Automotive Fuel Cell Market

Automotive Fuel Cell Market by Component (Fuel Processor, Fuel Stack, Power Conditioner, Air Compressor, Humidifier), Power Output (<150kW, 150– 250kW, >250kW), H2 Fuel Station, Vehicle Type (PC, LCV, Truck, Bus), and Region - Global Forecast 2028

Report Code: AT 6131 Jan, 2020, by marketsandmarkets.com

Automotive Fuel Cell Market

Fuel cells are devices that convert chemical energy of a fuel directly into electricity through electrochemical reactions. A Fuel Cell Electric Vehicle (FCEV) is a type of electric vehicle that uses a fuel cell. It can also be used in combination with a battery or supercapacitor to power its onboard electric motor. In an FCEV, hydrogen is pumped into the car and then fed to the fuel cell stack. The fuel cell stack is the center where hydrogen is electrochemically converted into electricity with no combustion and zero emissions. Proton Exchange Membrane (PEM) fuel cells are generally used in fuel cell electric vehicles.

Key Drivers

  • Better fuel efficiency and increased driving range
  • Fast refueling
  • Reduced oil dependency
  • Less greenhouse gas and air pollutant emissions

Key Restrains

  • Highly Flammable
  • Hard to detect hydrogen leakage

Top Players

  • Ballard Power Systems (Canada)
  • Hydrogenics (acquired by Cummins) (Canada)
  • ITM Power (UK)
  • Plug Power (US)
  • Hyundai Kefico Corporation (South Korea)
  • Sunrise Power(China)
  • Horizon Fuel Cell Technologies (Singapore)
  • Doosan Corporation (South Korea)
  • Delphi Technologies (UK)
  • Proton Power Systems PLC (UK)

Ballard Power Systems was founded in 2007 and is headquartered in Burnaby, Canada. Ballard Power Systems offers fuel cells for transit buses, automotive, rails, trucks, material handling, UAV, critical infrastructures, and military applications. The company is into development and commercialization of Proton Exchange Membrane (PEM) fuel cell powered systems. In June 2019, Ballard Power Systems unveiled its 8th generation high performance fuel cell module, the FCmove-HD, at the UITP Global Public Transport Summit held in Stockholm, Sweden. The culmination of product development and field experience based on almost 14 million kilometers (9 million miles) of vehicle operation, Ballard’s FCmove-HD fuel cell module is compact, robust, and offers an impressive reduction in lifecycle cost.
Plug Power is one of the leading providers of alternative energy technology and is focused on design, development, and commercialization of hydrogen fuel cell systems. Plug Power is the largest membrane electrode assembly (MEA) manufacturer in the US. The company is headquartered in New York, US. In March 2019, Plug Power announced the launch of its 30-kW hydrogen fuel cell engine, the newest commercial product from the ProGen suite of products. The reliable ProGen 30 kW engine provides a cost-effective solution to meet the needs of today’s electric vehicle use-case, including high utilization, extended runtimes, and reliable performance in harsh environments, rapid fueling, and zero emissions.
Proton Power Systems: Proton Power Systems is one of the key manufacturers of fuel cells and fuel cell systems. The company has headquarters in Newcastle, UK. It was founded in 2006. In the same year, Proton Power Systems PLC acquired Proton Motor Fuel Cell GmbH, a Germany-based fuel cell manufacturer. Proton Motor Fuel Cell GmbH and SPower GmbH operate as a subsidiary of Proton Power Systems. In September 2019, Proton Motor Fuel Cell GmbH collaborated with Schafer Elektronik GmbH. The aim of the company "NEXUS-e GmbH" is the development, production, and marketing of fuel cell-based quick-charging stations with or without a mains connection for battery-powered vehicles.

[289 Pages Report] The Automotive Fuel Cell Market is estimated to be 13.6 thousand units in 2020 and projected to reach 932.6 thousand units by 2028, at a CAGR of 69.7%. The key growth drivers for the market are higher efficiency than gasoline and diesel, longer driving range, fast refueling, increasing government initiatives and investment for the development of fuel cell technology, and increasing use of fuel cells in the transportation sector.

Automotive Fuel Cell Market

The fuel stack segment, by component type, is estimated to hold the largest market share in 2020.

Fuel stack contributes to the largest share of the cost of a fuel cell system. Hence, focus is on the development of fuel stacks to reduce the overall cost. The cost of an individual fuel stack reduces as the number of fuel stack produced increases. Hence, mass production of fuel cells is a way to reduce their cost. To achieve mass production of fuel cells, adoption rate of fuel cells needs to increase. The cost of an individual fuel cell system would decrease significantly, owing to intensive R&D activities in the field of fuel cell technology. Hence, the cost of each component is also expected to decrease in the future.

The passenger car segment is estimated to hold the largest market share, by volume, for the automotive fuel cell market, by vehicle type, during the forecast period.

The growth of the segment can be attributed to the rise in demand for personal mobility and increasing per capita income in the emerging markets. Also, many countries are planning to convert taxi fleets into fuel cell vehicles. For instance, South Korea is aiming to have 120,000 fuel cell taxies on the road by 2040. In addition, various taxi fleet manufacturers such as Hype (France) are selecting fuel cell cars. The company targets to increase its fuel cell taxi fleet from 100 to 600 in 2020.

Asia Oceania is estimated to be the largest market for automotive fuel cells during the forecast period, followed by Europe and North America.

The high proportion of passenger vehicles in the total vehicle production and demand for fuel cell buses for public and private transportation are driving the Asia Oceania automotive fuel cell market. Also, Asia Oceania 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 leading OEMs such as Toyota, Hyundai, and Honda. These companies are planning to invest heavily in expanding their production capability and promote fuel cell vehicles. For instance, Hyundai is planning to invest USD 6.7 billion to enhance its fuel cell output and increase production capacity by more than 200-fold by 2030.

