- PEMFC,
- PAFC
Automotive Fuel Cell Market size was valued at USD 3,627.8 million in 2022. and is expected to grow USD 12,044.8 billion by 2029, at a CAGR of 18.7% from 2023 to 2029. The global market provides a detailed overview of the Market, which has been segmented by electrolyte type, components type, power outputs, and vehicle type. By electrolyte type, the Automotive Fuel Cell market has been segmented into PEMFC and PAFC. The PEMFC segment is likely the most significant and fastest-growing segment regarding electrolyte type. By components type, the Automotive Fuel Cell market has been segmented into Fuel Stack, Power Conditioner, and Fuel Processor. The Fuel Stack segment holds a significant revenue share in the market. By power outputs, <100 kW, 100-200 kW, >200 kW. The 100-200 kW segment holds the maximum revenue share of the market. Based on the vehicle type, the Automotive Fuel Cell is segmented into Trucks, Passengers Cars, Buses & Light Commercial vehicles. According to precision business insights, the Passengers Cars segment is predicted to register the fastest growth rate during the forecast period.
Automotive Fuel Cell Market Key development:
- In November 2021, Ballard Power Systems received orders for a total of 40 FCmoveTM-HD (70kW) modules for planned deployment in hydrogen fuel cell electric buses (“FCEBâ€) across Europe in 2022. These FCEBs are being deployed in France, Germany, and the UK.
Automotive Fuel Cell Market Summary
Study Period
2024-2030
Base Year
2023
CAGR
18.7%
Largest Market
Asia-Pacific
Fastest Growing Market
Europe
Automotive Fuel Cell Market Dynamics
The primary growth drivers for the market are high fuel efficiency compared to gasoline and diesel, a more extended driving range, quick recharging, rising government initiatives and investments for the development of fuel cell technology, and growing use of fuel cells in the transportation sector.
Key Features of the Reports
- The report provides granular level information about the market size, regional market share, historic market (2018-2022) and forecast (2023-2029)
- The report covers in-detail insights about the competitors overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startups details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
Automotive Fuel Cell Market Segmentation
By Electrolyte Type
By Components Type
- Fuel Stack,
- Power Conditioner,
- Fuel Processor
By Power Outputs Typ
- <100 kW,
- 100-200 kW,
- >200 kW
By Vehicle Type
- Trucks,
- Passenger's Cars,
- Buses & Light Commercial Vehicle
Frequently Asked Questions
The automotive fuel cell market is projected to expand at a CAGR of 18.7% during the forecast period
The major players in the global Automotive Fuel Cell market are Ballard Power System (Canada), ITM Power (UK), Plug Power (US), Delphi Technologies (UK), Doosan Corporation (Japan), Hydrogenics (Canada) and Proton Power System PLC (UK).
