Automotive Fuel Cell Market Size Projected to Grow at 31.1% CAGR, Reaching USD 8.6 Billion by 2034 with a Shift to Sustainable Transport| Report by Transparency Market Research, Inc.

Vehicles powered by hydrogen fuel are becoming more popular, creating lucrative automotive fuel cell businesses in the market. Initiatives by the government to boost the growth of the automotive fuel cell industry.

Wilmington, Delaware, United States, Transparency Market Research, Inc. , Oct. 10, 2024 (GLOBE NEWSWIRE) — The global automotive fuel cell industry (자동차 연료전지 산업) was worth US$ 420.0 million in 2023. According to estimates, it will advance at a CAGR of 31.1% by 2034 and reach US$ 8.6 billion.

The automobile industry has witnessed substantial innovation and progress in the field of fuel cell technology. The public and business sectors are increasingly investing in fuel cell technologies. Governments, automakers, and energy firms are investing money in the development, testing, and implementation of fuel cell infrastructure and automobiles.

Continual innovation is contributing to improvements in the durability, efficiency, and cost-effectiveness of fuel cells. Materials research, hydrogen storage, and integration of fuel cell systems all contribute to improving the performance and competitiveness of fuel cell vehicles.

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Government incentives and favorable legislation are driving the market expansion for automotive fuel cells. The governments of numerous countries is passing legislation encouraging the adoption of zero-emission vehicles and providing financial incentives to individuals and businesses who purchase them. Funding for hydrogen infrastructure development is provided through grants, tax credits, and refunds for fuel cell vehicle purchases.

Key Players-

• Advent Technologies Holdings
• Ballard Power Systems
• Ceres Power
• Cummins Inc.
• Dana Incorporated
• Doosan Group
• General Motors
• Honda Motors
• Hyster-Yale
• Hyundai Group
• Intelligent Energy
• ITM Power
• Nedstack
• Panasonic Corporation

Key Findings of Market Report

• Based on component type, the fuel stack segment is anticipated to lead the automotive fuel cell market.
• In terms of type, polymer electrolyte membrane (PEM) fuel cell are likely to create a market in the coming years.
• Based on fuel type, the hydrogen segment is significantly driving demand for the automotive fuel cell market.
• Rising sales of electric vehicles are likely to create a market for the automotive fuel cell market.
• North America is expected to lead the global market in 2024.

Global Automotive Fuel Cell Market: Growth Drivers

• Increasing concern about air pollution and greenhouse gas emissions has led governments and industries to seek greener, alternative energy sources. The technology of fuel cells may provide a remedy since it generates electricity solely from water vapor produced during the electrochemical reaction of hydrogen and oxygen. International efforts to cut carbon emissions and lessen climate change are driving this trend.
• With the advancement of fuel cell technology, fuel cell vehicles (FCVs) are now more cost-effective efficient, and perform better than conventional internal combustion engines. Manufacturers are developing a new generation of fuel cell systems to reduce their production costs, increase their energy density, and make them more reliable and durable. The development of hydrogen infrastructure, including refueling stations and distribution networks, is also on the rise as a means to alleviate concerns about fuel supply and to facilitate the adoption of fuel cell vehicles.

Global Automotive Fuel Cell Market: Regional Landscape

• North America is likely to lead the automotive fuel cell market. In North America, the federal government, Canada, and a few states and provinces are offering grants, financial assistance, and other incentives to promote hydrogen infrastructure, fuel cell vehicles, and hydrogen fueling stations. Through these incentive programs, investments and market expansion can be encouraged.
• Several regional research institutes, universities, and technology companies are working to advance fuel cell technology. Research and development for fuel cells aims to increase performance, durability, economy, and efficiency. As part of the development process, attention is paid specifically to the problems arising out of unique driving conditions and consumer preferences in North America.
• Fuel cell vehicle market development is strongly affected by the regulatory frameworks of the federal, state, and local governments. In addition to financial incentives and funding, regulations such as zero-emission car mandates and vehicle emission standards are contributing to the high demand for fuel-cell technology. Investing decisions by infrastructure developers and automakers are also affected by these regulations.

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Global Automotive Fuel Cell Market: Key Players
To attain a net-zero carbon footprint and carbon neutrality through the use of fuel cells, leading companies are producing improved fuel cell powertrains and fuel cell systems for automobiles.

Several companies in the global automotive fuel cell industry are working with top manufacturers to provide electrolyzer systems that produce low-carbon hydrogen to power over 225 hydrogen-powered forklift trucks.

Key Developments

• In February 2024, Honda announced the 2025 Honda CR-V e:FCEV, the first plug-in hydrogen fuel cell vehicle in America. Featuring a 270-mile EPA driving range, the CR-V e:FCEV is a fun-to-drive compact crossover with a plug-in charging system. It can drive 29 miles2 on electric power alone around town while allowing fast hydrogen fueling for longer journeys.
• In May 2024, Fuel Cell Energy and Toyota will build a mini refinery for producing hydrogen and electrical power for its Class 8 fuel-cell trucks. Clean water is even produced so that Toyotas being discharged from ships can be washed.

Global Automotive Fuel Cell Market: Segmentation

• Component
  • Fuel Stack
  • Fuel Processor
  • Power Conditioner
  • Air Compressor
  • Humidifier
  • Others
• Type
  • Polymer Electrolyte Membrane (PEM) Fuel Cell
  • Direct Methanol Fuel Cell (DMFC)
  • Phosphoric Acid Fuel Cell (PAFC)
  • Others
• Fuel Type
  • Hydrogen
  • Methanol
  • Ethanol
• Operating Range
  • Up to 250 Kms
  • 251 – 400 Kms
  • 401 – 550 Kms
  • Above 550 Kms
• Power Output
  • < 150 KW
  • 151 – 250 KW
  • >250 KW
• Propulsion
  • Electric
  • Hybrid
• Vehicle Type
  • Passenger Vehicle
    • Hatchback
    • Sedan
    • SUV
  • Light Commercial Vehicle
  • Heavy Duty Truck
  • Bus & Coach
  • Off-road Vehicle
• Region
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

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