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Automotive Fuel Cell System Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Automotive Fuel Cell System Market is segmented by Electrolyte Type (Polymer Electronic Membrane Fuel Cell, Direct Methanol Fuel Cell, Alkaline Fuel Cell, and Phosphoric Acid Fuel Cell), Vehicle Type (Passenger Cars and Commercial Vehicles), Fuel Type (Hydrogen and Methanol),Power Output (below 100 KW, 100 to 200 KW, and above 200 KW), and Geography.

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Market Snapshot

Automotive Fuel Cell System Market_Overview
Study Period:

2018 - 2026

Base Year:

2020

Fastest Growing Market:

Europe

Largest Market:

Asia Pacific

CAGR:

40.63 %

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Market Overview

The automotive fuel cell system market market studied was valued at USD 1,628 million in 2020, and it is expected to reach USD 10,162 million by 2026, projecting a CAGR of 40.63% during the forecast period.

The outbreak of pandemic COVID-19 has not impacted the market as badly as it has to the other automotive segments. The demand took a shock during the lockdown period but it is expected that the market will gain the momentum during 2021 and high growth will continue during the forecast period.

The automotive fuel cell market is a revolutionary development that reduces the cost of infrastructure and other resources. The fuel cells use either hydrogen or methane as the primary energy provider. Both the fuel cells are cleaner sources of fuel, as against the conventional lithium-ion battery cells.

Eight of the world’s largest automobile manufacturers have plans to commercialize fuel cell vehicles (FCVs) by 2025. With the recent Volkswagen emissions scandal, China has made efforts to promote fuel cell technology in automobiles.

Various companies are coming together to work together in the fuel cell technology, as in March 2021, Toyota teamed up with Hino Motors for heavy-duty fuel cell trucks. Under this, Hino's Profia truck will be featuring Toyota’s polymer electrolyte fuel-cell stacks.

Scope of the report

The automotive fuel cell system vehicle market covers the increasing adoption of alternative fuel in both passenger cars and commercial vehicles, impact of government regulations on manufacturers, initiatives taken by the government to boost the fuel cell vehicle sales, new innovations, and competitive landscape of players operating the market. Additionally, the report is segmented by electrolyte type, vehicle type, fuel type, power output, and geography.

Electrolyte Type
Polymer Electronic Membrane Fuel Cell
Direct Methanol Fuel Cell
Alkaline Fuel Cell
Phosphoric Acid Fuel Cell
Vehicle Type
Passenger Cars
Commercial Vehicles
Fuel Type
Hydrogen
Methanol
Power Output
Below 100 KW
100 to 200 KW
Above 200 KW
Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Russia
Spain
Rest of Europe
Asia-Pacific
India
China
Japan
South Korea
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
United Arab Emirates
Saudi Arabia
Rest of Middle-East and Africa

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Key Market Trends

Rising Adoption of Fuel Cell Systems in Commercial Vehicles

With the growing environmental concerns, governments and environmental agencies are enacting stringent emission norms and laws, which are expected to increase the manufacturing cost of fuel-efficient diesel engines in the coming years. As a result, the new commercial vehicle diesel engines segment is expected to register a sluggish growth rate during the short term.

Additionally, conventional fossil fuel powered commercial vehicles, especially trucks and buses, are responsible for increasing transportation emission. The advent of fuel cell commercial vehicles, which are considered as low or zero-emission vehicles, is anticipate to reduce vehicular emissions emitted by heavy commercial vehicles.

Moreover, initiatives by government bodies around the world to opt for green energy mobility in order to curtail and curb transportation pollution is a key factor that is projected to drive the fuel cell commercial vehicle market in the near future.For instance,

  • In April 2020, India's largest power producer and a central PSU under Ministry of Power, NTPC Ltd, has invited global expression of interest to provide 10 Hydrogen Fuel Cell (FC) based electric buses and an equal number of Hydrogen Fuel Cell-based electric cars in Leh and Delhi.
  • In November 2019, government-backed Chinese businesses like Beiqi Foton Motor, which is a truck and bus manufacturer announced that it will invest USD 2.6 billion in alternate energy vehicles, which includes fuel cell engines. The company plans to deploy 200,000 new energy commercial vehicles by 2025.
Automotive Fuel Cell System Market_Segment

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Europe is Expected to Witness Higher Growth Rate over the Forecast Period

Various major companies are active in the automotive fuel cell system market in Europe. For instance, in March 2021, Robert Bosch GmbH announced that it is planning to develop automotive fuel cell (FC) system components and commercialize them by 2022. In addition to FC stacks, which are under development, the company will be developing integrated systems that will combine key components of fuel cell vehicles (FCV), including hydrogen gas injectors and air valves.

Moreover, in March 2021, Daimler Truck AG and the Volvo Group founded a fuel cell joint venture. The Volvo Group acquired 50% shares in the existing Daimler Truck Fuel Cell GmbH & Co. KG with around EUR 0.6 billion. The new joint venture, cellcentric GmbH & Co. KG will be the world's leading manufacturers of fuel cells.

