Automotive Fuel Cell Market

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Automotive Fuel Cell Market by Vehicle Type (Buses, Trucks, LCVs, Passenger Cars), Component, Fuel Type, Hydrogen Fuel Points, Operating Miles, Power, Capacity, Specialized Vehicle Type and Region - Global Forecast to 2030

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Report Code: AT 6131 Feb, 2024, by marketsandmarkets.com

[330 Pages Report] The global automotive fuel cell market size is valued at USD 0.2 billion in 2024 and is expected to reach USD 2.1  billion by 2030, at a CAGR of 48.0% during the forecast period. Government support toward green hydrogen technology and improving hydrogen infrastructure is expected to support the market. Furthermore, the fuel cell vehicle (FCEV) market is poised for expansion, driven by increasing demand in automotive and transportation, government initiatives supporting FCEVs and infrastructure, enhanced fuel efficiency, lower greenhouse gas emissions, and strict emission regulations. Companies operating in the market are focusing on new product development.

Automotive Fuel Cell Market

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Automotive Fuel Cell Market Opportunities

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Market Dynamics:

Driver: Enhanced Fuel Efficiency and Extended Driving Range

Fuel Cell Electric Vehicles (FCEVs) exhibit superior fuel efficiency compared to internal combustion engine (ICE) vehicles. FCEVs achieve approximately 63 miles per gallon gasoline equivalent (MPGge), outperforming ICE vehicles, which attain 29 MPGge on highways. Hybridization has the potential to enhance the fuel efficiency of FCEVs by up to 3.2%. In urban settings, FCEVs demonstrate a fuel economy of approximately 55 MPGge, contrasting with the 20 MPGge observed in ICE vehicles. Notably, FCEVs and Battery Electric Vehicles (BEVs) display significant differences in driving range. FCEVs can cover nearly 300 miles without refueling, whereas the average BEV range is approximately 110 miles on a fully charged battery. The Honda Clarity stands out with the highest EPA driving rating among zero-emission vehicles in the US, boasting an impressive driving range of up to 366 miles. The combination of enhanced fuel efficiency and extended driving range is anticipated to drive increased demand for FCEVs, consequently influencing the automotive fuel cell market positively. Hydrogen, with a specific energy of 40,000 Wh/kg, surpasses conventional Li-ion batteries, which only have about 250 Wh/kg. Charging times further distinguish FCEVs from conventional BEVs, as FCEVs can refuel in approximately 5 minutes, while BEVs typically require more time for a full charge. The overall calculated efficiency of an FCEV is estimated to be around 60%.

Restraint: High infrastructure costs for H2 refueling station setup

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: Hydrogen Fuel-Cell Vans to be a emerging market opportunity

As conventional fuel prices surge, the automotive industry is witnessing a shift towards hydrogen-powered vehicles, particularly fuel-cell vans. Companies such as Hyvia, Hyundai, and Bosch are introducing hydrogen-fueled vans, like the Renault Master VanH2 Tech and Hyundai's hydrogen-powered vans and buses. These vehicles boast impressive ranges, addressing concerns about the rising operational costs of traditional internal combustion engine (ICE) vans. Simultaneously, governments globally are taking significant initiatives to promote fuel-cell technology and invest in hydrogen infrastructure. Regions like Europe, China, and North America, along with U.S. states like California and New York, are actively contributing to the development of hydrogen hubs. Moreover, the market is witnessing mobile and community hydrogen fueling systems innovations, making hydrogen more accessible for residential and small-scale use. Companies like Air Liquide, Linde, and Powertech Labs are pioneering the development of cost-effective and mobile refueling solutions to drive the adoption of fuel-cell electric vehicles further in the market.

Challenge: Insufficient hydrogen infrastructure

For hydrogen-powered transportation systems, the required hydrogen infrastructure needs to be developed. Hydrogen infrastructure includes hydrogen production plants, hydrogen fuel stations, hydrogen storage facilities, and roads, which are ideal for FCEVs. However, the availability of hydrogen infrastructure is limited in most countries. There must be hydrogen fueling stations at least every 300 miles to create hydrogen transportation systems, as that is the driving range for FCEVs. Governments and manufacturers require huge investments in building this infrastructure. Many governments in countries such as the US, Japan, Canada, China, the UK, and manufacturers such as Ballard Power Systems and Plug Power are working to achieve this goal. For instance, in 2023, the US Department of Energy (DOE) announced plans to allocate USD 7 billion to create regional clean hydrogen hubs (H2Hubs). This will create a network of hydrogen producers, consumers, and infrastructure to accelerate the use of hydrogen as a clean energy carrier. Countries like the US have around 54 hydrogen stations. Hydrogen storage is another challenge that needs to be addressed for the growth of the automotive fuel cell market. Hydrogen needs to be stored under high pressure or as liquid hydrogen (−252.8?°C) or with the help of chemical compounding. Also, the high density of hydrogen poses a challenge for its storage. Therefore, the concerns over hydrogen infrastructure and storage need to be settled for the market to prosper.

Market Ecosystem

Automotive Fuel Cell Market Ecosystem

Europe is expected to be the fastest growing hydrogen infrastructure provider in the coming years

Europe is experiencing rapid growth in the hydrogen fuel points market, with Germany and France leading the expansion. Other countries like the UK, Belgium, Denmark, Italy, Norway, Netherlands, Spain, Sweden, and Switzerland are also contributing to the market's growth. The increase in fueling stations is driven by new emission reduction policies. Germany, in particular, has seen significant growth due to collaborations between German OEMs and the government, resulting in an increase in fuel cell electric vehicles (FCEVs). France has worked with Germany to enhance hydrogen fueling points. Shell subsidiaries have approved the construction of Holland Hydrogen L, set to become Europe's largest renewable hydrogen plant in 2025. In 2022, 82 MOBILITY secured 110 million euros to expand large hydrogen refueling stations, with notable investments from Shell, Air Liquide, Daimler Truck, EG Group, and Hyundai.

Passenger Car is estimated to be the largest segment during the forecast period

During the forecast period, the automotive fuel cell market is expected to grow rapidly, with passenger cars leading the way. The passenger car segment is expected to dominate, driven by a high adoption rate, increasing demand for personal mobility, and government initiatives to convert ICE taxi fleets into zero-emission vehicles. The increasing popularity of fuel cell passenger cars is evident through the availability of various models in the market, such as Toyota Mirai, Hyundai Nexo, Honda Clarity, Mercedes-Benz GLC FCEV, Nissan X-Trail FCEV, and Riversimple RASA. Automotive companies like BMW, and Jaguar Land Rover are also actively investing in and planning to launch new fuel cell models in response to the growing potential in this market. For instance, BMW intends to introduce fuel cell technology in its X6 and X7 models, while Jaguar Land Rover is developing a hydrogen fuel cell Defender, aiming for zero tailpipe emissions by 2036 through collaborative efforts with industry partners.

Asia Oceania's to lead the automotive fuel cell market by volume

The Asia Oceania region currently has the highest number of hydrogen fuel stations worldwide, with the governments of Japan, China, South Korea, India, and Australia spearheading the expansion of hydrogen infrastructure. These nations are actively fostering the growth of Fuel Cell Electric Vehicles (FCEVs) with rapidly evolving systems in the market. Leading Original Equipment Manufacturers (OEMs) such as Toyota, Hyundai, and Honda are pivotal in advancing the adoption of fuel cell vehicles across the region. Additionally, some countries have introduced FCEV buses and trucks, with Ballard playing a key role in developing an extensive FCEV bus and truck network in China. Despite ambitious targets aiming for 800,000 cumulative FCEV sales in Japan and establishing 1,000 refueling stations by 2030, the FCEV market encounters notable challenges. Despite substantial government subsidies, the limited development of refueling infrastructure and inadequate vehicle supply hinder the widespread adoption of FCEVs in the country. Noteworthy initiatives in the bus sector include Kansai Airport in Japan and companies like Solaris and the West Midlands deploying hydrogen fuel cell buses. In the truck industry, major players such as Nikola, SINOTRUK, Hyundai, Sym.Pjg, and Daimler Truck are actively engaged in developing and deploying heavy-duty hydrogen fuel cell trucks. As of September 2023, ENEOS manages 43 hydrogen refueling stations across four major metropolitan areas in Japan.

North American Automotive Fuel Cell Market Size, and Share

Key Market Players

The automotive fuel cell market is dominated by established players such as Ballard Power Systems (Canada), Hyster-Yale (US), Plug Power(US) ITM Power(UK) and Cummins (US). These companies provide fuel cell technologies and possess robust worldwide distribution networks. They have implemented comprehensive expansion initiatives, engaging in collaborations, partnerships, and mergers and acquisitions to establish a strong market presence.

