Market Synopsis:
The global Automotive Fuel Cell Market Revenue is predicted to grow at a 15% CAGR over the forecast period (2017-2023), states the new Market Research Future (MRFR) report. The automotive fuel cell technology assists automakers in manufacturing high energy cells, which can power automobiles. Fuel cell run cars are emission-free and efficient, much as their battery-operated counterparts.
Various factors are propelling the Automotive Fuel Cell Market Revenue growth. These factors, as specified by the Market Research Future (MRFR) report, include better fuel efficiency, fast refueling time, longer driving range, initiatives taken by the government related to hydrogen infrastructure, no greenhouse gas emissions, and decreased oil dependency. Additional factors pushing market growth include growing demand for fuel cell cars in the transportation and automotive sectors, improved fuel productivity, conscious decisions by carmakers to cut down the carbon footprint, and the threat posed to the user’s physical wellbeing by conventional cell technology.
On the contrary, inadequate hydrogen infrastructure, growing need for HEVs and BEVs, elevated vehicle cost, extremely flammable as well as the difficulty of identifying hydrogen leaks are factors that may deter the Automotive Fuel Cell Market Revenue growth over the forecast period.
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Market Segmentation
The Market Research Future report provides a wide segmental analysis of the Automotive Fuel Cell Market Revenue based on electrolyte type, components, power output, fuel type, and vehicle type.
By electrolyte type, the Automotive Fuel Cell Market Revenue is segmented into PAFC and PEMFC. Of these, PEMFC will have the largest share in the market over the forecast period. This is owing to its appropriate operating temperature, lightweight, high efficiency, high-power density, and small size.
By components, the Automotive Fuel Cell Market Revenue is segmented into fuel stack, power conditioner, and fuel processor. Of these, the fuel stack segment will dominate the market over the forecast period. This will be followed by the power conditioner segment.
By power output, the Automotive Fuel Cell Market Revenue is segmented into >200KW, 100-200KW, and