Fuel cell engine market worth $ 7.37 billion in 2030, recording a CAGR of 71%

New York, November 12, 2021 (GLOBE NEWSWIRE) – Fuel cell driveline market Overview: According to a comprehensive research report from Market Research Future (MRFR), Fuel cell driveline market Research report, component, drive type, vehicle type, power and region – forecast until 2030 “,the market is expected to be worth USD 7.37 billion in 2030, which records a CAGR of 71% in the forecast period (2022 – 2030), The market was valued at USD 287 million in 2020.

The list of companies profiled in the fuel cell market research report includes:

  • AVID Technology Ltd (United Kingdom)

  • Ballard Power Systems (Canada)

  • Brown Machine Group (USA)

  • Ceres Power (UK)

  • Cummins (USA)

  • Delphi Technologies (UK)

  • Denso Corporation (Japan)

  • ITM Power Manufacturers (UK)

  • Robert Bosch (Germany)

  • Bloom Energy (USA)

  • SFC Energy (Germany)

  • Among other.


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Key players have incorporated several strategies to stay on the cutting edge, such as acquisitions, mergers, partnerships and more.

Industry updates

China Yuchai has formed a joint venture in Beijing for the development of fuel cell driveline systems in the Hebei, Tianjin and Beijing markets. The partners will also combine their capabilities and resources to promote the development of the key components of the fuel cell power system.

Market research Futures review of the fuel cell driveline market

Drivers

Increase in R & D activities to increase market growth

The increase in R & D activities to make hydrogen-powered vehicles affordable, environmentally friendly and safe will increase market growth during the forecast period.

Opportunities

Increased awareness of greenhouse gas emissions to offer robust options

The growing awareness of air pollutants and greenhouse gas emissions into the environment will offer robust opportunities for the fuel cell driveline market during the forecast period. In addition, the growing use of FCEV and rapid technological change in the automotive industry are also boosting market growth.

Limitations

High flammability to act as a market constraint

High flammability combined with problems in detecting hydrogen leakage can act as a market constraint during the forecast period.

Challenges

Demand for HEVs and BEVs to act as a market challenge

The growing need for HEVs and BEVs can serve as a market challenge during the forecast period.

Review in-depth market research report (188 pages) on fuel cell driveline

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Market segmentation

The global fuel cell driveline market is divided into two parts based on power, vehicle type, drive type and component.

By component, the battery system segment will lead the market over the forecast period and with a high CAGR.

By drive type, the rear-wheel drive segment will dominate the market during the forecast period and with a significant CAGR.

By vehicle type, the passenger car segment will be at the forefront of the market during the forecast period.

Based on power, the 150-250 KW segment will have the lion’s share of the market during the forecast period.

COVID-19 Analysis

The COVID-19 crisis had a negative effect on the growth of the fuel cell propulsion unit. Sales and production of new vehicles have stalled worldwide due to the disruption of the entire ecosystem. The economic crisis has led to a delay in the use of pure hydrogen, which has resulted in the slow market growth in the beginning. According to COVID, concerns about public safety and health will be given the utmost importance, which will result in decarbonisation among various industries, especially the automotive industry, which will directly affect market growth.


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Regional Analysis


APAC will have an astonishing growth in the market for fuel cell engines

The APAC region will have an astonishing growth in the fuel cell market during the forecast period. The development of new infrastructure capacities, the creation of new infrastructure capacities that open up the market for foreign companies, emerging needs for fuel-efficient cars, government initiatives for hydrogen stations, increased disposable income in emerging economies, strict emissions regulations worldwide, leading automakers in the region, China, South Korea and Japan, the leading users of FEVs, are contributing to the growth of the global fuel cell driveline market in the region. In addition, the increasing investment and development, the pressure to popularize fuel cell vehicles, the growing launch of new projects, the expansion of infrastructure capacity, the opening of the market for foreign candidates, increasing demand for environmentally friendly and fuel efficient cars, the presence of several domestic and international fuel cell engine manufacturers, hydrogen station government initiatives, increased disposable income in emerging economies, the presence of leading automakers such as Hyundai, Honda and Toyota, and the pressure to popularize fuel cell vehicles also add to market growth.

Market segmentation covered by the study:

Market research report for fuel cell driveline: Information by component (fuel cell system, battery system, drive system, hydrogen storage system and others), type of drive (rear wheel drive (RWD), front wheel drive (FWD) and four wheel drive (AWD)) Vehicle type (passenger cars, lorries and light commercial vehicles) , performance (less than 150 KW, 150–250 KW and more than 250 KW) – Forecast until 2030


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