Automotive Fuel Cell Market

Automotive Fuel Cell Market by Component (Fuel Processor, Fuel Cell Stack, Power Conditioner, Air Compressor, Humidifier), Power Output, Hydrogen Fuel Stations, Vehicle Type (Passenger car, LCV, Truck, Bus), Operating Miles, Region - Global Forecast 2028

Report Code: AT 6131 Apr, 2021, by marketsandmarkets.com

[277 Pages Report] The global automotive fuel cell market size is projected to grow from 20,168 units in 2021 to 596,225 units by 2028, at a CAGR of 62.2%. Factors such as growing demand for low emission commuting and governments supporting long range, zero emission vehicles through subsidies & tax rebates have compelled the manufacturers to provide fuel cell vehicles around the world. This has led to a growing demand for automotive fuel cells in the market.

Increasing investments by governments across the globe to develop hydrogen fuel infrastructure and incentives offered to buyers will create opportunities for OEMs to expand their revenue stream and geographical presence. The market in Asia Pacific is projected to experience steady growth owing to the high demand for cost efficient and low-emission vehicles, while the North American market is the fastest growing market due to the government initiatives and growing high-performance Commercial vehicle segment. However, the low presence of hydrogen fueling stations, higher costs involved in initial investments, and performance constraints could hamper the growth of the global automotive fuel cell market.

Automotive Fuel Cell Market

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COVID-19 Impact On the Automotive Fuel Cell Market:

The production and sales of new vehicles had come to a halt across the globe as the whole ecosystem had been disrupted in the initial outbreak of COVID 19. OEMs had to wait until lockdowns were lifted to resume production, which affected their businesses. Hence, vehicle manufacturers had to adjust the production volume. Also, component manufacturing was suspended, and small Tier II and Tier III manufacturers faced liquidity issues. The automotive industry is highly capital-intensive and relies on frequent financing to continue operations. Thus, the production suspension during the initial months of the outbreak and lower demand had an unprecedented impact on FCEV manufacturers and automotive fuel cell producers.

Due to the COVID-19 pandemic, many countries had imposed a complete lockdown of more than two months, which, in turn, has impacted vehicle production. Manufacturing units around the world were shut down, and vehicle sales have taken a huge hit. However, the majority of the automakers resumed vehicle production with limited production and necessary measures. Conditions improved in the latter months, but overall FCEV manufacturers did not suffer much as demand for zero emission vehicles increased during the latter months of 2020. This led to an overall increase in demand for automotive fuel cells in the market.

Although most OEMs did not report any major losses, there were few OEMs, which suffered from the outbreak. For instance, Honda’s sales went down by more than 15% during the third quarter of 2020, while operating profit fell by around 13% overall during the whole year. The combined annual sales of Japanese automakers fell by around 7.3%. Toyota’s sales went down by 50% in the first quarter of 2020. However, demand for its vehicles recovered at a fast rate after the initial months of 2020. Its FCEV sales also increased along with the demand for zero emission vehicles during the latter months of 2020. The company had worked on developing better fuel cells for its new mirai FCEV and for sale to other OEM’s as part of its 2050 environmental vision.

Market Dynamics:

Driver: Better fuel economy and increased driving range

FCEVs offer better fuel economy than ICE vehicles. The fuel economy of an FCEV is around 63 miles per gallon gasoline equivalent (MPGge), while that of an ICE vehicle is 29 MPGge on highways. Hybridization can improve the fuel economy of an FCEV by up to 3.2%. On urban roads, the fuel economy of an FCEV is around 55 MPGge as compared to 20 MPGge for ICE vehicles. There is a significant difference in the driving range of FCEVs and BEVs on either full tank or full charge. FCEVs can travel almost 300 miles without refueling. The average range of a BEV is around 110 miles with a fully charged battery. Honda Clarity has the highest EPA driving rating for any zero-emission vehicle in the US. It has a driving range of up to 366 miles. Hence, better fuel efficiency and increased driving range will boost the demand for FCEVs, which will, in turn, drive the automotive fuel cell market.

Restraint: High initial investments in hydrogen fueling infrastructure

The setup costs of hydrogen fuel stations and other infrastructure are quite high compared to that of petroleum, diesel, and other fuels. This has led to slower growth in hydrogen fueling infrastructure around the world than other alternative fuels. This is due to the expensive equipment required for this fuel, along with necessary precautions and safety measures due to hydrogen being an easily combustible fuel. A hydrogen fuel station can cost around USD 1-2 million overall, while a petrol fuel station costs around USD 200,000, a CNG fuel station costs USD 150,000, and diesel and electric fuel stations cost USD 200,000.

Opportunity: Rising demand for fuel cell vehicles in automotive and transportation

FCEVs offer a high driving range, fast refueling, noiseless operation, and zero emissions of greenhouse gases and air pollutants. Hence, the use of fuel cells is ideal for transportation and automotive applications. Fuel cells are versatile and easily scalable sources of electricity that can be used for large applications in transportation such as material handling vehicles, buses, trains, cars, defense vehicles, and LCVs. Fuel cells are also used as stationary fuel sources in commercial applications. Fuel cells can be used as primary power, backup power, and to generate heat and power in combined heat and power (CHP) systems. Moreover, governments are taking initiatives and promoting fuel cells for transportation, which can further boost the demand for fuel cells in the automotive and transportation sectors.

Challenge: High vehicle cost

The major challenge for the automotive fuel cell market is the high cost of fuel cells. A fuel cell is made using a membrane, bipolar plates, stacks, gas diffusion layers, and a catalyst. Hydrogen atoms are oxidized into protons and electrons in a fuel cell. A catalyst is used for the chemical process. Generally, platinum is used as a catalyst in PEM fuel cells that are mainly used for automotive applications. Platinum is one of the costliest metals. The catalyst contributes to about 46% of the total fuel cell cost, making fuel cells costlier than the batteries used in BEVs. Moreover, the cost of batteries is continuously dropping due to increased R&D in battery technology. The cost of the fuel itself is high, which makes FCEVs costlier. However, the maintenance cost of fuel cells is lower than batteries. The price of the 2019 Toyota Mirai is almost USD 58,500 in the US, whereas the 2019 Tesla Model 3 costs USD 36,000. The huge price difference between battery electric and fuel cell vehicles is a major challenge for the growth of FCEV sales. Hence, the cost of fuel cells needs to be reduced to boost the automotive fuel cell market. However, there has been a significant decrease in the cost of fuel cells in the past few years. Also, fuel cell manufacturers and government bodies are taking initiatives and carrying out R&D to decrease the cost of fuel cells further. For instance, according to the Ministry of Trade, Industry, and Energy, the South Korean government and businesses will invest around USD 2.33 billion over the next five years in accelerating the development of the country’s hydrogen fuel cell vehicle ecosystem. The investment will be made as a public-private partnership.

The passenger car segment to be the largest segment during the forecast period

Asia Oceania is projected to be the largest market for fuel cell passenger cars by 2028. Japan is expected to be the largest passenger car market with a high adoption rate of fuel cell cars. Moreover, Toyota and Hyundai have a wide presence in the region. These companies are the leading FCEV producers globally. Besides, Japan, China, and Korea have set short- and long-term targets to reach an optimistic number of fuel cell cars on the road. Increasing investments and developments are expected to be made by governments and OEMs to promote fuel cell cars in these countries, which will boost the Asia Oceania market. In 2021, North America is estimated to hold the second largest market share of fuel cell cars owing to the growing development of fuel cell infrastructure in California. Europe will be the fastest growing market due to the growing demand for FCEV passenger cars in some of its countries.

