Automotive Fuel Cell Global Market Report 2022: Better Fuel Efficiency and Increased Driving Range Boosting Adoption

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Dec 20, 2022, 06:45 ET

DUBLIN, Dec. 20, 2022 /PRNewswire/ -- The "Automotive Fuel Cell Market by Vehicle Type (Buses, Trucks, LCVs, Passenger Cars), Component, Fuel Cell Type, Fuel Type, Hydrogen Fuel Points, Operating Miles, Power Capacity, Specialized Vehicle Type and Region - Global forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The global automotive fuel cell market is projected to grow from 25 thousand units in 2022 to 724 thousand units by 2030, registering a CAGR of 52.4%. Fuel cell operated vehicles such as buses, LCVs, passenger cars, and trucks, were mapped as part of this research. The growing demand for zero-emission commercial freight trucks and buses have accelerated the growth of long range fuel cell vehicles. The rapid setup of hydrogen infrastructure worldwide the demand for FCEVs is also expected to increase gradually. Technological breakthroughs in fuel cell components and other technologies have made it possible to have longer range and high-power engines in fuel cell electric vehicles (FCEVs). This will create a shift in demand for FCEVs in the coming years.

251-500 miles range segment to be the largest segment in the market during the forecast period.

The 251-500 miles segment is currently the largest because its high range in a single filling is the primary reason for buying FCEVs over other EVs. Most fuel-cell vehicles currently available in the market are under this range. Above 500 miles is an upcoming segment due to OEMs working on improving range beyond earlier limits. As technology keeps developing and the size of fuel cells decreases, FC vehicles will be able to cover a larger range on a single filling. This is the reason for above 500 miles to be the fastest-growing segment in the future. The 251-500 miles segment is projected to be the largest during the forecast period. This segment includes FCEV passenger cars and some smaller buses and trucks. The 2021 Honda Clarity comes with a range of 360 miles on a single filling. Similarly, 2021 Toyota Mirai Limited and 2021 Toyota Mirai XLE come with 357- and 402-miles range, respectively. Toyota provides a number of offers including USD 15,000 worth of free fuel for the Toyota Mirai. Hyundai Nexo and Hyundai Nexo Blue come with a range of 354 and 380 miles, respectively. Riversimple Movement is available with a range of 300 miles in a single filling.

<150 kW segment to lead the demand for automotive fuel cell electric vehicles during the forecast period.

The <150 kW segment is estimated to be the largest during the forecast period. Currently, most fuel-cell vehicle models use a fuel-cell stack with <150 kW power output. Passenger cars contribute to the largest share of the automotive fuel cell market. Most fuel-cell car models use fuel-cell stacks with an output power of less than 150 kW. Hence, the segment is estimated to be the largest.

Market Dynamics

Drivers

Better Fuel Efficiency and Increased Driving Range
Rapid Increase in Investment and Development for Green Hydrogen Production
Fast Refueling
Reduced Oil Dependency
Lower Emissions Than Other Vehicles
Fuel Cell Product Lifecycle

Restraints

High Flammability
Hard to Detect Hydrogen Leakages
High Initial Investments in Hydrogen Fueling Infrastructure
Lower Efficiency Than BEVs and HEVs

Opportunities

Rising Demand for Fuel-Cell Vehicles in Automotive and Transportation
Fuel-Cell Vans to be an Emerging Opportunity for OEMs
Government Initiatives Promoting Hydrogen Infrastructure
Development of Mobile and Community Hydrogen Fueling Systems

Challenges

High Vehicle Costs
Insufficient Hydrogen Infrastructure
Rising Demand for BEVs and HEVs

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Automotive Fuel Cell Market, by Vehicle Type

7 Automotive Fuel Cell Market, by Component

8 Automotive Fuel Cell Market, by Specialized Vehicle Type

9 Automotive Fuel Cell Market, by Operating Miles

10 Automotive Fuel Cell Market, by Power Output

11 Automotive Fuel Cell Market, by Fuel Type

12 Automotive Fuel Cell Market, by Hydrogen Fuel Points

13 Automotive Fuel Cell Market, by Fuel Cell Type

14 Automotive Fuel Cell Market, by Region

15 Competitive Landscape

16 Company Profiles

17 Analyst's Recommendations

18 Appendix

Companies Mentioned

Advent Technologies Holdings
Ballard Power Systems
Bloom Energy
Borgwarner
Bosch
Bramble Energy
Ceres Power
Cummins
Daimler
Dana Incorporated
Doosan Group
Elringklinger Ag
Ford Motor Company
Fuel Cell Systems Manufacturing LLC
Fuelcell Energy
Honda
Hydra Energy Corporation
Hyster-Yale
Hyundai Group
Intelligent Energy
Ionomr Innovations
Isuzu Motors
ITM Power
Mebius Fuel Cell
Nedstack
Nikola
Panasonic
Plug Power
Powercell Ab
Proton Motor Power Systems
Riversimple
Saic Motors
Sunfire
Sunrise Power Co. Ltd
Swiss Hydrogen Power
Symbio
Toray Industries
Toshiba
Toyota Motor Corporation
Van Hool
Volkswagen Ag

For more information about this report visit https://www.researchandmarkets.com/r/uyv36s

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SOURCE Research and Markets