Automotive Fuel Cell Market

Key Market Players

The Automotive fuel cell market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are Ballard Power Systems (Canada), ITM Power (UK), Plug Power (US), Delphi Technologies (UK), Doosan Corporation (Japan), Hydrogenics (Canada), and Proton Power System PLC (UK), among others.

The factors restraining the growth of the automotive fuel cell market are highly flammability and difficulty in leakage detection of hydrogen. Also, the rising demand for BEVs and HEVs, insufficient hydrogen infrastructure, and high vehicle costs are challenges for the growth of the automotive fuel cell market.

Scope of the Report

Report Metric

Details

Market size available for years

2018–2028

Base year considered

2020

Forecast period

2020–2028

Forecast units

Value (USD million) and volume (units)

Segments covered

Component, Vehicle Type, H2 Fuel Station, Power Output, Specialized Vehicle, and Region

Geographies covered

Europe, North America, and Asia Oceania

Companies covered

Ballard Power Systems (Canada), ITM Power (UK), Hydrogenics (Canada), Plug Power (US), and Delphi Technologies (UK), among others

This research report categorizes the automotive fuel cell market based on component, vehicle, H2 fuel station, power output, specialized vehicle, and region.

Automotive fuel cell market, by Component

  • Fuel Processor
  • Fuel Stack
  • Power Conditioner
  • Air Compressor
  • Humidifier

Automotive fuel cell market, by Power Output

  • <150 kW
  • 150–250 kW
  • >250 kW

Automotive fuel cell market, by H2 Fuel Station

  • Asia Oceania
  • Europe
  • North America

Automotive fuel cell market, by Specialized Vehicle

  • Material handling vehicle
  • Auxiliary power unit for refrigerated truck

Automotive fuel cell market, by Vehicle Type

  • Passenger car
  • Bus
  • Light commercial vehicle (LCV)
  • Truck

Automotive fuel cell market, by Region

  • Asia Oceania
  • Europe
  • North America

Critical Questions:

  • How will electric vehicle trends impact the automotive fuel cell market in the long term?
  • How will government regulations impact the automotive fuel cell market?
  • What are the upcoming trends in the fuel cell market? What impact would they make post 2025?
  • What are the key strategies adopted by leading market players to increase their revenue?
  • Which regions and countries are expected to be the key markets for automotive fuel cells over the next decade?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Contents

1 Introduction (Page No. - 23)
    1.1 Objectives of the Study
    1.2 Product Definition
           1.2.1 Segmental Definitions, Inclusions, and Exclusions
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered in the Study
    1.4 Package Size
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 27)
    2.1 Research Data
    2.2 Secondary Data
           2.2.1 Key Secondary Sources for Base Numbers
           2.2.2 Key Secondary Sources for Market Sizing
           2.2.3 Key Data From Secondary Sources
    2.3 Primary Data
           2.3.1 Sampling Techniques & Data Collection Methods
           2.3.2 Primary Participants
    2.4 Market Size Estimation
           2.4.1 Data Triangulation Approach
           2.4.2 Bottom-Up Approach
    2.5 Market Breakdown
    2.6 Assumptions
    2.7 Risk Assessment & Ranges

3 Executive Summary (Page No. - 38)

4 Premium Insights (Page No. - 44)
    4.1 Attractive Opportunities in the Automotive Fuel Cell Market
    4.2 Automotive Fuel Cell Market, By Country
    4.3 Asia Oceania Automotive Fuel Cell Market, By Vehicle Type & Country
    4.4 Automotive Fuel Cell Market, By H2 Fuel Station
    4.5 Automotive Fuel Cell Market, By Power Output
    4.6 Automotive Fuel Cell Market, By Component

5 Market Overview (Page No. - 48)
    5.1 Introduction
    5.2 Policies & Initiatives Supporting Hydrogen-Powered Vehicles & Hydrogen Infrastrcture
           5.2.1 North America
           5.2.2 Europe
           5.2.3 Asia Oceania
    5.3 Existing and Upcoming FCEV Models
    5.4 Market Dynamics
           5.4.1 Drivers
                    5.4.1.1 Better Fuel Efficiency and Increased Driving Range
                    5.4.1.2 Fast Refueling
                    5.4.1.3 Reduced Oil Dependency
                    5.4.1.4 Less Greenhouse Gas and Air Pollutant Emissions
                               5.4.1.4.1 Fuel Cell Product Lifecycle
           5.4.2 Restraints
                    5.4.2.1 Highly Flammable
                    5.4.2.2 Hard to Detect Hydrogen Leakages
           5.4.3 Opportunities
                    5.4.3.1 Rising Demand for Fuel Cell Vehicles in Automotive and Transportation
                               5.4.3.1.1 FCEV Commercial Freight Truck Developments
                               5.4.3.1.2 Fuel Cell Bus Development & Deployment Announcements
                               5.4.3.1.3 Operated & Planned Fuel Cell Buses, 2019
                    5.4.3.2 Government Initiatives Promoting Hydrogen Infrastructure
                               5.4.3.2.1 US Department of Energy Funding in 2018
           5.4.4 Challenges
                    5.4.4.1 High Vehicle Costs
                               5.4.4.1.1 Cost of Fuel Cell By Component for Production Volume of 1,000 Units/Year vs 500,000 Units/Year
                    5.4.4.2 Insufficient Hydrogen Infrastructure
                    5.4.4.3 Rising Demand for Bevs and Hevs
    5.5 Automotive Fuel Cell Market, Scenarios (2020–2028)
           5.5.1 Automotive Fuel Cell Vehicle Market, Most Likely Scenario
           5.5.2 Automotive Fuel Cell Market, Optimistic Scenario
           5.5.3 Automotive Fuel Cell Market, Pessimistic Scenario

