USD 1.69 Billion
Global Automotive Fuel Cell Market Size, Share, Growth Analysis, By Vehicle Type(Buses, LCVs), By Fuel Type(Hydrogen, Methanol) - Industry Forecast 2024-2031
Report ID:
SQMIG25C2122 |
Region:
Global |
Published Date: February, 2024
Pages:
223
|
Tables:
64 |
Figures:
75
Global Automotive Fuel Cell Market Insights
Global Automotive Fuel Cell Market size was valued at USD 1.69 Billion in 2021 and is poised to grow from USD 2.60 Billion in 2022 to USD 81.38 Billion by 2030, at a CAGR of 3.3% during the forecast period (2023-2030).
The global automotive fuel cell market has been gaining significant traction, driven by the rising demand for sustainable transportation solutions & the need to reduce carbon emissions. The market's goal is to deal with problems connected to pollution from old-engine cars. Fuel cells are a neat and efficient option that can help. The purpose of the market revolves around addressing environmental concerns associated with traditional internal combustion engines, as fuel cells offer a clean and efficient alternative. One of the big problems is how expensive it is to make fuel cells and not enough places to refill them. The first cost needed for fuel cell cars stops many people from using them widely. Also, the poor refueling setup stops the market's growth. People worry about how easy it is to get fuel and how many stations there are.
Even with these problems, the market offers many chances to grow. Improvements in fuel cell technology and more money being put into making hydrogen are expected to help fix some of the problems we have now. Also, as more people understand the importance of keeping our environment safe and rules to reduce pollution are used worldwide, this creates good conditions for the growth of the automotive fuel cell market. The world's automotive fuel cell market is ready to grow a lot because we need cleaner ways of moving. Even though there are troubles like starting costs that are high and not enough setup, new changes happening all the time and more money being put in gives chances to get past these problems.
Market snapshot - 2023-2030
Global Market Size
Largest Segment
Passenger Cars
Fastest Growth
Passenger Cars
Growth Rate
3.3% CAGR
Global Automotive Fuel Cell Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Automotive Fuel Cell Market By Vehicle Type ($ Bn)
Global Automotive Fuel Cell Market By Vehicle Type (%)
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Global Automotive Fuel Cell Market Segmental Analysis
The global Automotive Fuel Cell Market is segmented on the basis of Vehicle Type, biomaterial, and region. By Vehicle Type, the market is segmented into Buses, LCVs, Passenger Cars, and Trucks. By Fuel Type, the market is segmented into Hydrogen, Methanol, and Ethanol. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Vehicle Type
The largest segment is Passenger Cars. More and more people are choosing green ways to travel, which is making the use of fuel cell technology in cars grow quickly. The latest information shows that passenger cars have a big share of the market. They make up [specific percentage] of all vehicles using fuel cells. This control comes from people becoming more aware of how regular engines harm the environment. They want better choices with no pollution. Also, better fuel cell technology is making passenger cars more efficient, able to drive longer distances, and cost less. This makes them a good choice for people who care about the environment.
The fastest-growing segment in the Automotive Fuel Cell Market is the sector dedicated to Trucks. With a big increase of [specific percentage] each year, trucks are using fuel cells more and it is undergoing a major change. This increase mainly comes from the quick need to cut down carbon levels in transport and delivery businesses. Here, electric trucks with fuel cells give a very good answer. Fuel cell trucks have a better range, faster time to fill up, and can carry more. This makes them popular with people who want to use sustainable energy but still keep things running smoothly. While the world works harder to remove bad emissions from cars, trucks using fuel cells are set for quick growth. This will change the way businesses move goods all over the world.
Analysis By Fuel Type
Hydrogen emerges as the largest and most pivotal segment, commanding a substantial share of the market. The big increase in hydrogen fuel cells is pushed by how well they work, their zero-emission status, and rising improvements to facilities. Hydrogen, a clean and easy-to-find energy source, is in line with the worldwide pledge to protect the environment. Importantly, the car industry is seeing a big change to hydrogen-powered cars. Big companies are putting lots of money into fuel cell technology for this shift. The good thing about hydrogen is not just its friendly ways to nature but also its chance to solve a big worry called range anxiety. This is an important issue in electric cars. As more governments around the world work hard to set up a strong hydrogen system, the control of the hydrogen section is expected to continue. This will help make the Automotive Fuel Cell Market bigger overall.
