The GMI Research expects the fuel cell powertrain market to expand at a significant. From a regional perspective, North America is projected to lead the market due to the strong presence of many enterprises, including Plug Power Inc., FuelCell Energy, Inc., Frontier Energy, Inc., Cummins, Inc., Raytheon Technologies Corporation, and Nel ASA that are involved in the development of fuel cell solutions.
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Fuel Cell Powertrain Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The technological changes in the automotive industry, the rising adoption of fuel cell electric vehicles (FCEV), and the increasing awareness regarding the growing greenhouse gas emission and air pollutants in the environment are the major factors contributing to the growth of the fuel cell powertrain market. Moreover, fuel cells provide several benefits, such as lower emissions than combustion engines, managing batteries, increased energy efficiency, charging, lower operational cost owing to the exclusion of changing, and quiet operation due to fewer moving parts. This factor is boosting the growth of the fuel cell powertrain market.
Several companies, including the Fuel Cells and Hydrogen Joint Undertaking (FCH JU), Europe; Fuel Cell & Hydrogen Energy Association, U.S.; the International Partnership for Hydrogen and Fuel Cells in the Economy (IPHE); U.S. Department of Energy, and Canadian Hydrogen and Fuel Cell Association; among others are rapidly increasing technological development, research, and demonstration activities in fuel cell and hydrogen energy technologies which will further bolster the market growth. On the other hand, the increasing demand for battery and hybrid electric vehicles and the rising flammability of hydrogen leakage will hinder the growth of the market. In addition to this, the emergence of the COVID-19 pandemic has adversely impacted the demand for the fuel cell powertrain market due to interrupted supply chains and the production of vehicles worldwide.
Fuel Cell Powertrain Market’s leading Manufacturers:
- Ballard Power Systems.
- Cummins, Inc.
- Denso Corporation
- Robert Bosch GmbH
- FEV Group GmbH
- ITM Power
- Ceres Power Holdings plc
- Continental AG
- BorgWarner Inc.
- FCP Fuel Cell Powertrain GmbH
Fuel Cell Powertrain Market Segmentation:
Segmentation by Component:
- Fuel Cell System
- Battery System
- Drive System
- Hydrogen Storage System
- Others
Segmentation by Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Buses
- Trucks
Segmentation by Drive Type:
- Chemical Rear-Wheel Drive (RWD)
- Front-Wheel Drive (FWD)
- All-Wheel Drive (AWD)
Segmentation by Power Output:
- <150 kW
- 150-250 kW
- >250kW
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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