1.1 THREAT OF NEW ENTRANTS

3.1.2 BARGAINING POWER OF BUYERS

3.1.3 THREAT OF SUBSTITUTES

3.1.4 SEGMENT RIVALRY

3.1.5 BARGAINING POWER OF BUYERS

3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS

4 MARKET DYNAMICS

4.1 INTRODUCTION

4.2 MARKET DRIVERS

4.3 MARKET RESTRAINTS

4.4 MARKET OPPORTUNITIES

4.5 MARKET TRENDS

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