Methanol is growing fastest in this market. The use of methanol fuel cells is growing because they are flexible and easy to make. Methanol is a fuel liquid that can be kept and moved easily, helping to fix some problems linked with storing and sharing hydrogen. Also, methanol fuel cells give more energy in a smaller space. This lets cars drive for longer and refuel faster. As car makers look for new ways to serve different customer needs, the attractiveness of methanol fuel cells becomes clear. The fast increase in methanol shows it can change the Automotive Fuel Cell Market. It's a good choice because it helps the environment and also delivers useful results. With improvements in technology and more focus on making methanol from renewable sources, this part is ready to add important changes to electric vehicles of the future.
Global Automotive Fuel Cell Market By Vehicle Type, 2021 (%)
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Global Automotive Fuel Cell Market Regional Insights
Asia-Pacific stands out as the dominating region in the market. The area's success is due to a mix of reasons. These include good help from governments, big spending on research and new things, and top car makers working directly with fuel cell technology. Countries like Japan and South Korea are leaders in using fuel cells. They have big plans to use them more, especially for vehicles that run on fuel cells. This has made Asia-Pacific very important in the global market for this technology.
North America is emerging as the fastest-growing region. In the United States and Canada, many people are showing more interest and putting money into fuel cell technology. This is because there is a stronger focus on clean energy ways to help solve climate change problems. Important people in the car business are working with government groups and energy firms to make fuel cell systems better and help more people use them. With good rules and a strong focus on being friendly to the environment, North America is ready to see fast growth in fuel-cell cars. This makes it an important place for people who care about clean energy and want to invest money.
Global Automotive Fuel Cell Market By Region, 2023-2030
- Largest
- Fastest
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Global Automotive Fuel Cell Market Dynamics
Drivers
Better fuel efficiency and increased driving range
- FCEVs offer better fuel economy than internal combustion engine (ICE) vehicles. The fuel economy of an FCEV is about 63 miles for every gallon of gasoline-equivalent (MPGge). This compares to the ICE vehicle's 29 MPGge on highways. Mixing can make a hydrogen electric car use fuel better by as much as 3.2%. On city streets, the fuel use of an H2 car is about 55 miles per gas from electricity. This is much better than 20 miles for normal petrol-based cars. FCEVs and BEVs have a big difference in how far they can go with full gas or fully charged batteries. Fuel cell electric vehicles (FCEVs) can go nearly 300 miles without needing more fuel. A BEV with a full battery can usually go about 110 miles. The Honda Clarity has the highest EPA driving score for any zero-emission car in the US. It can drive up to 366 miles. So, using less fuel and being able to drive more will make people want FCEVs even more. This will help the automotive fuel cell market grow too. Hydrogen has a special energy of 40,000 units per kg. However conventional Li-Ion batteries have only about 250 units of energy per kg. A normal BEV (battery electric vehicle) needs a lot longer time to charge than an FCEV, which can be fully refilled in about 5 minutes. The total efficiency of a FCEV is about 60%, more than that of an ICE car. It also goes much further than most electric cars being sold.
Positive Outlook to Curb Overall Carbon Emissions is Projected to Add to Market Growth
- Strict actions to control bad waste from many places will help this market. Countries agreeing to cut greenhouse gas emissions will make people more interested in zero-emissions vehicles. For example, the European Union (EU) has made a plan for 2030 called the Climate Target Plan. This will help them set bigger goals to lessen greenhouse gas emissions in their area. The group wants to lower GHG emissions by at least 55% by 2030. Its aim is to become free from climate impacts by 2050.
Restraints
Infrastructure Challenges
- Many people don't use cars that run on fuel cells because there is not enough infrastructure for hydrogen. Building lots of hydrogen gas stations is very important for fuel cell cars to do well. But now, there aren't enough refueling places which makes it hard for the market to grow.
High Initial Costs
- The price of fuel cell technology like making hydrogen fuel cells and storing them is quite costly. It's more expensive than regular engines or even cars that use batteries for electric use. The big initial costs for people and car makers can stop many from widely using them.
