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Automotive Fuel Cell Market Trends

Report ID: GMI359
Published Date: Sep 2023
Report Format: PDF

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Automotive Fuel Cell Market Trends

Ongoing development of the hydrogen refueling infrastructure will boost the adoption of fuel cell vehicles (FCV). Close coordination between various industry stakeholders and continuous growth of automobile industry will stimulate the business trends. Shifting focus on fuel cells for heavy-duty and commercial vehicles, including trucks, buses, and trains coupled with research efforts to improve the overall efficiency of fuel cells will boost the product demand.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of automotive fuel cell was crossed USD 3.53 billion in 2023 and will surpass USD 9.51 billion by 2032, due to the rapidly shifting focus towards clean and sustainable transportation solutions along with large scale investment activities worldwide.

The PEMFC type segment of automotive fuel cell market exceed USD 1.4 billion by 2032, on account of advantages, such as high efficiency, zero emissions, and quick refueling times.

North America automotive fuel cell market will witness more than 9% CAGR from 2023 to 2032, owing to the rising government support along with significant investments in the region.

Acumentrics, Altergy, Ballard Power Systems, FuelCell Energy, Inc, Toshiba Energy Systems & Solutions Corporation, Plug Power Inc., Cummins Inc., Panasonic Holdings Corporation, and Bloom Energy are some of the major automotive fuel cell companies worldwide.