North America to have the fastest-growing number of hydrogen fuel stations during the forecast period

North America is a fast-growing market for hydrogen fuel stations. US has a large number of hydrogen fuel stations catering to the market. Both US and Canada have been encouraging the demand for low emission vehicles. Fuel cell vehicles are in high demand in some states like California in US and BC in Canada. They have encouraged the growth of FCEV’s by their emission regulations and laws which support the growth of zero emission vehicles. Some states in both the countries provide subsidies for such vehicles including FCEV’s. US has more than 25,000 hydrogen fuel cell-based forklifts and a considerable number of FC buses across its states. US and Canada have some of the world’s top fuel cell manufacturers like Ballard, Plug Power, BrogWarner etc. which has increased demand for FCEV in the country.

The Asia Oceania market is projected to hold the largest share by 2028

South Korea, China, and Japan are currently leading the automotive fuel cell market in Asia Oceania. China is focusing more on buses and trucks for FCEV’s. Japanese OEMs such as Toyota and Honda and South Korean OEM’s like Hyundai are increasingly investing in boosting production capacities. For instance, Toyota is doubling its investments in fuel cell vehicles to expand production, thereby decreasing the cost of hydrogen fuel cell vehicles. Japan is projected to be the fastest growing market in Asia Oceania. India and Australia will also have a significant growth. Currently, commercialization of hydrogen vehicles has just started in the countries. However, the countries will see a huge opportunity in the coming time. Australia’s hydrogen energy as the hydrogen export could provide 2,800 jobs and add USD 1.2 billion annually to the country’s economy by 2030. The government of Australia had announced an investment of USD 784 million in January 2019 to boost the country’s hydrogen industry. It is working with countries like Japan to develop its hydrogen based capabilities.

Automotive Fuel Cell Market by Region

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Key Market Players

The Automotive Fuel Cell Market is dominated by established players such as Ballard Power Systems (Canada), Toyota Motor Corporation (Japan), Hyundai Group (South Korea), Hyster Yale (US) and Cummins (US). These companies offer extensive products and solutions for the automotive fuel cell industry; and have strong distribution networks at the global level, and invest heavily in R&D to develop new products.

Scope of the Report

Report Metric

Details

Market size available for years

2018–2028

Base year considered

2020

Forecast period

2021-2028

Forecast units

Volume (Units)

Segments covered

Components, Vehicle Type, Miles Covered, Operating Power, Hydrogen stations, Specialised Vehicle Type and Region.

Geographies covered

Asia Oceania, Europe, and North America

Companies Covered

Ballard Power Systems (Canada), Toyota Motor Corporation (Japan), Hyundai Group (South Korea), Hyster Yale (US), Cummins (US).
A total of 35 major company profiles are covered and provided.

This research report categorizes the automotive fuel cell market based on Components, Vehicle Type, Miles Covered, Operating Power, Hydrogen stations, Specialised Vehicle Type, and Region.

Based on Components:

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

Based on Vehicle Type:

  • Passenger Car
  • LCV
  • Bus
  • Truck

Based on Power Capacity:

  • <150 kW
  • 150-250 kW
  • >250 kW

Based on Operating Miles:

  • 0-250 Miles
  • 251-500 Miles
  • Above 500 Miles

Based on Hydrogen Fuel Point:

  • Asia Oceania
  • Europe
  • North America

Based on Specialised Vehicle Type:

  • Material Handling Vehicles
  • Refrigerated Truck

Based on the region:

  • Asia Oceania
    • China
    • India
    • Japan
    • South Korea
    • Australia
  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • France
    • Germany
    • UK
    • Netherlands
    • Switzerland
    • Italy
    • Norway
    • Spain
    • Denmark
    • Sweden
    • Belgium

Recent Developments

  • In February 2021, Toyota developed Packaged Fuel Cell System Module which integrates main functions like Fuel Cell Stacks and integrates them into a compact package making it compatible for its upcoming Bus and Truck Projects.
  • In January 2021, Hyundai launched HTWO, for its world class hydrogen fuel cell systems. The company setup a factory in Guangzhou, China to produce 6,500 fuel cells per year.In September 2020, Hyundai launched a new Tucson model with best in segment features and class-leading capabilities. It is the 4th generation of the Tucson model and is compatible with different types of fuels. A hybrid version is also available.
  • In December 2020, Toyota began sales of its 2nd generation Mirai FCEV in the market. It is a rear wheel drive and uses a 1.2 KWh Lithium ion battery.   It can run 600+ Kms on a single full tank of hydrogen. In March 2020, Volkswagen launched T-Roc, an SUV equipped with its TSI engine, 1.5L EVO (Dual Fuel Engines). Highly fuel-efficient and equipped with six airbags, ABS, ESC, tire pressure monitoring system, and reverse camera, the SUV is certified 5 Star in terms of safety.
  • In November 2020, Nuvera launched its E-60 fuel cell engine. It has been developed for use in handling equipment, heavy trucks, buses and other off road vehicles. It is based on the design of E-45 engine and produces on 60 KW power.
  • In November 2020, Proton motor power systems developed a tailor made hydrogen fuel cell system for 214 KW installed fuel cell power for rail milling machines in the underground railway tunnels.
  • In September 2020, Ballard Power Systems launched high power density fuel cell stack for vehicle propulsion, the FCgen HPS. It is a PEM fuel cell stack for medium and heavy duty vehicles.
  • In June 2020, Hyundai launched a Fuel cell version of its xcient truck in the market. It is a 34 ton cargo truck developed by the company.
  • In June 2019, Ballard Power Systems unveiled its 8th Generation high performance fuel cell module, Evocity for heavy-duty commercial vehicles like Trucks, Buses, Trains. 
  • In September 2018, Ballard Power Systems launched its high-performance liquid cooled fuel stack cell, the FCgen. It features design and performance enhancements with a reduced cost.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 23)
    1.1 OBJECTIVES OF THE STUDY
    1.2 MARKET DEFINITION
           1.2.1 INCLUSIONS & EXCLUSIONS
                    TABLE 1 INCLUSIONS & EXCLUSIONS FOR AUTOMOTIVE FUEL CELL MARKET
    1.3 MARKET SCOPE
           FIGURE 1 AUTOMOTIVE FUEL CELL MARKET: MARKETS COVERED
           1.3.1 YEARS CONSIDERED FOR THE STUDY
    1.4 PACKAGE SIZE
    1.5 LIMITATIONS
    1.6 STAKEHOLDERS
    1.7 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 28)
    2.1 RESEARCH DATA
           FIGURE 2 AUTOMOTIVE FUEL CELL MARKET: RESEARCH DESIGN
           FIGURE 3 RESEARCH METHODOLOGY MODEL
    2.2 SECONDARY DATA
           2.2.1 KEY SECONDARY SOURCES
           2.2.2 KEY DATA FROM SECONDARY SOURCES
    2.3 PRIMARY DATA
           FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS
           2.3.1 SAMPLING TECHNIQUES & DATA COLLECTION METHODS
           2.3.2 PRIMARY PARTICIPANTS
    2.4 MARKET ESTIMATION METHODOLOGY
           FIGURE 5 RESEARCH METHODOLOGY: HYPOTHESIS BUILDING
    2.5 MARKET SIZE ESTIMATION
           2.5.1 BOTTOM-UP APPROACH
                    FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY FOR AUTOMOTIVE FUEL CELL MARKET: BOTTOM-UP APPROACH
                    FIGURE 7 AUTOMOTIVE FUEL CELL MARKET: RESEARCH DESIGN & METHODOLOGY
           2.5.2 FACTOR ANALYSIS FOR MARKET SIZING: DEMAND AND SUPPLY SIDES
           2.5.3 DEMAND SIDE APPROACH
    2.6 MARKET BREAKDOWN AND DATA TRIANGULATION
           FIGURE 8 DATA TRIANGULATION
    2.7 FACTOR ANALYSIS
    2.8 RESEARCH ASSUMPTIONS
           FIGURE 9 AUTOMOTIVE FUEL CELL MARKET: MARKET SIZE ASSUMPTIONS
    2.9 RESEARCH LIMITATIONS

