DUBLIN--(BUSINESS WIRE)--The "Automotive Fuel Cell System Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The automotive fuel cell system market studied was valued around USD 2 Billion in 2020, and it is expected to reach USD 10 Billion by 2026, projecting a CAGR of 40.63% during the forecast period.
Companies Mentioned
- BorgWarner Inc.
- Nuvera Fuel Cells LLC
- Ballard Power Systems Inc.
- Hydrogenics (Cummins Inc.)
- Nedstack Fuel Cell Technology BV
- Oorja Corporation
- Plug Power Inc.
- SFC Energy AG
- Watt Fuel Cell Corporation
- Doosan Fuel Cell Co. Ltd
Key Market Trends
Rising Adoption of Fuel Cell Systems in Commercial Vehicles
With the growing environmental concerns, governments and environmental agencies are enacting stringent emission norms and laws, which are expected to increase the manufacturing cost of fuel-efficient diesel engines in the coming years. As a result, the new commercial vehicle diesel engines segment is expected to register a sluggish growth rate during the short term.
Additionally, conventional fossil fuel-powered commercial vehicles, especially trucks and buses, are responsible for increasing transportation emissions. The advent of fuel cell commercial vehicles, which are considered as low or zero-emission vehicles, is anticipated to reduce vehicular emissions emitted by heavy commercial vehicles.
Moreover, initiatives by government bodies around the world to opt for green energy mobility in order to curtail and curb transportation pollution is a key factor that is projected to drive the fuel cell commercial vehicle market in the near future. For instance,
In June 2021, a local governing body in London has launched a fleet of hydrogen fuel based double decker buses to operate in the public transport fleet in the city, with a view to reduce the emissions.
In April 2020, India's largest power producer and a central PSU under Ministry of Power, NTPC Ltd, has invited global expression of interest to provide 10 Hydrogen Fuel Cell (FC) based electric buses and an equal number of Hydrogen Fuel Cell-based electric cars in Leh and Delhi.
In November 2019, government-backed Chinese businesses like Beiqi Foton Motor, which is a truck and bus manufacturer announced that it will invest USD 2.6 billion in alternate energy vehicles, which includes fuel cell engines. The company plans to deploy 200,000 new energy commercial vehicles by 2025.
Europe is Expected to Witness Higher Growth Rate over the Forecast Period
Various companies based out of Europe are active in the automotive fuel cell system market in Europe. For instance, in March 2021, Robert Bosch GmbH announced that it is planning to develop automotive fuel cell (FC) system components and commercialize them by 2022. In addition to FC stacks, which are under development, the company will be developing integrated systems that will combine key components of fuel cell vehicles (FCV), including hydrogen gas injectors and air valves.
Moreover, in March 2021, Daimler Truck AG and the Volvo Group founded a fuel cell joint venture. The Volvo Group acquired 50% shares in the existing Daimler Truck Fuel Cell GmbH & Co. KG with around EUR 0.6 billion. The new joint venture, cellcentric GmbH & Co. KG will be the world's leading manufacturers of fuel cells.
Companies active in the region are constantly working on new materials and new fuel cell technologies and are spending on the expansion of their facilities. It is expected to continue in the coming years as some companies have shown their intent on fuel cell technology by announcing upcoming investments. For instance,
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Electrolyte Type
5.2 Vehicle Type
5.3 Fuel Type
5.4 Power Output
5.5 Geography
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/sn4glm
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