The automotive fuel cell market is estimated to be 13.6 thousand units in 2020 and projected to grow at a CAGR of 69.7% during the forecast period (2020-2028), to reach 932.6 thousand units by 2028.
Ballard Power Systems (Canada), Plug Power (US), Delphi Technologies (UK), Doosan Corporation (Japan), Hydrogenics (Canada), and ITM Power (UK) are the key players in the automotive fuel cell market.
Government initiatives in R&D of hydrogen infrastructure and fuel cell cost reduction are likely to propel the automotive fuel cell market
Due to the changing global climate and increasing global warming, governments are taking initiatives to create clean energy sources. Governments are increasingly investing in alternative sources of energy such as fuel cells. As fuel cells emit no greenhouse gases (GHG) and pollutants, they can impact the environment positively. Thus, governments are taking initiatives, making investments, and promoting the use of fuel cells.
Along with the development of fuel cell technology, it is important to create a robust infrastructure that can cater to the needs of hydrogen-powered transportation. Therefore, governments are increasingly investing in the development of required hydrogen infrastructure, providing an opportunity for the automotive fuel cell market to grow in the future.
The >250 KW is projected to be the fastest-growing segment of the automotive fuel cell market, by power output, in terms of volume, during the forecast period
Typical fuel cell heavy-duty buses and trucks need a fuel cell with more than 250 kW power output. Fuel cell buses are considered to be the most suitable mode of transportation for the introduction of fuel cell technology in automotive applications. For transportation within a limited area, less investment is needed in building the required hydrogen infrastructure. Several governments across the globe are taking initiatives for developing public and private fuel cell vehicle transport.
Various investments have been made in the development and production of fuel cell buses. The adoption of fuel cell technology in the truck segment is still in the development stage. However, owing to the advantages of high efficiency and low cost of transportation for long-distance, the fuel cell truck market is projected to grow at a significant growth rate. Therefore, the automotive fuel cell market for >250 kW is estimated to be the fastest.
The truck segment is the second-fastest-growing segment of the automotive fuel cell market.
Currently, there are few fuel cell truck models available in the automotive market. However, the rapid development of fuel cell technology will boost the fuel cell truck market. Fuel cell vehicles are more efficient and cost-effective for long-range transportation. Hence, using fuel cell trucks for goods carriage will result in better emission control and cost-effectiveness. Moreover, FCEVs are more cost-effective than other electric vehicles for long-range transportation.
Nikola is expected to launch its fuel cell truck model by 2021. The company announced that the truck would have the highest driving range and a fuel stack with the largest power output as compared to models available in the current market. Anheuser-Busch, a brewery company in the US, ordered 800 fuel cell trucks from Nikola in 2018, and the order will start delivering as soon as the product is available in the market.
Europe is projected to have the highest growth rate in the automotive fuel cell market
The EU2020 focuses on increasing the demand for fuel cells by improving the infrastructure and decreasing the cost of fuel cells. Even though European companies lag behind their Asian counterparts in fuel cell technology development and patents, Europe is slowly shifting its focus on renewable sources of energy.
Germany represents around 75% of all European demonstration activities due to the presence of a number of small and large companies such as Siemens Westinghouse, Proton Power Systems PLC, Heliocentris, and SFC Energy. As governments are shifting their fleet of buses from ICE vehicles to zero-emission vehicles, it would create massive opportunities for growth of the fuel cell bus segment in the region. Besides buses, countries like Norway and Switzerland will be key markets for fuel cell trucks.
