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Global Automotive Fuel Cell Market Size, Share, Growth, Forecast: By Component: Fuel Stack, Fuel Processor, Power Conditioner, Air Compressor, Humidifier; By Power Output: Below 150 KW, 150-250 KW, Above 250 KW, Others; By Vehicle Type: Passenger Cars, Bus, Others; Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032
Global Automotive Fuel Cell Market Outlook
The global automotive fuel cell market size attained a value of approximately USD 3.60 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 51.40%, reaching a value of around USD 150.43 billion by 2032.
Key Trends in the Market
Fuel cell is a device that converts chemical energy of a fuel into electrical energy using electrochemical reactions. Automotive fuel cells are used to provide power to the vehicle’s electric motor and generally use a solid electrolyte with low temperature conducting hydrogen ions. Although similar to batteries, automotive fuel cells do not require charging and help reduce vehicle emissions and control environmental problems.
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- Benefits associated with the use of automotive fuel cells such as fast refuelling, zero air pollutants, noiseless operation, high driving range, and zero greenhouse gas emissions, among other factors, are increasing the demand for the automotive fuel cells globally.
- Governments worldwide are taking initiatives to improve the supply of hydrogen and overcome the challenges such as leakage and durability, among other issues. Increasing demand for hydrogen is leading to improvements in supply chain, thereby supporting the automotive fuel cell market.
- The demand for various vehicles, including passenger cars, trucks, and buses is growing globally. With increasing populations, urbanisation, rising disposable incomes, and improvements in road infrastructure, the heightened demand for automotives is anticipated to fuel the market for automotive fuel cells.
Market Analysis
Based on component, the automotive fuel cell market is segmented into fuel stack, fuel processor, power conditioner, air compressor, and humidifier. On the basis of power output, the market is divided into below 150 KW, 150-250 KW, and above 250 KW. By vehicle type, the market is categorised into passenger cars, bus, light commercial vehicles, and trucks. The regional markets for automotive fuel cells are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global automotive fuel cell market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- Ballard Power Systems Inc.
- Ceres Power Holdings plc
- Robert Bosch GmbH
- Plug Power Inc.
- Toyota Motor Corporation
- Others
Market Share by Vehicle Type
Passenger car vehicle types are anticipated to hold a sizable share in the automotive fuel cell market owing to the growing demand for personal mobility and high adoption rate by a number of consumers. Increasing urbanisation, development of road infrastructure, and rising disposable incomes are surging the sale of passenger cars. Automotive fuel cells provide efficiency, extended driving range, and decrease greenhouse gas emissions which further enhance their demand among end users. The low operational costs and hassle-free operations of passenger cars with automotive fuel cells are also augmenting their demand.
Market Share by Region
The Asia Pacific is expected to account for a significant share of the global automotive fuel cell market during the forecast period. This can be attributed to the rising demand for private transportation and buses as well as the considerable manufacturing base for vehicle production. Within the Asia Pacific, countries such as Japan, South Korea, and China are anticipated to bolster the regional market for automotive fuel cells.
Meanwhile, in Europe, the market for automotive fuel cells is expected to grow significantly due to high adoption rate of technology. Manufacturers of vehicles are focussing more on the research and development of the components used in the vehicles, increasing the demand for automotive fuel cells. Rising popularity of luxury vehicles and high premium vehicles in countries such as the United Kingdom and Germany is also fuelling the automotive fuel cell market in Europe.
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Competitive Landscape
Ballard Power Systems Inc., founded in 1979, has its headquarter in British Columbia, Canada. The company focuses on providing clean energy and fuel cell solutions by developing and manufacturing proton exchange membrane fuel cell products. They serve heavy duty motive markets along with other markets including engineering services, portable power, and material handling, among others.
Ceres Power Holdings plc is a fuel cell technology and engineering company which was established in 2004 and is headquartered in West Sussex, United Kingdom. The company develops power generation and hydrogen technologies which help in tackling climate change. They have developed electrolysers for green hydrogen and fuel cells for power generation.
Robert Bosch GmbH was founded in 1886 and has its headquarters located in Baden-Württemberg, Germany. A multinational engineering company, Robert Bosch offers consumers home appliances, auto spare parts, and other industrial and business products. They focus on meeting people’s requirements in the future by identifying the global megatrends now.
Other market players include Plug Power Inc., and Toyota Motor Corporation, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Component |
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| Breakup by Power Output |
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| Breakup by Vehicle Type |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Automotive Fuel Cell Market Analysis
8.1 Key Industry Highlights
8.2 Global Automotive Fuel Cell Historical Market (2018-2023)
8.3 Global Automotive Fuel Cell Market Forecast (2024-2032)
8.4 Global Automotive Fuel Cell Market by Component
8.4.1 Fuel Stack
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Fuel Processor
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Power Conditioner
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Air Compressor
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Humidifier
8.4.5.1 Historical Trend (2018-2023)
8.4.5.2 Forecast Trend (2024-2032)
8.5 Global Automotive Fuel Cell Market by Power Output
8.5.1 Below 150 KW
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 150-250 KW
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Above 250 KW
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global Automotive Fuel Cell Market by Vehicle Type
8.6.1 Passenger Cars
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Bus
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Light Commercial Vehicles
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Trucks
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.7 Global Automotive Fuel Cell Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Automotive Fuel Cell Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Automotive Fuel Cell Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Automotive Fuel Cell Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Automotive Fuel Cell Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Automotive Fuel Cell Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Ballard Power Systems Inc.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Ceres Power Holdings plc
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Robert Bosch GmbH
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Plug Power Inc.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Toyota Motor Corporation
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Automotive Fuel Cell Market: Key Industry Highlights, 2018 and 2032
2. Global Automotive Fuel Cell Historical Market: Breakup by Component (USD Billion), 2018-2023
3. Global Automotive Fuel Cell Market Forecast: Breakup by Component (USD Billion), 2024-2032
4. Global Automotive Fuel Cell Historical Market: Breakup by Power Output (USD Billion), 2018-2023
5. Global Automotive Fuel Cell Market Forecast: Breakup by Power Output (USD Billion), 2024-2032
6. Global Automotive Fuel Cell Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
7. Global Automotive Fuel Cell Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
8. Global Automotive Fuel Cell Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global Automotive Fuel Cell Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America Automotive Fuel Cell Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America Automotive Fuel Cell Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe Automotive Fuel Cell Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe Automotive Fuel Cell Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific Automotive Fuel Cell Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific Automotive Fuel Cell Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America Automotive Fuel Cell Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America Automotive Fuel Cell Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa Automotive Fuel Cell Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa Automotive Fuel Cell Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global Automotive Fuel Cell Market Structure.
Key Questions Answered in the Report
The global market for automotive fuel cells reached a value of approximately USD 3.60 billion in 2023.
The market is expected to grow at a CAGR of 51.40% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach around USD 150.43 billion by 2032.
Increasing concerns towards the environment, rising demand for hydrogen fuel stations, and noiseless operation of the automotive fuel cells are the major market drivers.
The key automotive fuel cell market trends include fast refuelling capability, zero gas emissions, various initiatives to improve hydrogen infrastructure, and stringent guidelines by regulatory bodies.
The regional markets for automotive fuel cells are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The various types in the market for automotive fuel cells are passenger cars, bus, light commercial vehicles, and trucks.
The key market players, according to the report, are Ballard Power Systems Inc., Ceres Power Holdings plc, Robert Bosch GmbH, Plug Power Inc., and Toyota Motor Corporation, among others.
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