Fuel Cell Vehicle Market To See Worldwide Massive Growth, COVID-19 Impact Analysis, Industry Trends, Forecast

Automotive Fuel Cell: Introduction

  • A fuel cell vehicle is a type of electric vehicle that uses a fuel cell, instead of a battery, or in combination with a battery or super capacitor, to power its on-board electric motor. A fuel cell is also the source of electricity to power the motor.
  • Fuel cells generally use oxygen from the air and compressed hydrogen for their operation. Most fuel cells emit water and heat; hence, these vehicles are classified as zero-emission vehicles. The automotive fuel cell technology is an attractive proposition for automakers, which helps them manufacture high energy cells capable of powering automobiles. Fuel cells use either hydrogen or methane as the primary energy provider. Both these elements are cleaner sources of fuel, as against the conventional lithium ion-battery cells that cannot be recycled.

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Key Drivers of Global Automotive Fuel Cell Market:

  • Rise in 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 industry. Emerging markets for automobiles are witnessing an increase in vehicle production, which is turn is boosting the automotive fuel cell market across the globe.
  • Compliance with new emissions standards for passenger cars and commercial vehicles is majorly achieved by applying changes to the engine alone. Stringent norms on carbon emission of automotive enacted by regulatory bodies across the globe are also anticipated to boost the demand for automotive fuel cell, which in turn controls the emission of toxic gases from vehicles. This is likely to boost the global automotive fuel cell market.
  • Rising global environmental issues such climate change and poor air quality due high fossil fuel consumption propel the demand for clean energy source. Fuel cell generates zero emission and contributes to eliminate greenhouse gases, which is estimated to drive the automotive fuel cell market during the forecast period.

Rising Demand for Fuel Cell Vehicles in Automotive and Transportation to Offer Attractive Opportunities

  • Fuel cell electric vehicles offer high driving range, fast refueling, noiseless operation, and zero emissions of greenhouse gases and air pollutants. Hence, the use of fuel cells is ideal for transportation and automotive applications. Fuel cells are versatile and easily scalable sources of electricity that can be used for large applications in transportation such as material handling vehicles, buses, trains, cars, defense vehicles, and LCVs. Fuel cells are also employed as stationary fuel sources in commercial applications. Fuel cells can be utilized as primary power, backup power, and to generate heat and power in combined heat and power systems. Moreover, governments are taking initiatives to promote usage of fuel cells for transportation, which can further boost the automotive and transportation segment of the fuel cell vehicle market across the globe.

High Initial Investments in Hydrogen Fueling Infrastructure to Hamper Market

  • The setup cost of hydrogen fuel station and other infrastructure are quite high, as compared to that of petroleum, diesel, and other fuels. This has hampered the installation of hydrogen fueling infrastructure around the world. This is due to the expensive equipment required for this fuel along with necessary precautions and safety measures, as hydrogen is an easily combustible fuel. This, in turn, increases the cost of vehicles and subsequently, hampers the automotive fuel cell vehicle across the globe.

Europe to Hold Significant Share of Global Automotive Fuel Cell Market

  • Rate of adoption of technology in Europe is higher than that in other regions, as vehicle manufacturers of the automotive industry in the region emphasize more on the research and development of components. High penetration of premium and luxury vehicles in several countries across the region, including Germany and the U. K., is likely to boost the market for automotive fuel cells in the region.

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Key Players Operating in Global Market

The global automotive fuel cell market is highly fragmented with top manufacturers across the global market. A few of the key players operating and potential in the global automotive fuel cell market are:

  • Ballard Power Systems
  • ITM Power
  • Hydrogenics
  • Plug Power
  • AFCC
  • BorgWarner Inc.
  • Toyota Motor Corporation
  • Hyundai Motor Company
  • Nissan Motor Corporation
  • Hyster Yale
  • Cummins
  • Nedstack Fuel Cell Technology
  • American Honda Motor Company Inc.
  • Daimler AG
  • Toshiba
  • Delphi Technology
  • Continental Industries
  • Proton Motor Fuel Cell GmbH

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