Automotive Fuel Cell Market

Automotive Fuel Cell Market Size Analysis

According to a recent survey conducted by ChemView Consulting, the Global Automotive Fuel Cell Market grew at a CAGR of 19.7% between 2017-2021 and is estimated to be US$ 672.4Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 26.8% and is expected to reach a valuation of US$ 7,224.7Mn by 2032 end.

Hydrogen fuel is used to power fuel cell-based automobiles to power their propulsion in a fuel cell stack, where the oxygen and hydrogen that naturally occur in the air combine with one another to produce electricity, this sort of fuel is kept in high-pressure tanks.

Fuel cell vehicles combine oxygen and hydrogen to produce energy, unlike typical fuel cell vehicles, which primarily run on diesel or gasoline. Many other types of vehicles, including RVs, cars, trucks, and buses, can use the fuel stacks for these fuel cells.

Market Dynamic

BETTER FUEL EFFICIENCY AND INCREASED DRIVING RANGE

FCEVs have superior fuel efficiency than cars with internal combustion engines (ICE). An FCEV typically gets 63 miles per gallon of gasoline-equivalent (MPGge), while an ICE car only gets 29 MPGge on the highway. An FCEV’s fuel efficiency can increase by up to 3.2% via hybridization. An FCEV typically gets around 55 MPGe on urban roads, compared to ICE vehicles’ 20 MPGe.

The driving range of FCEVs and battery-powered electric vehicles (BEVs) differs significantly on a full tank or a full charge. FCEVs can cover nearly 300 miles without refueling. A BEV can travel approximately 110 miles on average with its battery fully charged.

THE HIGHLY FLAMMABLE NATURE OF HYDROGEN GAS IS A MAJOR RESTRAINT TO THE GROWTH OF THE AUTOMOTIVE FUEL CELL MARKET

Through a chemical reaction, fuel cells generate energy using hydrogen and oxygen. Because oxygen helps other compounds burn at lower temperatures, hydrogen is a highly flammable gas. The fuel’s auto-ignition temperature is the quietest and most difficult to measure during the day. Fuel can catch fire if handled improperly because hydrogen flames can erupt and are undetectable.

Fuel cells are installed inside the FCEVs, and hydrogen gas is pressure-stored. Hydrogen may catch fire if an electrical spark comes into contact with it. Although several electronic and electrical components in a car can produce heat or electric sparks, fuel cells produce electricity without combustion, reducing the likelihood of a vehicle catching fire.

FUEL-CELL VANS TO BE AN EMERGING OPPORTUNITY FOR OEMs

The total operating cost of ICE vehicles has been rising due to the rising cost of traditional nonrenewable fuels, including gasoline, diesel, and gas. Vans powered by fuel cells can move people and things without harming the environment. The subsidiaries of Stellantis introduced three van types that ran on hydrogen before the end of 2021. Stellantis collaborated closely with Symbio and Faurecia to create two key systems for these vans: fuel-cell stacks and hydrogen storage.

Stellantis introduced the Citroen Jumpy, Peugeot Expert, and Opel Vivaro. These vans have a range of up to 250 miles and a supplementary power source in the form of a mains-rechargeable battery. Similarly, Hyundai Motor debuted the first express buses and vans driven by hydrogen in July 2021.

Market Segments Covered in Report

By Vehicle Type:

• Buses
• LCVs
• Passenger Cars
• Trucks

By Electrolyte Type:

• PEMFC (Proton exchange membrane fuel cell)
• PAFC (Phosphoric acid fuel cell)

By Power Output:

• <150 kW
• 150-250 kW
• >250 kW

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Why will the passenger cars market grow at the fastest pace during the forecast period?

The automotive fuel cell market is anticipated to be dominated by the passenger car segment. The need for fuel-cell passenger vehicles is expected to be driven by the high adoption rate and demand for personal mobility. In the upcoming years, it is anticipated that government plans to replace ICE taxi fleets with zero-emission ones will present significant growth opportunities.

The automotive fuel cell market is anticipated to be dominated by the passenger car segment. The need for fuel-cell passenger vehicles is expected to be driven by the high adoption rate and demand for personal mobility. In the upcoming years, it is anticipated that government plans to replace ICE taxi fleets with zero-emission ones will present significant growth opportunities.

What is the significance of PEMFC (Proton exchange membrane fuel cell)?

The polymer electrolyte or proton exchange membrane fuel cell (PEMFC) offers low weight, high power density, and lower volume than conventional fuel cells. This cell fuel is employed in huge trucks, buses, and automobiles.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• Asia Pacific Region has the largest market, with a global market share of 59.8% for green technologies. Governments in this region are establishing goals for renewable energy, which are supported by beneficial regulations like the Kyoto Protocol.
• By far, the largest market share belongs to the North American region, which is also expected to experience the highest CAGR growth over the next few years. Due to the enormous demand for fuel cell-based vehicles, increased R&D, and the introduction of new technology, North America is the region with the largest market.

Competition Analysis

The market has seen many players offering a broad range of products to support automotive fuel cell applications on a global and regional scale.

The key developments in the Global Automotive Fuel Cell Market:

• In June 2022, Toyota, Isuzu, and Hino Motors announced the introduction of hydrogen fuel-cell trucks. These vehicles can make several deliveries in a single day by covering great distances over many hours.
• In June 2022, the portable hydrogen cartridge was created by Toyota and its subsidiary Woven Planet Holdings, Inc. Hydrogen energy can be transported and distributed more easily thanks to this cartridge design for a range of indoor and outdoor everyday living applications.

A list of some of the key suppliers present in the market are:

• Ballard Power Systems
• Toyota Motor Corporation
• Hyundai Group
• Hyster Yale
• Plug Power

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.