Global Automotive Fuel Cell Vehicle Market Size Zooming More Than 20X to Reach Whopping USD 56 Billion by 2029

Published | 31 May 2023

The global automotive fuel cell market is rapidly growing due to technological advancements in fuel cell technology and infrastructure development for hydrogen refueling stations.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global automotive fuel cell market size at USD 2.69 billion in 2022. During the forecast period between 2023 and 2029, the global automotive fuel cell market size to grow at a robust CAGR of 54.1% reaching a value of USD 55.9 billion by 2029. The worldwide automotive fuel cell market is expanding rapidly and is expected to continue to do so during the forecast period as well. In comparison to traditional internal combustion engine (ICE) vehicles, fuel cell vehicles have various advantages, including lower harmful emissions and improved efficiency. Thus, governments and automobile manufacturers all over the world are investing heavily in the development and adoption of fuel-cell vehicles. Also, rising demand for zero-emission vehicles, favorable government policies and incentives, and increased investments in R&D are also expected to boost the growth of the global automotive fuel cell market during the period in analysis.

Global Automotive Fuel Cell Market – Overview

An automotive fuel cell is a form of an electrochemical cell that converts the chemical energy of air-borne hydrogen fuel and oxygen into electricity, heat, and water. This electricity can power electric motors in automobiles, giving a greener and more efficient alternative to traditional internal combustion engines. To enable the electrochemical reaction, automotive fuel cells typically use a polymer electrolyte membrane (PEM), and they emit no toxic emissions other than water vapor. While vehicle fuel cells have the potential to drastically reduce greenhouse gas emissions and improve air quality, the technology is still in its infancy and faces several technical and economic obstacles.

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Impact of COVID-19 on Global Automotive Fuel Cell Market

The COVID-19 pandemic significantly impacted the growth of the global automotive fuel cell market. The market experienced a slowdown in growth due to disruptions in supply chains, reduced demand, and delays in new product launches. The pandemic also led to the closure of manufacturing facilities and reduced investments in research and development (R&D) activities. However, governments' increased focus on reducing carbon emissions and promoting sustainable transportation is expected to drive the market's growth in the long term. The market is projected to recover and register significant growth in the post-pandemic period, driven by increasing investments in infrastructure and advancements in fuel cell technologies.

Global Automotive Fuel Cell Market – By Specialized Vehicle

On the basis of specialized vehicle, the global automotive fuel cell market is split into Material Handling Vehicles (MHVs) and Auxiliary Power Unit (APUs) for Refrigerated Truck segments. The material-handling vehicle segment is a higher contributor to the growth of the global automotive fuel cell market. MHVs are widely used in warehouses, distribution centers, and other indoor settings, where they provide a clean and efficient alternative to traditional lead-acid batteries. On the other hand, the APUs segment is expected to grow during the forecast period. APUs are used to power refrigeration systems in trucks, reducing emissions and increasing efficiency. The adoption of fuel cells in these applications is driven by the need for clean and sustainable energy solutions, as well as the potential cost savings and operational benefits they offer.

Competitive Landscape

The competition among the players in the global automotive fuel cell market is intense. Major companies in the global automotive fuel cell market include Advent Technologies Holdings, Ballard Power Systems, Bloom Energy, Borgwarner, Bosch, Bramble Energy, Ceres Power, Cummins, Daimler, Dana Incorporated, Doosan Group, Elringklinger AG, Ford Motor Company, Fuel Cell Systems Manufacturing LLC, Fuelcell Energy, Honda, and Hydra Energy Corporation. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Global automotive fuel cell market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Automotive Fuel Cell Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Automotive Fuel Cell Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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