Automotive Fuel Cell Market Research – Industry Analysis | Growth | Size | Share | Trends | Forecast To 2024
Automotive fuel cell is a fuel cell used in electric vehicle in combination of battery or instead of a battery. The global automotive fuel cell market is growing at a significant rate, due to decreased oil dependency and reduced amount of greenhouse gas. Different electrolyte type contributed to the automotive fuel cell market size. The market has witnessed high demand for Proton Exchange Membrane Fuel Cell (PEMFC) in the coming years due to small size, high-power density, high efficiency, light weight, and appropriate operating temperature.
On the basis of power output, the market is subdivided into200 kW power output and 100–200 kW power output. Among the all power output, the 100–200 kW power output segment accounted the largest share in the automotive fuel cell market due to elevated need of passenger vehicle, improved performance and upsurge driving range. In addition, >200 kW power output segment is expected to grow at the fastest rate in the market due to bulk implementation of fuel cell commercial vehicles.
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On the basis of vehicle type, the market is subdivided into trucks, passenger car (PC), buses and light commercial vehicle (LCV). Among the all vehicle types, the passenger cars accounted the largest share and is expected to grow at the fastest rate in the automotive fuel cell market due easiness of application of fuel cell technology, cost efficacy, augmented driving range, high demand for passenger cars, strict emission norms and elevated emphasis of OEMs to employ fuel cell technology in passenger cars.
Decreased oil dependency, improved fuel productivity, upsurge driving range, escalating need for fuel cell vehicles in the automotive and transportation sectors and speedy refuelling of fuel cell are the primary growth drivers for automotive fuel cell market. In addition, increase in the requirement of efficient vehicle with zero carbon emission, a reduced amount of greenhouse gas; strict emission norms and mounting alarm about environmental pollution are also driving the growth of the market. For instance, according to World Health Organization (WHO), globally exposure of ambient air pollution leads to 4.2 million deaths every year. In addition, 91% of the world’s population lives in place where air quality exceeds WHO guidelines limits.
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Geographically, Asia-Pacific is the largest automotive fuel cell market due to greater production and commercialization of fuel cell vehicle. Green technologies, mounting hydrogen infrastructure and high recognition of electric vehicle are also up surging growth of the Asia-Pacific automotive fuel cell market.
Key players in the automotive fuel cell market are catering the demand by investing on technologically advanced automotive fuel cell across the globe. In August 2018, Ballard Power Systems signed an agreement to divest its subsidiary, Protonex, to retain assets related to fuel cell propulsion systems for commercial unmanned vehicles. Toshiba, ITM Power, Nedstack, Ballard Power Systems, Ceres Power, Hydrogenics, Plug Power and Delphi are the key players offering automotive fuel cell.