Fuel Cells Market for automotive Industry to grow by USD 4.38 billion from 2022 to 2027 | Market is fragmented due to the presence of prominent companies like Acumentrics Inc, Ballard Power Systems Inc. & BorgWarner Inc., and many more - Technavio

NEW YORK, Oct. 16, 2023 /PRNewswire/ -- The fuel cells market for automotive industry is estimated to grow by USD 4.38 billion from 2022 to 2027, growing at a CAGR of 26.7%. The fuel cells market for the automotive industry market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer fuel cells market for automotive industry market are Acumentrics Inc, Ballard Power Systems Inc., BorgWarner Inc., Ceres Power Holdings plc, Cummins Inc., Daimler AG, ElringKlinger AG, Hyster Yale Materials Handling Inc., Hyundai Motor Co., Intelligent Energy Ltd., ITM Power plc, Nedstack Fuel Cell Technology BV, Nel ASA, PRAGMA INDUSTRIES, Proton Motor Fuel Cell GmbH, The Symbio SAS, TW Horizon Fuel Cell Technologies, Valmet Automotive Group, W. L. Gore and Associates Inc., and PowerCell Sweden AB. The report provides a full list of key companies, their strategies, and the latest developments. Download Free Sample before buying

Company Offering:

• Acumentrics Inc. - The company offers a solid oxide fuel cell that produces electricity directly from oxidizing a fuel.
• Ballard Power Systems Inc. - The company offers hydrogen fuel cells to passenger vehicles and thus helps in achieving zero emissions, low noise, and smooth acceleration.
• BorgWarner Inc. - The company offers fuel cell air supply features innovative technologies for fuel cell vehicles.
• For details on companies and their offerings – Buy a report!

By Geography, the market is classified as APAC, North America, Europe, South America, and Middle East and Africa. APAC will have the largest share of the market. APAC will contribute 44% to the growth of the global market during the forecast period. The need to reduce energy consumption in the transportation sector drives the steady growth in the region. Furthermore, countries like Japan, China, and India are working to develop emissions regulations that meet European standards. Download Free sample report to get more insights on the market share of various regions and the contribution of the segments.

• Impactful driver- Advantage of hydrogen fuel cell vehicles
• Key Trend - Increase in R&D investment and activities
• Major Challenges - High cost of installation of fuel cells

 Market Segmentation

• By Fuel Type, the hydrogen segment is significant during the forecast period. These cells generate electricity through an electrochemical process. This process merges hydrogen and oxygen to create water and release energy, which is used to power the electric motor that drives the vehicle. Commercial vehicles such as buses and trucks are also being explored for hydrogen fuel cell integration. The integration of hydrogen fuel cells in commercial and non-commercial applications is expected to drive the growth of the global fuel cells market for automotive industry during the forecast period.

Technavio Research experts have provided more insights on the market share of segments - View Free Sample Report

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TOC:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Fuel Type

7 Market Segmentation by Application

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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SOURCE Technavio