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Scope of the Report

Report Metric

Details

Market size available for years

2020–2030

Base year considered

2023

Forecast period

2024-2030

Forecast units

Volume (Thousand Units) and Value (USD Million/Billion)

Segments covered

Market by Vehicle Type (Buses, Trucks, LCVs, Passenger Cars), Component, Fuel Type, Hydrogen Fuel Points, Operating Miles, Power, Capacity, Specialized Vehicle Type and Region

Geographies covered

Asia Oceania, Europe, North America, and RoW

Companies Covered

Ballard Power Systems (Canada), Hyster-Yale (US), Plug Power (US) ITM Power(UK) and Cummins (US)
Total 41 major players across three regions covered.

This research report categorizes the automotive fuel cell market based on vehicle type, component, specialized vehicle type, operating miles, power output, hydrogen fuel points and fuel cell type, and region.

Based on Vehicle Type:

  • Buses
  • LCVs
  • Passenger Cars
  • Trucks

Based on Component:

  • Air Compressors
  • Fuel Processors
  • Fuel Stacks
  • Humidifiers
  • Power Conditioners

Based on Operating Miles:

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

Based on Power Output:

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

Based on Specialized Vehicle Type:

  • Material handling vehicles
  • Refrigerated trucks

Based on Propulsion:

  • FCEV
  • FCHEV

Based on Hydrogen Fuel Points:

  • Asia Oceania
  • Europe
  • North America

Based on Fuel Type:

  • Hydrogen
  • Methanol
  • Ethanol

Based on Region:

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

Recent Developments

  • In December 2023, Plug Power, the company in focus, successfully installed a one-megawatt proton exchange membrane electrolyzer at the Amazon Fulfillment Center, DEN8. This milestone signifies Amazon's inaugural initiative in producing low-carbon hydrogen to fuel more than 225 hydrogen fuel cell-driven forklift trucks operating at the facility.
  • In November 2023, Ballard Power Systems entered into a supply contract with Solaris Bus & Coach sp. z o.o. (Poland). Ballard Power Systems has publicly revealed multiple purchase orders, totaling 62 hydrogen fuel cell engines, destined for Solaris Bus & Coach. These advanced fuel cell engines are earmarked for use in buses operating in Germany and Poland, contributing to the expansion of sustainable transportation in the region.
  • In October 2023, a 50kW fuel cell module (FC module) was developed by Toyota Motor, representing a compact fuel cell (FC) system. This innovative module, designed for various applications like lift trucks, agricultural machinery, and construction equipment, provides versatile installation possibilities.
  • In March 2023, Hyster-Yale-Generator-Fuel Cells officially launched the commercial availability of the G-Series Fuel Cell Power Generators, offered in 360 kW and 470 kW modules. This modular and zero-emission power solution is designed for various applications in the commercial and industrial sectors, such as data centers, electric vehicles, backup power systems, and microgrids.
  • In September 2023, Ballard Power Systems and QUANTRON collaborated to unveil their first fuel cell electric vehicles, highlighting the seamless integration of QUANTRON's vehicle engineering expertise with Ballard's state-of-the-art fuel cell technology.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 25)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
           TABLE 1 AUTOMOTIVE FUEL CELL MARKET DEFINITION, BY COMPONENT
           TABLE 2 MARKET DEFINITION, BY VEHICLE TYPE
           TABLE 3 MARKET DEFINITION, BY SPECIALIZED VEHICLE TYPE
           TABLE 4 MARKET DEFINITION, BY POWER OUTPUT
           TABLE 5 MARKET DEFINITION, BY OPERATING MILES
           TABLE 6 MARKET DEFINITION, BY PROPULSION
           TABLE 7 MARKET DEFINITION, BY FUEL TYPE
           1.2.1 INCLUSIONS AND EXCLUSIONS
                    TABLE 8 INCLUSIONS AND EXCLUSIONS
    1.3 MARKET SCOPE 
           FIGURE 1 MARKET SEGMENTATION
           1.3.1 REGIONS COVERED
           1.3.2 YEARS CONSIDERED
    1.4 CURRENCY CONSIDERED 
           TABLE 9 CURRENCY EXCHANGE RATES
    1.5 STAKEHOLDERS 
    1.6 SUMMARY OF CHANGES 
 
2 RESEARCH METHODOLOGY (Page No. - 33)
    2.1 RESEARCH DATA 
           FIGURE 2 AUTOMOTIVE FUEL CELL MARKET: RESEARCH DESIGN
           FIGURE 3 RESEARCH DESIGN MODEL
           2.1.1 SECONDARY DATA
                    2.1.1.1 Key secondary sources
                    2.1.1.2 Key data from secondary sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Primary interviews: demand and supply sides
                    2.1.2.2 Key industry insights and breakdown of primary interviews
                               FIGURE 4 KEY INDUSTRY INSIGHTS
                               FIGURE 5 BREAKDOWN OF PRIMARY INTERVIEWS
                    2.1.2.3 List of primary participants
    2.2 MARKET SIZE ESTIMATION 
           FIGURE 6 RESEARCH METHODOLOGY: HYPOTHESIS BUILDING
           2.2.1 BOTTOM-UP APPROACH
                    FIGURE 7 BOTTOM-UP APPROACH
           2.2.2 TOP-DOWN APPROACH
                    FIGURE 8 TOP-DOWN APPROACH
                    FIGURE 9 MARKET ESTIMATION NOTES
                    FIGURE 10 RESEARCH DESIGN AND METHODOLOGY: DEMAND SIDE
    2.3 DATA TRIANGULATION 
           FIGURE 11 DATA TRIANGULATION
           FIGURE 12 MARKET GROWTH PROJECTIONS FROM DEMAND-SIDE DRIVERS AND OPPORTUNITIES
    2.4 FACTOR ANALYSIS 
           FIGURE 13 FACTOR ANALYSIS FOR MARKET SIZING: DEMAND AND SUPPLY SIDES
    2.5 RESEARCH ASSUMPTIONS 
    2.6 RESEARCH LIMITATIONS 
 
3 EXECUTIVE SUMMARY (Page No. - 49)
    FIGURE 14 AUTOMOTIVE FUEL CELL MARKET OVERVIEW 
    FIGURE 15 MARKET, BY REGION, 2024–2030 (USD MILLION) 
    FIGURE 16 PASSENGER CAR TO BE LARGEST VEHICLE TYPE DURING FORECAST PERIOD 
 
4 PREMIUM INSIGHTS (Page No. - 53)
    4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN AUTOMOTIVE FUEL CELL MARKET 
           FIGURE 17 GROWING DEMAND FOR ALTERNATIVE ZERO-EMISSION TRANSPORT OPTIONS TO DRIVE MARKET
    4.2 MARKET, BY VEHICLE TYPE 
           FIGURE 18 PASSENGER CAR TO BE LARGEST VEHICLE TYPE DURING 2024–2030
    4.3 MARKET, BY HYDROGEN FUEL POINTS 
           FIGURE 19 ASIA OCEANIA TO BE FASTEST-GROWING SEGMENT DURING 2024–2030
    4.4 MARKET, BY POWER OUTPUT 
           FIGURE 20 150-250 KW POWER OUTPUT TO GROW RAPIDLY DURING FORECAST PERIOD
    4.5 MARKET, BY COMPONENT 
           FIGURE 21 FUEL STACK COMPONENT TO LEAD MARKET DURING FORECAST PERIOD
    4.6 MARKET, BY OPERATING MILES 
           FIGURE 22 251-500 MILES SEGMENT TO LEAD MARKET DURING 2024–2030
    4.7 MARKET, BY REGION 
           FIGURE 23 ASIA OCEANIA TO BE LARGEST MARKET IN 2024 BY VOLUME
 
