Automotive Fuel Cell Stack Market Size, Share & Industry Analysis, By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), By Market (Aftermarket, OEMs) and Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
Nowadays, most of the major players in the automobile sector are investing heavily in research on developing newer technologies, which are in favor of the greener and pollution-free atmosphere. Gasoline is the non-renewable source of energy that is expected to deplete one day. On the contrary, hydrogen has become the savior in this heavily polluted environment, as its availability is in abundance, and can be used without emitting toxic or greenhouse gases. Key players have put a step forward in manufacturing Fuel Cell Electric Vehicles, and Fuel Cell Stack is the heart of these vehicles. Fuel Cell Stack is altogether a new innovation in itself, which is highly durable, efficient and requires low production cost than the gasoline engine. The only by-products are potential heat and water. It has a broad spectrum, from passenger cars to heavy commercial vehicles.
In real-time, fuel cell stack has become one of the greatest innovations in the automotive sector, owing to its high durability and efficiency and zero-emission of carbon dioxide and other harmful gases. Fuel cell stack has cold combustion, which is comparatively good than the gasoline engine, which generates an excess amount of heat. Lack of infrastructure, high cost of fuel cell stack can reduce the demand of the market in the future period.
Key Market Driver -
High durability, efficiency, zero emission are the various features which are expected to drive the growth of the market in future period.
Key Market Restraint -
Lack of infrastructure, high cost are the main reasons which are expected to restrain the growth of the market in the future period
Market Segmentation:
Globally, the fuel cell stack market is segmented by vehicle type, by market type, and by geographic coverage. By vehicle type, the market is further divided into passenger cars, light commercial vehicles, and heavy commercial vehicles. Fuel cell stack has a broad spectrum, from passenger cars to all types of commercial vehicles. The passenger car segment is expected to dominate the market owing to stringent government regulations regarding environment safety, rising environmental awareness amongst people, increased adoption of this technology, longer durability compared to other conventional cars. The commercial vehicle segment is also steadily growing in the market owing to improvement in highway networks and logistics. By market type, OEMs are adopting this technology and are growing at a faster pace. General Motors, Toyota, and Honda have opened an inhouse production plant for their fuel cell vehicles. Substantial growth is observed in the aftermarkets of the fuel cell stack. Powercell is currently leading the aftermarket.
Key Players Covered in the Automotive Fuel Cell Stack Market:
The major companies in the global automotive Fuel Cell Stack market include General Motors, Toyota, Honda, Powercell, DANA, among others.
Key Insights
- New Advancements in Fuel Cell Stack
- Number of Products, Key Countries, 2018
- New Product Launches, Key Players
Regional Analysis:
Geographically, the fuel cell Stack market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia-Pacific holds the largest market share with increased vehicle production & rising harmful emission from vehicles, driving the growth of this market over the forecast period. Europe is projected to show steady growth in this market owing to government regulations imposed to curb the rising pollution from vehicles, and the development of low-cost commercial vehicles. North America is expected to show significant growth owing to key manufacturers investing in research and development for this market over the forecast period.
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Segmentation
ATTRIBUTE | DETAILS |
By Vehicle Type |
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By Market |
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By Geography |
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Key Industry Developments:
- May 2018: Rising global sales of fuel cell vehicles, Toyota is drifting in the direction of the expansion of fuel cell stacks and hydrogen tanks towards ten fold increase post 2020.
- April 2019: PowerCell and Bosch have partnered together to co- develop a new line of hydrogen fuel cell stacks.
- Jan 2017: General Motors (GM) partners with Honda to jointly manufacture fuel cell stacks at Michigan factory in 2020.
- Ongoing
- 2023
- 2019-2022
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