USD 144 million
Report ID: SQMIG10B2029 | Region: Global | Published Date: October, 2022 | Pages: 278 | Tables: 68 | Figures: 75
Global Fuel Cell Powertrain Market size was valued at USD 144 million in 2021 and is poised to grow from USD 235.8 million in 2022 to USD 12530.3 million by 2030, growing at a CAGR of 89.3% in the forecast period (2023-2030).
An electrically driven system that uses a fuel cell to transform hydrogen energy into electricity is known as a fuel cell powertrain. A few applications for fuel cells include transportation, emergency backup power, and material handling. Since they don't produce harmful pollutants, fuel cell powertrains are more effective and environmentally friendly than internal combustion engine powertrains.
A fuel cell is used in a fuel cell powertrain which is an electrically powered system, to transform hydrogen-based energy into electricity. Transport, emergency backup power, and material handling are just a few of the uses for fuel cells. Fuel cell power trains are extremely effective and environmentally beneficial because they don't produce hazardous emissions as internal combustion engine powertrains do. The deployment of fuel cell powertrains improves energy security, according to the U.S. Department of Energy.
The increasing sale of fuel cell electric vehicles (FCEV) is the key factor in the fuel cell powertrain market growth. However, owing to the pandemic-induced lockdown, several OEMs were forced to halt production in the first quarter of 2020. Furthermore, several OEMs resumed production in the second quarter at lower capacity utilization. Hence, lower vehicle production and reduced vehicle demand have led to a considerable drop in FCP demand. This is likely to lead to reduced investment in innovative R&D initiatives over the short to mid-term. Hence, reduced demand for FCPs owing to lower vehicle production, increased emphasis on commercial vehicle (LCV, HCV) applications, and reduced investment over the short term is the key impact of COVID-19 on the market.
US Fuel Cell Powertrain Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 144 million
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The Fuel Cell Powertrain Market is segmented based on the Component, Vehicle Type, and region. Based on the Component, the Fuel Cell Powertrain Market is segmented as Hydrogen Storage systems, Battery systems, Drive systems, Fuel Cell Systems, Fuel Cell Systems, and Others. Based On Vehicle, the Fuel Cell Powertrain Market is segmented as Passenger Cars, Light Commercial Vehicles, Trucks, and Buses. Based on Region Fuel Cell Powertrain Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Fuel Cell Powertrain Market Analysis by Component
The Fuel Cell Powertrain Market has been segmented on the basis of components into fuel cell systems, battery systems, drive systems, hydrogen storage, and others. Due to the falling prices of essential fuel cell stack components including bipolar plates, stack housing, and MEA, the fuel cell systems market segment is expected to experience significant expansion (membrane electrode assemblies). The market is anticipated to see considerable expansion in the battery systems category.
Fuel Cell Powertrain Market Analysis by Vehicle Type
The Fuel Cell Powertrain Market has been segmented on the basis of Vehicle type into Passenger cars, commercial vehicles, Buses, and trucks. The passenger cars segment has acquired the largest market share. High adoption rates, rising per capita incomes, and expanding consumer demand for personal mobility are anticipated to drive the market for fuel cell passenger cars. Programs in several countries to replace ICE taxi fleets with zero-emission taxi fleets are also anticipated to offer significant development opportunities during the projection period.
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During the forecast period, Asia Pacific is expected to grow significantly. The market for fuel cell powertrains in the region is expected to grow as consumer demand for eco-friendly and fuel-efficient vehicles rises. The presence of numerous domestic and foreign fuel cell power train producers can also be credited with the market expansion in Asia Pacific.
Throughout the projection period, North America is most expected to be a stable region of the global fuel cell powertrain market. A significant reason driving the demand for fuel cell powertrain in the region is the introduction of strict norms and laws to limit GHG emissions.
The markets in Europe and Asia are developing rapidly toward battery and fuel cell-based energy storage and energy supply. Europe is also expected to acquire a significant proportion of Fuel Cell Powertrain Market due to the efforts that are being taken by manufacturers to lower the weight of automobile so as to improve their performance.
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Fuel Cell Powertrain Market Driver
Fuel Cell Powertrain Market Restraint
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MAM USA Corporation, Baby Shusher, and The White Company are a few of the top Fuel Cell Powertrain manufacturers with sizable market shares. To compete with industry leaders, these businesses employ new product development and expansion as a primary strategy to capture a substantial market share. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions.
Fuel Cell Powertrain Market Top Player's Company Profiles
Fuel Cell Powertrain Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Fuel Cell Powertrain Market Analysis, in terms of vehicle type, the passenger car segment has held the largest market share, and the commercial vehicle segment is also expected to grow rapidly during the forecast period. The global market for fuel cell powertrains can be segmented into fuel cell systems, battery systems, drive systems, hydrogen storage systems, and others based on component. In the upcoming years, it is predicted that the battery system market would expand at a high CAGR.
|Market size value in 2021||USD 144 million|
|Market size value in 2030||USD 235.8 million|
|Forecast Unit (Value)||USD Million|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Fuel Cell Powertrain 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 Fuel Cell Powertrain 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.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Fuel Cell Powertrain Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Product ID: SQMIG10B2029