5 MARKET OVERVIEW (Page No. - 57)
    5.1 INTRODUCTION 
           FIGURE 24 HYDROGEN FUEL CELL ELECTRIC VEHICLE SYSTEM
    5.2 MARKET DYNAMICS 
           FIGURE 25 AUTOMOTIVE FUEL CELL MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.2.1 DRIVERS
                    5.2.1.1 Better fuel efficiency and driving range than ICE vehicles
                               FIGURE 26 NATURAL GAS REQUIRED TO PROPEL BEV TO 300 MILES VS. FCEV TRAVELING 300 MILES
                               TABLE 10 ATTRIBUTES OF FCEV VS. ADVANCED BEV FOR 200-MILE AND 300-MILE RANGE
                    5.2.1.2 Growing investment in green hydrogen production
                               FIGURE 27 NUMBER OF HYDROGEN FUEL STATIONS IN US (2017–2022)
                    5.2.1.3 Fast refueling
                               TABLE 11 ZERO-EMISSION LIGHT-DUTY VEHICLE REFERENCE COMPARISON: BEV CHARGING VS. FCEV HYDROGEN FUELING
                    5.2.1.4 Reduced oil dependency
                               FIGURE 28 LIQUID OIL CONSUMPTION (MILLION BARRELS PER DAY), 2017–2022
                               TABLE 12 US: GASOLINE AVERAGE PRICING TREND (2018–2024)
                    5.2.1.5 Lower emissions than other vehicles
           5.2.2 RESTRAINTS
                    5.2.2.1 High flammability
                               FIGURE 29 COMPARISON OF AUTOIGNITION TEMPERATURES OF VARIOUS FUELS
                    5.2.2.2 Hard to detect hydrogen leakages
                    5.2.2.3 High initial investments in hydrogen fueling infrastructure
                               FIGURE 30 DISPENSED FUEL COST BUILDUP FOR FUTURE TRANSPORTATION FUELS
                               FIGURE 31 INITIAL INVESTMENT IN INFRASTRUCTURE FOR VARIOUS FUELS
                               FIGURE 32 COMPARISON OF BEV AND FCEV
                    5.2.2.4 Lower efficiency than BEVs and HEVs
                               FIGURE 33 GLOBAL ELECTRIC VEHICLE SALES, 2019–2023
                               FIGURE 34 COMPARISON OF HYDROGEN AND ELECTRIC VEHICLE DRIVE
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Rising demand for fuel cell vehicles in automotive & transportation sector
                               5.2.3.1.1 Fuel cell commercial freight truck developments
                               TABLE 13 FUEL CELL COMMERCIAL FREIGHT TRUCK DEVELOPMENTS
                               5.2.3.1.2 Fuel-cell buses worldwide, 2023
                               FIGURE 35 OPERATED FUEL CELL BUSES, 2023
                    5.2.3.2 Growth potential of fuel cell vans for OEMs
                    5.2.3.3 Government initiatives promoting hydrogen infrastructure
                               FIGURE 36 GOVERNMENT-LED HYDROGEN HUB INITIATIVES IN US AND CANADA
                    5.2.3.4 Development of mobile and community hydrogen fueling systems
                               FIGURE 37 MOBILE HYDROGEN-REFUELING STATIONS IN JAPAN
           5.2.4 CHALLENGES
                    5.2.4.1 High vehicle costs
                               FIGURE 38 COST OF FUEL CELL STACK FOR PRODUCTION VOLUME OF 1,000 UNITS/YEAR VS. 500,000 UNITS/YEAR
                    5.2.4.2 Lack of proper hydrogen infrastructure
                               FIGURE 39 HYDROGEN INFRASTRUCTURE MAINTENANCE COSTS, BY COMPONENT
                    5.2.4.3 Rising demand for BEVs and HEVs
                               TABLE 14 MARKET: IMPACT OF MARKET DYNAMICS
    5.3 EXISTING AND UPCOMING FCEV MODELS 
           TABLE 15 EXISTING AND UPCOMING PASSENGER CAR FCEV MODELS
           TABLE 16 EXISTING AND UPCOMING COMMERCIAL FCEV MODELS
    5.4 CASE STUDY ANALYSIS 
           5.4.1 CASE STUDY 1: BALLARD FUEL CELL ZERO-EMISSION BUSES IN LONDON
           5.4.2 CASE STUDY 2: BALLARD FUEL CELL ZERO-EMISSION TRUCKS IN SHANGHAI
           5.4.3 CASE STUDY 3: NON-PRECIOUS METAL CATALYST BY BALLARD
           5.4.4 CASE STUDY 4: FUEL CELL ZERO-EMISSION BUSES BY BALLARD
           5.4.5 CASE STUDY 5: FUEL-CELL BUSES FOR CITY TRANSIT IN FRANCE
    5.5 PATENT ANALYSIS 
           FIGURE 40 NUMBER OF PUBLISHED AUTOMOTIVE FUEL CELL PATENTS (2019–2023)
           FIGURE 41 TOP PATENT APPLICANTS
           TABLE 17 IMPORTANT PATENT REGISTRATIONS RELATED TO MARKET
    5.6 ECOSYSTEM ANALYSIS 
           FIGURE 42 MARKET: ECOSYSTEM ANALYSIS
           5.6.1 HYDROGEN FUEL SUPPLIERS
           5.6.2 TIER I SUPPLIERS (FUEL CELL AND RELATED COMPONENT PRODUCERS)
           5.6.3 OEMS
                    TABLE 18 MARKET: ROLE OF COMPANIES IN ECOSYSTEM
    5.7 SUPPLY CHAIN ANALYSIS 
           FIGURE 43 MARKET: SUPPLY CHAIN ANALYSIS
    5.8 FUEL CELL PRICING ANALYSIS 
           TABLE 19 AUTOMOTIVE FUEL CELL STACK PRICE: REGIONAL PRICE TREND, 2020 VS. 2022
           5.8.1 AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY VEHICLE TYPE
           TABLE 20 AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY VEHICLE TYPE
           FIGURE 44 FUEL CELL SYSTEM COST, 2006–2025
           FIGURE 45 FUEL CELL SYSTEM AND FUEL CELL STACK COST
    5.9 TRENDS AND DISRUPTIONS IMPACTING CUSTOMER BUSINESS 
           FIGURE 46 MARKET: NEW REVENUE SOURCES
           TABLE 21 FUEL CELL BUS SALES AND UPCOMING PROJECTS
    5.10 ROADMAP OF DEPLOYMENT OF HYDROGEN TECHNOLOGY IN AUTOMOTIVE SECTOR 
    5.11 FCEV LAUNCH SCHEDULED BY MAJOR OEMS 
                    FIGURE 47 LAUNCH OF HYDROGEN MODELS
           5.11.1 HYDROGEN FUEL CELL VEHICLES TO GAIN MOMENTUM ACROSS DIVERSE LANDSCAPES
    5.12 STAKEHOLDERS’ PLAN IN HYDROGEN-FUELED VEHICLE ECOSYSTEM 
    5.13 BUSINESS MODELS 
                    FIGURE 48 BUSINESS MODELS IN MARKET
    5.14 TECHNOLOGY ANALYSIS 
           5.14.1 DIRECT BOROHYDRIDE FUEL CELL
                    FIGURE 49 DIRECT BOROHYDRIDE FUEL CELL WORKING
           5.14.2 FUEL CELL HYBRID ELECTRIC VEHICLE
           5.14.3 HYDROGEN INTERNAL COMBUSTION ENGINE
           5.14.4 NON-PRECIOUS METAL CATALYST-BASED FUEL CELL
           5.14.5 PACKAGED FUEL CELL SYSTEM MODULE
                    FIGURE 50 TOYOTA’S NEW PACKAGED FUEL CELL SYSTEM MODULE
           5.14.6 HYDROGENIOUS LIQUID ORGANIC HYDROGEN CARRIER
           5.14.7 CARBONATE-SUPERSTRUCTURED SOLID FUEL CELL
    5.15 REGULATORY LANDSCAPE 
           5.15.1 NORTH AMERICA
                    TABLE 22 NORTH AMERICA: POLICIES & INITIATIVES SUPPORTING HYDROGEN-POWERED VEHICLES & HYDROGEN INFRASTRUCTURE
           5.15.2 EUROPE
                    TABLE 23 EUROPE: POLICIES & INITIATIVES SUPPORTING HYDROGEN-POWERED VEHICLES & HYDROGEN INFRASTRUCTURE
           5.15.3 ASIA OCEANIA
                    TABLE 24 ASIA OCEANIA: POLICIES & INITIATIVES SUPPORTING HYDROGEN-POWERED VEHICLES & HYDROGEN INFRASTRUCTURE
           5.15.4 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 25 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 26 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 27 ASIA OCEANIA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
    5.16 KEY CONFERENCES AND EVENTS IN 2024–2025 
                    TABLE 28 KEY CONFERENCES AND EVENTS, 2024–2025
    5.17 KEY STAKEHOLDERS AND BUYING CRITERIA 
           5.17.1 LCV
           5.17.2 BUS
           5.17.3 TRUCK
           5.17.4 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 51 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS
                    TABLE 29 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS (%)
           5.17.5 BUYING CRITERIA
                    FIGURE 52 KEY BUYING CRITERIA FOR MARKET
                    TABLE 30 KEY BUYING CRITERIA FOR FUEL CELL VEHICLE TYPES
 
