The global automotive fuel cell market was valued at USD 6.08 billion in 2023 and is anticipated to reach USD 9.27 billion in 2024 from 269.63 billion by 2032 and is predicted to register a CAGR of 52.40% during the forecast period from 2024 to 2032.
The main factors driving the global automotive fuel cell market include the growing demand to decarbonize energy end-use, government regulation for desulphurization of refinery activities, and increased demand for hydrogen within the transportation sector.
A fuel cell vehicle (FCV) may be a sort of electric vehicle that uses a cell rather than A battery or together with A battery or supercapacitor to power its onboard motor. A cell is employed to generate electricity to power the engine. Cells generally use oxygen from the air and compressed hydrogen for their operation. As most cell vehicles emit water and warmth, these vehicles are classified as zero-emissions vehicles.
Burning fossil fuels is the primary method of getting power for electrical purposes and vehicle propulsion globally. Moreover, these methods increasingly contribute to pollution. To beat this, the dependence on clean energy is increasing because the need for electricity and transportation systems is rising. This issue was also addressed within the Paris agreement, where nearly 174 countries agreed to scale back their carbon footprint to make sure that the worldwide temperature rise stabilizes at 1.5 degrees Celsius without compromising on the increasing electricity demand. All these aspects boost the expansion of the global automotive fuel cell market in the coming years.
Catalysts are a crucial part of the cell and may enhance the working range of a cell by up to 46% by increasing the facility density. A number of the foremost typical fuel cells are DMFC, PAFC, and PEM, which believe rare-earth element metals like platinum enhance the reaction rate. Rare-earth element metals are expensive, and their use increases the general cost of the cell. The value of platinum, consistent with an equivalent report, was nearly USD 1500 per ounce. The importance of catalysts employed by a cell is almost 26% of the entire cost when a variety of 1000 systems are produced per annum. However, when the number of systems produced increases to 500,000 per annum, the value of catalysts rises to just about 41% of the entire cost of the cell. Therefore, the high cost of catalysts is projected to inhibit the expansion of the automotive fuel cell market during the forecast period.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2032 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2032 |
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CAGR |
52.40% |
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Segments Covered |
By Type, Application, End-User, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Ballard Power Systems, Hydrogenics, SFC Energy, Plug Power, Toshiba Energy Systems & Solution Corporation, Mitsubishi Hitachi Power Systems, Aisin Seiki Co., Bloom Energy, Ceres Power, Kyocera, SOLIDpower, Doosan Fuel Cell America, Horizon Fuel cell, Altergy, Nuvera, AFC Energy, Microrganic Technologies, Sainergy, and Arcola Energy Ltd, and Others. |
Proton Exchange Membrane cells (PEMFC) account for the larger share of the global automotive fuel cell market, and it's also predicted to grow at a faster rate within the market thanks to their small size, high power density, high efficiency, lightweight, and appropriate operating temperature.
Transportation is the most promising application of the automotive fuel cell business that is likely to expand with the growing number of commercial operations around the world.
According to the end user, passenger vehicles accounted for the most important share and are predicted to grow at the fastest rate within the global automotive cell market due easiness of application of cell technology, cost-efficacy, augmented golf range, high demand for passenger cars, strict emission norms and elevated emphasis of OEMs to use cell technology in passenger cars.
Europe's automotive fuel cell market dominated the global business and is likely to continue its dominion in the foreseen years. North America's automotive fuel cell market is the second-largest producer and consumer of petroleum globally. The refinery throughput within the region in 2018 was the second-largest in the world. In this region, the US accounted for the most important share of 93.8% in 2018 within the advances in cell technology market. Policies are being framed to research and encourage the usage of unpolluted fuels like hydrogen for various energy requirements. Asia Pacific automotive fuel cell market is predicted to drive sales of the worldwide business, making it a continually growing market. The governments of nations like China, Japan, and Hong Kong are encouraging the utilization of renewable energies backed with favorable policies to limit the ill effects of global warming.
The global automotive fuel cell market is concentrated with well-established players. Key players in the market include Ballard Power Systems, Hydrogenics, SFC Energy, Plug Power, Toshiba Energy Systems & Solution Corporation, Mitsubishi Hitachi Power Systems, Aisin Seiki Co., Bloom Energy, Ceres Power, Kyocera, SOLIDpower, Doosan Fuel Cell America, Horizon Fuel cell, Altergy, Nuvera, AFC Energy, Microrganic Technologies, Sainergy and Arcola Energy Ltd.
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