Global Automotive Fuel Cell Industry Outlook, 2020-2028 - Rising Demand for Fuel Cell Vehicles in Automotive & Transportation, Government Initiatives Promoting Hydrogen Infrastructure

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Feb 06, 2020, 11:15 ET

DUBLIN, Feb. 6, 2020 /PRNewswire/ -- The "Automotive Fuel Cell Market by Component (Fuel Processor, Fuel Stack, Power Conditioner, Air Compressor, Humidifier), Power Output (<_50kw_ _50-="_50-">250kW), H2 Fuel Station, Vehicle Type (PC, LCV, Truck, Bus), and Region - Global Forecast 2028" report has been added to ResearchAndMarkets.com's offering.

The automotive fuel cell market is estimated to be 13.6 thousand units in 2020 and projected to grow at a CAGR of 69.7% during the forecast period (2020-2028), to reach 932.6 thousand units by 2028.

Ballard Power Systems (Canada), Plug Power (US), Delphi Technologies (UK), Doosan Corporation (Japan), Hydrogenics (Canada), and ITM Power (UK) are the key players in the automotive fuel cell market.

Government initiatives in R&D of hydrogen infrastructure and fuel cell cost reduction are likely to propel the automotive fuel cell market

Due to the changing global climate and increasing global warming, governments are taking initiatives to create clean energy sources. Governments are increasingly investing in alternative sources of energy such as fuel cells. As fuel cells emit no greenhouse gases (GHG) and pollutants, they can impact the environment positively. Thus, governments are taking initiatives, making investments, and promoting the use of fuel cells.

Along with the development of fuel cell technology, it is important to create a robust infrastructure that can cater to the needs of hydrogen-powered transportation. Therefore, governments are increasingly investing in the development of required hydrogen infrastructure, providing an opportunity for the automotive fuel cell market to grow in the future.

The >250 KW is projected to be the fastest-growing segment of the automotive fuel cell market, by power output, in terms of volume, during the forecast period

Typical fuel cell heavy-duty buses and trucks need a fuel cell with more than 250 kW power output. Fuel cell buses are considered to be the most suitable mode of transportation for the introduction of fuel cell technology in automotive applications. For transportation within a limited area, less investment is needed in building the required hydrogen infrastructure. Several governments across the globe are taking initiatives for developing public and private fuel cell vehicle transport.

Various investments have been made in the development and production of fuel cell buses. The adoption of fuel cell technology in the truck segment is still in the development stage. However, owing to the advantages of high efficiency and low cost of transportation for long-distance, the fuel cell truck market is projected to grow at a significant growth rate. Therefore, the automotive fuel cell market for >250 kW is estimated to be the fastest.

The truck segment is the second-fastest-growing segment of the automotive fuel cell market.

Currently, there are few fuel cell truck models available in the automotive market. However, the rapid development of fuel cell technology will boost the fuel cell truck market. Fuel cell vehicles are more efficient and cost-effective for long-range transportation. Hence, using fuel cell trucks for goods carriage will result in better emission control and cost-effectiveness. Moreover, FCEVs are more cost-effective than other electric vehicles for long-range transportation.

Nikola is expected to launch its fuel cell truck model by 2021. The company announced that the truck would have the highest driving range and a fuel stack with the largest power output as compared to models available in the current market. Anheuser-Busch, a brewery company in the US, ordered 800 fuel cell trucks from Nikola in 2018, and the order will start delivering as soon as the product is available in the market.

Europe is projected to have the highest growth rate in the automotive fuel cell market

The EU2020 focuses on increasing the demand for fuel cells by improving the infrastructure and decreasing the cost of fuel cells. Even though European companies lag behind their Asian counterparts in fuel cell technology development and patents, Europe is slowly shifting its focus on renewable sources of energy.

Germany represents around 75% of all European demonstration activities due to the presence of a number of small and large companies such as Siemens Westinghouse, Proton Power Systems PLC, Heliocentris, and SFC Energy. As governments are shifting their fleet of buses from ICE vehicles to zero-emission vehicles, it would create massive opportunities for growth of the fuel cell bus segment in the region. Besides buses, countries like Norway and Switzerland will be key markets for fuel cell trucks.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Automotive Fuel Cell Market
4.2 Automotive Fuel Cell Market, By Country
4.3 Asia Oceania Automotive Fuel Cell Market, By Vehicle Type & Country
4.4 Automotive Fuel Cell Market, By H2 Fuel Station
4.5 Automotive Fuel Cell Market, By Power Output
4.6 Automotive Fuel Cell Market, By Component

