The global demand for Automotive Fuel Cell Market is presumed to reach the market size of nearly USD XX MN by 2028 from USD XX MN in 2021 with a CAGR of XX% under the study period 2022 - 2028.
Automotive fuel cell is an electrically-operated device that makes use of hydrogen or methane and air to power a vehicle, unlike non-recyclable lithium-ion battery cells. Fuel cells develop when an electrochemical reaction takes place between a fuel source and an oxidant. It has a tank meant for storing hydrogen. An automotive fuel cell is considered to be a revolutionary development as it is a cleaner source of fuel and has low infrastructure cost. Vehicles propelled by fuel cells are powerful but are emission-free, as they only release water vapor and heat. Automotive fuel cells are considered as one of the best alternatives to Internal Combustion (IC) engine vehicles.
Market Dynamics
The global automotive fuel cell market holds tremendous growth potential as there is an increasing demand for low-emission and efficient vehicles, and FCEVs can easily replace petrol or diesel-powered vehicles. Another key driving factor is growing concern for environmental pollution, due to which the government is recommending zero-emission vehicles and introducing various profitable schemes, including discounts, reduced vehicle acquisition taxes, and road taxes to encourage buyers. Furthermore, a growing number of automobile manufacturers are adopting fuel cell technology and are planning to commercialize such vehicles. However, lack of proper hydrogen infrastructure and the high price of fuel cell vehicles may hamper automotive fuel cell market growth.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of automotive fuel cell. The growth and trends of automotive fuel cell industry provide a holistic approach to this study.
Market Segmentation
This section of the automotive fuel cell market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Components
- Fuel Cell Stack
- Fuel Processor
- Power Conditioner
- Air Compressor
- Humidifier
By Vehicle Type
- Passenger Car
- LCV
- Bus
- Truck
By Power Capacity
- <150 kW
- 150-250 kW
- >250 kW
By Operating Miles
- 0-250 Miles
- 251-500 Miles
- Above 500 Miles
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Automotive Fuel Cell market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Automotive Fuel Cell Market Share by Region (Representative Graph)
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The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the automotive fuel cell market include Toshiba India Pvt. Ltd., Ballard Power Systems, Hydrogenics, ITM Power, PLUG POWER INC., Ceres Power Holdings plc, Nedstack Fuel Cell Technology BV, NUVERA FUEL CELLS, LLC, Toyota Motor Sales, U.S.A., Inc., American Honda Motor Co., Inc.. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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