PUBLISHER: The Business Research Company | PRODUCT CODE: 1531964
PUBLISHER: The Business Research Company | PRODUCT CODE: 1531964
A fuel cell powertrain is an electric propulsion system found in fuel cell electric vehicles (FCEVs). It operates by converting hydrogen and oxygen into electricity through a fuel cell, which then powers an electric motor. Fuel cells generate electricity via an electrochemical process involving hydrogen and oxygen, commonly employing a proton exchange membrane (PEM) or solid oxide electrolyte.
The primary categories of fuel cell powertrain components include the fuel cell system itself, battery system, drive system, hydrogen storage system, and other associated elements. A fuel cell system is a technology that produces electricity through the chemical reaction of hydrogen and oxygen, primarily used for vehicle propulsion or energy supply. Power outputs typically range from under 150 kW to between 150 and 250 kW, and over 250 kW, catering to various drive configurations such as rear-wheel drive (RWD), front-wheel drive (FWD), and all-wheel drive (AWD). Vehicles equipped with these powertrains span across passenger cars, commercial vehicles, buses, and other applications.
The fuel cell powertrain research report is one of a series of new reports from The Business Research Company that provides fuel cell powertrain market statistics, including the fuel cell powertrain industry's global market size, regional shares, competitors with a fuel cell powertrain market share, detailed fuel cell powertrain market segments, market trends and opportunities, and any further data you may need to thrive in the fuel cell powertrain industry. This fuel cell powertrain market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The fuel cell powertrain market size has grown exponentially in recent years. It will grow from $0.37 billion in 2023 to $0.55 billion in 2024 at a compound annual growth rate (CAGR) of 50.2%. Historical growth can be credited to enhanced fuel efficiency, increased driving, rising demand for clean energy vehicles such as electric cars, greater interest in eco-friendly transport options, and the expanding market for fuel-efficient vehicles.
The fuel cell powertrain market size is expected to see exponential growth in the next few years. It will grow to $2.82 billion in 2028 at a compound annual growth rate (CAGR) of 50.3%. The anticipated growth is driven by the increasing adoption of clean energy vehicles, government funding, expanding hydrogen infrastructure, heightened focus on reducing greenhouse gas emissions, and a surge in fuel-cell vehicle adoption. Key trends in the forecast period encompass advancing technology, heightened investment in industrial LED technologies, increased funding for infrastructure modernization, and rapid evolution in lighting technologies.
The fuel cell powertrain market is set to grow due to the increasing adoption of clean energy vehicles, which use alternative energy sources instead of traditional fossil fuels such as gasoline or diesel. This demand stems from the push for sustainable transportation solutions that offer zero-emission propulsion, address environmental concerns, improve energy efficiency, and reduce reliance on fossil fuels. Clean energy vehicles utilize fuel cell powertrains to convert hydrogen fuel into electricity through an electrochemical process, enabling emission-free propulsion and contributing to sustainability in transportation. For instance, in January 2022, the International Energy Agency reported that electric vehicle sales almost doubled from 3 million in 2020 to 6.6 million in 2021, accounting for around 9% of total sales and marking a 4-percentage point increase in 2021 alone. This surge in clean energy vehicle adoption is a driving force behind the growth of the fuel cell powertrain market.
Companies in the fuel cell powertrain market are prioritizing the development of advanced fuel cell technologies such as single-stack 200kW powertrains to boost performance and efficiency across different applications. A single-stack 200kW powertrain generates up to 200 kilowatts of power using a single stack of fuel cells, ideal for high-efficiency energy conversion in vehicles or stationary power setups. For example, in March 2024, Hyzon launched a 200kW Prime Mover with a single-stack fuel cell system and powertrain, catering to heavy-duty road transport needs. This integration of advanced fuel cell technology into popular vehicle designs is evident in the cabover vehicle, favored by fleets in Australia, New Zealand, and Europe.
In October 2022, ZeroAvia Inc., an aerospace company, acquired HyPoint Inc. to enhance its hydrogen-electric flight capabilities. This acquisition combines HyPoint's high-temperature fuel cell technology with ZeroAvia's expertise in developing full powertrains for aviation, aiming to increase power output and energy density in aviation fuel cell systems. HyPoint Inc. is a US-based company that provides fuel cell powertrain technology.
Major companies operating in the fuel cell powertrain market are Toyota Motor Corporation, Mercedes-Benz Group AG, Ford Motor Company, General Motors Company, Bayerische Motoren Werke AG, Honda Motor Co. Ltd., SAIC Motor Corp. Ltd., Robert Bosch GmbH, Hyundai Motor Company, Hitachi Ltd., Siemens AG, Nissan Motor Co. Ltd., Audi AG, BYD Company Ltd., Panasonic Corporation, Renault Group, Volvo Group, ZF Friedrichshafen AG, Continental AG, Magna International Inc., Denso Corporation, Tata Motors Limited, Cummins Inc., Valeo SA, Plug Power Inc., Ballard Power Systems Inc
Asia-Pacific was the largest region in the fuel cell powertrain market in 2023. The regions covered in the fuel cell powertrain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the fuel cell powertrain market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The fuel cell powertrain market consists of sales of fuel cell stacks, hydrogen tanks, power converters, and integrated systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Fuel Cell Powertrain Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on fuel cell powertrain market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for fuel cell powertrain ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The fuel cell powertrain market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.