6 Industry Trends (Page No. - 68)
    6.1 Technology Overview
           6.1.1 Introduction
           6.1.2 Key Components of Fuel Cell Electric Vehicles
           6.1.3 Types of Fuel Cells
           6.1.4 Key Trends in Fuel Cell Technology
                    6.1.4.1 Use of Fuel Cell for Heavy Load Transportation
                    6.1.4.2 Plug-In Hybrid Fuel Cell Vehicles
                    6.1.4.3 Hydrogen Production Process (Electrolysis-Shell Electrolysis Plant)
    6.2 Fuel Cell Pricing Analysis
    6.3 Value Chain Analysis
    6.4 Porter’s 5 Forces Model

7 Automotive Fuel Cell Market, By Component (Page No. - 79)
    7.1 Introduction
    7.2 Research Methodology
    7.3 Fuel Stack
           7.3.1 Fuel Stack is Projected to Hold Largest Market Share in 2028
    7.4 Fuel Processor
           7.4.1 Fuel Processor Must Be Used to Increase Fuel Efficiency and Fuel Cell’s Life When Pure Hydrogen is Not Used as Fuel
    7.5 Power Conditioner
           7.5.1 Asia Oceania is Estimated to Lead the Power Conditioner Segment of the Automotive Fuel Cell Market
    7.6 Air Compressor
           7.6.1 The Growing Adoption of Fuel Cell Buses in Europe is Expected to Drive the European Air Compressor Market
    7.7 Humidifier
           7.7.1 Pem Fuel Cell System Functions Better When Kept Well-Hydrated Which Creates the Need of Humidifiers
    7.8 Key Indsutry Insights

8 Automotive Fuel Cell Market, By Power Output (Page No. - 87)
    8.1 Introduction
    8.2 Research Methodology
    8.3 <150 kW
           8.3.1 Passenger Car Segment is Expected to have the Largest Market Share of the <150 kW Segment
    8.4 150–250 kW
           8.4.1 Growing Demand for Heavy-Duty Trucks and Buses Will Boost the Market
    8.5 >250 kW
           8.5.1 Long Haul Trucking Will Provide Ample Opportunities for the Growht of the >250 kW Segment
    8.6 Key Industry Insights

9 Automotive Fuel Cell Market, By Vehicle Type (Page No. - 94)
    9.1 Introduction
    9.2 Research Methodology
    9.3 Passenger Car
           9.3.1 Asia Oceania is Projected to Lead the Passenger Car Market
    9.4 LCV
           9.4.1 Growing Demand for Last Mile Delivery to Boost the LCV Segment
    9.5 Bus
           9.5.1 Government Funded Projects and Targets to Replace Bus Fleet With Zero Emission Fleet Will Drive the Bus Market
    9.6 Truck
           9.6.1 High Efficiency and Greater Driving Range Will Drive the Fuel Cell Truck Market
    9.7 Key Industry Insights

10 Automotive Fuel Cell Market, By H2 Fuel Station (Page No. - 107)
     10.1 Introduction
             10.1.1 Future Plans for Automotive Hydrogen Fuel Stations, 2019–2040
     10.2 Research Methodology
     10.3 Asia Oceania
             10.3.1 Japan
             10.3.2 China
             10.3.3 South Korea
             10.3.4 Australia
             10.3.5 Japan and China Will Play Key Role in the Region
     10.4 Europe
             10.4.1 Belgium
             10.4.2 Denmark
             10.4.3 France
             10.4.4 Germany
             10.4.5 Italy
             10.4.6 Netherlands
             10.4.7 Norway
             10.4.8 Spain
             10.4.9 Sweden
             10.4.10 Switzerland
             10.4.11 UK
             10.4.12 Government Policies and Funding are Benifiting the Market
     10.5 North America
             10.5.1 Canada
             10.5.2 Mexico
             10.5.3 US
             10.5.4 Developments Will Be Focused Mainly in California
     10.6 Key Industry Insights

11 Automotive Fuel Cell Market, By Specialized Vehicle Type (Page No. - 116)
     11.1 Introduction
     11.2 Material Handling Vehicle
     11.3 Auxiliary Power Unit for Refrigerated Truck