5 Market Overview
5.1 Introduction
5.2 Policies & Initiatives Supporting Hydrogen-Powered Vehicles & Hydrogen Infrastructure
5.2.1 North America
5.2.2 Europe
5.2.3 Asia Oceania
5.3 Existing and Upcoming FCEV Models
5.4 Market Dynamics
5.4.1 Drivers
5.4.1.1 Better Fuel Efficiency and Increased Driving Range
5.4.1.2 Fast Refueling
5.4.1.3 Reduced Oil Dependency
5.4.1.4 Less Greenhouse Gas and Air Pollutant Emissions
5.4.1.4.1 Fuel Cell Product Lifecycle
5.4.2 Restraints
5.4.2.1 Highly Flammable
5.4.2.2 Hard to Detect Hydrogen Leakages
5.4.3 Opportunities
5.4.3.1 Rising Demand for Fuel Cell Vehicles in Automotive and Transportation
5.4.3.1.1 FCEV Commercial Freight Truck Developments
5.4.3.1.2 Fuel Cell Bus Development & Deployment Announcements
5.4.3.1.3 Operated & Planned Fuel Cell Buses, 2019
5.4.3.2 Government Initiatives Promoting Hydrogen Infrastructure
5.4.3.2.1 US Department of Energy Funding in 2018
5.4.4 Challenges
5.4.4.1 High Vehicle Costs
5.4.4.1.1 Cost of Fuel Cell By Component for Production Volume of 1,000 Units/Year vs 500,000 Units/Year
5.4.4.2 Insufficient Hydrogen Infrastructure
5.4.4.3 Rising Demand for Bevs and Hevs
5.5 Automotive Fuel Cell Market, Scenarios (2020-2028)
5.5.1 Automotive Fuel Cell Vehicle Market, Most Likely Scenario
5.5.2 Automotive Fuel Cell Market, Optimistic Scenario
5.5.3 Automotive Fuel Cell Market, Pessimistic Scenario

6 Industry Trends
6.1 Technology Overview
6.1.1 Introduction
6.1.2 Key Components of Fuel Cell Electric Vehicles
6.1.3 Types of Fuel Cells
6.1.4 Key Trends in Fuel Cell Technology
6.1.4.1 Use of Fuel Cell for Heavy Load Transportation
6.1.4.2 Plug-In Hybrid Fuel Cell Vehicles
6.1.4.3 Hydrogen Production Process (Electrolysis-Shell Electrolysis Plant)
6.2 Fuel Cell Pricing Analysis
6.3 Value Chain Analysis
6.4 Porter's 5 Forces Model

7 Automotive Fuel Cell Market, By Component
7.1 Introduction
7.2 Research Methodology
7.3 Fuel Stack
7.3.1 Fuel Stack is Projected to Hold Largest Market Share in 2028
7.4 Fuel Processor
7.4.1 Fuel Processor Must Be Used to Increase Fuel Efficiency and Fuel Cell's Life When Pure Hydrogen is Not Used as Fuel
7.5 Power Conditioner
7.5.1 Asia Oceania is Estimated to Lead the Power Conditioner Segment of the Automotive Fuel Cell Market
7.6 Air Compressor
7.6.1 The Growing Adoption of Fuel Cell Buses in Europe is Expected to Drive the European Air Compressor Market
7.7 Humidifier
7.7.1 Pem Fuel Cell System Functions Better When Kept Well-Hydrated Which Creates the Need of Humidifiers
7.8 Key Industry Insights

8 Automotive Fuel Cell Market, By Power Output
8.1 Introduction
8.2 Research Methodology
8.3 <_50 /> 8.3.1 Passenger Car Segment is Expected to Have the Largest Market Share of the <_50 kw="kw" /> 8.4 150-250 kW
8.4.1 Growing Demand for Heavy-Duty Trucks and Buses Will Boost the Market
8.5 >250 kW
8.5.1 Long Haul Trucking Will Provide Ample Opportunities for the Growth of the >250 kW Segment
8.6 Key Industry Insights

9 Automotive Fuel Cell Market, By Vehicle Type
9.1 Introduction
9.2 Research Methodology
9.3 Passenger Car
9.3.1 Asia Oceania is Projected to Lead the Passenger Car Market
9.4 LCV
9.4.1 Growing Demand for Last-Mile Delivery to Boost the LCV Segment
9.5 Bus
9.5.1 Government Funded Projects and Targets to Replace Bus Fleet With Zero Emission Fleet Will Drive the Bus Market
9.6 Truck
9.6.1 High Efficiency and Greater Driving Range Will Drive the Fuel Cell Truck Market
9.7 Key Industry Insights

