The global automotive fuel cell market is expected to witness a CAGR of 44.61% during the forecast period. The automotive fuel cell market is a revolutionary advancement that reduces the costs of infrastructure and other resources. The primary energy providers are either hydrogen or methane in the fuel cells. Both fuel cells are cleaner fuel sources as compared to conventional lithium-ion batteries. Factors propelling the growth of the automotive fuel cell market are the rising demand for less emission commuting, rising awareness among consumers, and initiatives by the government to provide zero-emission vehicles via subsidies and tax rebates that have forced the manufacturers to produce fuel cell vehicles globally. Governments of various countries have increased their investment in hydrogen fuel infrastructure and provide incentives to buyers, which will create promising opportunities for original equipment manufacturers to expand their revenue and vision.

The COVID-19 outbreak had impacted vehicle production due to the complete lockdown but is anticipated that the market will again gain momentum in 2021. The FCEV manufacturers had a moderate impact on production because there was a demand for zero-emission vehicles during the second half of 2020, resulting in the rise in demand for the automotive fuel cell market.

Download Free Sample Copy Of Research Report: https://www.vynzresearch.com/automotive-transportation/automotive-fuel-cell-market/request-sample

Browse 70 market data Tables and 38 Figures spread through 238 Pages and in-depth TOC on Automotive Fuel Cell Market by Electrolyte Type (PEMFC and PAFC), by Component Type (Fuel Stack, Power Conditioner and Fuel Processor), by Power Output (200 kW and 100–200 kW), by Fuel Type (Hydrogen and Methanol), and by Vehicle Type (Trucks, Passenger Car, Buses and Light Commercial Vehicle), and Region - Global Forecast to 2027"

On the basis of vehicle type, the global automotive fuel cell market is segmented into trucks, passenger cars (PC), buses, and light commercial vehicles (LCV). Light commercial vehicles are anticipated to be the fastest-growing category during the forecast period as they have high demand in logistics and delivery. Moreover, with the rising advancement in fuel cell technology, the price of fuel cells is anticipated to get reduced, resulting in growth opportunities for the LCV market.

North America is anticipated to grow at a faster pace in the automotive fuel cell market in terms of capacity owing to the presence of supporting policies to limit carbon footprint in the region and the availability of funds for R&D related to fuel cells. The increasing demand for passenger vehicles and heavy commercial vehicles has raised the demand for fuel cells as a greener alternative to traditional cells.

Some of the major players in the global automotive fuel cell market include Toshiba, ITM Power, Toyota, Nedstack, Ballard Power Systems, Ceres Power, Hydrogenics, Plug Power, and Delphi.

Source: VynZ Research