Automotive Fuel Cell Market worth 596,255 units by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 16, 2021 /PRNewswire/ -- According to the new market research report "Automotive Fuel Cell Market by Component (Fuel Processor, Fuel Cell Stack, Power Conditioner, Air Compressor, Humidifier), Power Output, Hydrogen Fuel Stations, Vehicle Type (Passenger car, LCV, Truck, Bus), Operating Miles, Region - Global Forecast 2028", published by MarketsandMarkets™, the market size is projected to grow from 20,168 units in 2021 to reach 596,255 units by 2028, at a CAGR of 62.2%. Factors such as growing demand for long range zero emissions commuting and governments supporting low emission vehicles through subsidies & tax rebates have led to automakers adopting to FCEV's and the growth of Automotive Fuel Cell Market.
Browse in-depth TOC on "Automotive Fuel Cell Market"
197 – Tables
79 – Figures
279 – Pages
Growing concerns over increased pollution by the automotive industry is the prime reason government bodies are promoting zero emission vehicles over Petrol or Diesel ones. People have recognized the need for promoting zero emission vehicles to reduce the increasing pollution. To attract and encourage people to buy FCEV's, government bodies of different countries are introducing lucrative schemes and incentives that include formidable discounts, lower vehicle acquisition taxes, lower road taxes for zero emission vehicles, etc.
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Asia Oceania is expected to be the largest market in the forecast
In this report, the countries considered in the Asia Oceania region are China, Japan, South Korea, India, Thailand, and Indonesia. The region is home to some of the fastest-developing economies of the world, such as China and India. The governments of these emerging economies have recognized the growth potential of the global Automotive Fuel Cell Market and, hence, have adopted various initiatives to attract major OEMs for the development of FCEV's and required hydrogen infrastructure in their domestic markets. Japanese OEMs like Toyota and Honda and South Korean OEMs like Hyundai are increasingly investing in boosting production capacities. For instance, Toyota is doubling its investments in fuel cell vehicles to expand production, thereby decreasing the cost of hydrogen fuel cell vehicles. Japan is projected to be the fastest growing market in Asia Oceania. India and Australia will also have significant growth. Currently, commercialization of hydrogen vehicles has just started in these countries. However, they will showcase huge opportunities in the coming time. Australia is working with countries like Japan to develop its hydrogen capabilities at a rapid scale.
Europe is expected to be the fastest growing market during the forecast
The European Automotive Fuel Cell Market is projected to grow at a high rate. Germany is projected to be the largest Automotive Fuel Cell Market in Europe. The German market is projected to grow due to increasing investments by the government to develop hydrogen infrastructure and the growing adoption of fuel cell buses in public transportation. Until the end of 2020, Germany had 90 operational hydrogen fuel stations. France, the Netherlands, and UK also have a considerable market for fuel cell vehicles. Their governments have supported the growth of zero-emission vehicles in their countries. These countries have setup hydrogen related infrastructure and are on their way to move towards a zero-emission future. Italy will grow at the fastest rate due to its government supporting fuel cell vehicles in the country, along with various European OEMs catering to this market.
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The Passenger cars segment is expected to be the largest segment in the forecast period
The passenger car segment is projected to be the largest in the Automotive Fuel Cell Market. The high adoption rate and rising demand for personal mobility is expected to drive the fuel cell passenger car market. Plans by governments to convert ICE taxi fleets into zero-emission are expected to provide significant growth opportunities in the coming years. The truck and bus segments are projected to be fast-growing segments. High efficiency, longer driving range, and the need to decrease greenhouse gas emissions are expected to boost the growth of the fuel cell truck and bus market. Other off-road vehicles are also expected to benefit from the development of the FC technology. Fuel cell LCVs is projected to be the fastest-growing segment during the forecast period due to their increasing demand for long range commercial usage.
The Automotive Fuel Cell Market is dominated by established players such as Ballard Power Systems (Canada), Toyota Motor Corporation (Japan), Hyundai Group (South Korea), Hyster Yale (US) and Cummins (US).
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