Automotive Fuel Cell Market In-depth Analysis and forecasts by 2023

What are the prominent factors impacting automotive fuel cell market trends?

Automotive fuel cell market size has garnered significant momentum over the past few years owing to its environmental benefits and enhanced efficiency. The technology can be produced using hydrogen with water being its bi-product, making it a reliable and cleaner source of power.

Rising environmental concerns regarding the increase in carbon emission levels from vehicles are demanding sustainable forms of automobile fuel cells. Several economies are undertaking initiatives to encourage the use of fuel cell vehicles for public and private transportation. By the end of 2019, the Government of South Korea aims to have more than 6,400 fuel-cell vehicles on the country’s roads.

South Korea also has released a roadmap indicating the increase in deployment of fuel cell vehicles. The country aims at manufacturing over 6.2 million FCEVs and constructing 1,200 hydrogen refilling pumps by 2040. Asia Pacific region accounted for more than 60% of the total automotive fuel cell industry size in 2015.

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How will the increasing logistics demand propel global automotive fuel cell market forecast?

Surging logistics and transportation industry to meet the growing customer demands globally is propelling the light duty vehicle market scale. With the rise in disposable income among people and the presence of a robust e-commerce industry, there is a significant rise in the consumer preference for online shopping.

In April 2019, Nikola corporation introduced hydrogen fuel cell truck in the European market. The truck offers a range between 500 to 1200 kilometers using 120 kW of hydrogen fuel cell.

Light-duty vehicles segment accounted for more than 50% of the total automotive fuel cell consumption in the year 2015.  Growing penetration of small business and sole traders is further adding impetus to logistics operations. Fuel cell powered light duty vehicles offer reduced noise as compared to gasoline and diesel vehicles and render high performance in terms of efficiency, bolstering automotive fuel cell market outlook.
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Will the booming construction sector worldwide drive automotive fuel cell industry trends?

The rise in industrial sector owing to the increasing innovations and developments in products is accelerating the demand for material handling vehicles. Automotive fuel cell market size from material handling vehicles segment is estimated to register notable 14.5% CAGR between 2016-2023.

Increasing application of the vehicle across several crucial industries and manufacturing units will amplify the global deployment of fuel cell-powered vehicles in the commercial space. Material handling vehicles may include side-loaders, automated guided vehicles (AGV), order pickers, pallet trucks and pallet jacks among several others.

Reduction in labor cost, elimination of product damage, improved workplace safety and reduced utility costs are some of the vital features magnify the deployment of material handling vehicles across industries.

How is the rise in adoption of public transport contributing towards automotive fuel cells market share?

Buses represent for significant revenue terrain for automotive fuel cell industry players, with an essential need to control the carbon footprint has driven government authorities worldwide to promote the use of public transport to control emissions let out by personal vehicles.

Additionally, increasing focus of the governments to replace aging and dilapidated buses with advanced and non-polluting fuel cell buses will complement the market size in the coming years. Leading automobile giants are venturing into the production of fuel cells to meet the green vehicle regulations set by the regulatory authorities.

For instance, in the year 2018, ISRO collaborated with TATA motors to facilitate advanced fuel cell buses in India in order to replace the existing conventional fleet, positively influencing APAC automotive fuel cell market forecast.