Automotive Fuel Cell Market 2020 Global Analysis, Industry Demand, Trends, Opportunities, Forecast 2023
Category: #technology  By Ronak Bora  Date: 2020-01-15
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Automotive Fuel Cell Market 2020 Global Analysis, Industry Demand, Trends, Opportunities, Forecast 2023

The global automotive fuel cell market is projected to showcase significant growth in Europe. The Europe market trends are experiencing a major proliferation, due to increasing fuel cell powered vehicle adoption and the presence of a favorable infrastructure support.

In October of 2018, the group project, Hydrogen Mobility Europe announced that it is establishing an extensive hydrogen refueling network of stations. The proposed project is expected to fund over 49 hydrogen refueling stations, out of which 15 refueling stations are already in operation.

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Meanwhile, the Asia Pacific is anticipated to introduce steady growth in the automotive fuel cell market in forthcoming years. In 2015, the APAC fuel cell vehicles sector dominated global demand; accounting for more than 60% of the overall volume in 2015. Going forward, favorable government regulations that are promoting usage of fuel cells is expected to drive regional demand.

Global automotive fuel cell market is anticipated to clock in a momentous surge over the coming years. This uptake in momentum can be credited to the rise in public awareness regarding the adverse effects of carbon emissions on the environment and the commitment of governments worldwide to fight and reverse the impact of this phenomenon.

Additionally, the considerably low operating costs associated with fuel cell vehicles are also slated to propel the automotive fuel cell market share. Typically, fuel cells demand minimum operating costs and require very low maintenance. The industry can achieve this feat as fuel cells incorporate very fewer moving parts in the system.

The application segment of light duty vehicles is projected to depict momentous growth fuel cell vehicle revenue graph. In fact, in 2015, the light duty vehicle segment was leading the automotive fuel cell market, accounting for more than 50% of the overall consumption.

Light duty vehicle industry is slated to experience substantial gains owing to rapid technological innovations, advancements and declining vehicle costs. Among those, material handling vehicles are particularly expected to experience significant growth; a CAGR of more than 14.5% during the forecast study period.

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Meanwhile, the application segment of buses is anticipated to account for a substantial proportion in global automotive fuel cell market share. Adoption of the fuel cell vehicle technology in public transport facilities can be attributed to growing focus of governments across the world to phase out the ageing, conventional buses and replace them with newer advanced fuel cell powered buses that are less polluting.

A prominent instance of this trend was unveiled in 2018, when the Indian Space Research Organisation (ISRO), in association with automotive industry giant, TATA Motors, developed buses that are powered by advanced fuel cells. These buses, which are intended to replace India’s current conventional fleet of buses, would be expanding the automotive fuel cell market further during the projected timeframe.

Some Points From Table Of Content: -

Chapter 3                 Automotive Fuel Cell Industry Insights

3.1          Industry segmentation

3.2          Industry Size and forecast

3.3          Industry Ecosystem analysis

3.4          Industry impact forces

3.4.1       Growth drivers

               3.4.1.1 Growing automotive industry

               3.4.1.2 Low operating cost

               3.4.1.3 Environmentally friendly

3.4.2       Industry pitfalls & challenges

               3.4.2.1 Lack of durability, high cost and reliability

               3.4.2.2 Inconvenience

3.5          Growth potential analysis

3.6          Porter’s analysis

3.7          Key competitor analysis, 2015

3.8          PESTEL analysis

Chapter 4                 Automotive Fuel Cell Application Insights

4.1          Automotive Fuel Cell Industry share by application, 2015 & 2023

4.2          Light Duty Vehicles

4.2.1       Global market estimates by region, 2012 - 2023

4.3          Buses

4.3.1       Global market estimates by region, 2012 - 2023

4.4          Materials Handling Vehicles

4.4.1       Global market estimates by region, 2012 - 2023

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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