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With rising concern of emission levels and carbon footprints, the governments are in churn to find an alternative to gasoline engines. This has led to increasing adoption of zero emission vehicles. The fuel cell is an economical and attractive option for mobility with zero emissions. A fuel cell-electric vehicle is an electrically driven vehicle in which electricity is generated by a fuel cell using hydrogen as an energy source. Alternatively, this energy can be temporarily stored by the traction battery. Additionally, fuel cells have a higher efficiency than diesel or gas engines. Moreover, most fuel cells operate with a low noise level as compared to internal combustion engine.
COVID-19 scenario analysis:Â
Increase in awareness of zero-emission vehicle has amplified the market for automotive fuel cell. Stringent government norms and emission standards to reduce carbon footprints globally drive the growth of the automotive fuel cell market. Additionally, fuel cells increase the operating range of the vehicle. Besides, rising awareness of unhealthy air quality index prescribed by the World Health Organization (WHO) can increase the sales of automotive fuel cells. However, hydrogen is highly flammable and difficult to store. Also, increasing adoption of BEVs & HEVs and inadequate hydrogen infrastructure are hampering the growth of the market. Further, the maintenance of fuel cells is simple since there are no moving parts; thereby, proliferating market growth.
The automotive fuel cell market trends are as follows:
Fuel cells have many advantages but because it is expensive to split water into oxygen and hydrogen, restraints its market growth. However, the automotive fuel cell market manufacturers are under a constant pressure of finding an alternative to split water molecules. Recently, the scientists at Swinburne University of Technology and Griffith University found a way to split water molecules by using inexpensive metals such as iron and nickel as catalysts. This would help in proliferating the automotive fuel cell market growth.
Many automakers are also focusing on adopting fuel cell technologies in car. For instance, BMW presented i Hydrogen next car that uses fuel cell technology. Additionally, BMW and Toyota have signed a pact to cooperate on fuel-cell technologies. Moreover, governments are heavily investing in developing the infrastructure for fuel cell market growth. To illustrate, South Korea will produce 6.2 million units of fuel cell electric vehicles and build 1,200 refilling stations across the country by 2040.
Key benefits of the report:
Questions answered in the automotive fuel cell market research report:
Automotive Fuel Cell Market Report Highlights
Aspects | Details |
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By Electrolyte type |
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By Fuel type |
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By Component |
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By Power output |
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By Specialized vehicle |
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By Vehicle type |
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By Region |
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Key Market Players | Nuvera Fuel Cells LLC, SFC Energy AG, Fuel Cell Energy Inc., Nedstack, Ballard, Elcogen AS, Proton Power System PLC, ITM Power |
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