6 AUTOMOTIVE FUEL CELL MARKET, BY COMPONENT (Page No. - 107)
    6.1 INTRODUCTION 
           FIGURE 53 MARKET, BY COMPONENT, 2024–2030 (USD MILLION)
           TABLE 31 MARKET, BY COMPONENT, 2020–2023 (USD MILLION)
           TABLE 32 MARKET, BY COMPONENT, 2024–2030 (USD MILLION)
    6.2 OPERATIONAL DATA 
           TABLE 33 POPULAR FUEL CELL PROVIDERS WORLDWIDE
           FIGURE 54 FUEL CELL POWERTRAIN
    6.3 FUEL STACK 
           6.3.1 STRINGENT EMISSION REGULATIONS AND GOVERNMENT INCENTIVES TO DRIVE MARKET
                    TABLE 34 FUEL STACK: MARKET, BY REGION, 2020–2023 (USD MILLION)
                    TABLE 35 FUEL STACK: MARKET, BY REGION, 2024–2030 (USD MILLION)
    6.4 FUEL PROCESSOR 
           6.4.1 RAPID GROWTH OF FUEL CELL TECHNOLOGIES IN ASIA OCEANIA AND NORTH AMERICA TO DRIVE MARKET
                    TABLE 36 FUEL PROCESSOR: MARKET, BY REGION, 2020–2023 (USD MILLION)
                    TABLE 37 FUEL PROCESSOR: MARKET, BY REGION, 2024–2030 (USD MILLION)
    6.5 POWER CONDITIONER 
           6.5.1 PRESENCE OF LEADING FCEV MANUFACTURERS IN ASIA OCEANIA TO DRIVE MARKET
                    TABLE 38 POWER CONDITIONER: MARKET, BY REGION, 2020–2023 (USD MILLION)
                    TABLE 39 POWER CONDITIONER: MARKET, BY REGION, 2024–2030 (USD MILLION)
    6.6 AIR COMPRESSOR 
           6.6.1 GROWING ADOPTION OF FUEL CELL BUSES IN NORTH AMERICA TO DRIVE MARKET
                    TABLE 40 AIR COMPRESSOR: MARKET, BY REGION, 2020–2023 (USD MILLION)
                    TABLE 41 AIR COMPRESSOR: MARKET, BY REGION, 2024–2030 (USD MILLION)
    6.7 HUMIDIFIER 
           6.7.1 INCREASING DEMAND FOR FCEVS IN EUROPE TO DRIVE MARKET
                    TABLE 42 HUMIDIFIER: MARKET, BY REGION, 2020–2023 (USD MILLION)
                    TABLE 43 HUMIDIFIER: MARKET, BY REGION, 2024–2030 (USD MILLION)
    6.8 KEY PRIMARY INSIGHTS 
 
7 AUTOMOTIVE FUEL CELL MARKET, BY FUEL TYPE (Page No. - 117)
    7.1 INTRODUCTION 
           TABLE 44 COMPARISON OF FUEL TYPES USED IN FUEL CELLS AND LITHIUM-ION BATTERIES
    7.2 HYDROGEN 
    7.3 METHANOL 
    7.4 ETHANOL 
    7.5 KEY PRIMARY INSIGHTS 
 
8 AUTOMOTIVE FUEL CELL MARKET, BY HYDROGEN FUEL POINTS (Page No. - 121)
    8.1 INTRODUCTION 
           FIGURE 55 INFRASTRUCTURE COST COMPARISON FOR FCEV AND BEV
           FIGURE 56 AUTOMOTIVE HYDROGEN FUEL POINTS MARKET, BY REGION, 2024–2030 (UNITS)
           TABLE 45 HYDROGEN FUEL POINTS: MARKET, BY REGION, 2020–2023 (UNITS)
           TABLE 46 HYDROGEN FUEL POINTS: MARKET, BY REGION, 2024–2030 (UNITS)
    8.2 OPERATIONAL DATA 
           TABLE 47 NUMBER OF HYDROGEN FUEL POINTS, BY COUNTRY (DECEMBER 2023)
    8.3 ASIA OCEANIA 
           TABLE 48 ASIA OCEANIA: AUTOMOTIVE HYDROGEN FUEL POINTS MARKET, BY COUNTRY, 2020–2023 (UNITS)
           TABLE 49 ASIA OCEANIA: AUTOMOTIVE HYDROGEN FUEL POINTS MARKET, BY COUNTRY, 2024–2030 (UNITS)
    8.4 EUROPE 
           TABLE 50 EUROPE: AUTOMOTIVE HYDROGEN FUEL POINTS MARKET, BY COUNTRY, 2020–2023 (UNITS)
           TABLE 51 EUROPE: AUTOMOTIVE HYDROGEN FUEL POINTS MARKET, BY COUNTRY, 2024–2030 (UNITS)
    8.5 NORTH AMERICA 
           TABLE 52 NORTH AMERICA: AUTOMOTIVE HYDROGEN FUEL POINTS MARKET, BY COUNTRY, 2020–2023 (UNITS)
           TABLE 53 NORTH AMERICA: AUTOMOTIVE HYDROGEN FUEL POINTS MARKET, BY COUNTRY, 2024–2030 (UNITS)
    8.6 KEY PRIMARY INSIGHTS 
 
9 AUTOMOTIVE FUEL CELL MARKET, BY OPERATING MILES (Page No. - 130)
    9.1 INTRODUCTION 
           FIGURE 57 MARKET, BY OPERATING MILES, 2024–2030 (THOUSAND UNITS)
           TABLE 54 MARKET, BY OPERATING MILES, 2020–2023 (THOUSAND UNITS)
           TABLE 55 MARKET, BY OPERATING MILES, 2024–2030 (THOUSAND UNITS)
    9.2 OPERATIONAL DATA 
           TABLE 56 POPULAR FCEVS WORLDWIDE, BY OPERATING MILES
    9.3 0–250 MILES 
           9.3.1 NORTH AMERICA AND ASIA OCEANIA TO DRIVE MARKET
                    TABLE 57 0-250 MILES: MARKET, BY REGION, 2020–2023 (THOUSAND UNITS)
                    TABLE 58 0-250 MILES: MARKET, BY REGION, 2024–2030 (THOUSAND UNITS)
    9.4 251–500 MILES 
           9.4.1 CONSIDERABLE RANGE ACHIEVABLE ON SINGLE FUELING TO DRIVE MARKET
                    TABLE 59 BESTSELLING FCEVS WITH 251–500 MILES RANGE
                    TABLE 60 251–500 MILES: MARKET, BY REGION, 2020–2023 (THOUSAND UNITS)
                    TABLE 61 251–500 MILES: MARKET, BY REGION, 2024–2030 (THOUSAND UNITS)
    9.5 ABOVE 500 MILES 
           9.5.1 RESILIENCE IN DIFFERENT LOAD CYCLES TO DRIVE MARKET
                    TABLE 62 ABOVE 500 MILES: MARKET, BY REGION, 2020–2023 (THOUSAND UNITS)
                    TABLE 63 ABOVE 500 MILES: MARKET, BY REGION, 2024–2030 (THOUSAND UNITS)
    9.6 KEY PRIMARY INSIGHTS 
 
10 AUTOMOTIVE FUEL CELL MARKET, BY POWER OUTPUT (Page No. - 138)
     10.1 INTRODUCTION 
               FIGURE 58 MARKET, BY POWER OUTPUT, 2024–2030 (THOUSAND UNITS)
               TABLE 64 MARKET, BY POWER OUTPUT, 2020–2023 (THOUSAND UNITS)
               TABLE 65 MARKET, BY POWER OUTPUT, 2024–2030 (THOUSAND UNITS)
     10.2 OPERATIONAL DATA 
               TABLE 66 POPULAR FCEVS WORLDWIDE, BY POWER OUTPUT
     10.3 <150 KW 
             10.3.1 GROWING DEMAND FOR FUEL CELL PASSENGER CARS TO DRIVE MARKET
                       TABLE 67 <150 KW: MARKET, BY REGION, 2020–2023 (THOUSAND UNITS)
                       TABLE 68 <150 KW: MARKET, BY REGION, 2024–2030 (THOUSAND UNITS)
     10.4 150–250 KW 
             10.4.1 GROWING DEMAND FOR HEAVY-DUTY TRUCKS AND BUSES TO DRIVE MARKET
                       TABLE 69 150–250 KW: MARKET, BY REGION, 2020–2023 (THOUSAND UNITS)
                       TABLE 70 150–250 KW: MARKET, BY REGION, 2024–2030 (THOUSAND UNITS)
     10.5 >250 KW 
             10.5.1 HIGH DEMAND FOR LONG-HAUL TRUCKING TO DRIVE MARKET
                       TABLE 71 >250 KW: MARKET, BY REGION, 2020–2023 (THOUSAND UNITS)
                       TABLE 72 >250 KW: MARKET, BY REGION, 2024–2030 (THOUSAND UNITS)
     10.6 KEY PRIMARY INSIGHTS 
 
