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Global Automotive Fuel Cell Market: By Component: Fuel Stack, Fuel Processor, Power Conditioner, Air Compressor, Humidifier; By Power Output: Below 150 KW, 150-250 KW, Others; By Vehicle Type; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments
Global Automotive Fuel Cell Market Outlook
The global market for automotive fuel cell reached a value of about USD 1.71 billion in 2021. The market is further expected to grow at a CAGR of approximately 40.6% in the forecast period of 2023-2028 to reach a value of around USD 13.56 billion by 2027.
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Asia Pacific and Europe to be Significant Regional Markets for Automotive Fuel Cell
Asia Pacific is anticipated to be the largest market for automotive fuel cells during the forecast period, followed by Europe and North America. The high proportion of passenger vehicles in the total vehicle production and the increased demand for fuel cell buses for public and private transportation are driving the market. Japan, China, and South Korea have the largest markets for fuel cells in the Asia Pacific region. Also, the region is home to leading OEMs in the automotive fuel cell market, including Toyota, Honda, and Hyundai. These companies intend to invest extensively to increase their manufacturing capacity and promote fuel cell automobiles. Hyundai, for example, wants to invest USD 6.7 billion to improve fuel cell output and increase its production capacity by more than 200-fold by 2030[I1].
The technology adoption rate is high in Europe, as vehicle manufacturers of the automotive industry in the region are emphasising more on the research and development of components. High premium and luxury vehicle penetration in several countries, including Germany and the United Kingdom, will augment the region's automotive fuel cell market. Moreover, the favourable policies of the European Union supporting research in hydrogen and automotive fuel cell technology will also contribute to the regional market growth.
North America to Witness Robust Growth in the Coming Years
North America is expected to witness significant growth owing to the region's rapidly growing demand for hydrogen fuel stations. The United States has many hydrogen fuelling stations to serve the market. Both the United States and Canada are increasing their interest in low-emission cars. In several states, such as California in the United States and British Columbia in Canada, fuel cell cars are in high demand. The pollution standards and legislation that promote the development of zero-emission vehicles are aiding the growth of the automotive fuel cell market.
Market Segmentations
A fuel cell is an electrical device generated by a chemical reaction between a source fuel and an oxidant. Fuel cell vehicles, like battery-powered vehicles, are emission-free and powerful.
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The various components in the market are:
- Fuel Stack
- Fuel Processor
- Power Conditioner
- Air Compressor
- Humidifier
Based on power output, the market is divided into:
- Below 150 KW
- 150-250 KW
- Above 250 KW
Based on vehicle type, the market is segmented into:
- Passenger Cars
- Bus
- Light Commercial Vehicles
- Trucks
The regions for the automotive fuel cell market can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
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Growing Initiatives by Governments Augmenting the Market Growth
The market's growth is primarily driven by government initiatives to improve hydrogen infrastructure. Stringent norms on carbon emission of automobiles enacted by regulatory bodies across the globe are anticipated to augment the demand for automotive fuel cells, which controls the emission of toxic gases from vehicles. Fuel cell electric vehicles offer a high driving range, fast refuelling, noiseless operation, and zero emissions of greenhouse gases and air pollutants. Hence, fuel cells are ideal for transportation and automotive applications.
Also, the demand for vehicles is prompting continuous investments by automakers in research and development for the development of cost-effective, environment-friendly, and low-toxic products with a high life within the market. Emerging automobile markets are witnessing an increase in vehicle production, which in turn is augmenting the market growth across the globe. In addition, rising global environmental issues, such as climate change and poor air quality, due to high fossil fuel consumption, are propelling the demand for a clean energy source. The fuel cell generates zero-emission and contributes to eliminating greenhouse gases, which is estimated to drive the market growth during the forecast period.
Key Players in the Global Market for Automotive Fuel Cell
The report gives a detailed analysis of the following key players in the global automotive fuel cell market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Ballard Power Systems Inc.
- Ceres Power Holdings plc
- Robert Bosch GmbH
- Plug Power Inc.
