Authored By: Sarah
02 Mar 2022

Fuel Cells Market For Automotive Industry: High Demand for Clean Fuel will Drive Growth

Ballard Power Systems Inc., Cummins Inc., ElringKlinger AG, Horizon Fuel Cell Technologies Pte. Ltd. are among the key vendors discussed in the research report

The fuel cells market for automotive industry is set to post an incremental growth of $ 2.58 billion, decelerating at a CAGR of almost 26.41% during the forecast period. Our market investigates the key markets and the factors that are likely to boost growth along with challenges that need to be surpassed to promote success in the market. The report also provides an analysis of key segments and offers competitive benchmarking of the key market players and their product portfolios.


For more insights into our research and analysis: Request for our FREE Sample Report


Fuel Cells Market For Automotive Industry: APAC to lead market growth 

  • Based on our Geographical Segmentation, APAC is projected to contribute 63% of the market growth during the forecast period. This report provides an accurate prediction of the contribution of all the geographic segments to the growth of the fuel cells market for automotive industry size
  • This report provides a detailed analysis of all the trends that are likely to influence the growth of individual segments within the market as well as the overall market in focus. One of the factors that will drive growth is the increased demand for efficient and cleaner fuel.  Our analysis will thus enable clients to assess their play in the market and design further growth opportunities.
  • The fuel cells market for automotive industry is segmented by Application (Light-duty vehicles, Heavy-duty vehicles, and Others) and Geography (APAC, Americas, and EMEA). Each segment and sub-segment is analyzed at depth to derive market insights and forecast growth projections.

Fuel Cells Market for Automotive Industry |Incremental Growth of $ 2.58 Billion During 2021-2025 | Key Geographies that will Drive Growth

Fuel Cells Market For Automotive Industry: Key Competitors

Some of the leading vendors in this market are Ballard Power Systems Inc., Cummins Inc., ElringKlinger AG, Horizon Fuel Cell Technologies Pte. Ltd., Hyster-Yale Materials Handling Inc., Intelligent Energy Ltd., NedStack fuel cell technology BV, Plug Power Inc., PowerCell Sweden AB, and Proton Power Systems plc. The market is fragmented and the growth of the players in this market is dependent on several factors such as prevalent market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. For more insights on this market: Download a Free Sample Report

 

Browse through some of other related market research reports for more insights:

Automotive Fuel Level Sensor Market: Technavio has been monitoring the automotive fuel level sensor market and it is expected to grow by $ 380.05 million, accelerating at a CAGR of almost 3% during the forecast period.

Automotive Fuel Injector Market: Technavio has been monitoring the automotive fuel injector market and it is expected to grow by $ 9.64 billion, accelerating at a CAGR of almost 2% during the forecast period.

Automotive Variable Intake Air Control Valve Market: The automotive variable intake air control valve market is expected to grow by 19.70 million units, decelerating at a CAGR of almost 5% during the forecast period.

Automotive Fuel Delivery System: The automotive fuel delivery system market is expected to grow by $ 11.84 bn, accelerating at a CAGR of almost 3.21% during the forecast period.

The report provides insights into the following FAQs:

  1. What is the market CAGR?
    The market is decelerate at a CAGR of almost 26.41%.

     
  2. What is the incremental growth of the market?
    The market is expected to grow by $ 2.58 billion through 2021-2025.

     
  3. What is a key factor driving this market?
    Increased demand for efficient and cleaner fuel will drive market growth over the forecast period.

     
  4. What are the key regions covered in this market research report?
    APAC, Americas, and EMEA are the key regions featured in this research report.

     
  5. Which is the leading geographic region for this market:
    63% growth will originate from APAC

     
  6. Who are the leading market vendors?
    The leading vendors in this market are Ballard Power Systems Inc., Cummins Inc., ElringKlinger AG, Horizon Fuel Cell Technologies Pte. Ltd., Hyster-Yale Materials Handling Inc., Intelligent Energy Ltd., NedStack fuel cell technology BV, Plug Power Inc., PowerCell Sweden AB, and Proton Power Systems plc

     
  7. What are the market segments covered in this report?
    The market is segmented by Application (Light-duty vehicles, Heavy-duty vehicles, and Others) and Geography (APAC, Americas, and EMEA).

Market Segmentation by Application

    • Fuel Cells Market For Automotive Industry Split by Application
      • Light-duty vehicles
      • Heavy-duty vehicles
      • Others
    • Fuel Cells Market For Automotive Industry Split by Geography
      • APAC
      • Americas
      • EMEA

Customer landscape

  • Customer landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2020-2025
  • MEA - Market size and forecast 2020-2025
  • Europe - Market size and forecast 2020-2025
  • North America - Market size and forecast 2020-2025
  • South America - Market size and forecast 2020-2025
  • Key leading countries
  • Market opportunity by geography
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Competitive scenario
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Ballard Power Systems Inc.
  • Cummins Inc.
  • ElringKlinger AG
  • Horizon Fuel Cell Technologies Pte. Ltd.
  • Hyster-Yale Materials Handling Inc.
  • Intelligent Energy Ltd.
  • NedStack fuel cell technology BV
  • Plug Power Inc.
  • PowerCell Sweden AB
  • Proton Power Systems plc

 

Fuel Cells Market For Automotive Industry Size to Grow by 1695.29 MW through 2020-2024

The fuel cells market for automotive industry is expected to grow by 1695.29 MW, accelerating at a CAGR of almost 25% during the forecast period. Technavio’s research report traces the growth trajectory of the market and provides a detailed analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus.


