Market Size of Automotive Fuel Cell System Industry
|2019 - 2029
|Market Size (2024)
|USD 5.13 Billion
|Market Size (2029)
|USD 28.27 Billion
|CAGR (2024 - 2029)
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Automotive Fuel Cell System Market Analysis
The Automotive Fuel Cell System Market size is estimated at USD 5.13 billion in 2024, and is expected to reach USD 28.27 billion by 2029, growing at a CAGR of 40.63% during the forecast period (2024-2029).
- The COVID-19 pandemic did not impact the market as severely as it had affected other automotive segments. While the demand experienced a decline during the lockdown, it was expected that the market would gain momentum in 2021, with high growth continuing throughout the forecast period.
- 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 emissions. The advent of fuel-cell commercial vehicles, which are considered low or zero-emission vehicles, is anticipated 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 system market in the near future.