Market Research Report
Automotive Fuel Cell - Global Market Outlook (2020 -2028)
|Automotive Fuel Cell - Global Market Outlook (2020 -2028)|
Published: July 1, 2021
Stratistics Market Research Consulting
Content info: 150+ Pages
Delivery time: 2-3 business days
According to Stratistics MRC, the Global Automotive Fuel Cell Market is accounted for $1.12 billion in 2020 and is expected to reach $31.18 billion by 2028 growing at a CAGR of 51.5% during the forecast period. While the factors like fast refuelling and reduced oil dependency are propelling the market growth. However, highly flammable is hampering the market growth.
A fuel cell vehicle is a type of electric vehicle that uses a fuel cell, instead of a battery, or in combination with a battery or supercapacitor, to power in its onboard electric motor. A fuel cell is also the source of electricity to power the motor. Fuel cells generally use oxygen from the air and compressed hydrogen for their operation.
Based on the vehicle type, the passenger vehicle segment is estimated to have a lucrative growth during the forecast period. The high implementation and growing demand for personal mobility are expected to drive the fuel cell passenger vehicle segment. Plans by governments to convert ICE taxi fleets into zero-emission are expected to provide significant growth opportunities in the future.
By geography, Asia Pacific is going to have a huge demand owing to the empowering FCEV deployment goals of governments, combined with rising investments in hydrogen fueling infrastructure. Furthermore, high fuel stack built-up capacities in the region, due to the existence of different large-scale FC passenger car manufacturers, will also add to the regional landscape.
Some of the key players profiled in the Automotive Fuel Cell Market include Panasonic, Toshiba, Toyota Motor Corporation, AFCC, American Honda Motor Company Inc., Ballard Power Systems, BorgWarner Inc., Continental Industries, Cummins, Daimler AG, Delphi Technology, Hydrogenics, Hyster Yale, Hyundai Motor Company, ITM Power, Nedstack Fuel Cell Technology, Nissan Motor Corporation, Plug Power, and Proton Motor Fuel Cell GmbH.
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Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.