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Automotive Fuel Cell Market Is Expected to Witness a Steady Growth by 2023

Author : Ronak Bora | Published Date : 2020-09-14 

North America automotive fuel cell market share will exhibit a significant growth over the coming years, owing to the growing support from private companies and national laboratories. U.S. will contribute noticeably towards the regional automotive fuel cell industry. The escalating efforts by the U.S. government to promote fuel cell technology will influence the regional share considerably over the coming timeframe.

Asia Pacific automotive fuel cell industry dominated the regional landscape by accounting for 60% of the global market share in 2015 and is anticipated to register an annual growth rate of 11.8% over the coming period of 2016 to 2023. The growth can be attributed to the supportive government rules and regulations regarding the usage of the fuel cell. Europe automotive fuel cell market is projected to register a CAGR of more than 14.5% over the coming six years.

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Global Automotive Fuel cell market to register an annual growth rate of 12.7% over the forecast period. Shifting trends toward fuel cells to reduce the economic dependency on oil producing nations will preserve the non-renewable energy sources such as crude oil at a large scale.

Fuel cell vehicle market has already seen a significant surge over the past years and is poised to register a massive growth with a volume estimation of 14,765 units by 2023. Increasing innovations and advancements in the fuel-cell technology coupled with noteworthy participation of the industry participants will enhance the automotive fuel cell industry outlook substantially. Fuel cell vehicles are gaining high popularity, driven by the benefits offered by them both from the environmental and economic perspectives. For instance, these vehicles require low maintenance, incur minimal operational cost, and reduce the noise pollution level considerably.

Light duty vehicles led automotive fuel cell market share and accounted for over 50% of the consumption in 2015. These vehicles are likely to witness significant gains, owing to their declining cost and rapid technology advancements &innovations. Material handling vehicles are anticipated to witness significant growth, at CAGR of 14.5% from 2016 to 2023. Rising adoption in several application sectors such as inventory management, airport operations and distribution centers should boost demand over the forecast period.

Key insights from the report include:

Rising consciousness regarding effects of pollution caused by traditionally fueled vehicles is anticipated to remain the key driver for the automotive fuel cell market. High pricing as compared to other zero emission vehicles plays a considerable role in the buying decision.

Surging R&D in the fuel cell vehicles market is likely to create high employment as well as business opportunities to industry participants. High benefits offered by these vehicles are likely to boost the implementation and application in the public transit systems.

Lack of infrastructure for producing, storing and delivering hydrogen paired with cost associated with replacing the existing the current oil-based infrastructure may challenge the automotive fuel cell market.

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Key industry players capturing significant industry share are Acumentrics SOFC Corporation, Altergy Systems, Automotive Fuel Cell Corp, Ballard Power Systems, and Fuel Cell Energy Solutions GmbH.

Table of Contents (ToC) of the report:

Chapter 1                 Methodology and Scope

1.1          Research Methodology

1.1.1       Initial data exploration

1.1.2       Statistical modeling and forecast

1.1.3       Industry insights and validation

1.2         Data Sources

Chapter 2                 Executive Summary

2.1    Automotive fuel cell industry 3600 synopsis, 2012 - 2023

Chapter 3                 Automotive Fuel Cell Market Insights

3.1          Industry segmentation

3.2          Industry Size and forecast

3.3          Industry Ecosystem analysis

3.4          Industry impact forces

3.4.1       Growth drivers

               3.4.1.1 Growing automotive industry

               3.4.1.2 Low operating cost

               3.4.1.3 Environmentally friendly

3.4.2       Industry pitfalls & challenges

               3.4.2.1 Lack of durability, high cost and reliability

               3.4.2.2 Inconvenience

3.5          Growth potential analysis

3.6          Porter’s analysis

3.7          Key competitor analysis, 2015

3.8          PESTEL analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/automotive-fuel-cell-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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