Market Leader - Fuel Cell Powertrain Market
The global fuel cell powertrain market size is projected to grow from USD 512 million in 2022 to USD 3,629 million by 2027, at a CAGR of 47.9%. The base year for the report is 2021, and the forecast period is from 2022 to 2027. 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.
Fuel cell powertrain market is dominated by players such as Major players in the fuel cell powertrain market are Ballard Power Systems (Canada), Cummins Inc. (US), Denso Corporation (Japan), Robert Bosch GmbH (Germany), and FEV EUROPE GMBH (Germany). The other major players in the fuel cell powertrain market are focusing on strengthening their regional presence to achieve continuous and sustainable development. This is evident from the several collaborations, supply contracts and joint venture projects undertaken by these companies in recent years
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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, Ballard Power Systems announced orders for a total of 40 FCmoveTM-HD (70kW) modules for planned deployment in hydrogen fuel cell electric buses (“FCEB”) across Europe in 2022.
Cummins Inc. is another key player in the fuel cell powertrain market. The company adopted joint ventures/acquisitions/new product/collaboration as a key strategy. In November 2020, Cummins Inc. and Navistar announced that they will work together in development of class 8 truck powered by fuel cell project. The project will be funded by U.S. department of energy and this includes development of solution that is highly manufactureable and scalable with proven range of 300 miles or more to improve fuel economy over current heavy duty trucks.
Robert Bosch GmbH is pushing ahead in powertrain solutions by developing innovative, eco-friendly technologies and systems based on gasoline, natural gas, ethanol, and synthetic fuels. The company offers engine management systems, fuel supply modules, fuel injectors & pumps, and ignition systems for combustion engines. The company’s strategy of partnerships with major OEMs is expected to boost its fuel cell powertrain business soon as well as company is also investing in R&D to update their product portfolio. For instance, in 2019, Bosch entered into a partnership with Nikola, which offers electric semi-trucks in the electric commercial vehicle market, to develop fuel cell powertrain. This will drive Bosch’s business for hydrogen-electric trucks in the European market.
Denso corporation is one of the major players in the fuel cell powertrain market. The company is continuously partnering with fuel cell powertrain OEMs to develop hydrogen fuel cell vehicles. For instance, In January 2021, Toyota Industries Corporation, Denso Corporation, Aisin Corporation (Aisin), and Toyota Boshoku Corporation have introduced Toyota Motor Corporation’s SORA fuel cell (FC) bus, for the pick-up and drop-off of their employees in the morning and evening and for plant tour participants.
FEV Europe GmbH is leading player with presence across the Europe and the company is expanding their test facilities to develop fuel cell systems. For instance, in November 2021, FEV Europe gmbh has invested in a test bench dedicated to fuel cell system tests of up to 200 kW in Saint-Etienne-du-Rouvray (France) to develop fuel cell systems.
Related Reports:
Fuel Cell Powertrain Market by Component (Fuel Cell System, Drive System, Battery System, Hydrogen Storage System, and Gearbox), Vehicle Type (PC, LCV, Trucks, Buses), Power Output, Drive Type, H2 Fuel Station and Region - Global Forecast to 2027
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