Companies active in the region are constantly working on new materials and new fuel cell technologies and are spending in expansion of their facilities. It is expected to continue in the coming years as some companies have shown their intent on fuel cell technology by announcing upcoming investments. For instance,

  • In December 2020, Novares announced that it had developed a lightweight and affordable plastic fuel cell stack. The plastic fuel cell offers a weight saving of 35% and a cost saving of 25% compared with the standard metal alternatives.
  • In January 2021, Ricardo announced an initial investment of GBP 2.5 million to build a hydrogen development and test facility at its Shoreham Technical Centre in the United Kingdom. The new facility will be supporting the company’s existing projects in hydrogen fuel cells and green alternative fuels.
Automotive Fuel Cell System Market_Geography

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Competitive Landscape

The automotive fuel cell system market is dominated by players, such as Ballard Power Systems Inc., Doosan Fuel Cell Co. Ltd, Hydrogenics, and Nedstack Fuel Cell Technology BV. These companies have been expanding their business by new innovative technologies so that they can have an edge over their competitors.

  • In September 2019, Hyundai collaborated with Cummins in order to explore opportunities to develop new generation fuel cell technology that would power future vehicles. Hyundai fuel cell technology and Cummins electric motors together expanded their new electric and fuel cell powertrains so that they intend to work with North American OEMs for the integration of these systems into their vehicles.
  • In October 2019, Bosch signed an agreement with Sweden's Powercell to mass-produce hydrogen fuel cells, as they take less time to refuel than electric car batteries, thereby, making them more suitable for use in vehicles rather than staying on roads.
Automotive Fuel Cell System Market_Market Concentration.png

Recent Developments

In December 2020, Nuvera Fuel Cells LLC announced that the company’s fuel cell technology is an integral component of a recently announced partnership between Capacity Trucks and Hyster-Yale Group to develop electric and hydrogen-powered terminal tractors.

In February 2021, Ballard Power Systems signed a non-binding memorandum of understanding (MOU) with Chart Industries Inc. for the joint development of integrated system solutions, which include a fuel cell engine with onboard liquid hydrogen (“LH2”) storage and vaporization for the transportation industry mainly for heavy-duty applications, including buses, trucks, rail, and marine vessels.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter’s Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Electrolyte Type

      1. 5.1.1 Polymer Electronic Membrane Fuel Cell

      2. 5.1.2 Direct Methanol Fuel Cell

      3. 5.1.3 Alkaline Fuel Cell

      4. 5.1.4 Phosphoric Acid Fuel Cell

    2. 5.2 Vehicle Type

      1. 5.2.1 Passenger Cars

      2. 5.2.2 Commercial Vehicles

    3. 5.3 Fuel Type

      1. 5.3.1 Hydrogen

      2. 5.3.2 Methanol

    4. 5.4 Power Output

      1. 5.4.1 Below 100 KW

      2. 5.4.2 100 to 200 KW

      3. 5.4.3 Above 200 KW

    5. 5.5 Geography

      1. 5.5.1 North America

        1. 5.5.1.1 United States

        2. 5.5.1.2 Canada

        3. 5.5.1.3 Rest of North America

      2. 5.5.2 Europe

        1. 5.5.2.1 Germany

        2. 5.5.2.2 United Kingdom

        3. 5.5.2.3 France

        4. 5.5.2.4 Russia

        5. 5.5.2.5 Spain

        6. 5.5.2.6 Rest of Europe

      3. 5.5.3 Asia-Pacific

        1. 5.5.3.1 India

        2. 5.5.3.2 China

        3. 5.5.3.3 Japan

        4. 5.5.3.4 South Korea

        5. 5.5.3.5 Rest of Asia-Pacific

      4. 5.5.4 South America

        1. 5.5.4.1 Brazil

        2. 5.5.4.2 Argentina

        3. 5.5.4.3 Rest of South America

      5. 5.5.5 Middle-East and Africa

        1. 5.5.5.1 United Arab Emirates

        2. 5.5.5.2 Saudi Arabia

        3. 5.5.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 BorgWarner Inc.

      2. 6.2.2 Nuvera Fuel Cells LLC

      3. 6.2.3 Ballard Power Systems Inc.

      4. 6.2.4 Hydrogenics (Cummins Inc.)

      5. 6.2.5 Nedstack Fuel Cell Technology BV

      6. 6.2.6 Oorja Corporation

      7. 6.2.7 Plug Power Inc.

      8. 6.2.8 SFC Energy AG

      9. 6.2.9 Watt Fuel Cell Corporation

      10. 6.2.10 Doosan Fuel Cell Co. Ltd

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Automotive Fuel Cell Market market is studied from 2018 - 2026.

The Automotive Fuel Cell Market is growing at a CAGR of 40.63% over the next 5 years.

The Automotive Fuel Cell Market is valued at 1628 Million USD in 2018.

The Automotive Fuel Cell Market is valued at 10162 Million USD in 2026.

Europe is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

  • Ballard Power Systems Inc.
  • Doosan Fuel Cell Co Ltd
  • Plug Power
  • Nuvera Fuel Cells LLC
  • Hydrogenics ( Cummins Inc.)

Are the major companies operating in Automotive Fuel Cell Market.

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