Fuel Cells Market for Automotive Industry: Receive Free Sample Report


Fuel Cells Market For Automotive Industry: Segmentation by Application

This report provides a detailed analysis of the market by Application (Light-duty vehicles, Heavy-duty vehicles, and Others) and Geography (APAC, Americas, and EMEA). This research report will provide insights into the current market share of each segment along with growth projections for the next five years. In addition, the report also offers a detailed impact analysis of various trends, drivers, and challenges which are likely to influence market growth during the forecast period. These insights are expected to equip clients with reliable information based upon which they can design a growth strategy for their business and area of operations.

Fuel Cells Market for Automotive Industry |Incremental Growth of $ 2.58 Billion During 2021-2025 | Key Geographies that will Drive Growth

Fuel Cells Market For Automotive Industry: Vendor Analysis

The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Ballard Power Systems Inc., Cummins Inc., ElringKlinger AG, Horizon Fuel Cell Technologies Pte. Ltd., Intelligent Energy Ltd., Nedstack Fuel Cell Technology BV, Nuvera Fuel Cells LLC, Oorja Corp., Plug Power Inc., and PowerCell Sweden AB are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

For more insights into this market: Download a Free Sample Report. Our custom reports provide market insights at the global and regional level along with a pipeline analysis of new product launches. It also provides a peek into the latest R&D along with an impact analysis of government regulations.

Fuel Cells Market For Automotive Industry Size to Grow by 1695.29 MW through 2020-2024  

Technavio research projects the fuel cells market for automotive industry to grow by 1695.29 MW, accelerating at a CAGR of almost 25% till 2025. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking View Free Sample Report

Fuel Cells Market For Automotive Industry: Key Market Driver

One of the primary factors that will trigger the growth of the fuel cells market for automotive industry size is the ncreased demand for efficient and cleaner fuel. This research report provides a comprehensive analysis of all the factors that are likely to propel market growth, taking into account the market trends as well as challenges that are likely to impede growth. The objective of this research report is to equip clients with actionable insights that will help them leverage opportunities and formulate growth strategies for their business.

Fuel Cells Market for Automotive Industry |Incremental Growth of $ 2.58 Billion During 2021-2025 | Key Geographies that will Drive Growth

Fuel Cells Market For Automotive Industry: Vendor Analysis

The market is fragmented due to the presence of several players. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Ballard Power Systems Inc., Cummins Inc., ElringKlinger AG, Horizon Fuel Cell Technologies Pte. Ltd., Intelligent Energy Ltd., Nedstack Fuel Cell Technology BV, Nuvera Fuel Cells LLC, Oorja Corp., Plug Power Inc., and PowerCell Sweden AB are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

Technavio also offers custom research reports with detailed insights assessing the market from a global as well as regional perspective. This customized report will help clients keep up with new product launches in direct & indirect or related markets. It will also provide insights on upcoming developments along with a pipeline analysis of vendor operations and the impact of government regulations. For more insights on this market: Download a Free Sample Report

Technavio has been monitoring the Global Fuel Cells Market for Automotive Industry and it is expected to grow by 1695.29 MW accelerating at a CAGR of almost 25% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. Download latest version with COVID-19 analysis Free Sample Report

Fuel Cells Market for Automotive Industry |Incremental Growth of $ 2.58 Billion During 2021-2025 | Key Geographies that will Drive Growth

Fuel Cells Market for Automotive Industry: Adoption of emission-free vehicles to drive market growth

One of the primary factors that will trigger the growth of the Fuel Cells Market for Automotive Industry size is the increase in government incentives for fuel cell vehicles. With the increasing emission levels, governments across the globe are focusing on promoting the adoption of emission-free vehicles. Several countries around the world, including the US and Germany, are providing various incentives for fuel cell vehicle buyers. For instance, fuel cell vehicle buyers in Germany receive an incentive of about USD 4,450. Similarly, Japan provides a purchase subsidy of about USD 19,740 for fuel cell vehicles. Additionally, countries such as China, Japan, South Korea, and the US are focusing on developing hydrogen infrastructure. Thus, the increased demand for efficient and cleaner fuel will drive  the popularity and adoption of fuel cell vehicles, which will subsequently drive the fuel cells market growth. 

The reduction in the cost of fuel cell systems will be one of the latest fuel cells market trends that will gain traction in the market during the next five years. Technological advancements have led to the development of new techniques, which have reduced the price of fuel cells. For instance the reduction of platinum enables fuel cell manufacturers to reduce costs by almost 30%. This reduction in vehicle costs will subsequently augment the growth prospects of the automotive fuel cells market.

Fuel Cells Market For Automotive Industry: Vendor Analysis

The market is fragmented due to the presence of several players. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Ballard Power Systems Inc., Cummins Inc., ElringKlinger AG, Horizon Fuel Cell Technologies Pte. Ltd., Intelligent Energy Ltd., Nedstack Fuel Cell Technology BV, Nuvera Fuel Cells LLC, Oorja Corp., Plug Power Inc., and PowerCell Sweden AB are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

Technavio offers custom research reports with detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will help clients keep up with new product launches in direct & indirect COVID-19 related markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19 Download a Free Sample Report 

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