11 AUTOMOTIVE FUEL CELL MARKET, BY PROPULSION (Page No. - 146)
     11.1 INTRODUCTION 
               FIGURE 59 MARKET, BY PROPULSION, 2024–2030 (THOUSAND UNITS)
               TABLE 73 MARKET, BY PROPULSION, 2020–2023 (THOUSAND UNITS)
               TABLE 74 MARKET, BY PROPULSION, 2024–2030 (THOUSAND UNITS)
     11.2 OPERATIONAL DATA 
               TABLE 75 POPULAR FCEV AND FCHEV MODEL LAUNCHES
     11.3 FCHEV 
             11.3.1 SMOOTH POWER DELIVERY REDUCING STRESS ON FUEL CELLS TO DRIVE MARKET
     11.4 FCEV 
             11.4.1 HIGH DEMAND FOR SUSTAINABLE AND ZERO-EMISSION TRANSPORTATION TO DRIVE MARKET
     11.5 KEY PRIMARY INSIGHTS 
 
12 AUTOMOTIVE FUEL CELL MARKET, BY SPECIALIZED VEHICLE TYPE (Page No. - 151)
     12.1 INTRODUCTION 
     12.2 MATERIAL HANDLING VEHICLE 
               TABLE 76 COMPARISON OF POLYMER ELECTROLYTE MEMBRANE (PEM) FUEL CELL AND BATTERY-POWERED FORKLIFTS AND PALLET JACKS
     12.3 AUXILIARY POWER UNIT FOR REFRIGERATED TRUCKS 
     12.4 KEY PRIMARY INSIGHTS 
 
13 AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE (Page No. - 154)
     13.1 INTRODUCTION 
               TABLE 77 TABLE OF COMPARISON OF DIFFERENT TYPES OF HYDROGEN VEHICLES
               FIGURE 60 MARKET, BY VEHICLE TYPE, 2024-2030 (THOUSAND UNITS)
               TABLE 78 MARKET, BY VEHICLE TYPE, 2020–2023 (THOUSAND UNITS)
               TABLE 79 MARKET, BY VEHICLE TYPE, 2024–2030 (THOUSAND UNITS)
     13.2 OPERATIONAL DATA 
               TABLE 80 POTENTIAL MARKET FOR NEW ZERO-EMISSION BUSES PER YEAR ACROSS EUROPE
     13.3 PASSENGER CAR 
             13.3.1 GROWING ENVIRONMENTAL CONCERNS, STRICTER EMISSION REGULATIONS, AND ADVANCEMENTS IN TECHNOLOGY TO DRIVE MARKET
                       TABLE 81 PASSENGER CAR: MARKET, BY REGION, 2020–2023 (THOUSAND UNITS)
                       TABLE 82 PASSENGER CAR: MARKET, BY REGION, 2024–2030 (THOUSAND UNITS)
     13.4 LCV 
             13.4.1 RISING DEMAND FOR LAST MILE DELIVERY TO DRIVE MARKET
                       TABLE 83 LCV: MARKET, BY REGION, 2020–2023 (THOUSAND UNITS)
                       TABLE 84 LCV: MARKET, BY REGION, 2024–2030 (THOUSAND UNITS)
     13.5 BUS 
             13.5.1 SURGING URBAN AIR QUALITY CONCERNS AND RAPID REFUELING ADVANCEMENTS TO DRIVE MARKET
                       TABLE 85 EXAMPLES OF BUS DEPLOYMENT PROJECTS
                       TABLE 86 BUS: MARKET, BY REGION, 2020–2023 (THOUSAND UNITS)
                       TABLE 87 BUS: MARKET, BY REGION, 2024–2030 (THOUSAND UNITS)
     13.6 TRUCK 
             13.6.1 EXPANDING HYDROGEN INFRASTRUCTURE AND INCREASING GOVERNMENT INCENTIVES TO DRIVE MARKET
                       TABLE 88 OVERVIEW OF VEHICLE WEIGHT CLASSES
                       TABLE 89 MASS DIFFERENCE BETWEEN BASELINE VEHICLE AND ITS FUEL CELL TRUCK VERSION
                       TABLE 90 DEMONSTRATION PROJECTS/DEPLOYMENT OF FUEL CELL TRUCKS
                       TABLE 91 MAJOR FUEL CELL TRUCK PROTOTYPES
                       TABLE 92 POWERTRAIN BENCHMARKING FOR TRUCKS >12 TONS
                       TABLE 93 TRUCK: MARKET, BY REGION, 2020–2023 (THOUSAND UNITS)
                       TABLE 94 TRUCK: MARKET, BY REGION, 2024–2030 (THOUSAND UNITS)
     13.7 KEY PRIMARY INSIGHTS 
 
