The market is anticipated to grow at a CAGR of 14.5% during the forecast period, 2017 to 2022. Rising adoption in several application sectors such as inventory management, airport operations, and distribution centers are expected to boost the demand for fuel cell systems market over the forecast period.
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. In 2015, it initiated an agenda to produce 333 fuel cell based buses and cars in the country to cut down on the conventional fuel emissions. China’s 13th five-year plan is going to have a great impact on fuel cells as it focuses on clean energy and technology.
The Asia-Pacific registered the highest market share of XX% in 2016, followed closely by Europe and North America. Hydrogen market, a segment of fuel cell market, has great potential as compared to biogas, natural gas, methanol, and hydrocarbons. The automotive fuel cell market is anticipating a revolutionary development that reduces the cost of infrastructure and other resources. This report provides a look into the recent developments in the automotive fuel cell market and its growth prospects. Toyota’s “Mirai” is the first fuel cell vehicle to enter the commercial market.
Higher adoption in Asia-Pacific, stringent EPA and CAFÉ standards and high energy efficiency requirements serve as major drivers for the fuel cell market growth. The low density of fuel compared to gasoline, and the fact that fuel cell equipped vehicles are not completely green like pure electric vehicles are a few restraining factors for the automotive fuel cell market.
The automotive fuel cell market is segmented by electrolyte type, vehicle type, operating temperature type and geography (North America, Europe, Asia-Pacific, South America and Africa & Middle East).
Some of the key players in the market are:
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