Automotive Fuel Cell Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast

A fuel cell vehicle (FCV) is a type of electric vehicle that uses a fuel cell, instead of a battery, or in combination with a battery or super capacitor, to power its on-board electric motor. Generation of electricity to power the motor, fuel cell is used. Fuel cell generally use oxygen from the air and compressed hydrogen for its operation. As most fuel cell vehicles emit water and heat, these vehicles are classified as zero-emissions vehicles.

Emerging markets for automobiles are witnessing an increase in vehicle production, which in turn is boosting the demand for automotive fuel cell. The new emissions standards for passenger cars and commercial vehicles are majorly achieved by applying changes to the engine alone. Stringent norms imposed globally by regulatory bodies on carbon emissions of automotive are also anticipated to boost the demand for automotive fuel cell, which in turn controls the emission of toxic gases from vehicles. One approach to comply with the new emissions norms is to incorporate a proper substitution for the IC engine vehicles. Fuel cell vehicle is a better option as a substitute. High cost of the vehicle is a major disadvantage of the fuel cell market.

The fuel cell market for automotive can be segmented based on components, parts of fuel cell, electrolyte type, power output, vehicle type, and geography.

Based on components, the fuel cell market for automotive can be classified into fuel stack and two other segments. Fuel stack is utilized to store the fuel, which is responsible for the combustion and driving the vehicle.

In terms of fuel type used for the vehicle, the fuel cell market for automotive can be segmented into electrolyte and two other segments. These parts are equipped in manner that the transfer of electricity through these parts takes place.

Based on electrolyte type, the automotive fuel cell market can be classified as PAFC and one more segment. PAFC is Phosphoric Acid Fuel Cell. Phosphoric acid is used as electrolyte and the transfer of electricity takes place through anode and cathode.

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Based on power output, the fuel cell market for automotive can be segregated into less than 100 kW and two more segments.

In terms of vehicle type, the fuel cell market for automotive can be classified into passenger vehicles (PVs) and commercial vehicles (CVs). The passenger vehicles segment can be further sub-segmented into hatchback cars, sedans, multi- purpose vehicles (MPVs), and sport utility vehicles (SUVs). The commercial vehicles segment can be further split into light-weight commercial vehicles (LCVs) and heavy commercial vehicles (HCVs).

In terms of geography, the fuel cell market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe accounts for a major share of the global fuel cell market for automotive, owing to the high rate of vehicle production and adoption of automotive fuel cells in order to improve the declining environmental conditions, leading to an increased production of vehicles with automotive fuel cells, especially in China and India. Furthermore, environmental standards in Europe are more stringent than the other regions.

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Key players operating in the global fuel cell market for automotive include Ballard Power Systems (Canada), ITM Power (UK), Hydrogenics (Canada), Plug Power (US), and AFCC (Canada).