Trusted Business Insights presents the Updated and Latest Study on Automotive Fuel Cell Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Abstract, Snapshot, Market Analysis & Market Definition: Automotive Fuel Cell Market
Industry / Sector Trends
Automotive Fuel Cell Market size valued at 5 thousand units in 2015 and is estimated to exhibit over 12.7% CAGR from 2016 to 2023.
U.S. Automotive Fuel Cell, By Application, 2016 & 2023, (Units)
Rising global environmental issues such climate change and poor air quality due high fossil fuel consumption generates the demand for clean energy source. Fuel cell generate zero emission and contribute to eliminate the greenhouse gases, thereby boosting the automotive fuel cell market growth over the forecast timeframe. A fuel cell majorly uses hydrogen and does not require conventional fuels such as oil & gas, thereby reducing economic dependence and optimizing energy security for countries.
Proliferating demand for fuel cells can be attributed towards the higher efficiency, low maintenance, and reduced noise compared to diesel and gasoline engines. Hydrogen is the most abundant element and has highest energy content. Fuel cell achieves better fuel economy rating without creating potentially harmful emissions. These factors are driving the market growth over the forecast timeframe.
The increasing necessity of regulating hydrogen fuel cell temperature to maximise its usage may hamper the industry demand over the forecast period. It is required to maintain temperature below 212F for operating efficiently across diversified conditions. The operation of these fuel cells above a certain temperature limit may cause significant damage to the cells, thereby affecting vehicle performance and efficiency.
The hydrogen fuel cell demand is growing significantly compared to the battery electric vehicles owing to higher performance, ability to refuel in reduced time, and long range offered by the systems. The exhaust in terms of water along with no emissions and superior power and torque output play a major role in boosting the automotive fuel cell market share over the study period.
Supporting government regulations for reducing the environmental pollution that harms public health are encouraging the increasing adoption of fuel cells in the automotive sector. The countries are investing in fuel cell technology to improve their public transportation and reduce harmful emissions. For instance, in February 2017, Tokyo Metropolitan Government received its first fuel cell bus from Toyota Motor Corporation.
The low temperature fuel cell such as Direct Methanol fuel cell (DMFC) and Proton-exchange membrane fuel cells (PEMFC) have low heat transmission and are ideal for military applications. For instance, in October 2018, TARDEC and DOE collaborated for the development of hydrogen and fuel cell technologies for civil and military use. The research also includes development of fuel-cell-powered vehicles for tactical uses.
Market Segmentation, Outlook & Regional Insights: Automotive Fuel Cell Market
Automotive Fuel Cell Market, By Application
Japan Automotive Fuel Cells Market, By Application, 2015, (Units)
Automotive fuel cell market revenue from material handling vehicles will showcase significant growth over the forecast timeframe. This can be attributed to the increasing applications of material handling vehicles such as trucks, port vehicles, delivery vans in logistics and construction sector. Further, rising interest in transitioning cargo transportation systems to zero-emission technologies is replacing the diesel engine with this technology. The array of near-zero-emission (NZE) and zero-emission (ZE) fuel-technology platforms are emerging gradually and penetrating commercial sales.
Fuel cell offers benefits such as better air quality, operate over longer range, offer higher energy density, operate quietly, and refuel quickly are encouraging the application of such cells in material handing vehicles. In hydrogen fuel cell truck, the hydrogen is stored in refillable onboard tanks to reduce the refuelling time, thereby providing feasibility for long routes. The major automobile manufacturers are engaged in developing class 8 vehicles that operates on fuel cell technology. For instance, in April 2019, Toyota introduced fuel cell truck that can travel up to 482 kilometres on one fill and produce zero emissions.
Fuel cell technology provides driving range of over 300 miles on a traditional vehicle and reduce the weight of carrying heavy batteries compared to battery electric vehicles, thereby boosting the market growth over the forecast period. The powertrain of these vehicles has fewer moving parts which leads to lower maintenance requirement. The light duty vehicle manufacturers are investing to increase their fuel cell vehicle production. For instance, in December 2018, Hyundai planned to invest USD 6.7 Billion to increase its production and gain high market share in new energy vehicle technology.
Automotive Fuel Cell Market, By Region
Europe Automotive Fuel Cell Industry Size, By Country, 2023, (Units)
Asia Pacific will account for a significant revenue share in the market over the projected timespan. This can be attributed to increasing automotive vehicles sales due to rising disposable income and increasing adoption of this technology by vehicle manufacturers. Governments across the region are investing in fuel cell based public transportation, further influencing the market penetration. This technology continues to increase throughout the Japan, as the technology has received potential support in recent years and the country has proved versatility of this alternative power source. The country is shifting towards a self-sustaining future using hydrogen in the transportation sector.
Europe automotive fuel cell market will showcase considerable demand on account of higher contribution of the automotive industry to GPD and technological advancements in vehicles. Further, the European Commission is emphasizing on reducing greenhouse gas emission and air quality protection that is propelling the market size. The European companies and researchers are playing a vital role in increasing the momentum of this technology. The on-going long-term joint programs are accelerating the research on electrolysers and fuel cell under the European Energy Research Alliance.
Key Players, Recent Developments & Sector Viewpoints: Automotive Fuel Cell Market
Major players operating in the market share are Ballard, Nuvera Fuel Cells LLC, Nedstack, SFC Energy AG, Delphi Automotive Systems, Elcogen AS, and Fuel Cell Energy Inc. Industry participants are adopting various strategies such as product development to increase their market share. For instance, in June 2019, Ballard Power Systems introduced 8th generation fuel cell module for buses advanced fuel tank systems manufacturing facility in China.
The automotive fuel cell industry is majorly driven by regional and international organization concerns regarding increasing harmful emission through vehicles across the globe. The government initiatives and regulations provide substantial opportunities for automotive manufacturers to develop superior vehicles operating on fuel cells. Building smarter business models, reducing cost, and supportive policy remain the key reason for the market growth. The major automotive suppliers such as Bosch, Umicore, Elring Klinger, and others are investing in production capabilities .
Key Insights Covered: Exhaustive Automotive Fuel Cell Market
1. Market size (sales, revenue and growth rate) of Automotive Fuel Cell industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Automotive Fuel Cell industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Automotive Fuel Cell industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Automotive Fuel Cell industry.
Research Methodology: Automotive Fuel Cell Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.
Quick Read Table of Contents of this Report @ WorldWide Automotive Fuel Cell Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 – 2025
This post was originally published on Downey Magazine