segmented; By Electrolyte Type, By Vehicle Type, By Component & Region – Global Market Size, Share & Trend Analysis 2019-2020 and Forecast to 2031
COVID-19 Impact on Automotive Fuel Cells Market to Exceed Value of 2.1 Billion in 2021 with a CAGR of 47.4%. . Product Overview In motor automobiles, fuel cells are used, which are powered by H2 fuel.
New York, May 05, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “COVID-19 Impact on Automotive Fuel Cell Market: Segmented; By Electrolyte Type, By Vehicle type, By Component, And Region – Global Analysis of market size, share and trends for 2019-2020 and forecast to 2031” – https://www.reportlinker.com/p06272884/?utm_source=GNW
This type of fuel is stored in a high-pressure tank and then supplied to a fuel cell, in which oxygen and hydrogen from the air react to generate electricity. Unlike typical fuel cell vehicles, which typically run on diesel/gasoline, fuel cell vehicles generate electricity using a combination of hydrogen and oxygen. For its operation, fuel cells generally consume oxygen from the atmosphere and compressed hydrogen. Since most fuel cells emit only water and heat, they are referred to as zero-emission vehicles. For car manufacturers, automotive technology is an attractive offer since it allows them to produce high-energy cells capable of powering vehicles.
The global automotive fuel cell market is expected to project a notable CAGR of 47.4% in 2031.
The global automotive fuel cell industry is expected to grow due to factors such as government support and policies as well as increased consumer awareness. Additionally, the automotive fuel cell market is driven by new developments in fuel cell technology as well as stringent emissions regulations.
Global Automotive Fuel Cell: Segments
PEMFC Segment Expected to Grow with Highest CAGR in 2021-31
The global market is segmented on the basis of electrolyte type into Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Alkaline Fuel Cell (AFC) and Microbial Fuel Cell (MFC) . The Proton Exchange MFC has represented the majority of technical advancements in fuel cells. Market expansion is driven by growing demand for renewable energy generation and reliance on fuel cell-powered public transport systems in developed countries. Additionally, the features of PEMFC such as increased efficiency, low operating costs, quick maintenance, and improved reliability and operability are expected to increase demand for the technology over the projection period.
Passenger Vehicle Segment Expected to Grow with Highest CAGR in 2021-31
On the basis of vehicle type, the market is segmented into passenger vehicles and light commercial vehicles (LCVs). With a growing rate of adoption, increasing personal mobility, and multiple emission rules implemented by various governments, the passenger car sub-segment is currently dominating the market. Additionally, many customers and governments are choosing clean and low-emission vehicles, which has increased the demand for the fuel cell passenger car segment. However, many governments are adopting fuel cell buses to minimize carbon emissions, and buses are likely to expand accordingly shortly.
Growing demand for fuel cell vehicles in automotive and transportation
Fuel cell vehicles offer long range, fast fueling, quiet operation, and zero greenhouse gas emissions or air pollution. As a result, fuel cells are well suited for transportation and automotive applications. Fuel cells are a scalable and versatile source of electricity that can be used in a wide range of transportation applications, including material handling vehicles, buses, trains, automobiles, defense vehicles and vehicles light commercial vehicles (VUL). In advertising applications, fuel cells are also used as stationary fuel sources. Fuel cells can be used as a major power source, backup power source, and heat and power source in combined heat and power systems. Additionally, governments are taking steps to promote the use of fuel cells for transportation, which could help the transportation and automotive segments of the fuel cell market grow even faster.
Increase R&D efforts and investments
The majority of global R&D efforts are focused on the development and advancement of fuel cell cars, which is likely to open up new market opportunities. However, research and development activities related to utilities and drones for the defense sector, as well as portable power generation units, have grown considerably in recent years. The increased attention of governments around the world to the use of sustainable energy sources has increased global investments in fuel cell-based electricity generation. As a result, increased investment enhances future and current innovation growth in the fuel cell market.
High cost of hydrogen filling station
Compared to petroleum, diesel, and other fuels, the cost of setting up a hydrogen fueling station and supporting infrastructure is extremely high. The development of hydrogen fueling infrastructure around the world has been hampered. Indeed, hydrogen is a highly flammable fuel, which requires expensive equipment as well as appropriate protection and safety measures. As a result, car costs are rising, hampering the global adoption of fuel cell motor vehicles.
Global Automotive Fuel Cell: Key Players
Ballard Power Systems
Company overview, business strategy, key product offerings, financial performance, key performance indicators, risk analysis, recent development, regional presence, SWOT analysis
Toyota Motor Corporation
Hyundai Motor Company
Nissan Motor Corporation
Honda Motor Company Inc.
Proton Motor Fuel Cell GmbH
Other top players
Global Automotive Fuel Cell: Regions
The global automotive fuel cell market is segmented on the basis of regional analysis into five major regions: North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. The North American zone holds the highest market share and is expected to witness the fastest growth in the coming years. The huge demand for cars associated with fuel cells has increased R&D and innovations coming to market are the reason why North America is the biggest market. The United States and Canada both have the most hydrogen outlets and are home to the world’s leading fuel cell manufacturers. Even though the demand for vehicle gasoline is expected to increase in almost all regions.
Impact of Covid-19 on Automotive Fuel Cells Market
The impact of the pandemic on supply chains will influence hydrogen-based technologies, which require a well-coordinated supply chain and a large amount of money to demonstrate. The COVID-19 outbreak has impacted current hydrogen consumption by petroleum refining, steel production and the chemical sector, according to the IEA. According to the International Energy Agency, gasoline consumption demand for essential hydrogen chemicals (such as methanol) would drop due to pandemics. Sales of hydrogen-based transportation fuels have increased over the forecast period. Overall, the global outbreak has had a significant influence on the fuel cell industry.
Global Automotive Fuel Cell is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – US & Canada
Latin America Market size, share, trends, opportunities, annual growth, CAGR – Mexico, Argentina, Brazil and rest of Latin America
European Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – UK, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Market Size, Share, Trends, Opportunities, YoY Growth, CAGR of Asia-Pacific Market – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
Middle East & Africa Market Size, Share, Trends, Opportunities, YoY Growth, CAGR – North Africa, Israel, GCC, South Africa & Rest of MENA
The Global Automotive Fuel Cell report also contains analysis on:
Automotive fuel cell segments:
By type of electrolyte
By type of vehicle
Light commercial vehicle
heavy duty vehicle
Automotive fuel cell dynamics
Automotive fuel cell size
Offer and demand
Competition and companies involved in the market
Market value chain
Market drivers and restraints
Scope and segmentation of the Automotive Fuel Cell Market report
Report attribute details
The value of the market size in 2021 2.1 billion
Revenue forecasts in 2031 99.6 billion
CAGR growth rate of 47.4% from 2021 to 2031
The base year for the 2020 estimate
Quantitative Units Revenue in Million USD and CAGR from 2021 to 2031
Report Coverage Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trends
Segments Covered Electrolyte Type, Vehicle Type, Component Application and Region
Regional scope North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA)
Major companies featured Ballard Power Systems, ITM Power, AFCC, BorgWarner Inc., Toyota Motor Corporation, Hyundai Motor Company, Nissan Motor Corporation, Honda Motor Company Inc., Toshiba, Proton Motor Fuel Cell GmbH and other prominent players.
Read the full report: https://www.reportlinker.com/p06272884/?utm_source=GNW
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