Automotive Fuel Cell Market Will Reach A CAGR Of Over 37.29% During 2032

Zion Market Research has published a new report titled “Global Automotive Fuel Cell Market – By Component (Fuel Processor, Fuel Stack, Power Conditioner, Air Compressor, and Humidifier), By Power Output (<150kW, 150 – 250kW, and >250kW), By H2 Fuel Station (Asia, Europe, and North America), By Vehicle Type (Passenger Car, Light Commercial Vehicle, Truck, and Bus), By Specialized Vehicle (Material Handling Vehicle and Auxiliary Power Unit for Refrigerated Truck), and By Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024 – 2032.” According to the report, global demand for the Automotive Fuel Cell market was valued over USD 5.01 Billion in 2023, with projections indicating that it will reach USD 86.83 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 37.29% over the forecast period 2024-2032.

Browse the full “Global Automotive Fuel Cell Market – By Component (Fuel Processor, Fuel Stack, Power Conditioner, Air Compressor, and Humidifier), By Power Output (<150kW, 150 – 250kW, and >250kW), By H2 Fuel Station (Asia, Europe, and North America), By Vehicle Type (Passenger Car, Light Commercial Vehicle, Truck, and Bus), By Specialized Vehicle (Material Handling Vehicle and Auxiliary Power Unit for Refrigerated Truck), and By Region: Global Industry Perspective, Comprehensive Analysis and Forecast, 2024 – 2032.” Report at https://www.zionmarketresearch.com/report/automotive-fuel-cell-market 

Fuel stack category is projected to dominate the Automotive Fuel Cell market during the forecast period

Fuel stack accounts for the largest market share of the global Automotive Fuel Cell market owing to increasing adoption of fuel stack for reducing the overall expenditure. The mass production of fuel stack will help reduce the cost of a single fuel stack owing to the extensive R&D activities fuel cell technology field. Thus, the fuel stack production will, in turn, help escalate the growth of the global Automotive Fuel Cell market.

Passenger car category is estimated to hold the highest market share during the forecast period

The dominance of the passenger car category is attributed to the increase in demand for private mobility and high per capita income in the developing markets. Additionally, the plan of many countries to transform taxi fleets to fuel cell-based automotive will supplement the global Automotive Fuel Cell market growth.

Asia is estimated to be the largest market for automotive fuel cells during the forecast period, followed by Europe and North America.

The growing vehicle production and increasing demand for fuel cell buses for public transportation in Asia are expected to drive the Asia Automotive Fuel Cell market. In addition, the advancement in fuel cell-based technologies in regions such as Japan, China, and South Korea will, successively, propel the Automotive Fuel Cell market growth. Moreover, increasing investments in the production and fuel cell vehicle industries are anticipated to increase the sales of automotive fuel cells during the forecast period.

Key Market Players

Some major players of the Automotive Fuel Cell market include ITM Power, Hydrogenic, Plug Power, Ballard Power Systems, Delphi Technologies, Doosan Corporation, and Proton Power System PLC, among others.

The report on global Automotive Fuel Cell market is segmented into:

Global Automotive Fuel Cell Market: By Component Segmentation Analysis

• Fuel Processor
• Fuel Stack
• Power Conditioner
• Air Compressor
• Humidifier

Global Automotive Fuel Cell Market: By Power Output Segmentation Analysis

• <150 kW
• 150–250 kW
• >250 kW

Global Automotive Fuel Cell Market: By H2 Fuel Station Segmentation Analysis

• Asia
• Europe
• North America

Global Automotive Fuel Cell Market: By Specialized Vehicle Segmentation Analysis

• Material handling vehicle
• Auxiliary power unit for refrigerated truck

Global Automotive Fuel Cell Market: By Vehicle Type Segmentation Analysis

• Passenger car
• Bus
• Light commercial vehicle (LCV)
• Truck

Global Automotive Fuel Cell Market: By Regional Segmentation Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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