This global market research by Technavio segments the fuel cell market in the automotive industry by type of vehicle (light duty vehicles, fuel cell buses, material handling, and others) and by geography (APAC, EMEA, and the Americas). Prominent vendors analyzed in this market study are Ballard Power Systems, ACAL, Nuvera Fuel Cells, Plug Power, and Hydrogenics.
Technavio’s market research analysts estimate the global shipment of fuel cell market in the automotive industry to reach 21,424 units between 2015 and 2019. This market is expected to exhibit significant growth during the forecast period and is positively affected by the growing demand for fuel cells in sectors like material handling vehicles, light duty vehicles, buses, and aerospace. APAC occupies 68% of the total market share, owing to increasing investment in fuel cell devices and advances in technology.
The new market research report from Technavio provides a breakdown and analysis of the fuel cell segments by technology.
“Development of the hydrogen infrastructure is a key trend that this market is witnessing. Since hydrogen is the primary fuel used in fuel cell electric vehicles (FCEVs), around 80 million tons of hydrogen is produced every year to meet the growing need for hydrogen fuel cells in FCEVs. In order to sustain the high growth of the global fuel cell market, huge investments are being made to scale up the hydrogen production capacity and also to develop clean and emission-free hydrogen production technologies,” says Vishu R., Lead Analyst, Energy, Technavio Research
Technavio’s market research analysts estimate the light-duty vehicles segment to continue its dominance over the market during the forecast period. The growing demand for energy-efficient passenger cars is a significant factor that fosters growth in this segment during the forecast period and results in its impressive market share of more than 67% by 2019.
The key vendors in the global fuel cell market in the automotive industry are Ballard Power Systems, ACAL, Nuvera Fuel Cells, Plug Power, and Hydrogenics. This market is highly competitive and is characterized by the presence of numerous SMEs and large players that intensely compete with each other to gain maximum prominence in this market. The introduction of new technologies and increasing investment in the market are the two significant factors that are expected to intensify the level of competition between vendors.
A more detailed analysis is available in the Technavio report, Global Fuel Cell Market in Automotive Industry 2015-2019.
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