3 EXECUTIVE SUMMARY (Page No. - 41)
    FIGURE 10 AUTOMOTIVE FUEL CELL MARKET: MARKET DYNAMICS
    FIGURE 11 AUTOMOTIVE FUEL CELL MARKET, BY REGION, 2021–2028 (UNITS)
    FIGURE 12 REVENUE SHIFT TOWARDS GREEN TRANSPORTATION
    FIGURE 13 THE MARKET FOR LCVS IS PROJECTED TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD (2021–2028)
    3.1 IMPACT OF COVID-19 ON THE AUTOMOTIVE FUEL CELL VEHICLE MARKET, 2018–2028

4 PREMIUM INSIGHTS (Page No. - 46)
    4.1 ATTRACTIVE OPPORTUNITIES IN THE AUTOMOTIVE FUEL CELL MARKET
           FIGURE 14 INCREASING DEMAND FOR LONGER RANGE LOW-EMISSION COMMUTING TO DRIVE THE MARKET
    4.2 AUTOMOTIVE FUEL CELL MARKET, BY COMPONENT
           FIGURE 15 FUEL STACK COMPONENT TO LEAD THE MARKET DURING THE FORECAST PERIOD (2021–2028)
    4.3 AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE
           FIGURE 16 LCV VEHICLE TYPE PROJECTED TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD (2021–2028)
    4.4 AUTOMOTIVE FUEL CELL MARKET, BY POWER OUTPUT
           FIGURE 17 THE <150 KW CATEGORY POWER OUTPUT IS PROJECTED TO LEAD DURING THE FORECAST PERIOD (2021–2028)
    4.5 AUTOMOTIVE FUEL CELL MARKET, BY HYDROGEN FUEL POINTS
           FIGURE 18 HYDROGEN FUEL POINTS MARKET IN EUROPE PROJECTED TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD (2021–2028)
    4.6 AUTOMOTIVE FUEL CELL MARKET, BY OPERATING MILES
           FIGURE 19 0-250 MILES SEGMENT IS PROJECTED TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD (2021–2028)
    4.7 AUTOMOTIVE FUEL CELL MARKET GROWTH RATE, BY REGION
           FIGURE 20 ASIA OCEANIA MARKET PROJECTED TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD

5 MARKET OVERVIEW (Page No. - 50)
    5.1 INTRODUCTION
           FIGURE 21 HYDROGEN FUEL CELL ELECTRIC VEHICLE SYSTEM
    5.2 MARKET DYNAMICS
           FIGURE 22 AUTOMOTIVE FUEL CELL MARKET: MARKET DYNAMICS
           5.2.1 DRIVERS
                    5.2.1.1 Better fuel efficiency and increased driving range
                               TABLE 2 COMPARISON OF FUEL CELL ELECTRIC VEHICLE MODELS
                               FIGURE 23 COMPARISON OF AMOUNT OF NATURAL GAS REQUIRED TO PROPEL BEV TO 300 MILES COMPARED TO FCEV TRAVELING 300 MILES
                               TABLE 3 SUMMARY OF FCEV ATTRIBUTES COMPARED TO THOSE OF ADVANCED BEV FOR 200-MILE AND 300-MILE RANGE
                    5.2.1.2 Fast refueling
                               TABLE 4 ZERO EMISSION LIGHT-DUTY VEHICLES REFERENCE COMPARISON: BEV CHARGING VS. FCEV HYDROGEN FUELING
                    5.2.1.3 Reduced oil dependency
                               FIGURE 24 LIQUID OIL CONSUMPTION (MILLION BARRELS PER DAY), 2011–2020
                               TABLE 5 US: PETROL AVERAGE PRICING TREND OVER THE PAST FEW YEARS
                    5.2.1.4 Lower emissions than other vehicles
                               5.2.1.4.1 Fuel cell product lifecycle
                                            FIGURE 25 FUEL CELL PRODUCT LIFECYCLE
           5.2.2 RESTRAINTS
                    5.2.2.1 Highly flammable
                               FIGURE 26 COMPARISON OF AUTO IGNITION TEMPERATURES OF VARIOUS FUELS
                               FIGURE 27 COMPARISON OF MINIMUM IGNITION ENERGY FOR VARIOUS FUELS
                    5.2.2.2 Hard to detect hydrogen leakages
                    5.2.2.3 High initial investments in hydrogen fueling infrastructure
                               FIGURE 28 INITIAL INVESTMENT FOR VARIOUS FUEL INFRASTRUCTURE
                               FIGURE 29 COMPARISON OF BEV AND FCEV
                    5.2.2.4 Lower efficiency than BEVs and HEVs
                               FIGURE 30 GLOBAL ELECTRIC VEHICLE SALES, 2017-2019
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Rising demand for fuel cell vehicles in automotive and transportation
                               5.2.3.1.1 FCEV commercial freight truck developments
                                            TABLE 6 FCEV COMMERCIAL FREIGHT TRUCK DEVELOPMENTS
                               5.2.3.1.2 Fuel cell bus development & deployment announcements
                                            TABLE 7 FUEL CELL BUS DEVELOPMENT & DEPLOYMENT ANNOUNCEMENT
                               5.2.3.1.3 Fuel cell buses around the world, 2020
                                            FIGURE 31 OPERATED & PLANNED FUEL CELL BUSES, 2020
                    5.2.3.2 Government initiatives promoting hydrogen infrastructure
                    5.2.3.3 Development of home and community hydrogen fueling systems
           5.2.4 CHALLENGES
                    5.2.4.1 High vehicle costs
                               FIGURE 32 COST OF FUEL CELL BY COMPONENT FOR PRODUCTION VOLUME OF 1,000 UNITS/YEAR VS. 500,000 UNITS/YEAR
                    5.2.4.2 Insufficient hydrogen infrastructure
                               FIGURE 33 HYDROGEN INFRASTRUCTURE MAINTENANCE COSTS, BY COMPONENT
                    5.2.4.3 Rising demand for BEVs and HEVs
                               TABLE 8 AUTOMOTIVE FUEL CELL MARKET: IMPACT OF MARKET DYNAMICS
    5.3 PORTER’S FIVE FORCES
           FIGURE 34 PORTER’S FIVE FORCES: AUTOMOTIVE FUEL CELL MARKET
           TABLE 9 AUTOMOTIVE FUEL CELL MARKET: IMPACT OF PORTERS 5 FORCES
           5.3.1 THREAT OF SUBSTITUTES
           5.3.2 THREAT OF NEW ENTRANTS
           5.3.3 BARGAINING POWER OF BUYERS
           5.3.4 BARGAINING POWER OF SUPPLIERS
           5.3.5 INTENSITY OF COMPETITIVE RIVALRY
    5.4 EXISTING AND UPCOMING FCEV MODELS
           TABLE 10 EXISTING AND UPCOMING FCEV MODELS
    5.5 AUTOMOTIVE FUEL CELL MARKET ECOSYSTEM
           FIGURE 35 AUTOMOTIVE FUEL CELL MARKET: ECOSYSTEM ANALYSIS
           5.5.1 HYDROGEN FUEL SUPPLIERS
           5.5.2 TIER I SUPPLIERS (FUEL CELL AND RELATED COMPONENT PRODUCERS)
           5.5.3 OEMS
           5.5.4 END USERS
                    TABLE 11 AUTOMOTIVE FUEL CELL MARKET: ROLE OF COMPANIES IN ECOSYSTEM
    5.6 VALUE CHAIN ANALYSIS
           FIGURE 36 VALUE CHAIN ANALYSIS OF AUTOMOTIVE FUEL CELL MARKET
           FIGURE 37 FUEL CELL SUBCLUSTER AND H2 SUBCLUSTER
    5.7 FUEL CELL PRICING ANALYSIS
           FIGURE 38 DECREASING COST OF FUEL CELL
           FIGURE 39 FUEL CELL SYSTEM COST, 2006–2025
           FIGURE 40 FUEL CELL SYSTEM & FUEL CELL STACK COST
    5.8 TECHNOLOGY ANALYSIS
           5.8.1 DIRECT BOROHYDRIDE FUEL CELLS
           5.8.2 NON-PRECIOUS METAL CATALYST BASED FUEL CELL
           5.8.3 INCREASE IN LIFESPAN FOR NEW FUEL CELLS
           5.8.4 PACKAGED FUEL CELL SYSTEM MODULE
                    FIGURE 41 TOYOTA’S NEW PACKAGED FUEL CELL SYSTEM MODULE
           5.8.5 METHANE FUEL CELLS
    5.9 PATENT ANALYSIS
           TABLE 12 IMPORTANT PATENT REGISTRATIONS RELATED TO THE AUTOMOTIVE FUEL CELL MARKET
    5.1 CASE STUDY
           5.10.1 BALLARD FUEL CELL ZERO-EMISSION TRUCKS IN SHANGHAI
    5.11 REGULATORY OVERVIEW
           5.11.1 NORTH AMERICA
                     TABLE 13 NORTH AMERICA: POLICIES & INITIATIVES SUPPORTING HYDROGEN-POWERED VEHICLES & HYDROGEN INFRASTRUCTURE
           5.11.2 EUROPE
                     TABLE 14 EUROPE: POLICIES & INITIATIVES SUPPORTING HYDROGEN-POWERED VEHICLES & HYDROGEN INFRASTRUCTURE
           5.11.3 ASIA OCEANIA
                     TABLE 15 ASIA OCEANIA: POLICIES & INITIATIVES SUPPORTING HYDROGEN-POWERED VEHICLES & HYDROGEN INFRASTRUCTURE
           5.11.4 IMPACT OF COVID-19 AUTOMOTIVE FUEL CELL PRODUCTION
    5.12 AUTOMOTIVE FUEL CELL MARKET, SCENARIOS (2021–2028)
           5.12.1 MOST LIKELY SCENARIO
                     FIGURE 42 AUTOMOTIVE FUEL CELL MARKET – FUTURE TRENDS & SCENARIO, 2021–2028 (UNITS)
                     TABLE 16 AUTOMOTIVE FUEL CELL MARKET (MOST LIKELY), BY REGION, 2021–2028 (UNITS)
           5.12.2 OPTIMISTIC SCENARIO
                     TABLE 17 AUTOMOTIVE FUEL CELL MARKET (OPTIMISTIC), BY REGION, 2021–2028 (UNITS)
           5.12.3 PESSIMISTIC SCENARIO
                     TABLE 18 AUTOMOTIVE FUEL CELL MARKET (PESSIMISTIC), BY REGION, 2021–2028 (UNITS)

