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Automotive Fuel Cell Market Analysis, Growth Rate and Forecasts, 2016 to 2024


The worldwide Automotive Fuel Cell Market was valued over 5, 000 units in 2015. It can grow at close to 13% CAGR during the forecast period (2016-2024). The industry should achieve over 10, 850 units by 2024. – PowerPoint PPT presentation

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Title: Automotive Fuel Cell Market Analysis, Growth Rate and Forecasts, 2016 to 2024

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Automotive Fuel Cell Market Share, Size,
Analysis, Regional Outlook, Growth, Trends and
Forecasts to 2024 Hexa Research
The worldwide Automotive Fuel Cell Market can
grow at close to 13 CAGR during the forecast
period (2016-2024)
The global Automotive Fuel Cell Market was
estimated over 5, 000 units in 2015. It would
grow at a CAGR of nearly 13 in the forecast
period (2016-2024). The market can reach over 10,
850 units by 2024. Expansion across fuel cell
vehicles or FCVs owing to pollution-awareness
will drive the industry in the near future.
FCVs or fuel cell electric vehicles (FCEVs) run
primarily on hydrogen. About 80 million tons of
hydrogen are generated each year to cater to the
demand for hydrogen fuel cells in FCEVs. Hydrogen
infrastructural developments are the key market
In 2015, the transportation sector largely
contributed to carbon dioxide emissions in the
U.S., adding to the greenhouse gas problem. The
use of FCEVs may curb pollution. A fuel cell
contains electrodes. It converts chemical energy
into electrical through electromechanical
reactions. Electrolytes move electrically-charged
elements from one electrode to another,
speeding-up chemical reactions in cells.
Biogas, natural gas, and other alternatives are
used in fuel cells. This aids in reducing
eliminating noise air pollution, as hydrogen in
combination with oxygen, creates water. FCEVs are
free of combustion during energy production.
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Low corrosion and lack of high operation
temperature owing to the absence of combustion
are likely to boost the longevity of vehicles.
This coupled with their lower maintenance costs
can add industry growth. Research development
(R D) activities should create business
opportunities, leading to more employments.
High costs of automotive fuel cells are predicted
to hamper the industry. Moreover, lack of
technological advancements can hinder the
industry. The Automotive Fuel Cell Market is
split into applications and regions.
Applications include light-duty vehicles and
materials handling. The former accounted for over
50 of the worldwide consumption in 2015. It will
also dominate during the next eight years.
Many vehicle manufacturing firms have begun
running automotive fuel cell programs to
encourage technological advancements. Light duty
vehicles would grow at around 12.5 CAGR from
2016 to 2023. Their growth should be attributed
to technological innovations and their reducing
Materials handling is projected to witness a CAGR
of about 15 in the near future. Its applications
across airports, distribution centers, and
inventory management can contribute segment
expansion in the eight years ahead.
In addition, minimal operating costs and
low-needed maintenance of these cells can raise
market incomes. Regions encompass North America,
Latin America, Europe, Asia Pacific, and the
Middle East and Africa (MEA). Asia Pacific led in
terms of demand, capturing over60 of the total
volumes in 2015. It is anticipated to display
significant growth accredited to regional support
on product promotions.
Europe may surface as a key region. To
commercialize fuel cell technology, the U.S.
Department of Energy (DOE) rewarded over USD 7
million in 2013. Due to constant assistance from
the U.S. DOE, private firms, national
laboratories the Automotive Fuel Cell Market has
noticed upward trends in the last few years.
The worldwide market is highly competitive and
characterized by numerous large players and small
medium-sized enterprises. Major competitors are
Toshiba, Panasonic, Ballard, Plug Power Inc.,
and Acumentrics SOFC Corporation.
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Table of Content of Automotive Fuel Cell Market
1. Methodology Scope
1.1 Research Methodology
1.1 Initial Data Exploration
1.2 Statistical Modeling and Forecast 1.3
Industry Insights and Validation 1.2 Research
Scope Assumptions 1.3 List of Data Sources
2. Executive Summary
2.1 Industry Summary of Automotive Fuel Cell
3. Industry Outlook
3.1 Automotive Fuel Cell Market Segmentation 3.2
Automotive Fuel Cell Market Size and Growth
Prospects 3.3 Automotive Fuel Cell Market
Dynamics 3.4 Key Opportunities Prioritized
3.5 Industry Analysis - Porter's
3.6 Market Share Analysis
3.7 Market PESTEL Analysis, 2016
4. Application Framework
4.1 Automotive Fuel Cell Market share by
application, 2016 2024
5. Regional Outlook 5.1 North America
5.2 Europe
5.3 Asia Pacific
5.4 Latin America
5.5 MEA (Middle East and Africa) 5.6 RoW (Rest of
the World)
6. Competitive Landscape 6.1 Toshiba
6.1.1 Company Overview
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6.1.2 Revenue Analysis 6.1.3 Product
Benchmarking 6.1.4 Strategic Initiatives 6.2
6.2.1 Company Overview 6.2.2 Revenue
Analysis 6.2.3 Product Benchmarking 6.2.4
Strategic Initiatives 6.3 Ballard
6.3.1 Company Overview 6.3.2 Revenue
Analysis 6.3.3 Product Benchmarking 6.3.4
Strategic Initiatives 6.4 Plug Power Inc.
6.4.1 Company Overview 6.4.2 Revenue
Analysis 6.4.3 Product Benchmarking 6.4.4
Strategic Initiatives 6.5 Acumentrics SOFC
Corporation 6.5.1 Company Overview 6.5.2 Revenue
Analysis 6.5.3 Product Benchmarking 6.5.4
Strategic Initiatives
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research and consulting services to a host of key
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