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Automotive Fuel Cell Market Industry Growth, Size, Share, Trends Analysis and Forecast to 2025
The report "Automotive Fuel Cell Market by Components (Fuel Stack, Fuel Processor, Power Conditioner), Electrolyte Type (PEMFC, PAFC), Power Output (<100KW, 100-200KW, >200KW), Vehicle Type (PC, LCV, Bus, Truck), H2 Fuel Station, Region - Global Forecast to 2025"
Automotive Fuel Cell Market by Components (Fuel Stack, Fuel Processor, Power Conditioner), Electrolyte Type (PEMFC, PAFC), Power Output (<100KW, 100-200KW, >200KW), Vehicle Type (PC, LCV, Bus, Truck), H2 Fuel Station, Region – Global Forecast to 2025
The automotive fuel cell market is estimated to be 4,457 Units in 2017 and is projected to reach 268,786 Units by 2025, at a CAGR of 65.86% during the forecast period. The base year for the study is 2017 and the forecast period is 2018–2025. The market is primarily driven by the benefits offered by fuel cell vehicles, such as better fuel efficiency and increased driving range, fast refueling, reduced oil dependency, and no greenhouse gas and air pollutants emission.
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Key Players of Automotive Fuel Cell Market:
The ecosystem of the fuel cell market consists of fuel cell manufacturers such as Ballard Power Systems (Canada), ITM Power (UK), Hydrogenics (Canada), Plug Power (US), and AFCC (Canada). The OEMs considered include Toyota (Japan), Honda (Japan), Hyundai (South Korea), Daimler (Germany), and Nissan (Japan).
Passenger car segment to be the largest segment in the automotive fuel cell market, by vehicle type
Due to the ease of application of fuel cell technology in passenger cars, increased driving range, cost effectiveness of fuel cell passenger cars, and high focus of OEMs to implement fuel cell technology in passenger cars are boosting the growth of the passenger car segment. There are several FCEV passenger car models, such as Toyota Mirai, Honda Clarity, and others, available in the market. Due to the high demand for passenger cars, large passenger car production capabilities, stringent emission norms, comparatively low fuel cell production costs, and increasing investments by leading fuel cell manufacturers such as Ballard Power Systems, the passenger car segment of the automotive fuel cell market is projected to lead the market.
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The Proton Exchange Membrane fuel cell (PEMFC) is estimated to be the fastest growing and the largest market in automotive fuel cell market during the forecast period
PEMFC is estimated to witness fastest growth and is estimated to have the largest market share in automotive fuel cell market, by electrolyte type. The fuel cell produces zero emissions and can help in reducing the greenhouse gas emissions. PEMFC are used in passenger and commercial vehicles due to their high-power density, suitable operating temperature, small size, high efficiency, and light weight. Hence, PEMFC segment is expected to dominate the automotive fuel cell market during the forecast period.
Asia Pacific is projected to be the fastest growing regional market for automotive fuel cell
Asia Pacific represents the biggest market for green technologies in the world. The governments are setting renewable energy targets, backed by favorable policies such as the Kyoto Protocol. Currently, the largest markets for fuel cells in Asia Pacific are Japan and South Korea. This has been the dominant region for fuel cell adoption since 2009 due to the commercial deployment of Japanese fuel cell micro-CHP products. Japan, the first nation to commercialize fuel cells, is supporting a project on residential and automotive applications. Asia Pacific is projected to be the largest market for automotive fuel cell by 2025 due to the high acceptance of electric vehicles, increasing hydrogen infrastructure, and commercialization of fuel cells in the countries in this region.
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