6 AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE (Page No. - 87)
    6.1 INTRODUCTION
           FIGURE 43 AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2020-2028 (UNITS)
           TABLE 19 AUTOMOTIVE FUEL CELL MARKET SIZE, BY VEHICLE TYPE, 2018–2020 (UNITS)
           TABLE 20 AUTOMOTIVE FUEL CELL MARKET SIZE, BY VEHICLE TYPE, 2021–2028 (UNITS)
    6.2 OPERATIONAL DATA
           TABLE 21 POTENTIAL MARKET FOR NEW ZERO-EMISSION BUSES PER YEAR ACROSS EUROPE
           6.2.1 ASSUMPTIONS
                    TABLE 22 ASSUMPTIONS: BY VEHICLE TYPE
    6.3 RESEARCH METHODOLOGY
    6.4 PASSENGER CAR
           6.4.1 ASIA OCEANIA IS PROJECTED TO LEAD THE PASSENGER CAR MARKET
                    TABLE 23 PASSENGER CAR: AUTOMOTIVE FUEL CELL MARKET, BY REGION, 2018–2020 (UNITS)
                    TABLE 24 PASSENGER CAR: AUTOMOTIVE FUEL CELL MARKET, BY REGION, 2021–2028 (UNITS)
    6.5 LCV
           6.5.1 RISING DEMAND FOR LAST MILE DELIVERY TO BOOST THE LCV SEGMENT
                    TABLE 25 LCV: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2018–2020 (UNITS)
                    TABLE 26 LCV: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2021–2028 (UNITS)
    6.6 BUS
                    TABLE 27 EXAMPLES OF BUS DEPLOYMENT PROJECTS
           6.6.1 GOVERNMENT-FUNDED PROJECTS AND TARGETS FOR THE REPLACEMENT OF BUS FLEETS WITH ZERO-EMISSION FLEETS EXPECTED TO DRIVE THE BUS MARKET
                    TABLE 28 BUS: AUTOMOTIVE FUEL CELL MARKET, BY REGION, 2018–2020 (UNITS)
                    TABLE 29 BUS: AUTOMOTIVE FUEL CELL MARKET, BY REGION, 2021–2028 (UNITS)
    6.7 TRUCK
           TABLE 30 OVERVIEW OF WEIGHT CLASSES
           TABLE 31 MASS DIFFERENCE IN MASS BETWEEN BASELINE VEHICLE AND ITS FUEL CELL TRUCK VERSION
           TABLE 32 DEMONSTRATION PROJECTS / DEPLOYMENT OF FUEL CELL TRUCKS
           TABLE 33 MAJOR FUEL CELL TRUCK PROTOTYPES
           TABLE 34 POWERTRAIN BENCHMARKING FOR TRUCKS >12 TONS
           6.7.1 HIGH EFFICIENCY AND LONGER DRIVING RANGE TO DRIVE THE FUEL CELL TRUCK MARKET
                    TABLE 35 TRUCK: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2018–2020 (UNITS)
                    TABLE 36 TRUCK: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2021–2028 (UNITS)
    6.8 KEY INDUSTRY INSIGHTS