10 Automotive Fuel Cell Market, By H2 Fuel Station
10.1 Introduction
10.1.1 Future Plans for Automotive Hydrogen Fuel Stations, 2019-2040
10.2 Research Methodology
10.3 Asia Oceania
10.3.1 Japan
10.3.2 China
10.3.3 South Korea
10.3.4 Australia
10.3.5 Japan and China Will Play Key Role in the Region
10.4 Europe
10.4.1 Belgium
10.4.2 Denmark
10.4.3 France
10.4.4 Germany
10.4.5 Italy
10.4.6 Netherlands
10.4.7 Norway
10.4.8 Spain
10.4.9 Sweden
10.4.10 Switzerland
10.4.11 UK
10.4.12 Government Policies and Funding are Benefiting the Market
10.5 North America
10.5.1 Canada
10.5.2 Mexico
10.5.3 US
10.5.4 Developments Will Be Focused Mainly in California
10.6 Key Industry Insights

11 Automotive Fuel Cell Market, By Specialized Vehicle Type
11.1 Introduction
11.2 Material Handling Vehicle
11.3 Auxiliary Power Unit for Refrigerated Truck

12 Automotive Fuel Cell Market, By Region
12.1 Introduction
12.2 Asia Oceania
12.3 Europe
12.4 North America

13 Competitive Landscape
13.1 Overview
13.2 Market Ranking Analysis
13.3 Competitive Scenario
13.3.1 New Product Developments/Launches
13.3.2 Expansions
13.3.3 Supply Contracts
13.3.4 Partnership/Joint Venture/Collaboration/Agreement
13.3.5 Merger & Acquisition
13.4 Competitive Leadership Mapping: Global Players of Automotive Fuel Cell Market
13.4.1 Terminology
13.4.2 Visionary Leaders
13.4.3 Innovators
13.4.4 Dynamic Differentiators
13.4.5 Emerging Companies
13.5 Strength of Product Portfolio Global Players
13.6 Business Strategy Excellence Global Players
13.7 Competitive Leadership Mapping: SME Players of Automotive Fuel Cell Market
13.7.1 Progressive Companies
13.7.2 Responsive Companies
13.7.3 Dynamic Companies
13.7.4 Starting Blocks
13.8 Strength of Product Portfolio SME Players
13.9 Business Strategy Excellence SME Players
13.10 Winners vs Tail-Enders
13.10.1 Winners
13.10.2 Tail-Enders

14 Automotive Fuel Cell Ecosystem: Fuel Cell System/Parts/Material Suppliers
14.1 Fuel Cell System Suppliers (Country Level)
14.2 Fuel Cell Stack Suppliers (Country Level)
14.3 Fuel Cell Material Suppliers: Electrolyte Membrane
14.4 Fuel Cell Material Suppliers: Catalyst
14.5 Fuel Cell Material Suppliers: Electrode
14.6 Fuel Cell Material Suppliers: Separator
14.7 Hydrogen Tank Suppliers (Country Level)

15 Company Profiles
15.1 Ballard Power Systems
15.2 Hydrogenics
15.3 ITM Power
15.4 Plug Power
15.5 Nuvera Fuel Cells
15.6 Ceres Power
15.7 Nedstack
15.8 Doosan Corporation
15.9 Delphi Technologies
15.10 Proton Power Systems PLC
15.11 Other Key Players
15.11.1 Asia Oceania
15.11.1.1 Hyundai Kefico Corporation
15.11.1.2 Panasonic
15.11.1.3 Toray Industries
15.11.1.4 Sunrise Power Co. Ltd.
15.11.2 Europe
15.11.2.1 Intelligent Energy
15.11.2.2 Bosch
15.11.2.3 Powercell
15.11.2.4 Symbio
15.11.2.5 Elringklinger AG
15.11.2.6 Swiss Hydrogen Power
15.11.3 North America
15.11.3.1 Dana Incorporated
15.11.3.2 Fuel Cell System Manufacturing LLC
15.12 Other Key OEMs
15.12.1 Toyota
15.12.2 Honda
15.12.3 Hyundai
15.12.4 Audi
15.12.5 Daimler
15.12.6 Riversimple
15.12.7 Nikola
15.12.8 Cummins
15.12.9 Saic Motor
15.12.10 Van Hool

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