CHICAGO, Feb. 12, 2024 /PRNewswire/ — Automotive Fuel Cell Market is projected to grow from USD 0.2 billion in 2024 to USD 2.1 billion by 2030, at a CAGR of 48.0%, according to a new report by MarketsandMarkets™. Factors such as advancements in better fuel efficiency and increased driving range, rapid increase in investment and development for green hydrogen production, fast refuelling, reduced oil dependency, and lower emissions compared to other vehicles are anticipated to contribute significantly to the revenue growth of the automotive fuel cell market. The evolution of fuel cell vehicles, combined with advancement in hydrogen technology, is poised to create favourable opportunities within this market.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=14859789
Browse in-depth TOC on “Automotive Fuel Cell Market”.
235 – Tables98 – Figures330 – Pages
Automotive Fuel Cell Market Scope:
|
Report Coverage |
Details |
|
Market Size |
USD 2.1 billion by 2030 |
|
Growth Rate |
CAGR of 48.0% |
|
Largest Market |
Asia Oceania |
|
Market Dynamics |
Drivers, Restraints, Opportunities & Challenges |
|
Forecast Period |
2024-2030 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Vehicle Type (Buses, Trucks, LCVs, Passenger Cars), Component, Fuel Type, Hydrogen Fuel Points, Operating Miles, Power, Capacity, Specialized Vehicle Type and Region |
|
Geographies Covered |
Asia Oceania, Europe, North America, and RoW |
|
Report Highlights |
Updated financial information / product portfolio of players |
|
Key Market Opportunities |
Hydrogen Fuel-Cell Vans to be a emerging market opportunity |
|
Key Market Drivers |
Enhanced Fuel Efficiency and Extended Driving Range |
Fuel Cell Hybrids with Battery Integration will form a promising product segment during forecast period
Fuel Cell Hybrid Electric Vehicles (FCHEVs) have emerged as a promising solution in the automotive fuel cell industry, embodying a harmonious integration of fuel cell technology and secondary energy storage systems. Leading the way in this domain are upcoming models such as the Ford F-550 and H2X Warrego, showcasing the successful amalgamation of fuel cells and batteries in a single powertrain. These future models stand as pioneers, demonstrating the viability of FCHEVs, with automakers like Ford and H2X at the forefront. The popularity of FCHEVs is driven by their ability to address challenges faced by pure Fuel Cell Electric Vehicles (FCEVs). One of the key advantages of FCHEVs is their enhanced efficiency achieved by incorporating a secondary energy storage system, often taking the form of a battery. FCHEVs offer distinct advantages over their FCEV counterparts. Including a secondary battery facilitates smoother power delivery, reducing stress on the fuel cell and potentially extending its lifespan. Moreover, the presence of a battery enables energy recovery during braking, enhancing overall energy utilization. These factors make FCHEVs an appealing option for consumers looking for a cleaner and more efficient alternative to conventional vehicles. As technology advances and automakers refine their designs, FCHEVs are expected to play a crucial role in the transition toward sustainable and zero-emission transportation.
Fuel Stack to act as growth catalysts in the Automotive Fuel Cell Market
The rapid growth of the automotive fuel stack market can be attributed to several factors, including stringent emissions regulations, government incentives, technological advancements, and diverse applications of fuel cell vehicles (FCVs). The fuel cell stack, a crucial fuel cell system component, consists of two flow field plates and a Membrane Electrode Assembly (MEA). It generates electricity in the form of direct current (DC), requiring a DC/AC converter for conversion into alternating current (AC) suitable for AC applications in Fuel Cell Electric Vehicles (FCEVs). An individual fuel cell produces less than 1.16 V of electricity in automotive applications. Multiple fuel cells are stacked together to enhance power generation, forming what is commonly known as a fuel cell stack. The fuel cell stack is considered the fuel cell system’s most expensive component due to platinum’s inclusion. The stack size determines the fuel cell’s power output, and increasing the number of fuel cell stacks can amplify power generation. Stacks are equipped with end plates and connections for integration into Fuel Cell (FC) modules. As the stack size increases, the cost per unit of power generated decreases, making fuel cells an efficient option for long-range transportation.
The industry adheres to the principle of economies of scale, whereby higher production volumes result in lower per-unit costs.Companies such as Ballard Power Systems and PowerCell AB have been actively engaged in the development of fuel cell stacks. For instance, in September 2020, Ballard Power Systems introduced the high-power density fuel cell stack, FCgen HPS, designed for vehicle propulsion, particularly in medium and heavy-duty vehicles. In July 2022, PowerCell announced a partnership with ZeroAvia, involving the delivery of 5000 units of 100 kW fuel cell stacks starting in 2024. ZeroAvia plans to utilize these fuel cell stacks to produce a 600 kW, low-temperature hydrogen-electric powertrain for a 19-seat commercial aircraft.
Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=14859789
Key Market Players:
The major players in Automotive Fuel Cell Companies include Ballard Power Systems (Canada), Hyster-Yale (US), Plug Power (US), ITM Power(UK) and Cummins (US), among others.
Recent Developments
In December 2023, Plug Power, the company in focus, successfully installed a one-megawatt proton exchange membrane electrolyzer at the Amazon Fulfillment Center, DEN8. This milestone signifies Amazon’s inaugural initiative in producing low-carbon hydrogen to fuel more than 225 hydrogen fuel cell-driven forklift trucks operating at the facility.
In November 2023, Ballard Power Systems entered into a supply contract with Solaris Bus & Coach sp. z o.o. (Poland). Ballard Power Systems has publicly revealed multiple purchase orders, totaling 62 hydrogen fuel cell engines, destined for Solaris Bus & Coach. These advanced fuel cell engines are earmarked for use in buses operating in Germany and Poland, contributing to the expansion of sustainable transportation in the region.
In October 2023, a 50kW fuel cell module (FC module) was developed by Toyota Motor, representing a compact fuel cell (FC) system. This innovative module, designed for various applications like lift trucks, agricultural machinery, and construction equipment, provides versatile installation possibilities.
In March 2023, Hyster-Yale-Generator-Fuel Cells officially launched the commercial availability of the G-Series Fuel Cell Power Generators, offered in 360 kW and 470 kW modules. This modular and zero-emission power solution is designed for various applications in the commercial and industrial sectors, such as data centers, electric vehicles, backup power systems, and microgrids.
In September 2023, Ballard Power Systems and QUANTRON collaborated to unveil their first fuel cell electric vehicles, highlighting the seamless integration of QUANTRON’s vehicle engineering expertise with Ballard’s state-of-the-art fuel cell technology.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=14859789
Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting
Related Reports:
Automotive Safety System Market – Global Forecast to 2025
Automotive HUD Market – Global Forecast to 2028
Convertible Roof System Market – Global Forecast to 2025
Automotive Pressure Sensors Market – Global Forecast to 2025
About MarketsandMarkets™:
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish MehraMarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/automotive-fuel-cell-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/automotive-fuel-cell.asp
Logo: https://mma.prnewswire.com/media/2297424/MarketsandMarkets_Logo.jpg