Automotive Fuel Cell System Market - Growth, Trends, and Forecast (2020 - 2025)

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.

Market Snapshot

Study Period:

2019-2025

Base Year:

2019

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

CAGR:

13 %

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Market Overview

The automotive fuel cell system market is anticipated to register a CAGR of over 13% during the forecast period, 2020-2025.

  • 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.
  • In 2015, China had initiated an agenda to produce 333 fuel cell-based buses and cars in the country to cut down on conventional fuel emissions. China’s 13th Five-Year Plan may have a great impact on fuel cells, as it focuses on clean energy and technology.
  • Governments have been increasingly investing in alternative sources of energy, such as fuel cells. As fuel cells emit no greenhouse gases (GHG) and pollutants, they can impact the environment positively. Thus, governments have been taking initiatives, making investments, and promoting the use of fuel cells.
  • The Asia-Pacific region registered the highest market share, followed closely by Europe and North America.

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.

The scope of the report includes:

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
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
United Arab Emirates
Saudi Arabia
Rest of Middle East & Africa

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Key Market Trends

Rise in Demand for Alternative Fuel to Drive Market

The hydrogen market, which is a segment of fuel cell market, has great potential as compared to biogas, natural gas, methanol, and hydrocarbons. The low density of fuel cell electric vehicles (FCEVs) compared to gasoline, and the fact that fuel cell equipped vehicles are not completely green like pure electric vehicles have been restraining factors for the automotive fuel cell market.

Fuel cells convert hydrogen from a variety of sources into electricity through a chemical reaction with oxygen, yielding only water as an end product. Some fuel cell technologies, such as those using proton exchange membranes, need very clean hydrogen to operate well, while others, such as direct methanol fuel cells, have been made to run on other fuels. It has also developed a way to combine its fuel cells with natural gas turbines, using the fuel cell's excess heat to boost their efficiency to around 60%.

In the upcoming years, fuel cells could power the cars, with hydrogen replacing the petroleum fuel that is being used in most vehicles nowadays. Vehicle manufacturers, like Honda, Hyundai Motor Company, and Toyota, have started the manufacturing and production of fuel cell technologies and have been running effectively. Stationary fuel cells are the largest, most powerful fuel cells. They have been designed to provide a clean, reliable source of on-site power to hospitals, banks, airports, military bases, schools, and homes. Fuel cells also reduce the consumption of fossil fuels in vehicles. Electrolytes, like hydrogen, ethanol, formic acid, and ammonia, are renewable and that could be used to replace current fossil energy carriers (coal, oil, and gas).

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Asia-Pacific and Europe is Expected to Witness Higher Growth Rate over the Forecast Period

The high segment of passenger vehicles in the total vehicle production and the demand for fuel cell buses for public and private transportation have been driving the Asia-Pacific automotive fuel cell market. Also, the Asia-Pacific region represents the biggest market for green technologies in the world, and as of now, the largest markets for fuel cells in the region are Japan, China, and South Korea. Moreover, the region is home to the leading OEMs, such as Toyota, Hyundai, and Honda.

These companies have been planning to invest heavily to expand their production capability and promote fuel cell vehicles. Also, the increase in power generation from cleaner energy sources is further expected to boost the advancements in fuel cell technology market in the region.

Several countries across the region are also substantially investing in the development of hydrogen infrastructure and have introduced various methods to expand hydrogen refueling station availability.

On the other hand, the North American market may witness considerable growth on account of the rise in investments in the manufacturing of advanced fuel cell systems.

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Competitive Landscape

The automotive fuel cell system market is dominated by several players, such as Ballard Power Systems Inc., Ceramic Fuel Cells, Delphi Technologies, 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.

  • On September 28th, 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.
  • On October 19th, 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.

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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 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 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 & 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 & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Delphi Technologies

      2. 6.2.2 Doosan Fuel Cell Co. Ltd

      3. 6.2.3 Ballard Power Systems Inc.

      4. 6.2.4 Hydrogenics

      5. 6.2.5 Nedstack Fuel Cell Technology BV

      6. 6.2.6 Ceramic Fuel Cell Ltd

      7. 6.2.7 Oorja Fuel Cell

      8. 6.2.8 Plug Power

      9. 6.2.9 SFC

      10. 6.2.10 Watt Fuel Cell

      11. 6.2.11 Nuvera Fuel Cell

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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