12 Automotive Fuel Cell Market, By Region (Page No. - 118)
     12.1 Introduction
             12.1.1 Announced Targets, Vision, and Projection of Fuel Cell Vehicles
     12.2 Asia Oceania
             12.2.1 China
                        12.2.1.1 China: Automotive Fuel Cell Market - Ongoing Projects
                        12.2.1.2 China: Automotive Fuel Cell Market - Policies and Regulations
                        12.2.1.3 China’s Public Transport Bus Segment Provides Huge Opportunity for the Growth of the Market
             12.2.2 Japan
                        12.2.2.1 Japan: Automotive Fuel Cell Market – Ongoing Projects
                        12.2.2.2 Japan: Automotive Fuel Cell Market - Policies and Regulations
                        12.2.2.3 Push From Leading OEMs to Drive the Market
             12.2.3 South Korea
                        12.2.3.1 South Korea: Automotive Fuel Cell Market - Policies and Regulations
                        12.2.3.2 Passenger Car Segment is Estimated to Be the Largest
             12.2.4 Australia
                        12.2.4.1 Australian Automotive Fuel Cell Market has Growth Potential in the Long Term
             12.2.5 India
                        12.2.5.1 India: Automotive Fuel Cell Market - Ongoing Projects
     12.3 Europe
             12.3.1 Belgium
                        12.3.1.1 Belgium: Automotive Fuel Cell Market - Ongoing Projects
                        12.3.1.2 Belgium: Automotive Fuel Cell Market – Policies and Regulations
                        12.3.1.3 Government Investments to Boost the Automotive Fuel Cell Market in Belgium
             12.3.2 Denmark
                        12.3.2.1 Denmark: Automotive Fuel Cell Market - Ongoing Projects
                        12.3.2.2 Denmark is One of the Key Markets for Adoption of Fuel Cell Buses
             12.3.3 France
                        12.3.3.1 France: Automotive Fuel Cell Market - Ongoing Projects
                        12.3.3.2 France: Automotive Fuel Cell Market - Policies and Regulations
                        12.3.3.3 French Automotive Fuel Cell Market Will Be Driven By Government Initiatives and Funding
             12.3.4 Germany
                        12.3.4.1 Germany: Automotive Fuel Cell Market - Ongoing Projects
                        12.3.4.2 Germany: Automotive Fuel Cell Market - Policies and Regulations
                        12.3.4.3 Fast Paced Developments in Hydrogen Infrastructure to Drive the German Market
             12.3.5 Italy
                        12.3.5.1 Italy: Automotive Fuel Cell Market - Ongoing Projects
                        12.3.5.2 Italy: Automotive Fuel Cell Market - Policies and Regulations
                        12.3.5.3 Focus on Electrification of Vehicles to Boost the Italian Market
             12.3.6 Netherlands
                        12.3.6.1 Netherlands: Automotive Fuel Cell Market - Ongoing Projects
                        12.3.6.2 Netherlands: Automotive Fuel Cell Market - Policies and Regulations
                        12.3.6.3 Government Investments to Boost the Dutch Automotive Fuel Cell Market
             12.3.7 Norway
                        12.3.7.1 Norway: Automotive Fuel Cell Market - Ongoing Projects
                        12.3.7.2 Norway: Automotive Fuel Cell Market - Policies and Regulations
                        12.3.7.3 Bus Segment is Projected to Be the Fastest Growing During the Forecast Period
             12.3.8 Sweden
                        12.3.8.1 Sweden: Automotive Fuel Cell Market - Ongoing Projects
                        12.3.8.2 The Passenger Car Segment is Projected to Hold the Largest Market Share By 2028
             12.3.9 Spain
                        12.3.9.1 Spain: Automotive Fuel Cell Market - Ongoing Projects
                        12.3.9.2 Spain: Automotive Fuel Cell Market - Policies and Regulations
                        12.3.9.3 Government Plans and Investments to Propel the Spanish Automotive Fuel Cell Market
             12.3.10 Switzerland
                        12.3.10.1 Switzerland: Automotive Fuel Cell Market - Ongoing Projects
                        12.3.10.2 Truck Segment is Projected to have Significant Market Share
             12.3.11 UK
                        12.3.11.1 UK: Automotive Fuel Cell Market - Ongoing Projects
                        12.3.11.2 UK: Automotive Fuel Cell Market - Policies and Regulations
                        12.3.11.3 UK is Projected to Be the Fastest Growing Market in Europe
     12.4 North America
             12.4.1 Canada
                        12.4.1.1 Canada: Automotive Fuel Cell Market - Ongoing Projects
                        12.4.1.2 Canada: Automotive Fuel Cell Market - Policies and Regulations
                        12.4.1.3 Presence of Leading Fuel Cell Suppliers to Drive the Canadian Market
             12.4.2 Mexico
                        12.4.2.1 Mexico is Expected to Invest in Hydrogen Infrastructure in Future
             12.4.3 US
                        12.4.3.1 US: Automotive Fuel Cell Market - Ongoing Projects
                        12.4.3.2 US: Automotive Fuel Cell Market - Policies and Regulations
                        12.4.3.3 Truck Segment is Projected to Be the Fastest

13 Competitive Landscape (Page No. - 203)
     13.1 Overview
     13.2 Market Ranking Analysis
     13.3 Competitive Scenario
             13.3.1 New Product Developments/Launches
             13.3.2 Expansions
             13.3.3 Supply Contracts
             13.3.4 Partnership/Joint Venture/Collaboration/Agreement
             13.3.5 Merger & Acquisition
     13.4 Competitive Leadership Mapping: Global Players of Automotive Fuel Cell Market
             13.4.1 Terminology
             13.4.2 Visionary Leaders
             13.4.3 Innovators
             13.4.4 Dynamic Differentiators
             13.4.5 Emerging Companies
     13.5 Strength of Product Portfolio Global Players
     13.6 Business Strategy Excellence Global Players
     13.7 Competitive Leadership Mapping: SME Players of Automotive Fuel Cell Market
             13.7.1 Progressive Companies
             13.7.2 Resposive Companies
             13.7.3 Dynamic Companies
             13.7.4 Starting Blocks
     13.8 Strength of Product Portfolio SME Players
     13.9 Business Strategy Excellence SME Players
     13.10 Winners vs Tail-Enders
             13.10.1 Winners
             13.10.2 Tail-Enders

14 Automotive Fuel Cell Ecosystem: Fuel Cell System/Parts/Material Suppliers (Page No. - 218)
     14.1 Fuel Cell System Suppliers (Country Level)
     14.2 Fuel Cell Stack Suppliers (Country Level)
     14.3 Fuel Cell Material Suppliers: Electrolyte Membrane
     14.4 Fuel Cell Material Suppliers: Catalyst
     14.5 Fuel Cell Material Suppliers: Electrode
     14.6 Fuel Cell Material Suppliers: Separator
     14.7 Hydrogen Tank Suppliers (Country Level)

15 Company Profile (Page No. - 230)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
     15.1 Ballard Power Systems
     15.2 Hydrogenics
     15.3 ITM Power
     15.4 Plug Power
     15.5 Nuvera Fuel Cells
     15.6 Ceres Power
     15.7 Nedstack
     15.8 Doosan Corporation
     15.9 Delphi Tecnologies
     15.10 Proton Power Systems PLC
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.
     15.11 Other Key Players
             15.11.1 Asia Oceania
                        15.11.1.1 Hyundai Kefico Corporation
                        15.11.1.2 Panasonic
                        15.11.1.3 Toray Industries
                        15.11.1.4 Sunrise Power Co., LTD.
             15.11.2 Europe
                        15.11.2.1 Intelligent Energy
                        15.11.2.2 Bosch
                        15.11.2.3 Powercell
                        15.11.2.4 Symbio
                        15.11.2.5 Elringklinger AG
                        15.11.2.6 Swiss Hydrogen Power
             15.11.3 North America
                        15.11.3.1 Dana Incorporated
                        15.11.3.2 Fuel Cell System Manufacturing LLC
     15.12 Other Key OEMs
             15.12.1 Toyota
             15.12.2 Honda
             15.12.3 Hyundai
             15.12.4 Audi
             15.12.5 Daimler
             15.12.6 Riversimple
             15.12.7 Nikola
             15.12.8 Cummins
             15.12.9 Saic Motor
             15.12.10 Van Hool

