Automotive Fuel Cell Market

Market Leaders - Automotive Fuel Cell Market

The global automotive fuel cell market is projected to reach 596,225 units by 2028, from an estimated 20,168 units in 2021, at a CAGR of 62.2%. The base year for the report is 2020, and the forecast period is from 2021 to 2026. The rising cost of fossil fuels and government initiatives in increasing usage of low emission vehicles will lead to a growth of the automotive fuel cell market.

The recent developments in the automotive fuel cell market include Direct Borohydrate fuel cells,  non-precious metal based fuel cells, increasing lifespan of fuel cells, packaged fuel cell system module, etc. These advancements in charging technologies are expected to increase the demand for fuel cell vehicles. The lower charging availability of hydrogen fuel and growth of BEV’s are some of the most important reasons that users are still a bit hesitant to prefer FCEV’s. However, government bodies are working with manufacturers to provide the necessary hydrogen fueling infrastructure. Because of all these benefits and the government initiatives taken around the world to reduce emissions from vehicles, automotive fuel cell market is considered to be a fast growing industry in the next few decades.

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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 developed new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth automotive fuel cell market.

Ballard Power Systems is one of the world’s leading companies developing, manufacturing, selling, and servicing hydrogen fuel cell power systems. It operates through five segments, namely, technology solutions, heavy-duty motive, material handling, portable power UAV, and backup power. Ballard Power Systems offers fuel cells for transit buses, automotive, rails, trucks, material handling, UAV, critical infrastructure, and military applications. The company develops and commercializes Proton Exchange Membrane (PEM) fuel cell-powered systems. It has undergone partnerships with leading automotive manufacturers such as Audi, Volkswagen, Daimler, Ford, and Honda for the development and sales of fuel cells. In February 2018, the company entered into a contract with Weichei Power for a strategic partnership. Weichei acquired 19.9% of Ballard’s shares for USD 163 million. In September 2020, Ballard Power Systems launched the 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 2019, Ballard Power Systems unveiled its 8th Generation high-performance fuel cell module for heavy-duty commercial vehicles such as trucks, buses, and trains.

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. Toyota offers electric, hybrid electric, and fuel cell electric vehicles. The Toyota Mirai, an FCEV was launched in November 2014. Toyota 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 on fuel cells based on Mirai’s fuel cell. The company has a wide regional presence with 53 manufacturing plants in 28 countries. The company’s vehicles are sold in more than 170 countries. In December 2020, Toyota began sales of its 2nd generation Mirai FCEV. 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.

Hyundai Group, Hyster Yale, Cummins, ITm Power, Nedstack, Plug Power, Ceres Power, Doosan, Brogwarner, Honda motors, Toshiba, Powercell AB, Panasonic, sunrise power, bosch, symbio, erlingklinger, SAIC, Van Hool, etc. are some of the other players in this market. In January 2021, Hyundai launched HTWO, for its world-class hydrogen fuel cell systems. The company established a factory in Guangzhou, China for the production of 6,500 fuel cells per year. 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 60 KW power. In October 2020, Plug Power expanded its range of GenDrive product range by adding three new fuel cell solutions to its product range for class 1,3 trucks and automated guided 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 February 2020, Plug Power launched the Heavy Duty Progen hydrogen engine for on-road applications enabling e-mobility. It is a 125 KW hydrogen engine for class 6,7,8 trucks, transit buses, and other heavy-duty vehicles.

Related Reports:

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

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Report Code
AT 6131
RI Published ON
4/14/2021
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