According to this report, the market is prognosticated to reach USD 17.24 billion by the end of 2026 from USD 0.46 billion in 2018. The forecast period is set from 2019 to 2026, and the market is anticipated to exhibit a CAGR of 59.7% within this set period.
"Rise in Demand for Alternative Fuel to Drive Market"
Key factors promoting the automotive fuel cell market growth include better fuel efficiency, a decline in fossil fuel dependency, quick refilling, no greenhouse gas emission in the atmosphere. Besides this, the rise in demand for incorporating alternative fuel cells in automobiles for keeping a check on the environment is likely to help attract high automotive fuel cell market revenue in the forthcoming years. Various countries are adopting the implementation of new policies for promoting hydrogen-based automotive vehicles and this is further anticipated to increase the market shares in the coming years. On the other hand, the rise in research and development activities for the introduction of efficient fuel cell systems is anticipated to attract high automotive fuel cell market share in the future.
"Reduction in Greenhouse Gas Emission Rates to Help Asia Pacific Emerge Dominant"
Geographically, the market is dominated by Asia Pacific on account of the exponential rise in the deployment of FCEVs. In 2018, Asia Pacific automotive fuel cell market size was USD 0.22 billion. Other factors such as the positive results in greenhouse gas (GHG) reduction targets and substantial development of hydrogen infrastructure are further prognosticated to help the region expand in the long run.
On the other hand, North America market will witness considerable growth on account of the rise in investments in the manufacturing of advanced fuel cell systems. The rise in the adoption of hydrogen-based technology across various nations and the promotion of zero-emission vehicles will help this region rise at significant rates in the future.
Some of the key automotive fuel cell market manufacturers include:
• Horizon Fuel Cell Technologies
• Nuvera Fuel Cells, LLC
• Nedstack Fuel Cell Technology
• Valmet Automotive
• Intelligent Energy
• Hyundai Motor Company
• Ballard Power Systems
• Pragma Industries
• Air Liquide
• Plug Power
• PowerCell Sweden AB
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