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Fuel Cell Market in Automotive Industry to grow at 12.7% CAGR from 2016 to 2023

Europe Fuel Cell Vehicle Market is forecast to be the most attractive regional segment; it is anticipated to grow at a CAGR of over 14.5% over the next seven years.
Automotive Fuel Cell Market Size By Application (Light Duty Vehicles, Buses, Materials Handling Vehicles) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Japan, South Korea), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023

Automotive fuel cell market will grow noticeably over the coming six years, mainly driven by the growing awareness regarding the hazardous environmental effects of GHG and carbon footprints. 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.

As per the report by Global Market Insights, Inc., “Global Automotive Fuel cell market occupied a volume of over 5,000 units in 2015 and is anticipated to register an annual growth rate of 12.7% over the period of 2016 to 2023.” 

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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.

Germany automotive fuel cell market size, by application, 2012-2023 (Unit Shipment)

Germany automotive fuel cell market size, by application, 2012-2023 (Unit Shipment)

Material handling vehicles, buses, and light duty vehicles are key applications of the automotive fuel cell industry. Material handling vehicle applications will exhibit an annual growth rate of 14.5% over the coming period of 2016 to 2023, driven by their increasing use across distribution centers, airport operations, and inventory management.

Light duty automotive fuel cell market size occupied 50% of the overall industry share in 2015 and is predicted to surpass 7500 units by 2023, owing to its increasing demand to cut the gasoline consumption globally. Moreover, incorporation of hydrogen fuel cell in buses, forklifts, and power back-up applications will create a lucrative roadmap for the automotive fuel cell industry over the period of 2016 to 2023.

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Taking into account the regional landscape, 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.

Market players are focusing on increasing their technology and product base through strategic partnerships and alliances. Key industry participants include Toshiba, Ballard, and Fuelcell Energy, GM, Panasonic, Altergy Systems, Hydrogenics Corporation, Honda, Automotive Fuel Cell Cooperation, and Plug Power Inc.

Browse key industry insights spread across 80 pages with 51 market data tables & 19 figures & charts from the report Automotive Fuel Cell Market in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/automotive-fuel-cell-market

Global Market Insights has segmented the automotive fuel cell industry on the basis of application and region:

Global Automotive Fuel Cell Market Application Analysis (Unit Shipments, 2012 – 2023)

  • Light Duty Vehicles
  • Buses
  • Materials Handling Vehicles
  • Others

Global Automotive Fuel Cell Market Regional Analysis (Unit Shipments, 2012 – 2023)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA (Middle East & Africa)

 

Browse Related Reports:

  • Fuel Cell Market Size By Application (Stationary, Portable, Transport), By Product (PEMFC, DMFC, SOFC), Industry Analysis Report, Regional Outlook (U.S, Canada, Germany, UK, Japan, South Korea, South Africa, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024

        https://www.gminsights.com/industry-analysis/fuel-cell-market

 

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Media Contact
Company Name: Global Market Insights Inc.
Contact Person: Arun Hegde
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Phone: 1 302-846-7766
Address:29L Atlantic Avenue, Suite L 105
City: Ocean View
State: Delaware
Country: United States
Website: https://www.gminsights.com/industry-analysis/automotive-fuel-cell-market

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