7 AUTOMOTIVE FUEL CELL MARKET, BY COMPONENT (Page No. - 101)
    7.1 INTRODUCTION
           FIGURE 44 AUTOMOTIVE FUEL CELL MARKET, BY COMPONENT, 2018-2028(USD MILLION)
           TABLE 37 AUTOMOTIVE FUEL CELL MARKET SIZE, BY COMPONENT, 2018–2020 (USD MILLION)
           TABLE 38 AUTOMOTIVE FUEL CELL MARKET SIZE, BY COMPONENT, 2021–2028 (USD MILLION)
    7.2 OPERATIONAL DATA
           TABLE 39 POPULAR FUEL CELL PROVIDERS ACROSS THE WORLD
           FIGURE 45 FUEL CELL POWERTRAIN
           7.2.1 ASSUMPTIONS
                    TABLE 40 ASSUMPTIONS: BY COMPONENT TYPE
    7.3 RESEARCH METHODOLOGY
    7.4 FUEL STACK
           7.4.1 FUEL STACK IS PROJECTED TO HOLD LARGEST MARKET SHARE BY 2028
                    TABLE 41 FUEL STACK: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2018–2020 (USD MILLION)
                    TABLE 42 FUEL STACK: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2021–2028 (USD MILLION)
    7.5 FUEL PROCESSOR
           7.5.1 FUEL PROCESSORS INCREASE FUEL EFFICIENCY AND FUEL CELL LIFE
                    TABLE 43 FUEL PROCESSOR: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2018–2020 (USD MILLION)
                    TABLE 44 FUEL PROCESSOR: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2021–2028 (USD MILLION)
    7.6 POWER CONDITIONER
           7.6.1 ASIA OCEANIA IS ESTIMATED TO LEAD THE SEGMENT
                    TABLE 45 POWER CONDITIONER: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2018–2020 (USD MILLION)
                    TABLE 46 POWER CONDITIONER: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2021–2028 (USD MILLION)
    7.7 AIR COMPRESSOR
           7.7.1 INCREASING ADOPTION OF FUEL CELL BUSES TO DRIVE THE SEGMENT
                    TABLE 47 AIR COMPRESSOR: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2018–2020 (USD MILLION)
                    TABLE 48 AIR COMPRESSOR: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2021–2028 (USD MILLION)
    7.8 HUMIDIFIER
           7.8.1 DEMAND FOR HIGHLY EFFICIENT FUEL CELLS TO DRIVE THE SEGMENT
                    TABLE 49 HUMIDIFIER: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2018–2020 (USD MILLION)
                    TABLE 50 HUMIDIFIER: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2021–2028 (USD MILLION)
    7.9 KEY PRIMARY INSIGHTS

8 AUTOMOTIVE FUEL CELL MARKET, BY OPERATING MILES (Page No. - 112)
    8.1 INTRODUCTION
           FIGURE 46 AUTOMOTIVE FUEL CELL MARKET, BY OPERATING MILES, 2021-2028 (UNITS)
           TABLE 51 AUTOMOTIVE FUEL CELL MARKET SIZE, BY OPERATING MILES, 2018–2020 (UNITS)
           TABLE 52 AUTOMOTIVE FUEL CELL MARKET SIZE, BY OPERATING MILES, 2021–2028 (UNITS)
    8.2 OPERATIONAL DATA
           TABLE 53 FUEL CELL ELECTRIC VEHICLES ACROSS THE WORLD
           8.2.1 ASSUMPTIONS
                    TABLE 54 ASSUMPTIONS: BY OPERATING MILES
    8.3 RESEARCH METHODOLOGY
    8.4 0–250 MILES
           8.4.1 GROWING USAGE IN COMMERCIAL VEHICLES TO DRIVE THE SEGMENT
                    TABLE 55 0-250 MILES: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2018–2020 (UNITS)
                    TABLE 56 0-250 MILES: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2021–2028 (UNITS)
    8.5 251–500 MILES
           8.5.1 GROWING DEMAND FOR FCEV PASSENGER VEHICLES TO DRIVE THE SEGMENT
                    TABLE 57 251–500 MILES: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2018–2020 (UNITS)
                    TABLE 58 251–500 MILES: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2021–2028 (UNITS)
    8.6 ABOVE 500 MILES
           8.6.1 FUEL CELL LCVS TO DRIVE THE SEGMENT
                    TABLE 59 ABOVE 500 MILES: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2018–2020 (UNITS)
                    TABLE 60 ABOVE 500 MILES: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2021–2028 (UNITS)
    8.7 KEY INDUSTRY INSIGHTS

9 AUTOMOTIVE FUEL CELL MARKET, BY POWER OUTPUT (Page No. - 119)
    9.1 INTRODUCTION
           FIGURE 47 AUTOMOTIVE FUEL CELL MARKET, BY POWER OUTPUT, 2021-2028 (UNITS)
           TABLE 61 AUTOMOTIVE FUEL CELL MARKET SIZE, BY POWER OUTPUT, 2018–2020 (UNITS)
           TABLE 62 AUTOMOTIVE FUEL CELL MARKET SIZE, BY POWER OUTPUT, 2021–2028 (UNITS)
    9.2 OPERATIONAL DATA
           TABLE 63 POPULAR FUEL CELL ELECTRIC VEHICLES ACROSS THE WORLD
           9.2.1 ASSUMPTIONS
           TABLE 64 ASSUMPTIONS: BY POWER OUTPUT
    9.3 RESEARCH METHODOLOGY
    9.4 <150 KW
           9.4.1 GROWING DEMAND FOR FUEL CELL PASSENGER CARS TO DRIVE SEGMENT
                    TABLE 65 <150 KW: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2018–2020 (UNITS)
                    TABLE 66 <150 KW: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2021–2028 (UNITS)
    9.5 150–250 KW
           9.5.1 GROWING DEMAND FOR HEAVY-DUTY TRUCKS AND BUSES TO DRIVE THE SEGMENT
                    TABLE 67 150–250 KW: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2018–2020 (UNITS)
                    TABLE 68 150–250 KW: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2021–2028 (UNITS)
    9.6 >250 KW
           9.6.1 LONG-HAUL TRUCKING WILL PROVIDE AMPLE OPPORTUNITIES FOR SEGMENT GROWTH
                    TABLE 69 >250 KW: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2018–2020 (UNITS)
                    TABLE 70 >250 KW: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2021–2028 (UNITS)
    9.7 KEY INDUSTRY INSIGHTS

10 AUTOMOTIVE FUEL CELL MARKET, BY SPECIALIZED VEHICLE TYPE (Page No. - 127)
     10.1 INTRODUCTION
     10.2 MATERIAL HANDLING VEHICLES
              TABLE 71 COMPARISON OF POLYMER ELECTROLYTE MEMBRANE (PEM) FUEL CELL AND BATTERY-POWERED FORKLIFTS AND PALLET JACKS:
     10.3 AUXILIARY POWER UNIT FOR REFRIGERATED TRUCKS
     10.4 KEY INDUSTRY INSIGHTS

11 AUTOMOTIVE FUEL CELL MARKET, BY HYDROGEN FUEL POINTS (Page No. - 130)
     11.1 INTRODUCTION
              FIGURE 48 INFRASTRUCTURE COST COMPARISON FOR FCEVS AND BEVS
              FIGURE 49 AUTOMOTIVE FUEL CELL MARKET, HYDROGEN FUEL POINTS BY REGION, 2020-2028 (UNITS)
              TABLE 72 AUTOMOTIVE FUEL CELL MARKET SIZE, HYDROGEN FUEL POINTS BY REGION, 2018–2020 (FUEL POINTS)
              TABLE 73 AUTOMOTIVE FUEL CELL MARKET SIZE, HYDROGEN FUEL POINTS BY REGION, 2021–2028 (FUEL POINTS)
     11.2 OPERATIONAL DATA
              TABLE 74 AUTOMOTIVE HYDROGEN FUEL POINTS AS OF DECEMBER 2020
             11.2.1 ASSUMPTIONS
                        TABLE 75 ASSUMPTIONS: BY HYDROGEN FUEL POINTS
     11.3 RESEARCH METHODOLOGY
     11.4 ASIA OCEANIA
              TABLE 76 ASIA OCEANIA: HYDROGEN FUEL POINTS, BY COUNTRY, 2018–2020
              TABLE 77 ASIA OCEANIA: HYDROGEN FUEL POINTS, BY COUNTRY, 2021–2028
     11.5 EUROPE
              TABLE 78 EUROPE: HYDROGEN FUEL POINTS, BY COUNTRY, 2018–2020
              TABLE 79 EUROPE: HYDROGEN FUEL POINTS, BY COUNTRY, 2021–2028
     11.6 NORTH AMERICA
              TABLE 80 NORTH AMERICA: HYDROGEN FUEL POINTS, BY COUNTRY, 2018–2020
              TABLE 81 NORTH AMERICA: HYDROGEN FUEL POINTS, BY COUNTRY, 2021–2028
     11.7 KEY INDUSTRY INSIGHTS

