The global fuel cell powertrain market accounted for a value of USD 1.2 billion in 2019. Fuel cell powertrain market projected to register growth at a CAGR of 55.0% during forecast period.
COVID-19 has impacted automotive industry significantly. All the production and assembly activities were halted due to lockdown in many countries. The supply of raw material and finished products was immensely affected due to travel restriction and border closers. The sales of vehicles are immensely hit by the corona virus outbreak. The fuel cell powertrain will foresee growth from the beginning of 2021.
For more details, visit: Global Fuel Cell Powertrain Market By Vehicle Type (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle), By Component (Drive Systems, Battery Systems, Others ), By Region–Forecast & Opportunities to 2026
Fuel cell EV provides better economy then combustion engines. It runs 63 miles per gallons gasoline equivalent on the other hand internal combustion engine runs 29 miles per gallon gasoline equivalent. The fuel economy can be improved upto 3% due to hybridization of vehicle. The demand for better economy is always higher. This drives growth in fuel cell powertrain during forecast period.
On the basis of vehicle type, the fuel cell powertrain market is segmented into passenger cars, light commercial vehicle and heavy commercial vehicle. The LCV segment is estimated to foresee fastest growth during forecast period. LCV basically used to carry goods and minibus which is also considered as LCV, used to carry mass from 3.5 – 7 tons for the purpose of passenger transportation. Many companies like Renault are working on introducing hydrogen fuel cell powertrain in the LCV segment. Only Renults Master is available in hydrogen fuel which is becoming popular and the upcoming development are likely to drive growth in LCV segment during forecast period.
On the basis of component, the fuel cell powertrain market is segmented into hydrogen storage system, fuel cell systems, battery system, drive system and others. The fuel cell systems segment is estimated to register growth at highest CAGR during forecast period. Fuel systems are considered to be the heart of a fuel cell powertrain. It is used to convert oxygen and hydrogen gas to electricity. This electricity is used to provide power to electric motor. The demand for this component is higher which drives growth in this segment during forecast period.
Asia-Pacific region is estimated to consider growth at highest CAGR during forecast period. The demand for fuel-efficient vehicle is increasing in this region rapidly. The sale of passenger cars is higher in this region over past few years. This region is home for various companies such as Denso, Doosan Corp. and Shanghai Fuel Cell Vehicle Power Systems which produces fuel cell powertrain. The number of fuel cell powertrain sold is higher in this region as compared to other region. This drives growth in fuel cell powertrain market in Asia-Pacific region.
The key market players in fuel cell powertrain sector are Plug Power, Shanghai Fuel Cell Vehicle Power Systems Co., Cummns Inc., Ballard power Systems, Robert Bosch GmbH, Denso Corporation, FEV, Fuel Cell Powertrain GmbH, ITM Power, Ceres Power, Continental AG, Delphi Technologies, Arcola Energy, Avid Technology Ltd. and AVL List GmbH.
- What are the expected industry trends over the next three to five years?
- Which of the fuel cell powertrain vehicle type is likely to lead by 2025?
- Which of the component segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?