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Global Automotive Fuel Cell Market Competitive Landscape
The competitive landscape of the global Automotive Fuel Cell Market was marked by intense competition among key players striving to establish dominance in the burgeoning hydrogen-powered vehicle industry. Companies used their knowledge about fuel cell technology and a lot of money spent on research to make themselves even better. These business leaders were the first to sell cars that run on fuel cells. They worked hard to make these vehicles better and longer lasting, while also lowering how much they cost to make. Also, working together and teaming up with car makers and power companies to build more hydrogen filling stations was very important for shaping who is doing well. Just starting up new businesses, focused on being better and caring for the earth, and wanted to find their part in the market. This helped make things more exciting and changing between companies worldwide in the Automotive Fuel Cell Market.
Top Player’s Company Profile
- Hyundai Group
- Faurecia
- Hyster Yale
- Plug Power
- Nissan Motor Corporation
- Plug Power
- American Honda Motor Company, Inc.
- Daimler AG
- Toshiba
- ElringKlinger
- Hydrogenics
- Delphi Technologies
- ITM Power
- Nuvera Fuel Cells, LLC
- Ceres Power (UK)
- AVL (Austria)
- Bosch
Recent Developments
- In June 2022 – Toyota along with its subsidiary Woven Planet Holdings, Inc., produced a functional prototype of their portable hydrogen cartridge. The design of this cartridge will facilitate transportation and distribution of hydrogen energy for a wide range of everyday uses both inside the home as well as outside.
- In June 2022- Hyundai Motor announced that the updated hydrogen powered Nexo SUV would be released by 2014. The company has determined that large-scale production and sales of its new Nexo will commence in the latter part of 2024.
- In September 2022- Advent Technologies Holdings signed a three-year contract with the German State of Brandenburg. Under this contract, Advent will provide methanol-based fuel cell systems to the German State of Brandenburg. Within the region, these fuel cell systems will be installed in some critical communication sites.
Global Automotive Fuel Cell Key Market Trends
- Advancements in Fuel Cell Technology: Continuous improvements in technology are happening due to ongoing work and study of fuel cell vehicles. This involves making fuel cells better at using energy, last longer, and be more affordable. New tech like proton exchange membrane fuel cells (PEMFC) and solid oxide fuel cells (SOFC) are becoming popular. They're helping to change the market.
- Collaborations and Partnerships: Car makers, companies that make fuel cells, and energy firms are working together more often to tackle problems in the world of fuel cells. Working together and teaming up helps to share knowledge, cut down costs for making fuel cell cars, and speed up their launch into the market.
Global Automotive Fuel Cell Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global Automotive Fuel Cell Market analysis, the global Automotive Fuel Cell Market is witnessing a notable surge, driven by a confluence of trends, drivers, and regional dynamics. The move towards green and friendly ways of travel has increased the demand for fuel cell cars (FCVs). This is because they provide a clean choice compared to regular vehicles with internal combustion engines. Governments all over the world are putting more emphasis on cutting down carbon emissions and pushing environmentally friendly technologies. This creates a helpful rule setting for the automotive fuel cell market. Also, the increasing number of places for hydrogen refueling is making people feel sure about buying FCVs. Even though things are looking good, the market has limitations. These include big starting costs, less hydrogen support in some areas, and problems with making fuel cells that need new technology. The best place for hydrogen vehicles is in the Asia-Pacific region. They have strong government help, and better technology and are willing to use them. Japan and South Korea, especially, have become big places for making cars use fuel cells. They're doing a lot to help the world grow in this area. As the car industry moves toward cleaner energy, the Asia-Pacific area is ready to be a big part in deciding the future of the Automotive Fuel Cell Market.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 1.69 Billion |
| Market size value in 2030 | USD 81.38 Billion |
| Growth Rate | 3.3% |
| Base year | 2023 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Automotive Fuel Cell Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Automotive Fuel Cell Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Automotive Fuel Cell Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Automotive Fuel Cell Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Automotive Fuel Cell Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Automotive Fuel Cell Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Automotive Fuel Cell Market Report Snapshots
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