Pune, Dec. 20, 2019 (GLOBE NEWSWIRE) -- The global Automotive Fuel Cell Market size is anticipated to witness a high growth rate in the forecast period on account of the increasing awareness about harmful greenhouse gas emissions from automobiles. The major growth trajectory of this market is described in details in a report by Fortune Business Insights™ titled, “Automotive Fuel Cell Market Size, Share & Industry Analysis, By Type (Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Others), By Power Rating (Below 100 kW, 100 – 200 kW, Above 200 kW), By Vehicles (Passenger Vehicles, Light Commercial Vehicles (LCVs), Bus, Trucks), and Regional Forecast, 2019-2026”
According to this report, the market is prognosticated to reach USD 17.24 billion by the end of 2026 from USD 0.46 billion in 2018. The forecast period is set from 2019 to 2026, and the market is anticipated to exhibit a CAGR of 59.7% within this set period.
The report highlights
- A comprehensive overview of the Automotive Fuel Cell Market, primarily focusing on growth drivers, restraints, challenges, and opportunities.
- Detailed market segments with leading segments and prospects.
- Industrial developments, interesting insights, and future opportunities in the market.
- List of players functioning in the market and key strategies adopted by them for maintaining their position in the market competition.
- Other Automotive Fuel Cell Market trends.
To gain more insights into the market with detailed table of content and figures, click here: https://www.fortunebusinessinsights.com/industry-reports/automotive-fuel-cell-market-101809
Rise in Demand for Alternative Fuel to Drive Market
Key factors promoting the Automotive Fuel Cell Market growth include better fuel efficiency, a decline in fossil fuel dependency, quick refilling, no greenhouse gas emission in the atmosphere. Besides this, the rise in demand for incorporating alternative fuel cells in automobiles for keeping a check on the environment is likely to help attract high Automotive Fuel Cell Market revenue in the forthcoming years. Various countries are adopting the implementation of new policies for promoting hydrogen-based automotive vehicles and this is further anticipated to increase the market shares in the coming years.
On the other hand, the rise in research and development activities for the introduction of efficient fuel cell systems is anticipated to attract high Automotive Fuel Cell Market share in the future.
Reduction in Greenhouse Gas Emission Rates to Help Asia Pacific Emerge Dominant
Geographically, the market is dominated by Asia Pacific on account of the exponential rise in the deployment of FCEVs. In 2018, Asia Pacific Automotive Fuel Cell Market size was USD 0.22 billion. Other factors such as the positive results in greenhouse gas (GHG) reduction targets and substantial development of hydrogen infrastructure are further prognosticated to help the region expand in the long run.
On the other hand, North America market will witness considerable growth on account of the rise in investments in the manufacturing of advanced fuel cell systems. The rise in the adoption of hydrogen-based technology across various nations and the promotion of zero-emission vehicles will help this region rise at significant rates in the future.
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Collaborative Efforts of Companies to Set New Market Standards
Automotive fuel cells market manufacturers are emphasizing on the introduction of pioneering solutions and products that can be applied for all light, medium and heavy-duty vehicles. They are also focusing on cutting down the manufacturing costs of such vehicles so that it can attract high automotive fuel cells market revenues in the forecast period.
Some of the latest industry developments in the global market include:
December 2018 – Hyundai Motor Group revealed their “FCEV Vision 2030’ vision wherein they want to step out of the transportation sector and expand their reach towards hydrogen technology. Under this, Hyundai is making efforts to increase its production of fuel cell systems to about 700,000 on an annual basis till 2030.
September 2018 – Six heavy-duty fuel cell power modules were announced to be supplied to TransPower and GTI by Hydrogenics Corporation. These power modules will be supplied for the Class 8 Navistar DRAYAGE set of trucks to be deployed in Southern California, annually.
List of the key Manufacturers Operating in the Automotive Fuel Cell Market include:
- Horizon Fuel Cell Technologies
- Nuvera Fuel Cells, LLC
- Nedstack Fuel Cell Technology
- Hydrogenics
- Valmet Automotive
- Intelligent Energy
- Umicore
- Hyundai Motor Company
- Ballard Power Systems
- Pragma Industries
- AVL
- Air Liquide
- ElringKlinger
- Plug Power
- PowerCell Sweden AB
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Global Automotive Fuel Cell Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type (Units, USD Billion)
- Proton Exchange Membrane Fuel Cell (PEMFC)
- Phosphoric Acid Fuel Cell (PAFC)
- Others
- Market Analysis, Insights and Forecast – By Power Rating (Units, USD Billion)
- Below 100 kW
- 100 – 200 kW
- Above 200 kW
- Market Analysis, Insights and Forecast – By Vehicles (Units, USD Billion)
- Passenger Vehicles
- Light Commercial Vehicles (LCVs)
- Bus
- Trucks
- Market Analysis, Insights and Forecast – By Region (Units, USD Billion)
- North America
- Europe
- Asia Pacific
- Rest of the World
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