Market Size of China Fuel Cell Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 11.20 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
China Fuel Cell Market Analysis
The China fuel cell market is expected to grow at a CAGR of more than 11.2% over the period of 2020-2025. The increase in fuel cell vehicles and government policies has been driving the demand for the fuel cell market in China. However, the market is restrained due to insufficient hydrogen fuel infrastructure, the complexity of the design, high manufacturing and maintenance cost, and the lack of capability to match the performance of electric vehicles.
- The transportation sector is anticipated to dominate China's fuel cell market. For instance, In China order for 74 fuel cell, electric buses (FCEB's) was placed for Zhangjiakou city for the 2022 winter Olympics.
- The FCEB's is likely to augment growth in several cities of China. With the development of the fuel cell industry, China aims to achieve the cost of the fuel cell system to 4,000 yuan per kilowatt by 2025.
- The Chinese government policies entice FCV's to increase the overall number of zero-emission vehicles on the road since fuel cell vehicles have several advantages over purely battery-electric vehicles.
