Automotive Fuel Cell Market Size By Application (Light Duty Vehicles, Buses, Materials Handling Vehicles) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Japan, South Korea), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 - 2023

Published Date: March 2016 | 80 Pages | Report ID: GMI359 Report Format: PDF

Summary Table of Contents Industry Coverage Methodology

Industry Analysis

Automotive fuel cell market size was estimated at over 5,000 units in 2015, and is expected to grow at a CAGR of 12.7% from 2016 to 2023. Growing consciousness regarding harmful emissions from gasoline and conventional fuel vehicles is expected to drive the industry over the forecast period.
 

Germany automotive fuel cell market size, by application, 2012-2023 (Unit Shipment)

Germany automotive fuel cell market size, by application, 2012-2023 (Unit Shipment)

Fuel cells help in eliminating noise pollution as they are quiet in operation. In addition, they also offer high reliability and safety as there is no combustion activity involved during the energy production. These products have longer life as it is not subjected to high operating temperatures and minimal corrosion probability owing to absence of combustion process.
 

Less exposure to high temperatures and absence of corrosion in these devices helps in cutting down maintenance costs. This in turn is predicted to act as catalyst in for automotive fuel cell market demand from 2016 to 2023. Surging research and development activities are likely to create high employment scope as well as business opportunities for industry participants.
 

As these cells do not use any conventional fuels, they help in reducing economic dependence on oil producing countries, this in turn is likely to create high energy security for the user nations and also balance the trade deficit of emerging economies across the world. These factors are likely to stimulate the demand for automotive fuel cell market size over the forecast period.
 

High initial cost associated with these products is likely to hamper the industry demand over the next seven years. Lack of product availability as well as need for technology advancements is also likely to negatively impact the industry.
 

Transportation sector accounts for significant amount of carbon dioxide emissions which may cause GHG (green house gas emissions). Increasing fuel consumption results in high emission of harmful gases such as nitrogen oxides and hydrocarbons. For instance, as of 2015, transportation sector contributed one third of the total carbon dioxide emissions in U.S that could negatively impact the individual's health conditions.
 

Application Analysis

Light duty automotive fuel cell vehicle market size is likely to be estimated at over 7,500 units by 2023, growing at a CAGR of 12.4% from 2016 to 2023. Integration of fuel cells in this application may enable in cutting down gasoline consumption significantly.
 

Materials handling vehicles sector is anticipated to be the most attractive segment, and is likely to grow at a CAGR of 14.5% over the next few years.
 

These cells offer minimum operating cost and exhibit low maintenance as there are very less moving parts in the system. Hydrogen fuel is now greatly used in various applications such as buses, back-up power, small fleets of cars, forklifts, and is expected to be spread its significance to laptops and cell phones. In addition, attributes such as high stability while driving owing to low system vibration is predicted to boost the automotive fuel cell market size over the next seven years.
 

Regional Analysis

Asia Pacific automotive fuel cell market size is anticipated to continue its dominance over the forecast period. It is projected to account for over 60% of the overall industry share by 2023 and is expected to grow at a CAGR of 11.8% from 2016 to 2023.
 

Europe is forecast to be the most attractive regional segment; it is anticipated to grow at a CAGR of over 14.5% over the next seven years.
 

The U.S. Department of Energy (DOE) awarded over USD 7 million in 2013 to promote fuel cell technology in order to commercialize the technology at the earliest. With continuous support from the DOE, national laboratories and private companies, the fuel cell market has progressed tremendously over the past few years in the country.
 

Competitive Market share

Participants occupying major automotive fuel cell market share include Ballard, Fuel Cell Energy, and Toshiba. Other notable participants include Plug Power Inc., Panasonic, and Hydrogenics Corporation.
 

 

Questions addressed by this report?
What was the historic market data from 2012 to 2015, what is the industry growth forecast from 2016 to 2023?
A detailed analysis of regulatory trends, growth drivers, industry pitfalls, challenges and opportunities for participants
Which are the leading market products, applications & regions and how will they perform by 2023?
What are the technology & innovation trends, how will they evolve by 2023?
Which companies lead the industry, how are they positioned in the market in terms of sustainability, competency, production capacity and strategic outlook?
Need more information?
Get in touch with our team to assist you with the best possible deal
Schedule a free analyst report briefing call prior to buying
Share your specific requirements to ensure the report covers all your needs
Inquire about ancillary information on country level data, novel applications and products

Select User Licence

Benefits we offer

Assured Quality

Commitment on delivering excellence,through authentic data & penetrative insights

Customer Satisfaction & Support

Access to industry experts for resolving queries, available 365 days a year

Security Commitment

Your personal information is kept secure & confidential

Tailor this report

Customize this report to suit your needs, speak to our research team to avail these benefits


Connect with our sales team