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in the Automotive Fuel Cell Market 4.2 Automotive Fuel Cell Market, By Country 4.3 Asia Oceania Automotive Fuel Cell Market, By Vehicle Type & Country 4.4 Automotive Fuel Cell Market, By H2 Fuel Station 4.5 Automotive Fuel Cell Market, By Power Output 4.6 Automotive Fuel Cell Market, By Component
5 Market Overview 5.1 Introduction 5.2 Policies & Initiatives Supporting Hydrogen-Powered Vehicles & Hydrogen Infrastructure 5.2.1 North America 5.2.2 Europe 5.2.3 Asia Oceania 5.3 Existing and Upcoming FCEV Models 5.4 Market Dynamics 5.4.1 Drivers 184.108.40.206 Better Fuel Efficiency and Increased Driving Range 220.127.116.11 Fast Refueling 18.104.22.168 Reduced Oil Dependency 22.214.171.124 Less Greenhouse Gas and Air Pollutant Emissions 126.96.36.199.1 Fuel Cell Product Lifecycle 5.4.2 Restraints 188.8.131.52 Highly Flammable 184.108.40.206 Hard to Detect Hydrogen Leakages 5.4.3 Opportunities 220.127.116.11 Rising Demand for Fuel Cell Vehicles in Automotive and Transportation 18.104.22.168.1 FCEV Commercial Freight Truck Developments 22.214.171.124.2 Fuel Cell Bus Development & Deployment Announcements 126.96.36.199.3 Operated & Planned Fuel Cell Buses, 2019 188.8.131.52 Government Initiatives Promoting Hydrogen Infrastructure 184.108.40.206.1 US Department of Energy Funding in 2018 5.4.4 Challenges 220.127.116.11 High Vehicle Costs 18.104.22.168.1 Cost of Fuel Cell By Component for Production Volume of 1,000 Units/Year vs 500,000 Units/Year 22.214.171.124 Insufficient Hydrogen Infrastructure 126.96.36.199 Rising Demand for Bevs and Hevs 5.5 Automotive Fuel Cell Market, Scenarios (2020-2028) 5.5.1 Automotive Fuel Cell Vehicle Market, Most Likely Scenario 5.5.2 Automotive Fuel Cell Market, Optimistic Scenario 5.5.3 Automotive Fuel Cell Market, Pessimistic Scenario
6 Industry Trends 6.1 Technology Overview 6.1.1 Introduction 6.1.2 Key Components of Fuel Cell Electric Vehicles 6.1.3 Types of Fuel Cells 6.1.4 Key Trends in Fuel Cell Technology 188.8.131.52 Use of Fuel Cell for Heavy Load Transportation 184.108.40.206 Plug-In Hybrid Fuel Cell Vehicles 220.127.116.11 Hydrogen Production Process (Electrolysis-Shell Electrolysis Plant) 6.2 Fuel Cell Pricing Analysis 6.3 Value Chain Analysis 6.4 Porter's 5 Forces Model
7 Automotive Fuel Cell Market, By Component 7.1 Introduction 7.2 Research Methodology 7.3 Fuel Stack 7.3.1 Fuel Stack is Projected to Hold Largest Market Share in 2028 7.4 Fuel Processor 7.4.1 Fuel Processor Must Be Used to Increase Fuel Efficiency and Fuel Cell's Life When Pure Hydrogen is Not Used as Fuel 7.5 Power Conditioner 7.5.1 Asia Oceania is Estimated to Lead the Power Conditioner Segment of the Automotive Fuel Cell Market 7.6 Air Compressor 7.6.1 The Growing Adoption of Fuel Cell Buses in Europe is Expected to Drive the European Air Compressor Market 7.7 Humidifier 7.7.1 Pem Fuel Cell System Functions Better When Kept Well-Hydrated Which Creates the Need of Humidifiers 7.8 Key Industry Insights
8 Automotive Fuel Cell Market, By Power Output 8.1 Introduction 8.2 Research Methodology 8.3 <_50 /> 8.3.1 Passenger Car Segment is Expected to Have the Largest Market Share of the <_50 kw="kw" /> 8.4 150-250 kW 8.4.1 Growing Demand for Heavy-Duty Trucks and Buses Will Boost the Market 8.5 >250 kW 8.5.1 Long Haul Trucking Will Provide Ample Opportunities for the Growth of the >250 kW Segment 8.6 Key Industry Insights
