Automotive fuel cell market will grow noticeably over the coming six years, mainly driven by the growing awareness regarding the hazardous environmental effects of GHG and carbon footprints. As per the report by Global Market Insights, Inc., “Global Automotive Fuel cell market occupied a volume of over 5,000 units in 2015 and is anticipated to register an annual growth rate of 12.7% over the period of 2016 to 2023.” Shifting trends toward fuel cells to reduce the economic dependency on oil producing nations will preserve the non-renewable energy sources such as crude oil at a large scale.
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Fuel cell vehicle market has already seen a significant surge over the past years and is poised to register a massive growth with a volume estimation of 14,765 units by 2023. Increasing innovations and advancements in the fuel-cell technology coupled with noteworthy participation of the industry participants will enhance the automotive fuel cell industry outlook substantially. Fuel cell vehicles are gaining high popularity, driven by the benefits offered by them both from the environmental and economic perspectives. For instance, these vehicles require low maintenance, incur minimal operational cost, and reduce the noise pollution level considerably.
Material handling vehicles, buses, and light duty vehicles are key applications of the automotive fuel cell industry. Material handling vehicle applications will exhibit an annual growth rate of 14.5% over the coming period of 2016 to 2023, driven by their increasing use across distribution centers, airport operations, and inventory management.
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Light duty automotive fuel cell market size occupied 50% of the overall industry share in 2015 and is predicted to surpass 7500 units by 2023, owing to its increasing demand to cut the gasoline consumption globally. Moreover, incorporation of hydrogen fuel cell in buses, forklifts, and power back-up applications will create a lucrative roadmap for the automotive fuel cell industry over the period of 2016 to 2023.
Taking into account the regional landscape, North America automotive fuel cell market share will exhibit a significant growth over the coming years, owing to the growing support from private companies and national laboratories. U.S. will contribute noticeably towards the regional automotive fuel cell industry. The escalating efforts by the U.S. government to promote fuel cell technology will influence the regional share considerably over the coming timeframe.
Asia Pacific automotive fuel cell industry dominated the regional landscape by accounting for 60% of the global market share in 2015 and is anticipated to register an annual growth rate of 11.8% over the coming period of 2016 to 2023. The growth can be attributed to the supportive government rules and regulations regarding the usage of the fuel cell. Europe automotive fuel cell market is projected to register a CAGR of more than 14.5% over the coming six years.
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Market players are focusing on increasing their technology and product base through strategic partnerships and alliances. Key industry participants include Toshiba, Ballard, and Fuelcell Energy, GM, Panasonic, Altergy Systems, Hydrogenics Corporation, Honda, Automotive Fuel Cell Cooperation, and Plug Power Inc.