12 AUTOMOTIVE FUEL CELL MARKET, BY REGION (Page No. - 140)
     12.1 INTRODUCTION
              FIGURE 50 AUTOMOTIVE FUEL CELL MARKET, BY REGION, 2021-2028 (UNITS)
              TABLE 82 AUTOMOTIVE FUEL CELL MARKET, BY REGION, 2018–2020 (UNITS)
              TABLE 83 AUTOMOTIVE FUEL CELL MARKET, BY REGION, 2021–2028 (UNITS)
              TABLE 84 AUTOMOTIVE FUEL CELL MARKET STEPS TAKEN BY MAJOR COUNTRIES
     12.2 ASIA OCEANIA
              FIGURE 51 ASIA OCEANIA: AUTOMOTIVE FUEL CELL MARKET, 2018-2028 (UNITS)
              TABLE 85 ASIA: AUTOMOTIVE FUEL CELL MARKET - ONGOING PROJECTS
              TABLE 86 ASIA OCEANIA: AUTOMOTIVE FUEL CELL MARKET, BY COUNTRY, 2018–2020 (UNITS)
              TABLE 87 ASIA OCEANIA: AUTOMOTIVE FUEL CELL MARKET, BY COUNTRY, 2021–2028 (UNITS)
             12.2.1 CHINA
                        12.2.1.1 Adoption of zero-emission public transport buses to drive the market
                                     TABLE 88 CHINA: TARGETS, VISIONS, AND PROJECTIONS
                                     TABLE 89 CHINA: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2020 (UNITS)
                                     TABLE 90 CHINA: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2021–2028 (UNITS)
             12.2.2 JAPAN
                        12.2.2.1 Push from leading OEMs to drive the market
                                     TABLE 91 JAPAN: TARGETS, VISIONS, AND PROJECTIONS
                                     TABLE 92 JAPAN: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2020 (UNITS)
                                     TABLE 93 JAPAN: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2021–2028 (UNITS)
             12.2.3 SOUTH KOREA
                        12.2.3.1 Government efforts to move toward hydrogen economy to drive the market
                                     TABLE 94 SOUTH KOREA: TARGETS, VISIONS, AND PROJECTIONS
                                     TABLE 95 SOUTH KOREA: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2020 (UNITS)
                                     TABLE 96 SOUTH KOREA: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2021–2028 (UNITS)
             12.2.4 AUSTRALIA
                        12.2.4.1 Long-term government plans for hydrogen industry to drive the market
                                     TABLE 97 AUSTRALIA: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2020 (UNITS)
                                     TABLE 98 AUSTRALIA: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2021–2028 (UNITS)
             12.2.5 INDIA
                        12.2.5.1 Increasing prices of petrol and diesel to drive the market
                                     TABLE 99 INDIA: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2020 (UNITS)
                                     TABLE 100 INDIA: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2021–2028 (UNITS)
     12.3 EUROPE
              TABLE 101 EUROPE: RELEVANT EXPERIENCE/PRODUCTS OF OEMS
              TABLE 102 EUROPE: TARGETS, VISIONS, AND PROJECTIONS
              FIGURE 52 EUROPE: AUTOMOTIVE FUEL CELL MARKET, 2018-2028 (UNITS)
              TABLE 103 EUROPE: AUTOMOTIVE FUEL CELL MARKET - ONGOING PROJECTS
              TABLE 104 EUROPE: AUTOMOTIVE FUEL CELL MARKET, BY COUNTRY, 2018–2020 (UNITS)
              TABLE 105 EUROPE: AUTOMOTIVE FUEL CELL MARKET, BY COUNTRY, 2021–2028 (UNITS)
             12.3.1 BELGIUM
                        12.3.1.1 Government investments to drive the market
                                     TABLE 106 BELGIUM: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2020 (UNITS)
                                     TABLE 107 BELGIUM: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2021–2028 (UNITS)
             12.3.2 DENMARK
                        12.3.2.1 Investments in hydrogen infrastructure to drive the market
                                     TABLE 108 DENMARK: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2020 (UNITS)
                                     TABLE 109 DENMARK: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2021–2028 (UNITS)
             12.3.3 FRANCE
                        12.3.3.1 Existing presence of major OEM fleets to drive the market
                                     TABLE 110 FRANCE: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2020 (UNITS)
                                     TABLE 111 FRANCE: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2021–2028 (UNITS)
             12.3.4 GERMANY
                        12.3.4.1 Fast paced developments in hydrogen infrastructure to drive the market
                                     TABLE 112 GERMANY: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2020 (UNITS)
                                     TABLE 113 GERMANY: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2021–2028 (UNITS)
             12.3.5 ITALY
                        12.3.5.1 Focus on electrification of vehicles to drive the market
                                     TABLE 114 ITALY: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2020 (UNITS)
                                     TABLE 115 ITALY: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2021–2028 (UNITS)
             12.3.6 NETHERLANDS
                        12.3.6.1 Government coalition strategies to boost the market
                                     TABLE 116 NETHERLANDS: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2020 (UNITS)
                                     TABLE 117 NETHERLANDS: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2021–2028 (UNITS)
             12.3.7 NORWAY
                        12.3.7.1 Robust fueling infrastructure plans to drive the market
                                     TABLE 118 NORWAY: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2020 (UNITS)
                                     TABLE 119 NORWAY: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2021–2028 (UNITS)
             12.3.8 SWEDEN
                        12.3.8.1 Technological advancements in fuel cells to drive the market
                                     TABLE 120 SWEDEN: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2020 (UNITS)
                                     TABLE 121 SWEDEN: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2021-2028 (UNITS)
             12.3.9 SPAIN
                        12.3.9.1 Government plans and investments to drive the market
                                     TABLE 122 SPAIN: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2020 (UNITS)
                                     TABLE 123 SPAIN: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2021–2028 (UNITS)
             12.3.10 SWITZERLAND
                        12.3.10.1 Growing procurement of fuel cell vehicles from leading OEMs to drive the market
                                       TABLE 124 SWITZERLAND: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2020 (UNITS)
                                       TABLE 125 SWITZERLAND: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2021–2028 (UNITS)
             12.3.11 UK
                        12.3.11.1 Plan for zero-emission public transport to drive the market
                                       TABLE 126 UK: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2020 (UNITS)
                                       TABLE 127 UK: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2021–2028 (UNITS)
     12.4 NORTH AMERICA
              FIGURE 53 NORTH AMERICA: AUTOMOTIVE FUEL CELL MARKET, 2020-2028 (UNITS)
              TABLE 128 UNITED STATES: TARGETS, VISIONS, AND PROJECTIONS
              TABLE 129 NORTH AMERICA: AUTOMOTIVE FUEL CELL MARKET - ONGOING PROJECTS
              TABLE 130 NORTH AMERICA: AUTOMOTIVE FUEL CELL MARKET, BY COUNTRY, 2018–2020 (UNITS)
              TABLE 131 NORTH AMERICA: AUTOMOTIVE FUEL CELL MARKET, BY COUNTRY, 2021–2028 (UNITS)
             12.4.1 CANADA
                        12.4.1.1 Presence of leading fuel cell suppliers to drive the market
                                     TABLE 132 CANADA: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2020 (UNITS)
                                     TABLE 133 CANADA: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2021–2028 (UNITS)
             12.4.2 MEXICO
                        12.4.2.1 Future investments will drive the market
                                     TABLE 134 MEXICO: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2020 (UNITS)
                                     TABLE 135 MEXICO: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2021–2028 (UNITS)
             12.4.3 US
                        12.4.3.1 Adoption by trucking industry to drive the market
                                     TABLE 136 US: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2020 (UNITS)
                                     TABLE 137 US: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2021–2028 (UNITS)

