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Automotive Fuel Cell Market Is Projected to Reach 63.7 billion by 2030 | CAGR: 42.1%

The global automotive fuel cell market size was US$ 1.9 billion in 2020. The global automotive fuel cell market is forecast to reach the value of US$ 63.7 billion by 2030 by growing at a compound annual growth rate (CAGR) of 42.1% during the forecast period from 2021-2030.

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Automotive fuel cells are employed for electronic vehicles to generate electricity with the help of oxygen present in the air. These cells are either used with battery cells or instead of batteries.

COVID-19 Impact Analysis

The global automotive fuel cell market witnessed a sudden and severe decline, all due to the disruption in trade activities. The rapid spread of the COVID-19 infection forced governments of various countries to impose temporary lockdown. As a result, it hampered the import-export activities. Moreover, the market witnessed an abrupt decrease in trade activities. People avoided buying luxurious things. Thus, it hampered the entire automotive sector. As a result of this, the global automotive fuel cell market growth slowed down during the epidemic.

Factors Influencing

  • The continuous advancements and reducing prices of automotive fuel cells may create favorable opportunities for the market players.
  • Factors like increasing oil prices, better productivity of automotive fuel cells, and better driving range may boost the demand for automotive fuel cells in the coming years. Moreover, growing awareness regarding pollution may result in significant market growth.
  • Moreover, the increasing demand for efficient vehicles and government initiatives to lower the effect of greenhouse gas would grow the market.
  • The high vehicle cost of electric vehicles may become a significant challenge for market growth.
  • The growing demand for noiseless operation, fast refueling would result in raising the demand for fuel cells, mostly in the automotive sector.
  • The beneficial applications of fuel cells, majorly in automotive and transportation, such as material handling, LCVs, buses, defense, are all forecast to surge the market growth.

Geographic Analysis

Regionally, the Asia-Pacific region holds the largest share in the global automotive fuel cell market. It is due to the increasing production activities and government initiatives to curb environmental pollution. Green environment initiatives and government support for hydrogen infrastructure, mainly in emerging countries, are the primary factors driving the market growth. Apart from that, the growing demand for electric vehicles and rising fuel prices are the factors surging the growth of the Asia-Pacific automotive fuel cell market. In addition, the global fuel cell market is forecast to witness a rapid expansion in North America. It is due to the increasing research and development activities and government initiatives to promote environment-friendly services.

Competitors in the Market

  • Toshiba
  • ITM Power
  • Nedstack
  • Ballard Power Systems
  • Ceres Power
  • Hydrogenics
  • Plug Power
  • Delphi
  • Other prominent players

Market Segmentation

Based on Components:

  • Fuel Cell Stack
  • Fuel Processor
  • Power Conditioner
  • Air Compressor
  • Humidifier

Based on Vehicle Type:

  • Passenger Car
  • LCV
  • Bus
  • Truck

Based on Power Capacity:

  • <150 kW
  • 150-250 kW
  • >250 kW

Based on Operating Miles:

  • 0-250 Miles
  • 251-500 Miles
  • Above 500 Miles

Based on Hydrogen Fuel Point:

  • Asia Oceania
  • Europe
  • North America

Based on Specialised Vehicle Type:

  • Material Handling Vehicles
  • Refrigerated Truck

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • Western Europe
      • The UK
      • Germany
      • France
      • Italy
      • Spain
      • Rest of Western Europe
    • Eastern Europe
      • Poland
      • Russia
      • Rest of Eastern Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia & New Zealand
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa (MEA)
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of MEA
  • South America
    • Brazil
    • Argentina
    • Rest of South America

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