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Global Fuel Cell Powertrain Market Report and Forecast 2024-2032
Market Report I 2024-06-20 I 164 Pages I EMR Inc.
Global Fuel Cell Powertrain Market Report and Forecast 2024-2032
Market outlook
According to the report by Expert Market Research (EMR), the fuel cell powertrain market size reached a value of USD 1.15 billion in 2023. Aided by the increasing demand for clean and efficient energy sources and the growing applications of fuel cell powertrains in various sectors, the market is projected to further grow at a CAGR of 79.7% between 2024 and 2032 to reach a value of USD 222.95 billion by 2032.
Fuel cell powertrains, which convert chemical energy from fuel into electricity through a chemical reaction, are gaining traction as a sustainable and efficient alternative to traditional internal combustion engines. They are commonly used in electric vehicles (EVs), buses, trucks, and other heavy-duty applications. Fuel cells offer several advantages, including high efficiency, low emissions, and the ability to use a variety of fuels such as hydrogen, methanol, and natural gas.
The increasing global focus on reducing greenhouse gas emissions and combating climate change is driving the demand for fuel cell powertrains. Governments and environmental agencies are implementing stringent regulations and providing incentives to promote the adoption of clean energy technologies. This has led to a surge in investments in fuel cell technology and infrastructure, propelling the fuel cell powertrain market growth.
Additionally, the rising demand for electric vehicles (EVs) is a major factor contributing to the growth of the fuel cell powertrain market. Fuel cell electric vehicles (FCEVs) offer a longer driving range and faster refuelling times compared to battery electric vehicles (BEVs), making them a viable option for long-distance travel and commercial applications. The increasing consumer preference for eco-friendly and energy-efficient vehicles is further boosting the demand for FCEVs, thereby driving the market.
The expanding applications of fuel cell powertrains in various sectors also play a significant role in propelling the market. In the transportation sector, fuel cell powertrains are used in buses, trucks, and trains to reduce emissions and improve fuel efficiency. The industrial sector utilises fuel cell powertrains for stationary power generation, backup power, and material handling equipment. Moreover, the maritime and aviation industries are exploring the use of fuel cell powertrains to achieve zero-emission operations, consequently driving up the fuel cell powertrain market share.
Technological advancements play a crucial role in the growth of the market. Innovations in fuel cell stack design, materials, and manufacturing processes are improving the efficiency and durability of fuel cell systems. The development of advanced catalysts and membrane materials is enhancing the performance and reducing the cost of fuel cells, making them more competitive with traditional powertrain technologies.
Moreover, the integration of digital technologies such as artificial intelligence (AI) and the Internet of Things (IoT) is revolutionising the market. AI and IoT technologies are being used to optimise fuel cell system performance, monitor real-time data, and enable predictive maintenance. These advancements are particularly beneficial in enhancing the reliability and efficiency of fuel cell powertrains in various applications.
As per the fuel cell powertrain market analysis, the development of hydrogen refuelling infrastructure is gaining momentum globally. Countries are investing heavily in building hydrogen refuelling stations to support the growing fleet of hydrogen-powered vehicles. Europe, Japan, South Korea, and the United States are leading the way with comprehensive plans to expand their hydrogen refuelling networks. This expansion is crucial for the widespread adoption of fuel cell vehicles, as it addresses one of the major barriers - the availability of refuelling options.
Market Segmentation
The market can be divided based on component, vehicle type, power output, and region
Market Breakup by Component
- Fuel Cell System
- Battery System
- Drive System
- Hydrogen Storage System
- Others
Market Breakup by Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Market Breakup by Power Output
- Less Than 150 KW
- Between 150 to 250 KW
- More Than 250 KW
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global fuel cell powertrain market. some of the major players explored in the report by expert market research are as follows:
- Robert Bosch GmbH
- Denso Corporation
- Continental AG
- Hyundai Motor Company
- FEV Europe GmbH
- Shanghai Fuel Cell Vehicle Powertrain Co., Ltd.
- Cummins Inc.
- FCP Fuel Cell Powertrain GmbH
- Ballard Power Systems Inc.
- Nuvera Fuel Cells, LLC
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Fuel Cell Powertrain Market Analysis
8.1 Key Industry Highlights
8.2 Global Fuel Cell Powertrain Historical Market (2018-2023)
8.3 Global Fuel Cell Powertrain Market Forecast (2024-2032)
8.4 Global Fuel Cell Powertrain Market by Component
8.4.1 Fuel Cell System
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Battery System
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Drive System
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Hydrogen Storage System
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Others
8.5 Global Fuel Cell Powertrain Market by Vehicle Type
8.5.1 Passenger Cars
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Light Commercial Vehicles
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Heavy Commercial Vehicles
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global Fuel Cell Powertrain Market by Power Output
8.6.1 Less Than 150 KW
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Between 150 to 250 KW
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 More Than 250 KW
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.7 Global Fuel Cell Powertrain Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Fuel Cell Powertrain Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Fuel Cell Powertrain Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Fuel Cell Powertrain Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Fuel Cell Powertrain Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Fuel Cell Powertrain Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter's Five Forces Analysis
14.2.1 Supplier's Power
14.2.2 Buyer's Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Robert Bosch GmbH
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Denso Corporation
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Continental AG
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Hyundai Motor Company
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 FEV Europe GmbH
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Shanghai Fuel Cell Vehicle Powertrain Co., Ltd.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Cummins Inc.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 FCP Fuel Cell Powertrain GmbH
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Ballard Power Systems Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Nuvera Fuel Cells, LLC
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Fuel Cell Powertrain Market: Key Industry Highlights, 2018 and 2032
2. Global Fuel Cell Powertrain Historical Market: Breakup by Component (USD Billion), 2018-2023
3. Global Fuel Cell Powertrain Market Forecast: Breakup by Component (USD Billion), 2024-2032
4. Global Fuel Cell Powertrain Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
5. Global Fuel Cell Powertrain Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
6. Global Fuel Cell Powertrain Historical Market: Breakup by Power Output (USD Billion), 2018-2023
7. Global Fuel Cell Powertrain Market Forecast: Breakup by Power Output (USD Billion), 2024-2032
8. Global Fuel Cell Powertrain Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global Fuel Cell Powertrain Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America Fuel Cell Powertrain Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America Fuel Cell Powertrain Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe Fuel Cell Powertrain Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe Fuel Cell Powertrain Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific Fuel Cell Powertrain Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific Fuel Cell Powertrain Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America Fuel Cell Powertrain Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America Fuel Cell Powertrain Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa Fuel Cell Powertrain Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa Fuel Cell Powertrain Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global Fuel Cell Powertrain Market Structure
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