The key segments covered in the cell Automotive Fuel Cell Market are: by Electrolyte Type, Power Outputs Type, Vehicle Type, Geography
| 1. Executive Summary |
| 2. Global Automotive Fuel Cell Market Introduction |
| 2.1. Global Automotive Fuel Cell Market - Taxonomy |
| 2.2. Global Automotive Fuel Cell Market -Definitions |
| 2.2.1. By Electrolyte Type |
| 2.2.2. By Components Type |
| 2.2.3. By Power Outputs Type |
| 2.2.4. By Vehicle Type |
| 2.2.5. By Region |
| 3. Global Automotive Fuel Cell Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Global Automotive Fuel Cell Market Dynamic Factors - Impact Analysis |
| 3.6. Global Automotive Fuel Cell Market - Competition Landscape |
| 4. Global Automotive Fuel Cell Market Analysis, 2018-2022 and Forecast, 2023-2029 |
| 4.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5. Global Automotive Fuel Cell Market, By Electrolyte Type, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 5.1. PEMFC |
| 5.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. PAFC |
| 5.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 6. Global Automotive Fuel Cell Market, By Components Type, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 6.1. Fuel Stack |
| 6.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Power Conditioner |
| 6.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Fuel Processor |
| 6.3.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 7. Global Automotive Fuel Cell Market, By Power Outputs Type, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 7.1. <100 kW |
| 7.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. 100-200 kW |
| 7.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. >200 kW |
| 7.3.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 8. Global Automotive Fuel Cell Market, By Vehicle Type, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 8.1. Trucks |
| 8.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. Passengers Cars |
| 8.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 8.3. Buses & Light Commercial Vehicle |
| 8.3.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.3.3. Market Opportunity Analysis |
| 9. Global Automotive Fuel Cell Market Forecast, By Region, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 9.1. North America |
| 9.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 9.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.1.3. Market Opportunity Analysis |
| 9.2. Europe |
| 9.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 9.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.2.3. Market Opportunity Analysis |
| 9.3. Asia-Pacific |
| 9.3.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 9.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.3.3. Market Opportunity Analysis |
| 9.4. Latin America |
| 9.4.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 9.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.4.3. Market Opportunity Analysis |
| 9.5. Middle East and Africa |
| 9.5.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 9.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.5.3. Market Opportunity Analysis |
| 9.6. Global Automotive Fuel Cell Market - Opportunity Analysis Index, By Electrolyte Type, Components Type, Power Outputs Type, Vehicle Type, and Region, 2023-2029 |
| 10. North America Automotive Fuel Cell Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 10.1. Electrolyte Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1. PEMFC |
| 10.1.2. PAFC |
| 10.2. Components Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1. Fuel Stack |
| 10.2.2. Power Conditioner |
| 10.2.3. Fuel Processor |
| 10.3. Power Outputs Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 10.3.1. <100 kW |
| 10.3.2. 100-200 kW |
| 10.3.3. >200 kW |
| 10.4. Vehicle Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 10.4.1. Trucks |
| 10.4.2. Passenger Car |
| 10.4.3. Buses & Light Commercial Vehicles |
| 10.5. Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 10.5.1. USA |
| 10.5.2. Canada |
| 10.6. North America Automotive Fuel Cell Market - Opportunity Analysis Index, By Electrolyte Type, Components Type, Power Outputs Type, Vehicle Type, and Country, 2023-2029 |
| 10.7. North America Automotive Fuel Cell Market Dynamics - Trends |
| 11. Europe Automotive Fuel Cell Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 11.1. Electrolyte Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1. PEMFC |
| 11.1.2. PAFC |
| 11.2. Components Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1. Fuel Stack |
| 11.2.2. Power Conditioner |