16 Appendix (Page No. - 282)
     16.1 Insights of Industry Experts
     16.2 Discussion Guide
     16.3 Knowledge Store: Marketsandmarkets Subscription Portal
     16.4 Available Customizations
     16.5 Related Reports
     16.6 Author Details


List of Tables (164 Tables)

Table 1 Risk Assessment & Ranges
Table 2 North America: Policies & Initiatives Supporting Hydrogen-Powered Vehicles & Hydrogen Infrastrcture
Table 3 Europe: Policies & Initiatives Supporting Hydrogen-Powered Vehicles & Hydrogen Infrastrcture
Table 4 Asia Oceania: Policies & Initiatives Supporting Hydrogen-Powered Vehicles & Hydrogen Infrastrcture
Table 5 Existing and Upcoming FCEV Models
Table 6 Comparision of Fuel Cell Electric Vehicle Models
Table 7 Summary of FCEV Attributes Compared to Those of Advanced BEV for 200-Mile and 300-Mile Range
Table 8 Zero Emission Light-Duty Vehicles Refrence Comparision: BEV Charging vs FCEV Hydrogen Fueling
Table 9 FCEV Commercial Freight Truck Developments
Table 10 Fuel Cell Bus Development & Deployment Announcement
Table 11 US Department of Energy Funding in 2018
Table 12 Automotive Fuel Cell Market (Most Likely), By Region, 2020–2028 (Units)
Table 13 Automotive Fuel Cell Market (Optimistic), By Region, 2020–2028 (Units)
Table 14 Automotive Fuel Cell Market (Pessimistic), By Region, 2020–2028 (Units)
Table 15 Effects of Various Gaseous Reactants on Types of Fuel Cells
Table 16 Comparison of Characteristics of Different Types of Fuel Cells
Table 17 Automotive Fuel Cell Market Size, By Component, 2018–2028 (USD Million)
Table 18 Fuel Stack: Automotive Fuel Cell Market Size, By Region, 2018–2028 (USD Million)
Table 19 Fuel Processor: Automotive Fuel Cell Market Size, By Region, 2018–2028 (USD Million)
Table 20 Power Conditioner: Automotive Fuel Cell Market Size, By Region, 2018–2028 (USD Million)
Table 21 Air Compressor: Automotive Fuel Cell Market Size, By Region, 2018–2028 (USD Million)
Table 22 Humidifier: Automotive Fuel Cell Market Size, By Region, 2018–2028 (USD Million)
Table 23 Automotive Fuel Cell Market Size, By Power Output, 2018–2028 (Units)
Table 24 <150 kW: Automotive Fuel Cell Market Size, By Vehicle Type, 2018–2028 (Units)
Table 25 <150 kW: Automotive Fuel Cell Market Size, By Region, 2018–2028 (Units)
Table 26 150–250 kW: Automotive Fuel Cell Market Size, By Vehicle Type, 2018–2028 (Units)
Table 27 150–250 kW: Automotive Fuel Cell Market Size, By Region, 2018–2028 (Units)
Table 28 >250 kW: Automotive Fuel Cell Market Size, By Vehicle Type, 2018–2028 (Units)
Table 29 >250 kW: Automotive Fuel Cell Market Size, By Region, 2018–2028 (Units)
Table 30 Automotive Fuel Cell Market Size, By Vehicle Type, 2018–2028 (Units)
Table 31 Passenger Car: Automotive Fuel Cell Market, By Region, 2018–2028 (Units)
Table 32 LCV: Automotive Fuel Cell Market Size, By Region, 2018–2028 (Units)
Table 33 Examples of Deployment Bus Projects
Table 34 Potential Market for New Zero Emission Buses Per Year Across Europe From 2020
Table 35 Bus: Automotive Fuel Cell Market, By Region, 2018–2028 (Units)
Table 36 Overview of the Weight Classes
Table 37 Mass Difference Between Baseline Vehicle and Its Fuel Cell Truck Version
Table 38 Demonstration Projects / Deployment of Fuel Cell Trucks
Table 39 Major Fuel Cell Truck Prototype
Table 40 Powertrain Benchmarking for Trucks >12 Tons
Table 41 Truck: Automotive Fuel Cell Market Size, By Region, 2020–2028 (Units)
Table 42 Automotive Hydrogen Fuel Stations as of August 2019
Table 43 Automotive Fuel Cell Market Size, By H2 Fuel Station, 2018–2028 (Units)
Table 44 Asia Oceania: Automotive Fuel Cell Market Size, By H2 Fuel Station, 2018–2028 (Units)
Table 45 Europe: Automotive Fuel Cell Market Size, By H2 Fuel Station, 2018–2028 (Units)
Table 46 North America: Automotive Fuel Cell Market Size, By H2 Fuel Station, 2018–2028 (Units)
Table 47 Comparison of Pem (Polymer Electrolyte Membrane) Fuel Cell and Battery-Powered Forklifts and Pallet Jacks:
Table 48 Automotive Fuel Cell Market, By Region, 2020–2028 (Units)
Table 49 Asia Oceania: Automotive Fuel Cell Market, By Country, 2018–2028 (Units)
Table 50 China: Targets, Visions, and Projections
Table 51 China: Automotive Fuel Cell Market - Ongoing Projects
Table 52 China: Automotive Fuel Cell Market - Policies and Regulations
Table 53 China: Automotive Fuel Cell Market, By Vehicle Type, 2018–2028 (Units)
Table 54 Japan: Targets, Visions, and Projections
Table 55 Japan: Automotive Fuel Cell Market - Ongoing Projects
Table 56 Japan: Automotive Fuel Cell Market - Policies and Regulations
Table 57 Japan: Automotive Fuel Cell Market, By Vehicle Type, 2018–2028 (Units)
Table 58 South Korea: Targets, Visions, and Projections
Table 59 South Korea: Automotive Fuel Cell Market - Policies and Regulations
Table 60 South Korea: Automotive Fuel Cell Market, By Vehicle Type, 2018–2028 (Units)
Table 61 Australia: Automotive Fuel Cell Market, By Vehicle Type, 2018–2028 (Units)
Table 62 India: Automotive Fuel Cell Market - Ongoing Projects
Table 63 Europe: Relevant Experience/Products of OEMs
Table 64 Europe: Targets, Visions, and Projections
Table 65 European Union (Eu): Automotive Fuel Cell Market - Ongoing Projects
Table 66 Europe: Automotive Fuel Cell Market, By Country, 2018–2028 (Units)
Table 67 Belgium: Automotive Fuel Cell Market - Ongoing Projects
Table 68 Belgium: Automotive Fuel Cell Market - Policies and Regulations