13 COMPETITIVE LANDSCAPE (Page No. - 182)
     13.1 OVERVIEW
     13.2 MARKET SHARE ANALYSIS
              TABLE 138 MARKET SHARE ANALYSIS, 2020
              FIGURE 54 MARKET SHARE ANALYSIS FOR THE AUTOMOTIVE FUEL CELL MARKET, 2020
              FIGURE 55 TOP PUBLIC/LISTED PLAYERS DOMINATING THE AUTOMOTIVE FUEL CELL MARKET DURING THE LAST FIVE YEARS
     13.3 COMPETITIVE SCENARIO
             13.3.1 DEALS
                         TABLE 139 DEALS, 2018–2021
             13.3.2 NEW PRODUCT DEVELOPMENTS
                         TABLE 140 NEW PRODUCT DEVELOPMENTS, 2018–2021
             13.3.3 OTHERS, 2018–2021
                         TABLE 141 EXPANSIONS, 2018–2021
     13.4 COMPETITIVE LEADERSHIP MAPPING FOR AUTOMOTIVE FUEL CELL MARKET
             13.4.1 STARS
             13.4.2 EMERGING LEADERS
             13.4.3 PERVASIVE
             13.4.4 EMERGING COMPANIES
                    FIGURE 56 AUTOMOTIVE FUEL CELL MARKET: COMPETITIVE LEADERSHIP MAPPING FOR TOP FUEL CELL MANUFACTURERS, 2020
     13.5 AUTOMOTIVE FUEL CELL MARKET: COMPANY FOOTPRINT FOR FUEL CELL MANUFACTURERS, 2020
     13.6 AUTOMOTIVE FUEL CELL MARKET: COMPANY APPLICATION FOOTPRINT FOR FUEL CELL MANUFACTURERS, 2020
     13.7 AUTOMOTIVE FUEL CELL MARKET: REGIONAL FOOTPRINT FOR FUEL CELL MANUFACTURERS, 2020
              FIGURE 57 AUTOMOTIVE FUEL CELL MARKET: COMPETITIVE LEADERSHIP MAPPING FOR NEW PLAYERS, 2020
     13.8 RIGHT TO WIN, 2018-2021
              TABLE 142 RIGHT TO WIN, 2018-2021

14 COMPANY PROFILES (Page No. - 207)
     14.1 KEY PLAYERS
(Business overview, Products offered, Recent developments & MnM View)*
             14.1.1 BALLARD POWER SYSTEMS
                         FIGURE 58 BALLARD POWER SYSTEMS: MACRO LANDSCAPE
                         TABLE 143 BALLARD POWER SYSTEMS: BUSINESS OVERVIEW
                         FIGURE 59 BALLARD POWER SYSTEMS: COMPANY SNAPSHOT
                         TABLE 144 BALLARD POWER SYSTEMS: PRODUCTS OFFERED
                         TABLE 145 BALLARD POWER SYSTEMS: NEW PRODUCT DEVELOPMENTS
                         TABLE 146 BALLARD POWER SYSTEMS: DEALS
             14.1.2 TOYOTA MOTOR CORPORATION
                         FIGURE 60 TOYOTA MOTOR CORPORATION: GLOBAL DATA BY REGION
                         TABLE 147 TOYOTA MOTOR CORPORATION: BUSINESS OVERVIEW
                         FIGURE 61 TOYOTA MOTOR CORPORATION: COMPANY SNAPSHOT
                         TABLE 148 TOYOTA MOTOR CORPORATION: PRODUCTS OFFERED
                         TABLE 149 TOYOTA MOTOR CORPORATION: NEW PRODUCT DEVELOPMENTS
                         TABLE 150 TOYOTA MOTOR CORPORATION: DEALS
             14.1.3 HYUNDAI GROUP
                         TABLE 151 HYUNDAI GROUP: BUSINESS OVERVIEW
                         FIGURE 62 HYUNDAI GROUP: COMPANY SNAPSHOT
                         TABLE 152 HYUNDAI GROUP: PRODUCTS OFFERED
                         TABLE 153 HYUNDAI GROUP: NEW PRODUCT DEVELOPMENTS
                         TABLE 154 HYUNDAI GROUP: DEALS
             14.1.4 HYSTER-YALE
                         FIGURE 63 HYSTER-YALE SUBSIDIARY NUVERA AT A GLANCE
                         TABLE 155 HYSTER-YALE: BUSINESS OVERVIEW
                         FIGURE 64 HYSTER-YALE: COMPANY SNAPSHOT
                         TABLE 156 HYSTER-YALE: PRODUCTS OFFERED
                         TABLE 157 HYSTER-YALE: NEW PRODUCT DEVELOPMENTS
                         TABLE 158 HYSTER-YALE GROUP: DEALS
             14.1.5 CUMMINS
                         FIGURE 65 CUMMINS: PARTICIPATION IN HYDROGEN ECONOMY
                         TABLE 159 CUMMINS: BUSINESS OVERVIEW
                         FIGURE 66 CUMMINS: COMPANY SNAPSHOT
                         TABLE 160 CUMMINS: PRODUCTS OFFERED
                         TABLE 161 CUMMINS: DEALS
                         TABLE 162 CUMMINS: OTHERS
             14.1.6 ITM POWER
                         FIGURE 67 ITM POWER: KEY CONTRACTS
                         TABLE 163 ITM POWER: BUSINESS OVERVIEW
                         FIGURE 68 ITM POWER: COMPANY SNAPSHOT
                         TABLE 164 ITM POWER: PRODUCTS OFFERED
                         TABLE 165 ITM POWER: DEALS
                         TABLE 166 ITM POWER: OTHERS
             14.1.7 PLUG POWER
                         FIGURE 69 PLUG POWER: CAPABILITIES IN THE HYDROGEN ECOSYSTEM
                         TABLE 167 PLUG POWER: BUSINESS OVERVIEW
                         FIGURE 70 PLUG POWER: COMPANY SNAPSHOT
                         TABLE 168 PLUG POWER: PRODUCTS OFFERED
                         TABLE 169 PLUG POWER: NEW PRODUCT DEVELOPMENTS
                         TABLE 170 PLUG POWER: DEALS
                         TABLE 171 PLUG POWER: OTHERS
             14.1.8 CERES POWER
                         FIGURE 71 CERES POWER: PROGRESS WITH KEY COMMERCIAL PARTNERSHIP
                         TABLE 172 CERES POWER: BUSINESS OVERVIEW
                         FIGURE 72 CERES POWER: COMPANY SNAPSHOT
                         TABLE 173 CERES POWER: PRODUCTS OFFERED
                         TABLE 174 CERES POWER: NEW PRODUCT DEVELOPMENTS
                         TABLE 175 CERES POWER: DEALS
                         TABLE 176 CERES POWER: OTHERS
             14.1.9 NEDSTACK
                         TABLE 177 NEDSTACK: BUSINESS OVERVIEW
                         TABLE 178 NEDSTACK: PRODUCTS OFFERED
                         TABLE 179 NEDSTACK: DEALS
             14.1.10 DOOSAN GROUP
                          TABLE 180 DOOSAN GROUP: BUSINESS OVERVIEW
                          FIGURE 73 DOOSAN GROUP: COMPANY SNAPSHOT
                          TABLE 181 DOOSAN GROUP: PRODUCTS OFFERED
                          TABLE 182 DOOSAN GROUP: NEW PRODUCT DEVELOPMENTS
                          TABLE 183 DOOSAN GROUP: DEALS
                          TABLE 184 DOOSAN GROUP: OTHERS
             14.1.11 PROTON MOTOR POWER SYSTEMS
                          TABLE 185 PROTON MOTOR POWER SYSTEMS: BUSINESS OVERVIEW
                          FIGURE 74 PROTON MOTOR POWER SYSTEMS: COMPANY SNAPSHOT
                          TABLE 186 PROTON MOTOR POWER SYSTEMS: PRODUCTS OFFERED
                          TABLE 187 PROTON MOTOR POWER SYSTEMS: NEW PRODUCT DEVELOPMENTS
                          TABLE 188 PROTON MOTOR POWER SYSTEMS: DEALS
             14.1.12 BORGWARNER
                          FIGURE 75 BORGWARNER: CUSTOMER DIVERSITY WORLDWIDE SALES, 2019
                          TABLE 189 BORGWARNER: BUSINESS OVERVIEW
                          FIGURE 76 BORGWARNER: COMPANY SNAPSHOT
                          TABLE 190 BORGWARNER: PRODUCTS OFFERED
                          TABLE 191 BORGWARNER: DEALS
             14.1.13 TOSHIBA
                          TABLE 192 TOSHIBA: BUSINESS OVERVIEW
                          FIGURE 77 TOSHIBA: COMPANY SNAPSHOT
                          TABLE 193 TOSHIBA: PRODUCTS OFFERED
                          TABLE 194 TOSHIBA: DEALS
             14.1.14 POWERCELL AB
                          TABLE 195 POWERCELL AB: BUSINESS OVERVIEW
                          FIGURE 78 POWERCELL AB: COMPANY SNAPSHOT
                          TABLE 196 POWERCELL AB: PRODUCTS OFFERED
                          TABLE 197 POWERCELL AB: DEALS
*Details on Business overview, Products offered, Recent developments & MnM View might not be captured in case of unlisted companies.
     14.2 OTHER PLAYERS
             14.2.1 PANASONIC
             14.2.2 TORAY INDUSTRIES
             14.2.3 SUNRISE POWER CO. LTD
             14.2.4 BOSCH
             14.2.5 INTELLIGENT ENERGY
             14.2.6 SYMBIO
             14.2.7 ELRINGKLINGER AG
             14.2.8 SWISS HYDROGEN POWER
             14.2.9 DANA INCORPORATED
             14.2.10 FUEL CELL SYSTEMS MANUFACTURING LLC
             14.2.11 HONDA
             14.2.12 VOLKSWAGEN AG
             14.2.13 DAIMLER
             14.2.14 RIVERSIMPLE
             14.2.15 NIKOLA
             14.2.16 SAIC MOTORS
             14.2.17 VAN HOOL
             14.2.18 MEBIUS FUEL CELL
             14.2.19 HYDRA ENERGY CORPORATION
             14.2.20 ISUZU MOTORS
             14.2.21 FORD MOTOR COMPANY

