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Global Fuel Cell Powertrain Market Size, Forecast: By Component: Fuel Cell System, Battery System, Drive System, Hydrogen Storage System, Others; By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles; By Power Output: Less Than 150 KW, Others; Regional Analysis; Competitive Landscape; 2024-2032
Global Fuel Cell Powertrain Market Outlook
The global fuel cell powertrain market size reached approximately USD 1.15 billion in 2023. The market is estimated to grow at a CAGR of 79.7% in the forecast period of 2024-2032, reaching a value of around USD 222.95 billion by 2032.
Key Trends in the Market
A fuel cell powertrain is an electric propulsion system that converts hydrogen energy into electrical energy using a fuel cell. It does not emit any harmful emissions and is commonly used in vehicles to power the electric motor.
- Benefits such as excellent fuel efficiency and an exceptional driving range of fuel cell powertrain vehicles are supporting the fuel cell powertrain market demand. Hydrogen offers a high-density energy source compared to petroleum and diesel and hydrogen fuel cells only produce water vapour as waste, which makes fuel cell powertrains efficient for use in vehicles.
- There is a surge in the adoption of fuel-cell powertrains in electric vehicles due to their low operational and maintenance costs, enhanced efficiency, the convenience of charging, and zero tailpipe emissions.
- Some of the key fuel cell powertrain market trends are increasing investments by several government bodies into renewable energy sources such as fuel cells and the development of hydrogen refuelling stations as a way to reduce greenhouse gas emissions.
- Market players are focused on research and development efforts to improve the durability and performance rate of hydrogen fuel cells, which is expected to provide impetus to the fuel cell powertrain market growth in the forecast period.
Market Analysis
Based on component, the market is categorised into fuel cell system, battery system, drive system, and hydrogen storage system, among others. On the basis of vehicle type, the market is divided into passenger cars, light commercial vehicles, and heavy commercial vehicles.
The fuel cell powertrain market segmentation, on the basis of power output, includes less than 150 KW, between 150 to 250 KW, and more than 250 KW. The major regional markets of fuel cell powertrain are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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 fuel cell powertrain market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Robert Bosch GmbH
- Denso Corporation
- Continental AG
- Hyundai Motor Company
- FEV Europe GmbH
- Shanghai Fuel Cell Vehicle Powertrain Co., Ltd.
- Cummins Inc.
- FCP Fuel Cell Powertrain GmbH
- Ballard Power Systems Inc.
- Nuvera Fuel Cells, LLC
- Others
Market Share by Vehicle Type
Light commercial vehicles occupy a significant portion of the fuel cell powertrain market share as they require a high mileage. Moreover, advancements in technology to improve performance efficiency and reduce the chemical instability of fuel cell powertrains and the growing production of FCEV vans and buses support the growth of the segment.
Market Share by Region
As per the regional fuel cell powertrain market analysis, the Asia Pacific occupies a substantial share of the global market share owing to the increased demand for fuel-efficient vehicles in the region. Several government policies to encourage the deployment of hydrogen fuel cells in the automotive sector also aid the market.
The robust growth of the transportation sector, increased construction of hydrogen infrastructure, and strategies by market players to improve the capabilities of fuel cells further support the regional market expansion.
Competitive Landscape
Robert Bosch GmbH is a multinational technology company which was founded in 1886 and headquartered in Gerlingen, Germany. Through its innovative solutions, products, and services, the company aims to improve quality of life and drive sustainable development.
Denso Corporation, established in 1949 and based in Aichi, Japan, is a manufacturer of automotive components. Some of its products include powertrain systems, service stations, thermal management, and safety and cockpit systems, among others.
Continental AG, commonly known as Continental, is an automotive parts company which was incorporated in 1871. The company, with its headquarters in Hanover, Germany, is one of the leading tyre manufacturers and auto suppliers.
Other fuel cell powertrain market players include Hyundai Motor Company, FEV Europe GmbH, Shanghai Fuel Cell Vehicle Powertrain Co., Ltd., Cummins Inc., FCP Fuel Cell Powertrain GmbH, Ballard Power Systems Inc., and Nuvera Fuel Cells, LLC, 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 Vehicle Type |
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| Breakup by Power Output |
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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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*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 Fuel Cell Powertrain Market Analysis
8.1 Key Industry Highlights
8.2 Global Fuel Cell Powertrain Historical Market (2018-2023)
8.3 Global Fuel Cell Powertrain Market Forecast (2024-2032)
8.4 Global Fuel Cell Powertrain Market by Component
8.4.1 Fuel Cell System
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Battery System
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Drive System
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Hydrogen Storage System
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Others
8.5 Global Fuel Cell Powertrain Market by Vehicle Type
8.5.1 Passenger Cars
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Light Commercial Vehicles
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Heavy Commercial Vehicles
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global Fuel Cell Powertrain Market by Power Output
8.6.1 Less Than 150 KW
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Between 150 to 250 KW
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 More Than 250 KW
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.7 Global Fuel Cell Powertrain 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 Fuel Cell Powertrain 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 Fuel Cell Powertrain 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 Fuel Cell Powertrain 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 Fuel Cell Powertrain 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 Fuel Cell Powertrain 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 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Robert Bosch GmbH
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Denso Corporation
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Continental AG
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Hyundai Motor Company
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 FEV Europe GmbH
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Shanghai Fuel Cell Vehicle Powertrain Co., Ltd.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Cummins Inc.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 FCP Fuel Cell Powertrain GmbH
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Ballard Power Systems Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Nuvera Fuel Cells, LLC
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Fuel Cell Powertrain Market: Key Industry Highlights, 2018 and 2032
2. Global Fuel Cell Powertrain Historical Market: Breakup by Component (USD Billion), 2018-2023
3. Global Fuel Cell Powertrain Market Forecast: Breakup by Component (USD Billion), 2024-2032
4. Global Fuel Cell Powertrain Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
5. Global Fuel Cell Powertrain Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
6. Global Fuel Cell Powertrain Historical Market: Breakup by Power Output (USD Billion), 2018-2023
7. Global Fuel Cell Powertrain Market Forecast: Breakup by Power Output (USD Billion), 2024-2032
8. Global Fuel Cell Powertrain Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global Fuel Cell Powertrain Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America Fuel Cell Powertrain Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America Fuel Cell Powertrain Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe Fuel Cell Powertrain Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe Fuel Cell Powertrain Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific Fuel Cell Powertrain Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific Fuel Cell Powertrain Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America Fuel Cell Powertrain Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America Fuel Cell Powertrain Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa Fuel Cell Powertrain Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa Fuel Cell Powertrain Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global Fuel Cell Powertrain Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 1.15 billion.
The market is projected to grow at a CAGR of 79.7% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 222.95 billion by 2032.
The major market drivers are growing awareness regarding the harmful effects of greenhouse gases and increasing adoption of electric vehicles.
The key trends of the market include increased fuel efficiency and driving range of FCEVs and increasing investments by governments in alternative energy sources.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Various components of fuel cell powertrain are fuel cell system, battery system, drive system, and hydrogen storage system, among others.
The key players in the market are Robert Bosch GmbH, Denso Corporation, Continental AG, Hyundai Motor Company, FEV Europe GmbH, Shanghai Fuel Cell Vehicle Powertrain Co., Ltd., Cummins Inc., FCP Fuel Cell Powertrain GmbH, Ballard Power Systems Inc., and Nuvera Fuel Cells, LLC, among others.
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