Rockville, March 02, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global automotive fuel cell systems market is expected to garner US$ 65 billion by 2033, skyrocketing at 41.6% CAGR from 2023 to 2033.
Government assistance to promote zero-emission vehicles and rapidly growing consumer awareness are the main factors boosting the expansion of global automotive fuel cell systems market. Furthermore, stringent emission standards and the advancement of fuel cell technology are propelling the market growth.
Fuel cell-powered vehicles have a longer driving range, quieter operation, and faster refilling technology than competitors, making them perfect for transportation. Moreover, this fuel can be utilized in a variety of transportation applications, including LCVs (light commercial vehicles), HCVs (heavy commercial vehicles), trains, buses, and defense vehicles.
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Report Attributes | Details |
| Forecast Period | 2023 - 2033 |
| Value Projection (2032) | US$ 65 Billion |
| Growth Rate (2022-2032) | 41.6% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 84 Tables |
| No. of Figures | 112 Figures |
Key Takeaways from Market Study
- The global automotive fuel cell systems market amounted to US$ 2 billion in 2023.
- Worldwide demand for automotive fuel cell systems is projected to surge at a CAGR of 41.6% during the forecast period (2023 to 2033).
- The global market is estimated to touch US$ 65 billion by 2033.
- Asia Pacific accounted for 65% share of the global market in 2022.
- Passenger cars captured 84.3% share of the worldwide market in 2022.
“Soaring demand for zero-emission vehicles and significant government support are primary aspects driving the global market for automotive fuel cell systems. Moreover, rising gasoline prices globally are increasing the demand for fuel-cell-powered vehicles,” says a Fact.MR analyst.
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Market Titans
- Ballard Power Systems, Inc
- Daimler AG
- Ceres Power Holdings PLC
- Hyundai Motor Company
- Honda Motor Co., Ltd
- Nissan Motor Co., Ltd
- Toyota Motor Corporation
Winning Strategy
Major car manufacturers are focusing on collaborations to introduce new vehicles and expand their presence in the worldwide market.
- For example, Toyota launched hydrogen fuel-cell trucks in conjunction with Isuzu and Hino Motors in June 2022. These trucks can drive great distances to perform multiple delivery tasks in a single day.
Competitive Landscape
Key players in the automotive fuel cell systems market are concentrating on tactics such as collaborations, investments, new developments, R&D activities, and acquisitions to expand and strengthen their worldwide presence. Moreover, numerous start-ups are working on innovative solutions
- Hydra, a Canadian start-up, provides a 'dual-fuel' solution for commercial truck fleets. The standard diesel engine is modified by a plug-and-play Hydrogen Injection System (HIS). As a result of the change to clean-fuel flexibility, automobiles can run on both diesel and hydrogen.
- Hyundai Motor announced in June 2022 that its improved hydrogen-based Nexo SUV would be available in 2024. The firm has decided that mass production and sales of its new Nexo will commence in the second part of 2024.
- In February 2022, Toyota developed the Packaged Fuel Cell System Module, which includes critical functionalities such as fuel cell stacks into a compact package, making it appropriate for its upcoming truck and bus projects.
Key Segments of Automotive Fuel Cell Systems Industry Research
- By Component :
- Fuel Stacks
- Fuel Processors
- Other Components
- By Power Output :
- Below 150 KW
- 150 to 250 KW
- Above 250 KW
- By Vehicle Type :
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- By Region :
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global automotive fuel cell systems market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
The study divulges essential insights on the market based on component (fuel stacks, fuel processors, other components), power output (below 150 KW, 150 to 250 KW, above 250 KW), and vehicle type (passenger cars, light commercial vehicles, heavy commercial vehicles), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
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