Northbrook, IL -- (SBWIRE) -- 01/12/2022 -- The recent developments in the Automotive Fuel Cell Market include Direct Borohydrate fuel cells, non-precious metal-based fuel cells, increasing lifespan of fuel cells, packaged fuel cell system modules, etc. These advancements in charging technologies are expected to increase the demand for fuel cell vehicles. The lower charging availability of hydrogen fuel and growth of BEV's are some of the most important reasons that users are still a bit hesitant to prefer FCEV's. However, government bodies are working with manufacturers to provide the necessary hydrogen fueling infrastructure. Because of all these benefits and the government initiatives taken around the world to reduce emissions from vehicles, the automotive fuel cell market is considered to be a fast-growing industry in the next few decades.

The Global Automotive Fuel Cell Market size is projected to grow from 20,168 units in 2021 to 596,225 units by 2028, at a CAGR of 62.2%.

Opportunity: Rising demand for fuel cell vehicles in automotive and transportation

FCEVs offer a high driving range, fast refuelling, noiseless operation, and zero emissions of greenhouse gases and air pollutants. Hence, the use of fuel cells is ideal for transportation and automotive applications. Fuel cells are versatile and easily scalable sources of electricity that can be used for large applications in transportation such as material handling vehicles, buses, trains, cars, defence vehicles, and LCVs. Fuel cells are also used as stationary fuel sources in commercial applications. Fuel cells can be used as primary power, backup power, and to generate heat and power in combined heat and power (CHP) systems. Moreover, governments are taking initiatives and promoting fuel cells for transportation, which can further boost the demand for fuel cells in the automotive and transportation sectors.

The Automotive Fuel Cell Market is dominated by established players such as Ballard Power Systems (Canada), Toyota Motor Corporation (Japan), Hyundai Group (South Korea), Hyster Yale (US) and Cummins (US).

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North America to have the fastest-growing number of hydrogen fuel stations during the forecast period

North America is a fast-growing market for hydrogen fuel stations. The US has a large number of hydrogen fuel stations catering to the market. Both US and Canada have been encouraging the demand for low emission vehicles. Fuel cell vehicles are in high demand in some states like California in US and BC in Canada. They have encouraged the growth of FCEV's by their emission regulations and laws which support the growth of zero-emission vehicles. Some states in both countries provide subsidies for such vehicles including FCEV's. US has more than 25,000 hydrogen fuel cell-based forklifts and a considerable number of FC buses across its states. US and Canada have some of the world's top fuel cell manufacturers like Ballard, Plug Power, BorgWarner etc. which has increased demand for FCEV in the country.

Europe is expected to be the fastest-growing market during the forecast

The European automotive fuel cell market is projected to grow at a high rate. Germany is projected to be the largest automotive fuel cell market in Europe. The German market is projected to grow due to increasing investments by the government to develop hydrogen infrastructure and the growing adoption of fuel cell buses in public transportation. Until the end of 2020, Germany had 90 operational hydrogen fuel stations. France, the Netherlands, and the UK also have a considerable market for fuel cell vehicles. Their governments have supported the growth of zero-emission vehicles in their countries. These countries have set up hydrogen related infrastructure and are on their way to move towards a zero-emission future. Italy will grow at the fastest rate due to its government supporting fuel cell vehicles in the country, along with various European OEMs catering to this market.

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Asia Oceania is expected to be the largest market in the forecast

In this report, the countries considered in the Asia Oceania region are China, Japan, South Korea, India, Thailand, and Indonesia. The region is home to some of the fastest-developing economies of the world, such as China and India. The governments of these emerging economies have recognized the growth potential of the global automotive fuel cell market and, hence, have adopted various initiatives to attract major OEMs for the development of FCEV's and required hydrogen infrastructure in their domestic markets. Japanese OEMs like Toyota and Honda and South Korean OEMs like Hyundai are increasingly investing in boosting production capacities. For instance, Toyota is doubling its investments in fuel cell vehicles to expand production, thereby decreasing the cost of hydrogen fuel cell vehicles. Japan is projected to be the fastest-growing market in Asia Oceania. India and Australia will also have significant growth. Currently, the commercialization of hydrogen vehicles has just started in these countries. However, they will showcase huge opportunities in the coming time. Australia is working with countries like Japan to develop its hydrogen capabilities at a rapid scale.