The global fuel cell powertrain market size is projected to grow from USD 268 million in 2020 to USD 3,797 million by 2025, at a CAGR of 70.0%
NEW YORK, Sept. 21, 2020 /PRNewswire/ -- The growth of the fuel cell powertrain market can be attributed to the lighter weight property and significant R&D investments in fuel cell vehicles infrastructure by governments.
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The global fuel cell powertrain market size is projected to grow from USD 268 million in 2020 to USD 3,797 million by 2025, at a CAGR of 70.0%. The advent of fuel efficient technology will have a significant impact on fuel cell electric vehicles, which, in turn, will drive the fuel cell powertrain market.
FCEVs offer a high driving range, fast refueling, noiseless operation, and zero emission of greenhouse gases and air pollutants.Hence, their use is ideal for transportation and automotive applications.
The key components of fuel cell powertrain are designed for compactness as they combine all e-drive components such as e-motors, transmissions, and inverters to offer maximum space for the battery; offer higher efficiency and power density; control electrically driven oil pump integrated into power electronics; and provide an advanced cooling system to meet the different temperature requirements of the components. Hence, these are being widely preferred for heavy commercial vehicles to reduce system costs by integrating different components into one unit/system.
The increasing advancements for safer material would drive the hydrogen storage systems market for the forecasted period.
The hydrogen storage system stores hydrogen gas on board until it is required by the fuel cell.As hydrogen is extremely flammable, it needs to be handled safely.
Hydrogen storage is one of the key enabling technology for the advancement of hydrogen and fuel cell in applications for stationary power, portable power, and transportation.Increasing developments and integration of hydrogen storage tanks in more fuel cell vehicles would be a major growth driver.
Key advantages offered by hydrogen storage tanks such as greater heat tolerance, no filling restrictions in hot or cold weather, and superior fast filling efficiency would encourage more fuel cell vehicle manufacturers to adopt this component as part of fuel cell powertrain.
<150 kw,="" by="" power="" output="" is="" expected="" to="" be="" the="" largest="" market="" during="" the="" forecast="" period="">The >150 kW power output is used in passenger cars, some buses, LCVs, trucks, and industrial vehicles.This segment is expected to be the largest in the fuel cell powertrain market during the forecast period.
This can be attributed to the progression of the segment compared to the other two segments in terms of research & development activities, which enabled the application of the >150 kW fuel cell powertrain by OEMs for various vehicle models. For instance, the Toyota Mirai has a power output of 113 kW and was among the first hydrogen fuel cell vehicles to be commercially manufactured.
Passenger cars, by vehicle type segment is expected to be the largest market in the forecast period
The passenger cars segment is projected to be the largest in the fuel cell powertrain market.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, government plans to convert ICE taxi fleets into zero emission ones across various countries would provide significant growth opportunities in the years to come.The LCV segment is projected to be the fastest-growing segment.
High efficiency, long driving range, and the need to decrease greenhouse gas emissions will boost the fuel cell LCV market.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
• By Company Type: Tier I - 45%, Tier II - 23%, and OEMs - 32%
• By Designation: Directors - 28%, C Level Executives- 37%, and Others - 35%
• By Region: North America - 37%, Europe - 28%, Asia Oceania - 25%, and RoW-10%
Major players in the fuel cell powertrain market are Ballard Power Systems (Canada), Cummins Inc. (US), Denso Corporation (Japan), Robert Bosch GmbH (Germany), and FEV (Germany).
Research Coverage:
The market study covers the fuel cell powertrain market size and future growth potential across different segments such as by component, vehicle type, drive type, power output, H2 fuel station, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
• The report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall automotive motors market and its subsegments.
• This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
• The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities
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