Fuel Cell Powertrain Market

Market Leaders - Fuel Cell Powertrain Market

The global fuel cell powertrain market size is projected to grow from USD  268 million in 2020 to USD  3,797 million by 2025, at a CAGR of 70.0%. The base year for the report is 2019, and the forecast period is from 2020 to 2025. The growth of this market can mainly be attributed to the increasing environmental concerns about GHG emissions from vehicles. Increasing government initiatives for the development of hydrogen infrastructure is providing an opportunity for the fuel cell powertrain market to grow in the future.

In North America, the infrastructure for H2 refueling stations in the US is improving; The state of California has proposed to invest USD 20 million per year until 100 stations are built for commercial purposes. Simultaneously, CARB (California Air Resources Board) is continuing its big push for more ZEVs, which is likely going to open the door for more hydrogen fuel cell vehicles. Canada is also expected to play a crucial role in the growth of the market in the North America. In Asia Pacific, Japan and South Korea witness high sales of fuel cell passenger car models such as Toyota Miraa and Hyundai Next, respectively. There are adequate H2 refueling stations in these countries to meet the demand from these vehicles on the road. Further improvements in infrastructure could enable the rapid adoption of buses and trucks driven by fuel cell powertrain as well.

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The global fuel cell powertrain market is dominated by major players such as Ballard Power Systems (Canada), Cummins Inc. (US), Denso Corporation (Japan), Robert Bosch GmbH (Germany), and FEV (Germany). These companies have expertise in fuel cell powertrain technologies, are present in major auto markets, and have a strong customer base to offer their products to. For instance, Ballard Power Systems offers fuel cells for transit buses, automotive, rails, trucks, material handling, UAV, critical infrastructure, and military applications. The company is involved in the development and commercialization of proton exchange membrane (PEM) fuel cell-powered systems and is one of their leading suppliers. It develops fuel cells in partnership with leading automotive manufacturers such as Audi, Volkswagen, Daimler, Ford, and Honda.

Asia Oceania is projected to lead the global fuel cell powertrain market which is due to increasing developments and investments, along with the push to popularize fuel cell vehicles in the region. Companies such as Denso Corporation, Shanghai Fuel Cell Vehicle Power System Co., Ltd, Doosan Corporation etc. have a dominant presence in the region.

Ballard Power Systems is one of the leading players in this market, with a presence across Asia Pacific, North America, and Europe. The company has won supply contracts from key OEMs in the fuel cell powertrain market. For instance, in July 2019, Ballard Power Systems procured a purchase order for 12 FCmove-HD fuel cell modules from Solaris Bus & Coach S.A. to power 12 buses deployed by SASA Bolzano, the public transport operator in Bolzano, Italy, under the Joint Initiative for Hydrogen Vehicles Across Europe (“JIVE”) funding program.

Other dominant players in this market are Cummins Inc., ITM Power, FCV, AVL, Nedstack, AVID Technologies Ltd., Continental AG, Ceres Power, Plug Power System, Dana Incorporated, and Proton Power System, among others. These players are increasingly expanding their presence by partnering with other companies in the market. For instance, in October 2019, Plug Power partnered with Washington State University’s (WSU) Hydrogen Properties for Energy Research (HYPER) Labs to develop cryogenic hydrogen cooling technology to focus on one of the largest logistical issues of delivering hydrogen at scale: efficient storage and transfer. This innovation will enable the use of hydrogen as a fuel in on-road mobility fuel cell applications.

Related Reports:

Fuel Cell Powertrain Market by Components (Fuel Cell System, Drive System, Battery System, Hydrogen Storage System, & Others), Vehicle Type (PCs, LCV, Trucks, Buses), Power Output, Drive Type, H2 Fuel Station and Region - Global Forecast to 2025

Mr. Aashish Mehra
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