Automotive Fuel Cell Market Share: Exploring Opportunities with Market Size and Growth ProjectionsPosted by Kumar on April 27th, 2023 Fuel cell cars are powered by hydrogen fuel, which is stored in high-pressure tanks and then fed into a fuel cell stack. The fuel cell stack combines oxygen and hydrogen present in the air to create electricity to power the vehicle. Unlike conventional fuel cell vehicles, which run primarily on diesel or gasoline, fuel cell vehicles generate electricity by combining oxygen and hydrogen. These fuel tanks are available for a variety of vehicles, including motorhomes, cars, trucks, and buses. During the forecast period, the global automotive fuel cell market is expected to keep growing, fueled by technological advancements and an increase in awareness regarding the adverse effects of pollution on the environment. The market is being driven by the fact that fuel cell technology offers fast refueling times and produces no greenhouse gas emissions. In terms of volume, the passenger car category is predicted to account for a significant share of the global market. This is because of the major growth drivers of increased driving range and efficiency, as well as the cost-effectiveness of fuel cell technology for passenger cars. Asia-Pacific is the largest market for green technologies in the world, with governments setting renewable energy targets supported by policies such as the Kyoto Protocol. The fuel cell market in Asia-Pacific is anticipated to be the largest, with China, South Korea, and Japan being home to large fuel cell markets. Through 2027, government initiatives supporting the development of fuel cell technology and infrastructure in developing and developed economies will continue to bolster the global automotive fuel cell market. Some of the major key players in the automotive fuel cell market include Toshiba Corporation, Ballard Power Systems Inc., Hydrogenics Corporation, Aptiv PLC, Panasonic Corporation, Toyota Motor Corporation, Honda Motor Company Ltd., The Hyundai Motor Company, Daimler AG, and Nissan Motor Co. Ltd. Browse full report stats, tables and figures- https://www.techsciresearch.com/report/global-automotive-fuel-cell-market/1275.html Trends and Developments: In February 2022, Japan's Ministry of the Environment announced its support for local governments and companies in establishing a hydrogen business consortium. The ministry is working with specific companies and local governments to create a low-carbon hydrogen supply chain platform, which aims to generate hydrogen and use it in the region after conducting demonstrations across Japan by around 2030. In February 2022, the Indian Ministry of New and Renewable Energy announced the implementation of the "Renewable Energy Research and Technology Development" program to support research in various aspects of renewable energy, including hydrogen-based transportation and fuel cell development. The program aims to develop high purity hydrogen generation through biomass gasification, and an integrated automated manufacturing line for producing 20 kW PEM Fuel Cell stacks. In January 2022, the German government announced its support for the CryoTRUCK project for hydrogen trucks. The project aims to develop and validate a first-generation technology for cryogenic compressed hydrogen gas (CRYOGAS) storage and refueling system in heavy-duty fuel cell trucks. The three-and-a-half-year CryoTRUCK project has a total budget of more than EUR 25 million, and testing specialist IABG and the Technical University of Munich are jointly developing a CRYOGAS hydrogen gas tank with a refueling system for hydrogen trucks in long-distance transport. Objective of the Study:
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of leading manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the service offerings, distribution channels and presence of all major players operating in global automotive fuel cell market. TechSci Research calculated the market size of global automotive fuel cell market using a bottom-up approach, where data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research. Key Target Audience:
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Automotive Fuel Cell manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion. Report Scope: In this report, global automotive fuel cell market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
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