14 AUTOMOTIVE FUEL CELL MARKET, BY REGION (Page No. - 169)
     14.1 INTRODUCTION 
               FIGURE 61 MARKET, BY REGION, 2024–2030 (USD MILLION)
               TABLE 95 MARKET, BY REGION, 2020–2023 (USD MILLION)
               TABLE 96 MARKET, BY REGION, 2024–2030 (USD MILLION)
               TABLE 97 MARKET, BY REGION, 2020–2023 (THOUSAND UNITS)
               TABLE 98 MARKET, BY REGION, 2024–2030 (THOUSAND UNITS)
               TABLE 99 STEPS TAKEN BY MAJOR COUNTRIES TO BOOST MARKET
     14.2 ASIA OCEANIA 
               FIGURE 62 ASIA OCEANIA: MARKET SNAPSHOT
               TABLE 100 ASIA OCEANIA: MARKET: UPCOMING PROJECTS
               TABLE 101 ASIA OCEANIA: MARKET, BY COUNTRY, 2020–2023 (THOUSAND UNITS)
               TABLE 102 ASIA OCEANIA: MARKET, BY COUNTRY, 2024–2030 (THOUSAND UNITS)
             14.2.1 CHINA
                       14.2.1.1 Emphasis on utilizing industrial by-product hydrogen to drive market
                                   TABLE 103 CHINA: TARGETS, VISIONS, AND PROJECTIONS
                                   TABLE 104 CHINA: MARKET, BY VEHICLE TYPE, 2020–2023 (UNITS)
                                   TABLE 105 CHINA: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
             14.2.2 JAPAN
                       14.2.2.1 Plans to increase production of hydrogen to drive market
                                   TABLE 106 JAPAN: TARGETS, VISIONS, AND PROJECTIONS
                                   TABLE 107 JAPAN: MARKET, BY VEHICLE TYPE, 2020–2023 (UNITS)
                                   TABLE 108 JAPAN: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
             14.2.3 SOUTH KOREA
                       14.2.3.1 Transition to hydrogen economy to drive market
                                   TABLE 109 SOUTH KOREA: TARGETS, VISIONS, AND PROJECTIONS
                                   TABLE 110 SOUTH KOREA: MARKET, BY VEHICLE TYPE, 2020–2023 (UNITS)
                                   TABLE 111 SOUTH KOREA: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
             14.2.4 AUSTRALIA
                       14.2.4.1 Government investment in hydrogen ecosystem to drive market
                                   TABLE 112 AUSTRALIA: MARKET, BY VEHICLE TYPE, 2020–2023 (UNITS)
                                   TABLE 113 AUSTRALIA: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
             14.2.5 INDIA
                       14.2.5.1 Initiatives by government for green transportation to drive market
                                   TABLE 114 INDIA: MARKET, BY VEHICLE TYPE, 2020–2023 (UNITS)
                                   TABLE 115 INDIA: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
     14.3 EUROPE 
               TABLE 116 EUROPE: RELEVANT EXPERIENCE/PRODUCTS OF OEMS
               TABLE 117 EUROPE: TARGETS, VISIONS, AND PROJECTIONS
               FIGURE 63 EUROPE: MARKET, 2024–2030 (THOUSAND UNITS)
               TABLE 118 EUROPEAN MARKET: ONGOING PROJECTS
               TABLE 119 EUROPE: MARKET, BY COUNTRY, 2020–2023 (THOUSAND UNITS)
               TABLE 120 EUROPE: MARKET, BY COUNTRY, 2024–2030 (THOUSAND UNITS)
             14.3.1 BELGIUM
                       14.3.1.1 Tax incentives to drive market
                                   TABLE 121 BELGIUM: MARKET, BY VEHICLE TYPE, 2020–2023 (UNITS)
                                   TABLE 122 BELGIUM: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
             14.3.2 DENMARK
                       14.3.2.1 Investments in hydrogen infrastructure to drive market
                                   TABLE 123 DENMARK: MARKET, BY VEHICLE TYPE, 2020–2023 (UNITS)
                                   TABLE 124 DENMARK: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
             14.3.3 FRANCE
                       14.3.3.1 Presence of major OEM fleets to drive market
                                   TABLE 125 FRANCE: MARKET, BY VEHICLE TYPE, 2020–2023 (UNITS)
                                   TABLE 126 FRANCE: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
             14.3.4 GERMANY
                       14.3.4.1 Fast-paced developments in hydrogen infrastructure to drive market
                                   TABLE 127 GERMANY: MARKET, BY VEHICLE TYPE, 2020–2023 (UNITS)
                                   TABLE 128 GERMANY: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
             14.3.5 ITALY
                       14.3.5.1 Focus on developing fuel cell technology to drive market
                                   TABLE 129 ITALY: MARKET, BY VEHICLE TYPE, 2020–2023 (UNITS)
                                   TABLE 130 ITALY: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
             14.3.6 NETHERLANDS
                       14.3.6.1 Dutch Hydrogen Coalition to drive market
                                   TABLE 131 NETHERLANDS: MARKET, BY VEHICLE TYPE, 2020–2023 (UNITS)
                                   TABLE 132 NETHERLANDS: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
             14.3.7 NORWAY
                       14.3.7.1 Robust fueling infrastructure plans to drive market
                                   TABLE 133 NORWAY: MARKET, BY VEHICLE TYPE, 2020–2023 (UNITS)
                                   TABLE 134 NORWAY: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
             14.3.8 SWEDEN
                       14.3.8.1 Advancement in fuel cells to drive market
                                   TABLE 135 SWEDEN: MARKET, BY VEHICLE TYPE, 2020–2023 (UNITS)
                                   TABLE 136 SWEDEN: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
             14.3.9 SPAIN
                       14.3.9.1 Government plans and investments to drive market
                                   TABLE 137 SPAIN: MARKET, BY VEHICLE TYPE, 2020–2023 (UNITS)
                                   TABLE 138 SPAIN: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
               14.3.10 SWITZERLAND
            14.3.10.1 Ending tax exemption for electric cars to drive market
                                   TABLE 139 SWITZERLAND: MARKET, BY VEHICLE TYPE, 2020–2023 (UNITS)
                                   TABLE 140 SWITZERLAND: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
               14.3.11 UK
            14.3.11.1 Plan for zero-emission public transport to drive market
                                   TABLE 141 UK: MARKET, BY VEHICLE TYPE, 2020–2023 (UNITS)
                                   TABLE 142 UK: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
     14.4 NORTH AMERICA 
               FIGURE 64 NORTH AMERICA: MARKET SNAPSHOT
               TABLE 143 NORTH AMERICAN MARKET: UPCOMING PROJECTS
               TABLE 144 NORTH AMERICA: MARKET, BY COUNTRY, 2020–2023 (THOUSAND UNITS)
               TABLE 145 NORTH AMERICA: MARKET, BY COUNTRY, 2024–2030 (THOUSAND UNITS)
             14.4.1 CANADA
                       14.4.1.1 Inclusion of benefits in tax credit to drive market
                                   TABLE 146 CANADA: MARKET, BY VEHICLE TYPE, 2020–2023 (UNITS)
                                   TABLE 147 CANADA: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
             14.4.2 MEXICO
                       14.4.2.1 Shift to zero-emission transport alternative to drive market
                                   TABLE 148 MEXICO: MARKET, BY VEHICLE TYPE, 2020–2023 (UNITS)
                                   TABLE 149 MEXICO: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
             14.4.3 US
                       14.4.3.1 Government investment in green hydrogen to drive market
                                   TABLE 150 US: TARGETS, VISIONS, AND PROJECTIONS
                                   TABLE 151 US: MARKET, BY VEHICLE TYPE, 2020–2023 (UNITS)
                                   TABLE 152 US: MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
 
15 COMPETITIVE LANDSCAPE (Page No. - 217)
     15.1 OVERVIEW 
     15.2 MARKET RANKING ANALYSIS 
               FIGURE 65 AUTOMOTIVE FUEL CELL MARKET RANKING ANALYSIS (OEMS), 2023
               FIGURE 66 MARKET RANKING ANALYSIS (COMPONENT PROVIDERS), 2023
     15.3 KEY PLAYERS’ STRATEGIES, 2020–2023 
               TABLE 153 KEY PLAYERS’ STRATEGIES, 2020–2023
               FIGURE 67 REVENUE ANALYSIS OF TOP PUBLIC/LISTED PLAYERS IN MARKET DURING LAST 5 YEARS
     15.4 COMPANY EVALUATION MATRIX 
             15.4.1 STARS
             15.4.2 EMERGING LEADERS
             15.4.3 PERVASIVE PLAYERS
             15.4.4 PARTICIPANTS
                       FIGURE 68 MARKET: COMPANY EVALUATION MATRIX (TOP COMPONENT PROVIDERS), 2023
     15.5 COMPANY FOOTPRINT (FUEL CELL MANUFACTURERS), 2023 
                       TABLE 154 MARKET: COMPANY FOOTPRINT
     15.6 COMPANY APPLICATION FOOTPRINT (FUEL CELL MANUFACTURERS), 2023 
                       TABLE 155 MARKET: COMPANY APPLICATION FOOTPRINT
     15.7 COMPANY REGIONAL FOOTPRINT (FUEL CELL MANUFACTURERS), 2023 
                       TABLE 156 MARKET: REGIONAL FOOTPRINT
                       FIGURE 69 MARKET: COMPANY EVALUATION MATRIX (OEMS), 2023
     15.8 STARTUP EVALUATION MATRIX 
             15.8.1 PROGRESSIVE COMPANIES
             15.8.2 RESPONSIVE COMPANIES
             15.8.3 DYNAMIC COMPANIES
             15.8.4 STARTING BLOCKS
                       FIGURE 70 MARKET: START-UP MATRIX, 2023
             15.8.5 COMPETITIVE BENCHMARKING
                       TABLE 157 LIST OF KEY STARTUPS/SMES
                       TABLE 158 COMPETITIVE BENCHMARKING OF START-UPS/SMES
     15.9 COMPETITIVE SCENARIO 
             15.9.1 DEALS
                       TABLE 159 MARKET: DEALS, 2020–2023
             15.9.2 PRODUCT LAUNCHES/DEVELOPMENTS
                       TABLE 160 MARKET: PRODUCT LAUNCHES/DEVELOPMENTS, 2020–2023
             15.9.3 EXPANSIONS
                       TABLE 161 MARKET: EXPANSIONS, 2020–2023
 
16 COMPANY PROFILES (Page No. - 233)
(Business overview, Products offered, Recent developments & MnM View)*
     16.1 KEY PLAYERS (OEMS) 
             16.1.1 TOYOTA MOTOR CORPORATION
                       TABLE 162 TOYOTA MOTOR CORPORATION: COMPANY OVERVIEW
                       FIGURE 71 TOYOTA MOTOR CORPORATION: COMPANY SNAPSHOT
                       FIGURE 72 TOYOTA MOTOR CORPORATION: GLOBAL DATA BY REGION
                       TABLE 163 TOYOTA MOTOR CORPORATION: PRODUCTS OFFERED
                       TABLE 164 TOYOTA MOTOR CORPORATION: PRODUCT DEVELOPMENTS
                       TABLE 165 TOYOTA MOTOR CORPORATION: DEALS
                       TABLE 166 TOYOTA MOTOR CORPORATION: EXPANSIONS
             16.1.2 HYUNDAI GROUP
                       TABLE 167 HYUNDAI GROUP: COMPANY OVERVIEW
                       FIGURE 73 HYUNDAI GROUP: COMPANY SNAPSHOT
                       TABLE 168 HYUNDAI GROUP: PRODUCTS OFFERED
                       TABLE 169 HYUNDAI GROUP: PRODUCT LAUNCHES
                       TABLE 170 HYUNDAI GROUP: DEALS
             16.1.3 HONDA
                       TABLE 171 HONDA: COMPANY OVERVIEW
                       FIGURE 74 HONDA: COMPANY SNAPSHOT
                       TABLE 172 HONDA: PRODUCTS OFFERED
                       TABLE 173 HONDA: PRODUCT DEVELOPMENTS
                       TABLE 174 HONDA: DEALS
             16.1.4 GENERAL MOTORS
                       TABLE 175 GENERAL MOTORS: COMPANY OVERVIEW
                       FIGURE 75 GENERAL MOTORS: COMPANY SNAPSHOT
                       FIGURE 76 GENERAL MOTORS: FUEL CELL MANUFACTURING CAPACITY
                       TABLE 176 GENERAL MOTORS: DEALS
             16.1.5 STELLANTIS
                       TABLE 177 STELLANTIS: COMPANY OVERVIEW
                       FIGURE 77 STELLANTIS: COMPANY SNAPSHOT
                       TABLE 178 STELLANTIS: PRODUCTS OFFERED
                       TABLE 179 STELLANTIS: PRODUCT LAUNCHES
                       TABLE 180 STELLANTIS: DEALS
                       TABLE 181 STELLANTIS: EXPANSIONS
     16.2 KEY PLAYERS (FUEL CELL PROVIDERS) 
             16.2.1 BALLARD POWER SYSTEMS
                       TABLE 182 BALLARD POWER SYSTEMS: COMPANY OVERVIEW
                       FIGURE 78 BALLARD POWER SYSTEMS: COMPANY SNAPSHOT
                       FIGURE 79 BALLARD POWER SYSTEMS: MACRO LANDSCAPE
                       TABLE 183 BALLARD POWER SYSTEMS: FUEL CELL STACK
                       FIGURE 80 BALLARD POWER SYSTEMS: FUTURE PLANS
                       FIGURE 81 BALLARD POWER SYSTEMS: STATIONARY POWER GENERATION WITH HYDROGEN FUEL CELLS
                       TABLE 184 BALLARD POWER SYSTEMS: PRODUCTS OFFERED
                       TABLE 185 BALLARD POWER SYSTEMS: PRODUCT LAUNCHES/DEVELOPMENTS
                       TABLE 186 BALLARD POWER SYSTEMS: DEALS
                       TABLE 187 BALLARD POWER SYSTEMS: EXPANSIONS
             16.2.2 HYSTER-YALE
                       FIGURE 82 HYSTER-YALE’S SUBSIDIARY NUVERA AT A GLANCE
                       TABLE 188 HYSTER-YALE: COMPANY OVERVIEW
                       FIGURE 83 HYSTER-YALE: COMPANY SNAPSHOT
                       TABLE 189 HYSTER-YALE: PRODUCTS OFFERED
                       TABLE 190 HYSTER-YALE: PRODUCT DEVELOPMENTS
                       TABLE 191 HYSTER-YALE: DEALS
                       TABLE 192 HYSTER-YALE: EXPANSIONS
             16.2.3 PLUG POWER
                       TABLE 193 PLUG POWER: COMPANY OVERVIEW
                       FIGURE 84 PLUG POWER: COMPANY SNAPSHOT
                       TABLE 194 PLUG POWER: OPERATIONAL CHARACTERISTICS OF EV CHARGERS FOR LIGHT-DUTY VEHICLES
                       TABLE 195 PLUG POWER: PRODUCTS OFFERED
                       TABLE 196 PLUG POWER: PRODUCT DEVELOPMENTS
                       TABLE 197 PLUG POWER: DEALS
                       TABLE 198 PLUG POWER: OTHER DEVELOPMENTS
             16.2.4 CUMMINS
                       FIGURE 85 CUMMINS: PARTICIPATION IN HYDROGEN ECONOMY
                       TABLE 199 CUMMINS: COMPANY OVERVIEW
                       FIGURE 86 CUMMINS: COMPANY SNAPSHOT
                       FIGURE 87 CUMMINS: SALES FOR ENGINE SEGMENT
                       TABLE 200 CUMMINS: PRODUCTS OFFERED
                       TABLE 201 CUMMINS: PRODUCT PORTFOLIO
                       TABLE 202 CUMMINS: PRODUCT DEVELOPMENTS
                       TABLE 203 CUMMINS: DEALS
                       TABLE 204 CUMMINS: OTHER DEVELOPMENTS
             16.2.5 DOOSAN GROUP
                       TABLE 205 DOOSAN GROUP: COMPANY OVERVIEW
                       FIGURE 88 DOOSAN GROUP: COMPANY SNAPSHOT
                       TABLE 206 DOOSAN GROUP: PRODUCTS OFFERED
                       TABLE 207 DOOSAN GROUP: PRODUCT DEVELOPMENTS
                       TABLE 208 DOOSAN GROUP: DEALS
                       TABLE 209 DOOSAN GROUP: OTHER DEVELOPMENTS
             16.2.6 ADVENT TECHNOLOGIES HOLDINGS
                       TABLE 210 ADVENT TECHNOLOGIES HOLDINGS: COMPANY OVERVIEW
                       FIGURE 89 ADVENT TECHNOLOGIES HOLDINGS: COMPANY SNAPSHOT
                       FIGURE 90 ADVENT TECHNOLOGIES HOLDINGS: OFFERINGS
                       TABLE 211 ADVENT TECHNOLOGIES HOLDINGS: PRODUCTS OFFERED
                       TABLE 212 ADVENT TECHNOLOGIES HOLDINGS: DEALS
             16.2.7 ITM POWER
                       TABLE 213 ITM POWER: COMPANY OVERVIEW
                       FIGURE 91 ITM POWER: COMPANY SNAPSHOT
                       FIGURE 92 ITM POWER: KEY PARTNERSHIPS
                       TABLE 214 ITM POWER: PRODUCTS OFFERED
                       TABLE 215 ITM POWER: DEALS
                       TABLE 216 ITM POWER: OTHER DEVELOPMENTS
             16.2.8 CERES POWER
                       FIGURE 93 CERES POWER: PROGRESS WITH KEY COMMERCIAL PARTNERSHIP
                       TABLE 217 CERES POWER: COMPANY OVERVIEW
                       FIGURE 94 CERES POWER: COMPANY SNAPSHOT
                       TABLE 218 CERES POWER: PRODUCTS OFFERED
                       TABLE 219 CERES POWER: PRODUCT DEVELOPMENTS
                       TABLE 220 CERES POWER: DEALS
                       TABLE 221 CERES POWER: EXPANSIONS
             16.2.9 NEDSTACK
                       TABLE 222 NEDSTACK: COMPANY OVERVIEW
                       TABLE 223 NEDSTACK: PRODUCTS OFFERED
                       TABLE 224 NEDSTACK: DEALS
             16.2.10 PROTON MOTOR POWER SYSTEMS
                       TABLE 225 PROTON MOTOR POWER SYSTEMS: COMPANY OVERVIEW
                       FIGURE 95 PROTON MOTOR POWER SYSTEMS: COMPANY SNAPSHOT
                       TABLE 226 PROTON MOTOR POWER SYSTEMS: PRODUCTS OFFERED
                       TABLE 227 PROTON MOTOR POWER SYSTEMS: PRODUCT DEVELOPMENTS
                       TABLE 228 PROTON MOTOR POWER SYSTEMS: DEALS
             16.2.11 TOSHIBA
                       TABLE 229 TOSHIBA: COMPANY OVERVIEW
                       FIGURE 96 TOSHIBA: COMPANY SNAPSHOT
                       FIGURE 97 TOSHIBA: CYBER PHYSICAL SYSTEMS (CPS) TECHNOLOGY
                       TABLE 230 TOSHIBA: PRODUCTS OFFERED
                       TABLE 231 TOSHIBA: DEALS
                       TABLE 232 TOSHIBA: OTHER DEVELOPMENTS
             16.2.12 POWERCELL AB
                       TABLE 233 POWERCELL AB: COMPANY OVERVIEW
                       FIGURE 98 POWERCELL AB: COMPANY SNAPSHOT
                       TABLE 234 POWERCELL AB: PRODUCTS OFFERED
                       TABLE 235 POWERCELL AB: DEALS
*Details on Business overview, Products offered, Recent developments & MnM View might not be captured in case of unlisted companies.
     16.3 OTHER PLAYERS 
             16.3.1 PANASONIC
             16.3.2 TORAY INDUSTRIES
             16.3.3 SUNRISE POWER CO. LTD
             16.3.4 BOSCH
             16.3.5 INTELLIGENT ENERGY
             16.3.6 SYMBIO
             16.3.7 ELRINGKLINGER AG
             16.3.8 SWISS HYDROGEN POWER
             16.3.9 DANA INCORPORATED
             16.3.10 FUEL CELL SYSTEM MANUFACTURING LLC
             16.3.11 VOLKSWAGEN AG
             16.3.12 DAIMLER
             16.3.13 RIVERSIMPLE
             16.3.14 SAIC MOTORS
             16.3.15 VAN HOOL
             16.3.16 MEBIUS FUEL CELL
             16.3.17 HYDRA ENERGY CORPORATION
             16.3.18 ISUZU MOTORS
             16.3.19 FORD MOTOR COMPANY
             16.3.20 FUELCELL ENERGY
             16.3.21 BLOOM ENERGY
             16.3.22 SUNFIRE
             16.3.23 IONOMR INNOVATIONS
             16.3.24 BRAMBLE ENERGY
 
17 RECOMMENDATIONS BY MARKETSANDMARKETS (Page No. - 322)
     17.1 JAPAN, SOUTH KOREA, AND CHINA ARE KEY FOCUS COUNTRIES FOR AUTOMOTIVE FUEL CELL MARKET 
     17.2 TECHNOLOGICAL ADVANCEMENTS TO BOOST MARKET FOR FCEVS 
     17.3 CONCLUSION 
 
18 APPENDIX (Page No. - 324)
     18.1 KEY INSIGHTS OF INDUSTRY EXPERTS 
     18.2 DISCUSSION GUIDE 
     18.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
     18.4 CUSTOMIZATION OPTIONS 
             18.4.1 AUTOMOTIVE FUEL CELL MARKET, BY PROPULSION AT COUNTRY LEVEL
             18.4.2 MARKET, ADDITIONAL COUNTRIES (UP TO 3)
             18.4.3 PROFILING OF ADDITIONAL MARKET PLAYERS (UP TO 3)
     18.5 RELATED REPORTS 
     18.6 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 child markets. 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, Fuel Cell and Hydrogen Energy Association (FCHEA), International Organization of Motor Vehicle Manufacturers, European Alternative Fuels Observatory (EAFO), International Energy Association (IEA)], articles, directories, technical handbooks, trade websites, technical articles, and databases (for example, Marklines, and Factiva) have been used to identify and collect information useful for an extensive commercial study of the global automotive  cell market.

Primary Research

Extensive primary research was conducted after acquiring an understanding of the automotive fuel cell market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand (automotive OEMs) and supply (automotive fuel cell providers) sides across major regions, namely, North America, Europe, and Asia Oceania. Approximately 30% and 70% of primary interviews were conducted from the demand and supply sides, respectively. Primary data was collected through questionnaires, emails, and telephonic interviews.

In the canvassing of primaries, various departments within organizations, such as sales, operations, and marketing, were covered to provide a holistic viewpoint in the report. After interacting with industry experts, brief sessions were also conducted with highly experienced independent consultants to reinforce the findings from primaries. This, along with the in-house subject matter experts’ opinions, led to the findings described in the remainder of this report.

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 has been used to estimate and validate the size of the Automotive fuel cell market by vehicle type. In this approach, the vehicle sales statistics for each vehicle type [Passenger Cars, Light Commercial Vehicles, Buses, and Trucks] have been considered at the country level.

To determine the market size, in terms of volume, a mapping of fuel cell vehicles has been carried out for each country and vehicle type. The number of fuel cell electric models varied from country to country. After this, the types of FCEVs sold were identified, which derived the volume of each segment type. The country-level data was summed up to arrive at the region-level data in terms of volume. The summation of the country-level market size gives the regional market size, and a further summation of the regional market size provides the global market size.

Automotive Fuel Cell Market Bottom Up Approach

Market Size Validation

The top-down approach has been used to estimate and validate the size of the Automotive fuel cell market at the global level, and by miles covered, power capacity, fuel cell type in terms of volume.

The top-down approach has been used to estimate and validate the size of the market. This approach identifies key fuel cell type, miles covered and power capacity segments of Automotive fuel cells at the regional level. The penetration of each identified segment is multiplied by the volume of each vehicle at the regional level to derive the total segment volume.

For instance,

 

  • The Automotive fuel cell market for operating miles was derived using the top-down approach to estimate the subsegments- <250 miles,251-500 miles, above 500 miles.
  • The market size, in terms of volume, was derived at the regional level for each segment using this method. The total volume of the market was multiplied by the adoption rate breakup percentage of these segments in regional level (for miles covered, power capacity) and global level (for fuel cell type), respectively.

Automotive Fuel Cell Market Top Down Approach

Data Triangulation

After arriving at the overall market size of the global market through the above-mentioned methodology, this market was split into several segments and subsegments. The data triangulation and market breakdown procedure were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact market value data for the key segments and subsegments. The extrapolated market data was triangulated by studying various macro indicators and regional trends from both the demand- and supply-side participants.

Market Definition

According to Alternative Fuel Data Center (AFDC) fuel cell produces electricity and heat by electrochemically reacting hydrogen fuel with oxygen. Stringent emission regulations have led to the increased use of fuel cells in the automotive and transportation industry. A fuel cell electric vehicle (FCEV) is a type of electric vehicle that uses a fuel cell. A fuel cell can also be used in combination with a battery or supercapacitor to power the 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. Fuel cells in vehicles generate electricity to power the motor. As long as hydrogen is available, the fuel cell will continue to produce electricity. Most fuel cell vehicles are classified as zero-emission vehicles that emit only water and heat.

List of Key Stakeholders

  • Alternative Fuels Data Center (AFDC)
  • Automobile OEMs
  • Automotive fuel cell raw material suppliers
  • Automotive fuel cell suppliers
  • California Fuel Cell Partnership (CaFCP)
  • California Hydrogen Business Council (CHBC)
  • Canadian Hydrogen Fuel Cell Association (CHFCA)
  • Environmental Protection Agency (EPA)
  • Fuel Cell and Hydrogen Energy Association (FCHEA)
  • Hydrogen gas suppliers
  • Hydrogen station service providers
  • United States Council for Automotive Research LLC (USCAR)

Report Objectives

  • To segment and forecast the automotive fuel cell market size in terms of volume (thousand units) and Value (USD Million)
    • To define, describe, and forecast the market based on vehicle type, component, specialized vehicle type, H2 fuel station, power output, operating miles, fuel cell type, fuel type and region.
    • To segment the market and forecast its size, by volume and value, based on region (Asia Oceania, Europe, and North America)
    • To segment and forecast the market based on vehicle type (passenger car, light commercial vehicle, bus, truck)
    • To segment and forecast the market based on component (fuel processor, fuel stack, humidifier, air compressor, and power conditioner)
    • To segment and forecast the market based on H2 Fuel Station (Asia Oceania, Europe, and North America)
    • To segment and forecast the market based on power capacity (<150 kW, 150-250 kW, >250 kW)
    • To segment and forecast the market based on operating miles (0-250 Miles, 250-500 Miles, Above 500 Miles)
    • To segment and forecast the market based on fuel type (hydrogen, methanol, ethanol, others)
    • To analyze the technological developments impacting the market
  • To analyze opportunities for stakeholders and the competitive landscape for market leaders
  • To provide detailed information regarding the major factors influencing the market growth (drivers, challenges, restraints, and opportunities)
  • To strategically analyze markets with respect to individual growth trends, future prospects, and contribution to the total market
  • To study the following with respect to the market
    • Value Chain Analysis
    • Pricing Analysis
    • Technological Roadmap
    • Ecosystem
    • Technology Analysis
    • Case Study Analysis
    • Patent Analysis
    • Regulatory Landscape
    • Buying Criteria
  • To strategically profile key players and comprehensively analyze their market shares and core competencies.
  • To track and analyze competitive developments such as deals (joint ventures, mergers & acquisitions, partnerships, collaborations), new product developments, 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 Propulsion at Country Level
  • Automotive Fuel Cell Market, Additional Countries (Up to 3)
  • Profiling of additional market players (Up to 3)
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