15 RECOMMENDATIONS BY MARKETSANDMARKETS (Page No. - 270)
     15.1 JAPAN, SOUTH KOREA, AND CHINA ARE KEY FOCUS AREAS FOR AUTOMOTIVE FUEL CELL MARKET
     15.2 TECHNOLOGICAL ADVANCEMENTS TO HELP DEVELOP MARKET FOR  FCEV COMMERCIAL VEHICLES
     15.3 CONCLUSION

16 APPENDIX (Page No. - 271)
     16.1 KEY 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

The study involved four major activities in estimating the current size of the automotive fuel cell market. Exhaustive secondary research was done 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 the industry experts across value chains through primary research. The top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation processes were used to estimate the market size of segments and subsegments.

Secondary Research

In the secondary research process, various secondary sources such as company annual reports/presentations, press releases, industry association publications [for example, publications of automotive fuel cell manufacturers, International Energy Agency (IEA), Federal Transit Administration (FTA), Regional Transportation Authority (RTA), country-level vehicle associations and trade organizations, and the US Department of Transportation (DOT)], hydrogen fuel and FCEV related magazine articles, directories, technical handbooks, World Economic Outlook, trade websites, government organizations websites, and technical articles have been used to identify and collect information useful for an extensive commercial study of the global automotive fuel cell market.

Primary Research

Extensive primary research has been conducted after acquiring an understanding of this 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, Asia Oceania, Europe, North America. Approximately 23% and 77% of primary interviews have been conducted from the demand and supply side, respectively. Primary data has been collected through questionnaires, emails, LinkedIn, 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 conducted brief sessions with highly experienced independent consultants to reinforce the findings from our primaries. This, along with the in-house subject matter experts’ opinions, has led us to the findings as described in the remainder of this report. Following is the breakdown of primary respondents.

Automotive Fuel Cell Market Size, and Share

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 market size. This method was 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 value, 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

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 the demand and supply sides.

Report Objectives

  • To analyze the automotive fuel cell market and forecast (2018–2028) its size in terms of volume (units).
  • To provide detailed information regarding the major factors influencing the growth of the automotive fuel cell market (drivers, restraints, opportunities, and industry challenges)
  • To analyze the regional markets for growth trends, prospects, and their contribution to the overall market
  • To segment the automotive fuel cell market and forecast its size, by volume, based on region (Asia Oceania, Europe, and North America)
  • To segment the automotive fuel cell market and forecast the market size, by volume, based on vehicle type [passenger car (PC), light commercial vehicle (LCV), bus, and truck]
  • To segment the automotive fuel cell market and forecast the market size, by volume and value, based on component type (fuel stack, air compressor, fuel processor, humidifier, and power conditioner)
  • To segment the automotive fuel cell market and forecast the market size, by volume, based on power output (<150 kW, 150–250 kW, and >250 kW)
  • To segment the automotive fuel cell market by the number of hydrogen fueling stations in each region
  • To segment the automotive fuel cell market and forecast the market size, by volume, based on operating miles (0-250 miles, 251-500 miles, and above 500 miles)
  • To showcase technological developments impacting the automotive fuel cell market
  • To analyze opportunities for stakeholders and the competitive landscape for market leaders
  • To strategically profile key players and comprehensively analyze their market shares and core competencies
  • To track and analyze competitive developments such as joint ventures, mergers & acquisitions, new product launches, expansions, and other activities carried out by key industry participants

Available Customizations

With the given market data, MarketsandMarkets offers customizations in line with company-specific needs.

  • 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)
COVID-19

Get in-depth analysis of the COVID-19 impact on the Automotive Fuel Cell Market

Benchmarking the rapid strategy shifts of the Top 100 companies in the Automotive Fuel Cell Market

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Report Code
AT 6131
Published ON
Apr, 2021
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