CHICAGO, July 6, 2022 /PRNewswire/ — According to the new market research report “Fuel Cell Powertrain Market by Component (Fuel Cell System, Drive System, Battery System, Hydrogen Storage System, and Gearbox), Vehicle Type (PC, LCV, Trucks, Buses), Power Output, Drive Type, H2 Fuel Station and Region – Global Forecast to 2027″, published by MarketsandMarkets™, the global Fuel Cell Powertrain Market size is projected to grow from USD 512 million in 2020 to USD 3,629 million by 2027, at a CAGR of 47.9%.
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Asia Oceania is projected to be the largest market by 2027, followed by North America and Europe Increasing developments and investments, along with the push to popularize fuel cell vehicles, will boost the Asia Oceania Fuel Cell Powertrain Market. In countries such as Japan, China, and South Korea, FCEVs are gaining demand due to their higher range, faster refueling compared to other EVs, and government policies and are some of the countries supporting these vehicles with incentives and favorable policies. The region is home to some of the key players in the Fuel Cell Powertrain Market, such as Denso Corporation, Shanghai Fuel Cell Vehicle Power System Co., Ltd, Doosan Corporation etc. Even though the region is home to fewer companies in the Fuel Cell Powertrain Market compared to other regions such as North America and Europe, the highest numbers of fuel cell vehicles have been sold here. For instance, in 2021, Among the top sold FCEV models such as Hyundai NEXO and Toyota Mirai between these two models Toyota Mirai was the largest selling FCEV model across the globe.
The fuel cell system in a component segment is expected to have the largest market during the forecast
The fuel cell system is expected to occupy the largest market share due to the increased research & development activities to make fuel cells safer and offer better performance. It constitutes a fuel cell stack that generates power to the system and a fuel processor that converts fuel into a form usable by the fuel cell. Companies dealing in fuel cell components focus majorly on the overall performance of fuel cell systems. Also, Platinum is used as a catalyst in a fuel stack to boost the electrochemical reaction and increase the efficiency of the fuel cell. Hence, the fuel cell system segment is projected to lead the revenue from the Fuel Cell Powertrain Market
Passenger car segment is estimated to be the largest segment by vehicle type from 2018 to 2027
The passenger cars segment is projected to be the largest in the Fuel Cell Powertrain Market. The number of passenger car models available in the market accounts for a high percent of the sales of fuel cell vehicles. The high adoption rate, increasing per capita income, and rising demand for personal mobility is expected to drive the fuel cell passenger cars market. Additionally, in 2020, UK government plans to convert ICE taxi fleets into zero emission ones, which includes reduction in license fee, introduction to dedicated taxi charging infrastructure across the country would provide significant growth opportunities in the years to come.
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The Europe is expected to have the fastest market during the forecast period
The European automotive Fuel Cell Powertrain Market is projected to grow at a high rate, with Germany projected to be the largest automotive fuel cell market in the region. The German market is projected to grow owing to increasing investments by the government to develop hydrogen infrastructure and the increasing adoption of fuel cell buses in public transportation. As of 2021 the country had 156 operational hydrogen stations in Europe. Scandinavian countries are also projected to occupy a significant market share. The European Fuel Cell Powertrain Market is driven by government support and fundings. Europe has set a very ambitious goal of reducing 80% CO2 emissions by 2050 and created a roadmap for the same. Under this, the FCHJU was established in 2008 and was carried out until 2013 as the first public-private partnership under the European Strategic Energy Technology Plan (SET-Plan). Its objective was to accelerate the development of fuel cells and hydrogen technologies in Europe to enable their commercialization. The continuation and further strengthening of the program is expected to drive the market for fuel cell powertrains in the region.
Key Market Players
The global Fuel Cell Powertrain Market include major players such as Ballard Power Systems (Canada), Cummins Inc. (US), Denso Corporation (Japan), Robert Bosch GmbH (Germany), and FEV (Germany)
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