Table 69 Belgium: Automotive Fuel Cell Market, By Vehicle Type, 2018–2028 (Units)
Table 70 Denmark: Automotive Fuel Cell Market - Ongoing Projects
Table 71 Denmark: Automotive Fuel Cell Market, By Vehicle Type, 2018–2028 (Units)
Table 72 France: Automotive Fuel Cell Market - Ongoing Projects
Table 73 France: Automotive Fuel Cell Market - Policies and Regulations
Table 74 France: Automotive Fuel Cell Market, By Vehicle Type, 2018–2028 (Units)
Table 75 Germany: Automotive Fuel Cell Market - Ongoing Projects
Table 76 Germany: Automotive Fuel Cell Market - Policies and Regulations
Table 77 Germany: Automotive Fuel Cell Market, By Vehicle Type, 2018–2028 (Units)
Table 78 Italy: Automotive Fuel Cell Market - Ongoing Projects
Table 79 Italy: Automotive Fuel Cell Market - Policies and Regulations
Table 80 Italy: Automotive Fuel Cell Market, By Vehicle Type, 2018–2028 (Units)
Table 81 Netherlands: Automotive Fuel Cell Market - Ongoing Projects
Table 82 Netherlands: Automotive Fuel Cell Market - Policies and Regulations
Table 83 Netherlands: Automotive Fuel Cell Market, By Vehicle Type, 2018–2028 (Units)
Table 84 Norway: Automotive Fuel Cell Market - Ongoing Projects
Table 85 Norway: Automotive Fuel Cell Market - Policies and Regulations
Table 86 Norway: Automotive Fuel Cell Market, By Vehicle Type, 2018–2028 (Units)
Table 87 Sweden: Automotive Fuel Cell Market - Ongoing Projects
Table 88 Sweden: Automotive Fuel Cell Market, By Vehicle Type, 20218–2028 (Units)
Table 89 Spain: Automotive Fuel Cell Market - Ongoing Projects
Table 90 Spain: Automotive Fuel Cell Market - Policies and Regulations
Table 91 Spain: Automotive Fuel Cell Market, By Vehicle Type, 2018–2028 (Units)
Table 92 Switzerland: Automotive Fuel Cell Market - Ongoing Projects
Table 93 Switzerland: Automotive Fuel Cell Market, By Vehicle Type, 2018–2028 (Units)
Table 94 UK: Automotive Fuel Cell Market - Ongoing Projects
Table 95 UK: Automotive Fuel Cell Market - Policies and Regulations
Table 96 UK: Automotive Fuel Cell Market, By Vehicle Type, 2018–2028 (Units)
Table 97 United States: Targets, Visions, and Projections
Table 98 North America: Automotive Fuel Cell Market, By Country, 2020–2028 (Units)
Table 99 Canada: Automotive Fuel Cell Market - Ongoing Projects
Table 100 Canada: Automotive Fuel Cell Market – Policies and Regulations
Table 101 Canada: Automotive Fuel Cell Market, By Vehicle Type, 2018–2028 (Units)
Table 102 Mexico: Automotive Fuel Cell Market, By Vehicle Type, 2018–2028 (Units)
Table 103 US: Automotive Fuel Cell Market - Ongoing Projects
Table 104 US: Automotive Fuel Cell Market - Policies and Regulations
Table 105 US: Automotive Fuel Cell Market, By Vehicle Type, 2018–2028 (Units)
Table 106 New Product Developments/Launches
Table 107 Expansions
Table 108 Supply Contracts
Table 109 Partnership/Joint Venture/Collaboration/Agreement
Table 110 Merger & Acquisition
Table 111 Fuel Cell System Suppliers
Table 112 Fuel Cell Stack Suppliers
Table 113 Fuel Cell Material Suppliers: Electrolyte Membrane
Table 114 Fuel Cell Material Suppliers: Catalyst
Table 115 Fuel Cell Material Suppliers: Electrode
Table 116 Fuel Cell Material Suppliers: Separator
Table 117 Hydrogen Tank
Table 118 Ballard Power Systems: Products Offered
Table 119 Ballard Power Systems: New Product Launches
Table 120 Ballard Power Systems: Expansions
Table 121 Ballard Power Systems: Supply Contracts
Table 122 Ballard Power Systems: Agreement
Table 123 Ballard Power Systems: Joint Venture/Partnership/Collaboration
Table 124 Ballard Power Systems: Merger & Acquisition
Table 125 Hydrogenics: Products Offered
Table 126 Hydrogenics: New Product Launches
Table 127 Hydrogenics: Expansions
Table 128 Hydrogenics: Supply Contracts
Table 129 Hydrogenics: Agreements
Table 130 ITM Power: Products Offered
Table 131 ITM Power: Expansions
Table 132 ITM Power: Supply Contracts
Table 133 ITM Power: Joint Ventures/Partnerships/Collaborations
Table 134 ITM Power: Agreements
Table 135 Plug Power: Product Offered
Table 136 Plug Power: New Product Launches
Table 137 Plug Power: Expansions
Table 138 Plug Power: Supply Contracts
Table 139 Plug Power: Partnerships/ Joint Ventures/Collaborations
Table 140 Plug Power: Agreements
Table 141 Plug Power: Mergers & Acquisitions
Table 142 Nuvera Fuel Cells: Products Offered
Table 143 Nuvera Fuel Cells: New Product Launches
Table 144 Nuvera Fuel Cells: Agreements
Table 145 Nuvera Fuel Cells: Joint Venture/Partnership/Collaboration
Table 146 Ceres Power: Products Offered
Table 147 Ceres Power: New Product Launches
Table 148 Ceres Power: Expansions
Table 149 Ceres Power: Partnerships/Collaborations/Joint Venture
Table 150 Ceres Power: Agreements
Table 151 Nedstack: Products Offfered
Table 152 Nedstack: Partnerships/Joint Venture/Collaboration
Table 153 Nedstack: Agreement
Table 154 Doosan Corporation: Products Offered
Table 155 Doosan Corporation: Expansions
Table 156 Doosan Corporation: Collaborations/Partnership/Joint Venture
Table 157 Doosan Corporation: Supply Contracts
Table 158 Delphi Technologies: Products Offered
Table 159 Proton Power System: Products Offered
Table 160 Proton Power System: Expansions
Table 161 Proton Power System: Collaborations/Partnership/Collaboration/ Joint Venture
Table 162 Proton Power System: Supply Contract
Table 163 Proton Power System: Agreements
Table 164 Currency Exchange Rates (W.R.T. USD)


