Automotive Fuel Cell Market Overview:
The automotive fuel celltechnology helps automakers to manufacture high energy cells that are capableof powering the automobiles. Market Research Future (MRFR) has published areport about the global automotive fuel cell market that estimates massiveincrease for this market at 15% CAGR (Compound Annual Growth Rate) between 2017and 2023.
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The major factor supporting theglobal automotivefuel cell market growth is conscious decisions by the automakers to reducethe carbon footprint in order to compensate the large automotive sales. Thesecond factor is government initiatives in developed countries to find cleanerand greener alternatives to fuel. The third factor is the threat posed to thephysical wellbeing of the user by conventional cell technology.
The global automotive fuel cellmarket can be segmented on the basis of the components, electrolyte type, fueltype, power output, vehicle type, and lastly, region. The components-basedsegmentation segments this market into the fuel processor, fuel stack, andpower conditioner. Based on the electrolyte type, the market has been segmentedinto phosphoric acid fuel cell (PAFC) and proton exchange membrane fuel cells(PEMFC).
By fuel type, the market has beensegmented into hydrogen and methanol. On the basis of power output, the markethas been segmented into less than 100KW, 100-200 KW, and more than 200KW. Asper vehicle type, the market has been segmented into the light commercialvehicle (LCV), heavy commercial vehicle (HCV), and passenger vehicle (PV).
The regional segmentation of theglobal automotive fuel cell market segments the market into regional marketsknown as Europe, North America, Asia Pacific, and the rest of the world (RoW).During the forecast period, the Asia Pacific region is expected to drivemaximum sales of the global automotive fuel cell market, making it acontinually growing market. The governments of countries like China, Hong Kong,and Japan are encouraging the use of renewable energies backed with favorableinitiatives and policies to restrict carbon emissions and the ill effects ofglobal warming. Another important country-specific market in this India,followed by the remaining countries of the Asia Pacific region.
North America is also takingsteps to reduce carbon emissions due to a large number of vehicles plying onthe roads. The high demand for passenger vehicles and heavy commercial vehiclesalways raises the demand as well as the market for the fuel cell as a greeneralternative to the traditional cells. The major country-specific markets inthis region are the USA and Canada. Many key market players are based in NorthAmerica, especially in the USA.
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Europe is a significant regionalmarket due to the presence of many key market players, the presence of some keymarket players, and government-imposed restrictions to curb environmentalpollution. The vital country-specific markets are Spain and Germany, followedby the remaining countries in Europe. France and UK can be considered aspotential markets in future as they are among the strongest economies inEurope.
Key Players
The key players in the globalautomotive fuel cell market include Automotive Fuel Cell Cooperation (Canada),Ballard Power Systems Inc. (Canada), Ceramic Fuel Cells Ltd (Australia), DelphiTechnologies (UK), Hydrogenics (Canada), ITM Power (UK), Nedstack (TheNetherlands), and Plug Power (USA).
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Market Research Future (MRFR) isa global market research firm that takes great pleasure in its services,providing a detailed and reliable study of diverse industries and consumersworldwide. MRFR's methodology integrates proprietary information with differentdata sources to provide the client with a comprehensive understanding of thecurrent key trends, upcoming events, and the steps to be taken based on thoseaspects.
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