Automotive Fuel Cell Market Outlook
According to the report by Expert Market Research (EMR), the global automotive fuel cell market size is projected to grow at a CAGR of 40.6% between 2023 and 2028. Aided by the growing demand for zero-emission vehicles and growing applications of fuel cells in the automotive industry, the market is expected to grow significantly by 20.
Fuel cells are energy conversion technologies that turn fuel (hydrogen) into electricity through a chemical reaction. To improve vehicle economy and reduce greenhouse gas emissions, they are widely used in the automotive industry, especially in electric vehicles (EVs). Compared to traditional vehicles, fuel cell vehicles (FCVs) offer a number of benefits, including great energy economy, quiet operation and fast recharging times.
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Increasing consumer preference for zero-emission vehicles is one of the major drivers fueling the growth of the global automotive fuel cell market. With increasing awareness of the environmental impact of carbon emissions and stricter emissions regulations around the world, there has been a significant shift towards greener transportation alternatives. This, in turn, has led to an increase in demand for fuel cell vehicles.
The expansion of fuel cell applications in the automotive industry also contributes significantly to the expansion of the automotive fuel cell market. Fuel cells are increasingly being used in commercial vehicles such as buses and trucks, in addition to passenger cars. Fuel cell vehicles are an attractive option for commercial transportation due to their great energy efficiency and extended driving range, contributing to market expansion.
Moreover, technological advancements and improvements in fuel cell technology are expected to further drive the market growth. Developments in fuel cell design and materials have resulted in more sustainable and cost-effective solutions, making fuel cells a more viable option for automotive applications.
Further, growing infrastructure for hydrogen fueling stations is likely to drive the growth of the automotive fuel cell market. Governments around the world are investing heavily in building the infrastructure needed to support the growth of FCVs, which is expected to facilitate the widespread adoption of these vehicles.
Additionally, the growing demand for alternative fuel vehicles in the logistics and transportation sector, driven by the need for sustainable and efficient transportation solutions, is also expected to catalyze the growth of the automotive fuel cell market.
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Automotive Fuel Cell Market Segmentation
The market can be segmented on the basis of component, power output, vehicle type and region.
Market segmentation by component
- Fuel stack
- Fuel processor
- Electric air conditioner
- Air compressor
Market segmentation by power output
- Under 150 KW
- 150-250 KW
- Over 250 KW
Market segmentation by vehicle type
- Passenger cars
- Light commercial vehicles
Market segmentation by region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report examines market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other key developments, of global automotive fuel cell companies. Some of the major key players explored in the report by Market Expert Research are as follows:
- Ballard Power Systems Inc.
- Ceres Power Holdings plc
- Robert Bosch GmbH
- Plug Power Inc.
- Toyota Motor Corporation
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