Market Research Future Insights
According to MRFR analysis, the global Automotive Fuel Cell Market is expected to register a CAGR of ~18% from 2022 to 2030 and hold a value of over USD 20 billion by 2030.
An automotive fuel cell is a device that converts chemical energy from a fuel, such as hydrogen, into electricity through a chemical reaction. Fuel cells are used as an alternative to traditional internal combustion engines in vehicles and can be more efficient and produce fewer emissions. The automotive industry has been heavily impacted by the pandemic, with many car manufacturers experiencing a decrease in sales and production.
This may have led to a decrease in demand for automotive fuel cells, as there has been less demand for vehicles overall. On the other hand, the demand for alternative fuel technologies, including fuel cells, may have increased as a result of the pandemic, as people have become more aware of the need to reduce emissions and address environmental issues.
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Regional Analysis
The Asia Pacific region is anticipated to be a major driving force for sales in the automotive fuel cell global market, making it a continually growing market. The governments of countries such as China, Japan, and Hong Kong are encouraging the use of renewable energies backed with favorable policies to restrict the negative effects of global warming. North America is taking steps to reduce its carbon footprint due to a large number of vehicles on the roads. The high demand for passenger vehicles and heavy commercial vehicles increases the demand for fuel cells as a greener alternative to traditional cells.
Market Segmentation
The Global Automotive Fuel Cell market has been segmented into type, application, and vertical.
Based on the type, the market has been segmented into PEMFC and PAFC.
Based on the component, the market has been segmented into Fuel Processors, Power conditioners, and Fuel Stack.
Based on the power output, the market has been segmented into 100KW, 100-200KW, >200KW.
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Key Players
Some of the key market players are Ballard Power Systems Inc., ITM Power, Hydrogenics, Plug Power, Automotive Fuel Cell Cooperation, Ceramic Fuel Cells Ltd, Delphi Technologies, Doosan Fuel Cell America, Nedstack.
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