- Toyota Motor Corporation
- Others
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.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Component |
|
| Breakup by Power Output |
|
| Breakup by Vehicle Type |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| 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 (2018-2022)
8.3 Global Automotive Fuel Cell Market Forecast (2023-2028)
8.4 Global Automotive Fuel Cell Market by Component
8.4.1 Fuel Stack
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Fuel Processor
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Power Conditioner
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.4.4 Air Compressor
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2018-2022)
8.4.4.3 Forecast Trend (2023-2028)
8.4.5 Humidifier
8.4.5.1 Market Share
8.4.5.2 Historical Trend (2018-2022)
8.4.5.3 Forecast Trend (2023-2028)
8.5 Global Automotive Fuel Cell Market by Power Output
8.5.1 Below 150 KW
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 150-250 KW
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Above 250 KW
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.6 Global Automotive Fuel Cell Market by Vehicle Type
8.6.1 Passenger Cars
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Bus
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Light Commercial Vehicles
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.6.4 Trucks
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2022)
8.6.4.3 Forecast Trend (2023-2028)
8.7 Global Automotive Fuel Cell Market by Region
8.7.1 North America
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Europe
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.7.3 Asia Pacific
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2022)
8.7.3.3 Forecast Trend (2023-2028)
8.7.4 Latin America
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2018-2022)
8.7.4.3 Forecast Trend (2023-2028)
8.7.5 Middle East and Africa
8.7.5.1 Market Share
8.7.5.2 Historical Trend (2018-2022)
8.7.5.3 Forecast Trend (2023-2028)
9 North America Automotive Fuel Cell Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Automotive Fuel Cell Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Automotive Fuel Cell Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Automotive Fuel Cell Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Automotive Fuel Cell Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
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 2028
2. Global Automotive Fuel Cell Historical Market: Breakup by Component (USD Billion), 2018-2022
3. Global Automotive Fuel Cell Market Forecast: Breakup by Component (USD Billion), 2023-2028
4. Global Automotive Fuel Cell Historical Market: Breakup by Power Output (USD Billion), 2018-2022
5. Global Automotive Fuel Cell Market Forecast: Breakup by Power Output (USD Billion), 2023-2028
6. Global Automotive Fuel Cell Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2022
7. Global Automotive Fuel Cell Market Forecast: Breakup by Vehicle Type (USD Billion), 2023-2028
8. Global Automotive Fuel Cell Historical Market: Breakup by Region (USD Billion), 2018-2022
9. Global Automotive Fuel Cell Market Forecast: Breakup by Region (USD Billion), 2023-2028
10. North America Automotive Fuel Cell Historical Market: Breakup by Country (USD Billion), 2018-2022
11. North America Automotive Fuel Cell Market Forecast: Breakup by Country (USD Billion), 2023-2028
12. Europe Automotive Fuel Cell Historical Market: Breakup by Country (USD Billion), 2018-2022
13. Europe Automotive Fuel Cell Market Forecast: Breakup by Country (USD Billion), 2023-2028
14. Asia Pacific Automotive Fuel Cell Historical Market: Breakup by Country (USD Billion), 2018-2022
15. Asia Pacific Automotive Fuel Cell Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Latin America Automotive Fuel Cell Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Latin America Automotive Fuel Cell Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Middle East and Africa Automotive Fuel Cell Historical Market: Breakup by Country (USD Billion), 2018-2022
19. Middle East and Africa Automotive Fuel Cell Market Forecast: Breakup by Country (USD Billion), 2023-2028
20. Global Automotive Fuel Cell Market Structure.
Key Questions Answered in the Report
In 2021, the global market for automotive fuel cell attained a value of nearly USD 1.71 billion.
The market is projected to grow at a CAGR of 40.6% between 2023 and 2028.
The market is estimated to witness healthy growth in the forecast period of 2023-2028 to reach USD 13.56 billion by 2027.
The major drivers of the market include the increased demand for fuel cell buses for public and private transportation, increasing technology adoption, high penetration of premium and luxury vehicles, growing demand for hydrogen fuel stations, fuel efficiency, and increasing investments in the research and development for the cost-effective, environment-friendly, and low-toxic products.
Growing initiatives by governments and increasing vehicle production are the key industry trends propelling the market's growth.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The various components in the market are fuel stack, fuel processor, power conditioner, air compressor, and humidifier.
Based on power output, the market is divided into below 150 KW, 150-250KW, and above 250 KW.
The vehicles studied in the market are passenger cars, buses, light commercial vehicles, and trucks.
The major players in the industry are Ballard Power Systems Inc., Ceres Power Holdings plc, Robert Bosch GmbH, Plug Power Inc., and Toyota Motor Corporation, among others.
Analyst Review
The global automotive fuel cell market attained a value of USD 1.71 billion in 2021, driven by the growing initiatives by governments. Aided by the increased demand for fuel cell buses for public and private transportation and the high penetration of premium and luxury vehicles, the market is expected to grow at a CAGR of 40.6% in the forecast period of 2023-2028. The market is projected to reach USD 13.56 billion by 2027.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. The various components in the market are fuel stack, fuel processor, power conditioner, air compressor, and humidifier. Based on power output, the market is divided into below 150 KW, 150-250 KW, and above 250 KW. The vehicles studied in the market are passenger cars, buses, light commercial vehicles, and trucks. The major regional markets for automotive fuel cells are North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa. The key players in the above market are Ballard Power Systems Inc., Ceres Power Holdings plc, Robert Bosch GmbH, Plug Power Inc., and Toyota Motor Corporation, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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