List of Figures (64 Figures)

Figure 1 Automotive Fuel Cell Market: Segmental Definitions, Inclusions, and Exclusions
Figure 2 Automotive Fuel Cell Market: Market Covered
Figure 3 Automotive Fuel Cell Market: Research Design
Figure 4 Research Design Model
Figure 5 Breakdown of Primary Interviews
Figure 6 Bottom-Up Approach: Automotive Fuel Cell Market
Figure 7 Automotive Fuel Cell Market: Market Breakdown
Figure 8 Automotive Fuel Cell Market: Assumptions
Figure 9 Automotive Fuel Cell Market: Market Overview
Figure 10 Automotive Fuel Cell Market: Market Dynamics
Figure 11 Asia Oceania is Estimated to Hold the Largest Share of Automotive Fuel Cell Market in 2020
Figure 12 Passenger Car is Estimated to Hold the Largest Share of the Automotive Fuel Cell Market in 2020
Figure 13 <150 kW Power Output is Projected to Hold the Largest Share of the Automotive Fuel Cell Market By 2028
Figure 14 Fuel Stack is Estimated to Hold the Largest Share of the Automotive Fuel Cell Market in 2020
Figure 15 Automotive Fuel Cell Market: YC-YCC Shift
Figure 16 Increasing Concerns Over Vehicle Emissions and Growing Investments in Fuel Cell Technology By Governments and OEMs to Drive the Market
Figure 17 Australia is Projected to Be the Fastest Growing Automotive Fuel Cell Market During the Forecast Period
Figure 18 Passenger Car is Projected to Account for the Largest Share of Asia Oceania Automotive Fuel Cell Market By 2028
Figure 19 Asia Oceania is Projected to have the Largest Market Share of Automotive Fuel Cell Market for H2 Fuel Stations By 2028
Figure 20 <150 kW is Projected to Be the Largest Market, in Terms of Volume, By 2028
Figure 21 Air Compressor is Projected to Be the Fastest Growing Market During the Forecast Period
Figure 22 Automotive Fuel Cell Market: Market Dynamics
Figure 23 Comparison of Amount of Natural Gas Required to Propel BEV to 300 Miles Compared to FCEV Traveling 300 Miles
Figure 24 Liquid Oil Consumption (Million Barrels Per Day), 2011–2019
Figure 25 Fuel Cell Product Lifecycle
Figure 26 Operated & Planned Fuel Cell Buses, 2019
Figure 27 Cost of Fuel Cell By Component for Production Volume of 1,000 Units/Year vs 500,000 Units/Year
Figure 28 Hydrogen Infrastruture Maintainance Costs, By Component
Figure 29 Timeline of Fuel Cell Systems
Figure 30 Key Components of Fuel Cell Electric Vehicle
Figure 31 Timeline of Fuel Cell Mass Market Acceptability in Transportation Sector, 2016–2050
Figure 32 Sources of Hydrogen Production, 2016
Figure 33 Decreasing Cost of Fuel Cell
Figure 34 Fuel Cell System Cost, 2006–2025
Figure 35 Fuel Cell System & Fuel Cell Stack Cost
Figure 36 Value Chain Analysis of Automotive Fuel Cell Market
Figure 37 Fuel Cell Subcluster and H2 Subcluster
Figure 38 Automotive Fuel Cell Market, By Component, 2018 vs 2025 (USD Million)
Figure 39 Automotive Fuel Cell Market, By Power Output, 2020 vs 2028 (Units)
Figure 40 Automotive Fuel Cell Market, By Vehicle Type, 2020 vs 2028 (Units)
Figure 41 Future Plans for Automotive Hydrogen Fuel Stations, 2019–2040 (Units)
Figure 42 Automotive Fuel Cell Market, By H2 Fuel Station, 2018 vs 2028 (Units)
Figure 43 Announced Targets, Vision, and Projection of Fuel Cell Vehicles
Figure 44 Automotive Fuel Cell Market, By Region, 2020 vs 2028 (Units)
Figure 45 Asia Oceania: Automotive Fuel Cell Market, 2018 vs 2028 (Units)
Figure 46 South Korea: Planned Government Funding for Automotive Fuel Cell (KRW Billion)
Figure 47 South Korea: Target Number of Vehicles for Automotive Fuel Cells
Figure 48 Europe: Automotive Fuel Cell Market, 2018 vs 2025 (Units)
Figure 49 North America: Automotive Fuel Cell Market, 2020 vs 2028 (Units)
Figure 50 Market Ranking Analysis: Automotive Fuel Cell Market
Figure 51 Automotive Fuel Cell Market (Global): Competitive Leadership Mapping, 2019
Figure 52 Strength of Product Portfolio Global Players
Figure 53 Business Strategy Excellence Global Players
Figure 54 Automotive Fuel Cell Market (SME): Competitive Leadership Mapping, 2019–2020
Figure 55 Strength of Product Portfolio SME Players
Figure 56 Business Strategy Excellence SME Players
Figure 57 Ballard Power Systems: Company Snapshot
Figure 58 Hydrogenics: Company Snapshot
Figure 59 ITM Power: Company Snapshot
Figure 60 Plug Power: Company Snapshot
Figure 61 Ceres Power: Company Snapshot
Figure 62 Doosan Corporation: Company Snapshot
Figure 63 Delphi Techologies: Company Snapshot
Figure 64 Proton Power Systems: Company Snapshot

