Fuel Cell Powertrain Market Highlights
Fuel Cell Powertrain Market is projected to be worth USD 5.5 billion by 2027, registering a CAGR of 65% during the forecast period (2021 – 2027), The market was valued at USD 287 million in 2020.
The Fuel Cell Powertrain Market is an electrically powered device in which a fuel cell transforms energy stored as hydrogen into electricity. It may be used in material handling, emergency backup control, and transportation. The fuel cell power train is highly efficient and environmentally safe since it does not emit toxic emissions, unlike the internal combustion engine. The powertrain fuel cell is an inexpensive zero-local-emission mobility technology. This is part of a hybrid fuel cell vehicle, in which a fuel cell produces electricity using hydrogen as an energy supply. Continuous technological developments in the automobile industry are substantially boosting the development of the powertrain fuel cell sector worldwide. The growth of the fuel cell powertrain technology market can be primarily attributed to the environmental issues regarding vehicle GHG emissions. Growing government efforts to build hydrogen networks offer an incentive for potential growth in the demand for fuel cell powertrains. Battery-powered electric cars, hybrid electric vehicles, fuel cell vehicles, compression ignition (CI) or park-ignition (SI) engines, and advanced internal combustion engines are all automotive developments (ICE).
Vehicles with fuel cells that use hydrogen give lower emissions due to their low emission technologies; this makes their adoption feasible. The fuel cell power train is a decarbonized energy source, replacing existing fossil fuel supplies (such as coal, oil, and natural gas) with energy sources that produce much less carbon dioxide (such as wind, solar, and nuclear energy). This property of fuel cell powertrain is driving its demand in the global market. Strong energy density and fuel cell powertrain fast refueling properties are also contributing to the growth of the market for fuel cell powertrain.
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Based on region, the fuel cell powertrain market size has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. During the projected era, Asia-Pacific is anticipated to dominate the fuel cell industry. Factors that push the regional market growth are investing in the development of new infrastructure capabilities and opening up the market to foreign companies, which drives the market in this region. Europe is also expected to hold a critical share of the fuel cell powertrain market due to increased efforts by manufacturers to reduce the weight of cars to optimize their performance.
Key Players operating in the Global Fuel Cell Powertrain Market include AVID Technology Ltd (UK), Ballard Power Systems (Canada), Brown Machine Group (US), Ceres Power (UK), Cummins (US), Delphi Technologies (UK), Denso Corporation (Japan), ITM Power Manufacturers (UK), Robert Bosch (Germany), Bloom Energy (US), and SFC Energy (Germany).
Scope of the Report
This report provides an in-depth analysis of the Fuel Cell Powertrain market, tracking four market segments across four geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights the market size and shares for North America, Europe, Asia-Pacific, and the rest of the world. The report also presents a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the Fuel Cell Powertrain market by Component, Drive Type, Vehicle Type, Power Output, and Region.
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Global Fuel Cell Powertrain Market has been segmented By Component, Drive Type, Vehicle Type, Power Output, and Region.
Based on component, the global fuel cell powertrain market can be segmented into fuel cell system, battery system, drive system, hydrogen storage system, and others. The battery system segment is anticipated to grow at a significant CAGR in the coming years.
By drive type, the global fuel cell powertrain market growth has been split into rear wheel drive (RWD), front wheel drive (FWD), and all-wheel drive (AWD). The rear wheel drive (RWD) segment held a sizeable share and is anticipated to grow at a significant CAGR in the coming years.
By vehicle type, the fuel cell powertrain market can be divided into passenger cars, light commercial vehicle (LCV), buses, and trucks. The passenger cars segment is likely to grow at a CAGR in the coming years.
By power output, the fuel cell powertrain market for commercial vehicles can be split into less than 150 KW, 150–250 KW, and more than 250 KW. The 150–250 KW segment is anticipated to grow at a CAGR in the coming years.
Table Of Contents
1 EXECUTIVE SUMMARY
2 MARKET INTRODUCTION
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.3 MARKET STRUCTURE
3 RESEARCH METHODOLOGY
3.1 PRIMARY RESEARCH
3.2 SECONDARY RESEARCH
3.3 MARKET CAPACITY ESTIMATION
3.4 FORECAST MODEL
3.5 LIST OF ASSUMPTIONS
3.6 LIMITATIONS OF THE STUDY
4 MARKET INSIGHTS
5 MARKET DYNAMICS
5.2 MARKET DRIVERS
5.3 MARKET RESTRAINTS
5.4 MARKET OPPORTUNITIES
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