The global automotive fuel cell market was valued at USD 1.9 billion in 2020 and is anticipated to reach USD 10.6 billion by 2027, thus registering a CAGR of 44.61% during the forecast period 2021-2027. An automotive fuel cell refers to a fuel cell used in electric vehicles in the combination with a battery or instead of a battery and is powered by hydrogen fuel for the propulsion of automotive.

The decline in the price of the fuel cells, fuel cells for heavy load transportation, hydrogen production process, plug-in hybrid fuel cell vehicles, and powertrain costs of FCEVs and BEVs at several electric energy capacity levels are the trends in the automotive fuel cell industry.

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The reducing oil dependency, improved fuel productivity, mounting driving range, increase in demand for fuel cells in the automotive sector and the transport sector, rising consumer awareness, and rapid refueling of the fuel cells are the important growth drivers for the automotive fuel cell market.

Geographically, Asia-Pacific is the largest automotive fuel cell market owing to the rising production, initiatives by the government, and commercialization of fuel cell vehicles. Green environment initiatives, investment in hydrogen infrastructure, and high recognition of electric vehicles are also up surging growth of the Asia-Pacific automotive fuel cell market.

Ballard Power System collaborated with MAHLE to commercialize a zero-emission fuel cell system for heavy and medium-duty trucks.

Toyota began sales of its 2nd generation Mirai FCEV in the market. It is a rear wheel drive and uses a 1.2 KWh Lithium-ion battery. It can run 600+ Kms on a single full tank of hydrogen.

Toshiba, ITM Power, Toyota, Nedstack, Ballard Power Systems, Ceres Power, Hydrogenics, Plug Power and Delphi are the key players offering automotive fuel cell.

Source: VynZ Research