The study involved four major activities for projecting the size of the automotive fuel cell market, which include exhaustive secondary research to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. The bottom-down approach was employed to estimate the complete market size. Post that, market breakdown and data triangulation were used to estimate the market size of the segments and subsegments.

Secondary Research

The study involves a country-level analysis of the automotive fuel cell market. This analysis involves historical trends as well as existing penetrations by country and vehcile type. The analysis is projected on the basis of various factors such as growth trends in FCEV sales, FCEV production, initiatives, funding, and regulations or mandates related to FCEVs. In the secondary research process, various secondary sources have been used to identify and collect information useful for an extensive commercial study of the automtoive fuel cell market. Secondary sources include company annual reports/presentations, press releases, industry association publications [for example, automobile organizations/associations, traders, distributors, and suppliers of fuel cells, other components vendors, and government entities], electric vehicle magazine articles, directories, technical handbooks, World Economic Outlook, trade websites, technical articles, and databases (for example, MarkLines and Factiva).

Primary Research

Extensive primary research has been conducted after acquiring an understanding of the automtoive fuel cell market scenario through secondary research. Several primary interviews have been conducted with market experts from the demand- and supply-side OEMs (in terms of component supply, country-level government associations, and trade associations) and component manufacturers across three major regions, namely, North America, Asia Oceania, and Europe. Approximately 70% and 30% of primary interviews have been conducted from the supply-side and demand side, respectively. Primary data has been collected through questionnaires, emails, and telephonic interviews. In the canvassing of primaries, we have strived to cover various departments within organizations, such as sales, operations, and administration, to provide a holistic viewpoint in our report.

After interacting with industry experts, we have also conducted brief sessions with highly experienced independent consultants to reinforce the findings from our primaries. This, along with the in-house subject matter expert’s opinions, has led us to the findings as described in the remainder of this report. The figure given below illustrates the break-up of the profile of industry experts who participated in primary discussions.

Automotive Fuel Cell Market

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

The bottom-up approach was used to estimate and validate the total size of the automotive fuel cell market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

  • The key players in the industry and markets have been identified through extensive secondary research
  • The industry’s supply chain and market size, in terms of volume, have been determined through primary and secondary research processes
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources

The bottom-up approach has been used to estimate and validate the size of the automotive fuel cell market. In this approach, the vehicle sales statistics for each vehicle type (passenger car, light commercial vehicle, bus, and truck) have been considered at a country level.

To determine the market size, in terms of volume, a model mapping of fuel cell vehicles has been carried out for each country and vehicle type. The number of FCEV models varied from country to country. After analyzing the models, the segments have been classified further into power output type, component, and region. Then the market penetration of the automotive fuel cell segments, from the model mapping, is multiplied by the country-level FCEV sales considered in the study, which gives us the volume of each segment type. The country-level data is summed up to arrive at the region-level data in terms of volume. The summation of the country-level markets gives the regional market size, and further summation of the regional market size provides the global automotive fuel cell market size. 

Data Triangulation

After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both demand- and supply-side.

Objectives of the study

  • To define, describe, and project (2017–2027) the automotive fuel cell market by volume (units) and value (USD million)
  • To provide detailed information regarding the major factors, such as drivers, restraints, opportunities, and industry-specific challenges, influencing the growth of the automotive fuel cell market.
  • To analyze and forecast the automotive fuel cell market, by value, based on component (fuel processor, fuel satck, power conditioner, air compressor, humidifier)
  • To analyze and forecast the automotive fuel cell market, by volume, based on power output (<150 kW, 150–250 kW, and >200 kW)
  • To analyze and forecast the automotive fuel cell market, by volume, based on specialized vehicle type (material handling vehicle, golf cart, and auxillary power unit for refrigerated truck)
  • To analyze and forecast the automotive fuel cell market, by volume, based on vehicle type (passenger car, LCV, truck, and bus)
  • To analyze and forecast the automotive fuel cell market, by volume, based on H2 fuel station, in terms of region (Asia Oceania, Europe, and North America)
  • To forecast the market size, by volume and value, of the automotive fuel cell market with respect to three regions, namely, Asia Oceania, Europe, and North America
  • To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
  • To track and analyze competitive developments such as joint ventures, mergers & acquisitions, new product developments, and expansions in the automotive fuel cell market

Available Customizations

  • Automotive fuel cell market, by component, at country level
  • Automotive fuel cell market, additional countries (Up to 3)
  • Profiling of additional market players (Up to 3)
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