The global automotive fuel cell market size was US$ 1.9 billion in 2020. The global automotive fuel cell market is forecast to reach the value of US$ 63.7 billion by 2030 by growing at a compound annual growth rate (CAGR) of 42.1% during the forecast period from 2021-2030.
Automotive fuel cells are employed for electronic vehicles to generate electricity with the help of oxygen present in the air. These cells are either used with battery cells or instead of batteries.
COVID-19 Impact Analysis
The global automotive fuel cell market witnessed a sudden and severe decline, all due to the disruption in trade activities. The rapid spread of the COVID-19 infection forced governments of various countries to impose temporary lockdown. As a result, it hampered the import-export activities. Moreover, the market witnessed an abrupt decrease in trade activities. People avoided buying luxurious things. Thus, it hampered the entire automotive sector. As a result of this, the global automotive fuel cell market growth slowed down during the epidemic.
Factors Influencing
Geographic Analysis
Regionally, the Asia-Pacific region holds the largest share in the global automotive fuel cell market. It is due to the increasing production activities and government initiatives to curb environmental pollution. Green environment initiatives and government support for hydrogen infrastructure, mainly in emerging countries, are the primary factors driving the market growth. Apart from that, the growing demand for electric vehicles and rising fuel prices are the factors surging the growth of the Asia-Pacific automotive fuel cell market. In addition, the global fuel cell market is forecast to witness a rapid expansion in North America. It is due to the increasing research and development activities and government initiatives to promote environment-friendly services.
Competitors in the Market
Market Segmentation
Based on Components:
Based on Vehicle Type:
Based on Power Capacity:
Based on Operating Miles:
Based on Hydrogen Fuel Point:
Based on Specialised Vehicle Type:
By Region