Automotive Fuel Cell Market & Global Industry Forecast Report, 2021-2028
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Automotive Fuel Cell Market
The Automotive Fuel Cell Market is projected to exhibit a CAGR of 40.8% over the forecast period. The increasing environmental issues such as climate change and poor air quality because of the rising consumption of fossil fuel has strengthened the automotive fuel cell market share.Request for a FREE Sample Report on Automotive Fuel Cell Market
Automotive Fuel Cell Market Dynamics
The major factors steering the growth of the automotive fuel cell market include the innovation of new electric vehicles by the key players and increasing government strategies and schemes to encourage the adoption of greener technology. For example, Honda, in 2019, launched its Clarity Fuel cell vehicle by entering in a partnership with GM to produce advanced hydrogen fuel cell systems in Michigan, United States. Also, Hyundai, in late 2018, united with Audi and its parent Volkswagen Group to raise the fuel-cell system production from 3,000 to 700,000 units. Thus, this growing trend of adopting new fuel cell-based electric vehicles has fuelled the market growth. Also, the growing sales of electric vehicle and the increasing initiatives by government, such as allowance to encourage clean transportation and evade greenhouse gas emissions will bolster the automotive fuel cell market size.However, the growing concerns about battery wastage and the high capital cost required for production of fuel cells because of the variations in raw material pricing may hamper the market growth. The cost issues and inadequate infrastructural availability has restricted the market growth.
Enterprise Size Segment Drivers
Based on the electrolyte type, the polymer electrolyte membrane (PEM) fuel cell is projected to dominate the market during the forecast period. The surging demand for the new electric vehicles and intensified government initiatives and schemes will fuel the market growth. The Indian Government has decided to support 1.5 Million electric vehicles through subsidies to boost electric vehicles. The Road Transport and Highways Minister in India (MoRTH) declared the phase-II of Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) scheme by executing budgetary support of USD 1362.52 Million to support about 62,000 electric passenger cars and buses, and 1.5 Million electric three- and two-wheelers in India. Thus, as per the Automotive Fuel Cell Market report, the polymer electrolyte membrane (PEM) fuel cell offers various benefits, such as low weight and high power density.About GMI Research
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