| 11.2.3. Fuel Processor |
| 11.3. Power Outputs Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 11.3.1. <100 kW |
| 11.3.2. 100-200 kW |
| 11.3.3. >200 kW |
| 11.4. Vehicle Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 11.4.1. Trucks |
| 11.4.2. Passenger Car |
| 11.4.3. Buses & Light Commercial Vehicles |
| 11.5. Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 11.5.1. Germany |
| 11.5.2. UK |
| 11.5.3. France |
| 11.5.4. Spain |
| 11.5.5. Italy |
| 11.5.6. Russia |
| 11.5.7. Rest of Europe |
| 11.6. Europe Automotive Fuel Cell Market - Opportunity Analysis Index, By Electrolyte Type, Components Type, Power Outputs Type, Vehicle Type, and Country, 2023-2029 |
| 11.7. Europe Automotive Fuel Cell Market Dynamics - Trends |
| 12. Asia-Pacific Automotive Fuel Cell Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 12.1. Electrolyte Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1. PEMFC |
| 12.1.2. PAFC |
| 12.2. Components Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1. Fuel Stack |
| 12.2.2. Power Conditioner |
| 12.2.3. Fuel Processor |
| 12.3. Power Outputs Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 12.3.1. <100 kW |
| 12.3.2. 100-200 kW |
| 12.3.3. >200 kW |
| 12.4. Vehicle Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 12.4.1. Trucks |
| 12.4.2. Passenger Car |
| 12.4.3. Buses & Light Commercial Vehicles |
| 12.5. Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 12.5.1. China |
| 12.5.2. India |
| 12.5.3. Japan |
| 12.5.4. ASEAN |
| 12.5.5. Australia & New Zealand |
| 12.5.6. Rest of Asia-Pacific |
| 12.6. Asia-Pacific Automotive Fuel Cell Market - Opportunity Analysis Index, By Electrolyte Type, Components Type, Power Outputs Type, Vehicle Type, and Country, 2023-2029 |
| 12.7. Asia-Pacific Automotive Fuel Cell Market Dynamics - Trends |
| 13. Latin America Automotive Fuel Cell Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 13.1. Electrolyte Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1. PEMFC |
| 13.1.2. PAFC |
| 13.2. Components Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 13.2.1. Fuel Stack |
| 13.2.2. Power Conditioner |
| 13.2.3. Fuel Processor |
| 13.3. Power Outputs Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 13.3.1. <100 kW |
| 13.3.2. 100-200 kW |
| 13.3.3. >200 kW |
| 13.4. Vehicle Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 13.4.1. Trucks |
| 13.4.2. Passenger Car |
| 13.4.3. Buses & Light Commercial Vehicles |
| 13.5. Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 13.5.1. Brazil |
| 13.5.2. Mexico |
| 13.5.3. Rest of Latin America |
| 13.6. Latin America Automotive Fuel Cell Market - Opportunity Analysis Index, By Electrolyte Type, Components Type, Power Outputs Type, Vehicle Type, and Country, 2023-2029 |
| 13.7. Latin America Automotive Fuel Cell Market Dynamics - Trends |
| 14. Middle East and Africa Automotive Fuel Cell Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 14.1. Electrolyte Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 14.1.1. PEMFC |
| 14.1.2. PAFC |
| 14.2. Components Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 14.2.1. Fuel Stack |
| 14.2.2. Power Conditioner |
| 14.2.3. Fuel Processor |
| 14.3. Power Outputs Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 14.3.1. <100 kW |
| 14.3.2. 100-200 kW |
| 14.3.3. >200 kW |
| 14.4. Vehicle Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 14.4.1. Trucks |
| 14.4.2. Passenger Car |
| 14.4.3. Buses & Light Commercial Vehicles |
| 14.5. Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 14.5.1. Gulf Cooperation Council (GCC) Countries |
| 14.5.2. South Africa |
| 14.5.3. Rest of MEA |
| 14.6. MEA Automotive Fuel Cell Market - Opportunity Analysis Index, By Electrolyte Type, Components Type, Power Outputs Type, Vehicle Type, and Country, 2023-2029 |
| 14.7. MEA Automotive Fuel Cell Market Dynamics - Trends |
| 15. Competition Landscape |
| 15.1. Strategic Dashboard of Top Market Players |
| 15.2. Company Profiles (Introduction, Financial Analysis, Key Offerings, Key Developments, Strategies, and SWOT Analysis) |
| 15.2.1. Ballard Power Systems |
| 15.2.2. Hyundai Group |
| 15.2.3. Hyster Yale |
| 15.2.4. Cummins |
| 15.2.5. ITM Power |
| 15.2.6. Hydrogenics |
| 15.2.7. Plug Power |
| 15.2.8. AFCC |
| 15.2.9. BorgWarner Inc. |
| 15.2.10. Toyota Motor Corporation |
| 15.2.11. Nissan Motor Corporation |
| 16. Research Methodology |
| 17. Key Assumptions and Acronyms |
- Ballard Power Systems
- Hyundai Group
- Hyster Yale
- Cummins
- ITM Power
- Hydrogenics
- Plug Power
- AFCC
- BorgWarner Inc.
- Toyota Motor Corporation