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3. Ballard Power Systems (Canada), Toyota Motor Corporation (Japan) and Hyundai Group (South Korea) are leading players in Automotive Fuel Cell Market

The global automotive fuel cell market is projected to grow from 25 thousand units in 2022 to 724 thousand units by 2030, registering a CAGR of 52.4%. Fuel cell operated vehicles such as buses, LCVs, passenger cars, and trucks, were mapped as part of this research. Leading original equipment manufacturers (OEMs) have stepped up their investments in research and development for automotive fuel cells as a result of factors like rising demand for zero-emission vehicles and strong government support. The demand for fuel cell-powered vehicles will expand across practically all industries, which will be supported by the rising petroleum prices in the world. The efficiency of these fuel cell vehicles is probably going to increase as fuel cell technology develops. Fuel cell electric vehicle (FCEV) drivers will be able to easily refill their vehicles and travel great distances because to the rapid green hydrogen infrastructure that is being established in many nations.

Fuel cell technology has become a high-growth sector in the past decade; technological developments have increased the demand for FCEVs. Key technologies such as the internet of things (IoT), compact fuel cell module, Non-precious metal catalyst (NPMC) and connected mobility are under development to make FCEVs more efficient and inexpensive. By leveraging these technologies, the efficiency of FCEVs can be increased manifold. IoT is a computing system network that enables data transfer. Industries adopt this technology to send and receive files via a single network. NPMC fuel-cell stack will reduce the reliance on platinum-based catalysts for fuel cells with high performance at reduced costs. Ballard Power System for instance along with Nisshinbo Holdings, launched its first Non-Precious Metal Catalyst (NPMC) which will be used in the world’s first commercialized NPMC-based proton exchange membrane (PEM) fuel-cell product.

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Ballard Power Systems is one of the world’s largest manufacturers of fuel cell power systems. It provides technology solutions, heavy-duty motive equipment, material handling vehicle components, unmanned aerial vehicles (UAVs), and backup power solutions. The Company offers fuel cells for buses, railway systems, trucks, material handling vehicles, UAVs, and military applications for the automotive industry. The company mainly provides Proton Exchange Membrane (PEM) based fuel cell systems for portable fuel cell systems. It has also partnered with OEMs such as Volkswagen, Daimler, Ford, Stellantis, and Honda for fuel cell supply contracts, mainly in the heavy duty vehicle segment. As per the company’s annual presentation in December 2021, around 50-60% of the global fuel cells used for FC buses and trucks are developed by Ballard.

Toyota manufactures, designs, assembles, and sells passenger and commercial vehicles. It offers automotive-related parts and accessories. Toyota operates through three segments, namely, automobile, and financial services. It offers electric, hybrid electric, and fuel-cell electric vehicles. The Toyota Mirai, an FCEV, was launched in November 2014. It also provides fuel-cell buses and forklifts. In February 2017, Toyota delivered the first fuel cell bus to the Tokyo Metropolitan Government. In February 2021, the company made a big breakthrough in fuel cell technology with modifications to fuel cells based on Mirai’s fuel cell. The company has a wide regional presence with 53 manufacturing plants in 28 countries. Toyota’s vehicles are sold in more than 170 countries. In February 2021, Toyota developed a Packaged Fuel Cell System Module that integrates the main components such as Fuel Cell Stacks and integrates them into a compact package, making it compatible with its upcoming bus and truck projects.

Hyundai Motor Group (Hyundai) is a South Korean multinational automobile manufacturing company. The company’s operating segments include vehicles, finance, and others. It has a wide range of subsidiaries around the world and has formed joint ventures and partnerships with automobile companies from different regions. In 2019, it sold 4.43 million units worldwide and generated a revenue of USD 89.85 billion, which was higher than the previous years. Hyundai manages its fuel cell division through its subsidiary, Hyundai KEFICO Corporation, which is a manufacturer of engine control units and transmission control units. It offers engine management systems, transmission management systems, hybrid management systems, fuel cell vehicle management systems, and electric vehicle management systems. The products offered in the fuel cell vehicle management systems segment include fuel cell control units, stack voltage monitors, battery management systems, hydrogen storage system control units, and conductivity sensors. The company (Hyundai KEFICO) was established in 1987 as a joint venture between Hyundai Motor Company, Robert Bosch, and Mitsubishi Electric. Its headquarters are in Gyeonggi-Do, South Korea, and had 1,277 non-consolidated employees as of December 2018. Hyundai Motor Company, KIA Motors Corp, Hyundai GLOVIS, and KEFICO Automotive Systems (Beijing) Co., Ltd are the key customers of the company. In September 2021, the Hyundai Group revealed their plans to popularize hydrogen by 2040 in their mobility solutions.

Related Reports:

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

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