9 Automotive Fuel Cell Market, By Vehicle Type 9.1 Introduction 9.2 Research Methodology 9.3 Passenger Car 9.3.1 Asia Oceania is Projected to Lead the Passenger Car Market 9.4 LCV 9.4.1 Growing Demand for Last-Mile Delivery to Boost the LCV Segment 9.5 Bus 9.5.1 Government Funded Projects and Targets to Replace Bus Fleet With Zero Emission Fleet Will Drive the Bus Market 9.6 Truck 9.6.1 High Efficiency and Greater Driving Range Will Drive the Fuel Cell Truck Market 9.7 Key Industry Insights
10 Automotive Fuel Cell Market, By H2 Fuel Station 10.1 Introduction 10.1.1 Future Plans for Automotive Hydrogen Fuel Stations, 2019-2040 10.2 Research Methodology 10.3 Asia Oceania 10.3.1 Japan 10.3.2 China 10.3.3 South Korea 10.3.4 Australia 10.3.5 Japan and China Will Play Key Role in the Region 10.4 Europe 10.4.1 Belgium 10.4.2 Denmark 10.4.3 France 10.4.4 Germany 10.4.5 Italy 10.4.6 Netherlands 10.4.7 Norway 10.4.8 Spain 10.4.9 Sweden 10.4.10Switzerland 10.4.11 UK 10.4.12 Government Policies and Funding are Benefiting the Market 10.5 North America 10.5.1 Canada 10.5.2 Mexico 10.5.3 US 10.5.4 Developments Will Be Focused Mainly in California 10.6 Key Industry Insights
11 Automotive Fuel Cell Market, By Specialized Vehicle Type 11.1 Introduction 11.2 Material Handling Vehicle 11.3 Auxiliary Power Unit for Refrigerated Truck
12 Automotive Fuel Cell Market, By Region 12.1 Introduction 12.2 Asia Oceania 12.3 Europe 12.4 North America
13 Competitive Landscape 13.1 Overview 13.2 Market Ranking Analysis 13.3 Competitive Scenario 13.3.1 New Product Developments/Launches 13.3.2 Expansions 13.3.3 Supply Contracts 13.3.4 Partnership/Joint Venture/Collaboration/Agreement 13.3.5 Merger & Acquisition 13.4 Competitive Leadership Mapping: Global Players of Automotive Fuel Cell Market 13.4.1 Terminology 13.4.2 Visionary Leaders 13.4.3 Innovators 13.4.4 Dynamic Differentiators 13.4.5 Emerging Companies 13.5 Strength of Product Portfolio Global Players 13.6 Business Strategy Excellence Global Players 13.7 Competitive Leadership Mapping: SME Players of Automotive Fuel Cell Market 13.7.1 Progressive Companies 13.7.2 Responsive Companies 13.7.3 Dynamic Companies 13.7.4 Starting Blocks 13.8 Strength of Product Portfolio SME Players 13.9 Business Strategy Excellence SME Players 13.10 Winners vs Tail-Enders 13.10.1 Winners 13.10.2 Tail-Enders
14 Automotive Fuel Cell Ecosystem: Fuel Cell System/Parts/Material Suppliers 14.1 Fuel Cell System Suppliers (Country Level) 14.2 Fuel Cell Stack Suppliers (Country Level) 14.3 Fuel Cell Material Suppliers: Electrolyte Membrane 14.4 Fuel Cell Material Suppliers: Catalyst 14.5 Fuel Cell Material Suppliers: Electrode 14.6 Fuel Cell Material Suppliers: Separator 14.7 Hydrogen Tank Suppliers (Country Level)
15 Company Profiles 15.1 Ballard Power Systems 15.2 Hydrogenics 15.3 ITM Power 15.4 Plug Power 15.5 Nuvera Fuel Cells 15.6 Ceres Power 15.7 Nedstack 15.8 Doosan Corporation 15.9 Delphi Technologies 15.10 Proton Power Systems PLC 15.11 Other Key Players 15.11.1 Asia Oceania 18.104.22.168 Hyundai Kefico Corporation 22.214.171.124 Panasonic 126.96.36.199 Toray Industries 188.8.131.52 Sunrise Power Co. Ltd. 15.11.2 Europe 184.108.40.206 Intelligent Energy 220.127.116.11 Bosch 18.104.22.168 Powercell 22.214.171.124 Symbio 126.96.36.199 Elringklinger AG 188.8.131.52 Swiss Hydrogen Power 15.11.3 North America 184.108.40.206 Dana Incorporated 220.127.116.11 Fuel Cell System Manufacturing LLC 15.12 Other Key OEMs 15.12.1 Toyota 15.12.2 Honda 15.12.3 Hyundai 15.12.4 Audi 15.12.5 Daimler 15.12.6 Riversimple 15.12.7 Nikola 15.12.8 Cummins 15.12.9 Saic Motor 15.12.10Van Hool