Market Research Report
Global Automotive Fuel Cell Market Outlook, 2027
|Global Automotive Fuel Cell Market Outlook, 2027|
Published: February 28, 2022
Bonafide Research & Marketing Pvt. Ltd.
Content info: 123 Pages
Delivery time: 1-2 business days
Automotive fuel cells are electrochemical devices that convert chemical energy in fuels into electrical energy directly, promising power generation with high efficiency and low environmental impact. Automotive fuel cells are unique in terms of the variety of their potential applications; they use different types of fuels, such as hydrogen fuel and methanol fuel.
According to the report title "Global Automotive Fuel Cell Market Outlook, 2027", publish by Bonafide Research, the automotive fuel cell market is anticipated to grow at a CAGR of 41% in value terms in the forecast period. The diversity of fuel cells is in different stages of development. The most common classification of fuel cells is by the type of electrolyte used in the cells and includes proton exchange membrane fuel cell, direct methanol fuel cell, alkaline fuel cell and phosphoric acid fuel cell. Proton exchange membrane fuel cell is leading the market with more than 95% value share. Nowadays, PEM fuel cells are the best candidates for powering automobiles because they operate at relatively low temperatures and can quickly vary their output to meet shifting power demands.
Hydrogen is a clean fuel that, when consumed in automotive fuel cells, it produces only water. Hydrogen can be produced from a diversity of domestic resources, such as natural gas, biomass, and renewable energy like solar and wind. These calibres make it an appealing fuel option for transportation and electricity generation applications. According to the report, the market is segregated into two major fuel types i.e. hydrogen fuel and methanol fuel. The Hydrogen fuel segment is leading the market with more than 98% value market share. By power output, the market is segmented into three parts, i.e. below 100KW, 100KW to 200KW and above 200KW. The below 100KW power output segment is leading the market with more than 55% market share.
Fuel cell vehicles are being developed in various countries because of promise to meet the requirements expected of automobiles in a market increasingly constrained by environmental and resource limitations. Through a combination of policies of various governments, technology advancement and industrial collaboration, fuel cell applications are now entering into a golden era of development. According to the report, by region wise, the automotive fuel cell market is segregated into four major regions i.e. North America, Europe, Asia-Pacific and Latin America, Middle East and Africa. The Asia Pacific region is dominating the market with more than 63% value market share. Follow by North America region. By country, South Korea is leading the automotive fuel cell market with more than 25% market share. There are many prominent companies in the automotive fuel cell market which are leading the market. The companies are Ballard Power Systems Inc, Doosan Fuel Cell Co. Ltd, Plug Power Inc., Hydrogenics and Nuvera Fuel Cells, LLC.
The COVID-19 pandemic has impacted the market as severely as it had impacted the other automotive segments. The market experienced a downfall during the global lockdown; however the automotive fuel cell market recovered rapidly. Fuel cell vehicles and fuel cells are no longer part of experiment in the eyes of the public but it is recognized as one of the key driving technologies for now and the future of mobility.
Ballard Power Systems Inc, Doosan Fuel Cell Co. Ltd, Plug Power Inc., Hydrogenics (Cummins Inc.), Nuvera Fuel Cells, LLC, SFC Energy AG, Elringklinger AG, Ceres Power Holdings plc, Powercell Sweden AB, ITM Power PLC, Nedstack Fuel Cell Technology BV, Intelligent Energy Limited, Horizon Fuel Cell Technology (Hong Kong) Limited, AVL List GmbH, Proton Motor Fuel Cell GmbH, Wuhan Tiger Fuel Cell Co., Limited.
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to fuel cell industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
This report would help you answer the following questions: