HOME Research Insight Market Leader - Automotive Fuel Cell Market

Market Leader - Automotive Fuel Cell Market

The automoitve fuel cell market is projected to grow at a CAGR of 65.86% during the forecast period, to reach 268,786 Units by 2025. The key growth drivers for the market are the benefits offered by fuel cell vehicles, such as zero greenhouse gas emission, fast refueling time, better fuel efficiency, and longer driving range than other electric vehicles. Continuous investments in research and development by OEMs, fuel cell manufacturers, and governments to develop fuel cell technology and hydrogen infrastructure are propelling the growth of the overall automotive fuel cell market.

Major players adopted key strategies such as supply contracts, new product development, collaborations, joint ventures, partnerships, and agreements to gain traction in the automotive fuel cell market. For instance, in April 2017, Ballard Power Systems entered into a supply contract with Zhongshan Broad-Ocean Motor to supply 200 FCveloCity fuel cell engines. The engines would be used in the demonstrations of clean energy buses and commercial vehicles in key Chinese cities. 

Another most widely followed strategy to gain traction in the automoitve fuel cell market by major market players is new product development. For instance, in October 2017, Toyota announced the launch of fuel cell bus concept named “Sora”. Toyota plans to launch sales of a commercial model based on the concept vehicle in 2018 and expects to introduce over 100 Sora vehicles, mainly within the Tokyo metropolitan area, ahead of the 2020 Tokyo Olympics and Paralympic Games. 

Ballard Power System (Canada) is one of the key players in the automotive fuel cell market. The company offers fuel cell technology for transit buses, automotive, rails, trucks, material handling, UAV, critical infrastructures, and military applications. The company is into the development and commercialization of Proton Exchange Membrane (PEM) fuel cell powered systems and is one of the leading suppliers of it. The company partnered with leading automotive manufacturers such as Audi, Volkswagen, Daimler, Ford, and Honda for the development and sales of fuel cell vehicles. In December 2017, Ballard Power Systems partnered with Shanghai Edrive, a subsidiary of Zhongshan Broad-Ocean Motor. Shanghai Edrive would assemble Ballard’s FCveloCity 30 kilowatt (kW) and 85 kW fuel cell engines at its facility located at Shanghai, China. The partnership would be an important step to localize Ballard’s fuel cell production in China and Shandong Provinces.

Another important player in automotive fuel cell market is Hydrogenics (Canada), the company provides new technologies and applications for industrial and commercial hydrogen systems. The company provides products and solutions such as fuel cell power systems, energy storage and fuel systems, and industrial hydrogen generation by electrolysis. In January 2018, the company received an order valued at USD7.8 million to supply fuel cell power systems for zero-emission vehicles in China. For competitive reasons, the customer has chosen to remain confidential at this time. 

Related Reports:

Automotive Fuel Cell Market by Components (Fuel Stack, Fuel Processor, Power Conditioner), Electrolyte Type (PEMFC, PAFC), Power Output (<100KW, 100-200KW, >200KW), Vehicle Type (PC, LCV, Bus, Truck), H2 Fuel Station, Region - Global Forecast to 2025

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