Less exposure to high temperatures and absence of corrosion in these devices helps in cutting down maintenance costs. This in turn is predicted to act as catalyst in for automotive fuel cell market demand from 2016 to 2023.

Sellbyville, DE -- (SBWire) -- 10/30/2018 --Global Automotive Fuel Cell Market is expected to grow at over 12% and surpass 14,000 units by 2023. Growing fuel cell vehicle market across the globe on account of increasing awareness towards the effects of pollution will drive the industry outlook. Low operating and maintenance cost will further propel the automotive fuel cell market. Minimal corrosion probability and less exposure to high temperatures in these devices helps to reduce maintenance costs.

High reliability and safety along with longer shelf life are some of the salient parameters which will stimulate the automotive fuel cell market over the forecast timeframe. Hydrogen fuel possesses extensive applications in buses, small fleets of cars, back-up power, forklifts, and will most likely spread its significance to cell phones and laptops. High initial cost associated with these products may hamper automotive fuel cell market growth during the forecast period.

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Light duty vehicles market share in 2015, accounted for over 50% of the consumption. Reducing product cost along with rapid innovations and technology advancements will propel the light duty vehicles application. In the U.S., the Fuel Cell Technologies Office (FCTO) focuses mainly on innovation and R&D to advance fuel & hydrogen cells for transportation and diverse applications. In June 2017, the U.S. Department of Energy announced to invest approximately USD 15.8 million in 30 new projects for the development and discovery of novel, low cost materials required for hydrogen production & storage and for fuel cells involved with light-duty vehicles.

Europe automotive fuel cell market share is projected to expand substantially over the next seven years on account of favorable government measures to cut greenhouse gas emission. The European Commission has set a 2020 package with an aim to meet climate and energy targets by 2020. The three key targets under the 2020 package include 20% cut in GHG emissions from 1990 levels, 20% improvement in energy efficiency, and 20% of energy from renewables.

Asia Pacific automotive fuel cell market share in 2015, accounted for over 60% of the total volume owing to favorable government regulations encouraging fuel cell usage. In May 2016, Government of UK invested USD 2.88 million to encourage more businesses to shift towards hydrogen-fueled vehicles. This fund is likely to bring up to 100 more hydrogen-powered vans and cars onto the roads in UK. In addition, the Fuel Cell Electric Vehicle fleet support scheme will enable health trusts, fire brigades, police forces, private companies and local authorities to bid for funding to add hydrogen-fueled vehicles to their fleets.

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Key industry players in the automotive fuel cell market include Cellkraft AB, Acumentrics SOFC Corporation, BIC Consumer Products, Altergy Systems, Convion, Automotive Fuel Cell, Hydrogenics Corporation Ballard Power Systems, Toshiba, Plug Power, Panasonic, Bloom Energy and M-FIELD Energy.

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