PUBLISHER: The Business Research Company | PRODUCT CODE: 1539603
PUBLISHER: The Business Research Company | PRODUCT CODE: 1539603
An automotive fuel cell is specifically designed and optimized for use in vehicles, particularly to power electric propulsion systems. These fuel cells convert chemical energy from hydrogen fuel into electricity via an electrochemical reaction, emitting only water vapor as a byproduct. There are several types of automotive fuel cells, including Polymer Electrolyte Membrane Fuel Cells (PEMFC), Phosphoric Acid Fuel Cells (PAFC), Alkaline Fuel Cells (AFC), and others. A PEMFC utilizes a solid polymer electrolyte membrane to conduct protons and facilitate electrochemical reactions. It can operate with various fuel types such as hydrogen, methanol, and ethanol, and is available in different power ratings, below 100 kW, 100-200 kW, and above 200 kW. These fuel cells find applications in passenger cars, commercial vehicles, and other automotive uses.
The automotive fuel cells market research report is one of a series of new reports from The Business Research Company that provides automotive fuel cells market statistics, including automotive fuel cells industry global market size, regional shares, competitors with automotive fuel cells market share, detailed automotive fuel cells market segments, market trends and opportunities, and any further data you may need to thrive in the automotive fuel cells industry. This automotive fuel cells market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The automotive fuel cell market size has grown rapidly in recent years. It will grow from $3.00 billion in 2023 to $3.45 billion in 2024 at a compound annual growth rate (CAGR) of 15.1%. During the historic period, growth can be attributed to several factors include improved fuel efficiency, increased adoption of hydrogen fuel-based vehicles, government initiatives promoting clean energy, and more stringent emission regulations.
The automotive fuel cell market size is expected to see rapid growth in the next few years. It will grow to $6.14 billion in 2028 at a compound annual growth rate (CAGR) of 15.5%. In the forecast period, growth is expected to be driven by several factors include extended driving range of vehicles, rising demand for electric vehicles, expanding hydrogen infrastructure, improved fuel economy, and a growing emphasis on renewable energy. Key trends anticipated in this period include the development of compact and lightweight vehicle designs, advancements in hydrogen production and storage technologies, innovations in battery technology, and increased investments in research and development.
The automotive fuel cell market is expected to experience growth driven by the increasing demand for electric vehicles (EVs). Electric vehicles are powered by electric motors using energy stored in batteries or other energy storage devices. The rising popularity of EVs is supported by environmental benefits such as reduced emissions, economic incentives, advancements in battery technology, and favorable government policies. Automotive fuel cells play a crucial role in EVs by generating electricity through a chemical reaction between hydrogen and oxygen, complementing or replacing battery-stored electricity. For example, the International Energy Agency reported in April 2024 that global electric vehicle sales grew by 3.5 million units in 2023 compared to 2022, representing a 35% annual increase. As the demand for electric vehicles continues to rise, fueled by these factors, it is driving growth in the automotive fuel cell market as well.
Major companies in the automotive fuel cell market are concentrating on advancing technologies such as highly integrated compact fuel cell systems to meet the rising demand for clean energy vehicles. These systems consolidate essential components into a single unit, thereby enhancing efficiency and performance in automotive applications. For example, SAIC Motor Corp. Ltd., a China-based automobile manufacturer, introduced its proprietary fuel cell system in October 2021. This system includes the M4 fuel cell stack platform, the PROME M4H fuel cell stack, and the PROME P4L and P4H fuel cell systems. Notably, the PROME P4H system features a highly integrated design with a volumetric power density of 1020 W/L and a mass power density of 722 W/kg, alongside vehicle-level anti-shock and anti-vibration capabilities. This compact and powerful system is designed for both passenger and commercial vehicles, with power outputs ranging from 30 kW to 230 kW. By focusing on innovations such as these compact fuel cell systems, major companies are positioning themselves to capitalize on the increasing market demand for efficient and environmentally friendly automotive technologies.
In February 2021, Advent Technologies Holdings Inc., a US-based manufacturer of fuel cell systems, acquired UltraCell LLC. The acquisition was made to enhance Advent Technologies' capabilities and broaden its product offerings within the fuel cell market. UltraCell LLC, also based in the US, specializes in lightweight fuel cell technology, which aligns with Advent Technologies' strategy to integrate advanced portable fuel cell solutions into its portfolio. The financial terms of the acquisition were not disclosed.
Major companies operating in the automotive fuel cell market are Toyota Motor Company, Daimler AG, Ford Motor Company, American Honda Motor Company Inc., Robert Bosch GmbH, Nissan Motor Corporation, Kia Motors Corporation, Aisin Corporation, Mitsubishi Heavy Duty Industries Limited, Cummins Inc., Toshiba Corporation, BorgWarner Inc., Hyster-Yale Materials Handling Inc., AVL List GmbH, Bloom Energy Corporation, Plug Power Inc., FuelCell Energy Inc., SFC Energy AG, Ballard Power Systems Inc., Nuvera Fuel Cells LLC, ITM Power plc, Nedstack Fuel Cell Technology, Watt Fuel Cell Corporation, Ceramic Fuel Cells Ltd., Delphi Technologies
Asia-Pacific was the largest region in the automotive fuel cell market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive fuel cell market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the automotive fuel cell market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automotive fuel cell market includes revenues earned by entities by providing services such as electric power generation, energy storage and conversion, long-range and quick refueling, and quiet operation. The market value includes the value of related goods sold by the service provider or included within the service offering. The automotive fuel cell market consists of sales of products including power conditioning and control systems, electric motors, battery systems, and cooling and thermal management 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.
Automotive Fuel Cell 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 automotive fuel cell 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 automotive fuel cell ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automotive fuel cell 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.