The global automotive fuel cell market is anticipated to grow at a 44.61% CAGR during 2021-2027 and is expected to reach USD 10.6 billion by 2027. The mounting initiatives by the government to enhance hydrogen infrastructure and promote zero-emission vehicles, increasing demand for fuel cell vehicles from the automotive & transportation sector will propel the growth of the market. Also, the enhanced fuel efficiency, noiseless operation, increased driving range, and fast refueling technology will accelerate the growth in the market.

The COVID-19 pandemic has severely impacted the automotive sector as the production and sales of new vehicles had come to a halt globally. OEMs had to wait for the lockdowns to be lifted and they could resume production, which had a negative impact on their operations. As a result, automakers were forced to change their production volumes. Component production was also halted, and small Tier II and Tier III manufacturers encountered cash flow problems. The automotive industry is a capital-intensive industry that requires investment on a regular basis to stay afloat. As a result, the production halt during the early months of the outbreak, as well as weaker demand, had an unprecedented impact on automobile fuel cell manufacturers.

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Based on electrolyte type, the global automotive fuel cell market is bifurcated into Proton Exchange Membrane Fuel Cell (PEMFC) and Phosphoric Acid Fuel Cell (PAFC). The PEMFC contributes to the largest share in the market as it offers superior features like high power density, lower working temperatures, and less start-up time.
North America is anticipated to be the fastest-growing region during the forecast period 2021-2027 owing to rising demand for automotive-based fuel cells technology, the surge in R&D activities, and technological innovations in the region.

In February 2021, Toyota Motor Corporation (Toyota) has developed a fuel cell (FC) system that can be packaged into a small module. Companies developing and producing FC products for a wide range of applications, including mobility such as trucks, buses, trains, and ships, as well as stationary generators, will be able to use the new module with ease.

The prominent players in the automotive fuel cell industry include Toshiba, ITM Power, Toyota, Nedstack, Ballard Power Systems, Ceres Power, Hydrogenics, Plug Power, and Delphi.

Source: VynZ Research