Automotive Fuel Cell Market Worth 724 Thousand Units By 2030...| MENAFN.COM

Thursday, 01 December 2022 03:00 GMT

Automotive Fuel Cell Market Worth 724 Thousand Units By 2030 - Exclusive Report By Marketsandmarkets™'

(MENAFN- PR Newswire)

North America is projected to be the fastest growing market due to increasing investments by governments across Europe and growing efforts to replace existing bus and taxi fleets with zero-emission vehicles. North America has been one of the leaders in fuel cell development with the help of renowned fuel cell companies in the US and Canada such as Ballard Power (Canada), Plug Power (US), and Fuel Cell Energy (US). This technology is being promoted extensively in the US, with its Senate launching a new bipartisan fuel cell and hydrogen caucus in the summer of 2012. The caucus intends to promote the continued development and commercialization of hydrogen and fuel cell technologies in the US. Apart from this, in April 2013, 27 US Senate representatives signed a letter requesting USD 147.8 million in funding for a fuel cell and hydrogen energy program and USD 50 million for the State Energy Conversion Alliance (SECA) solid oxide fuel cell program as part of the FY (financial year) 2014 Energy and Water Appropriations Bill. As of November 2022, the US government is preparing the new hydrogen bill to encourage the use of hydrogen as an emission free alternative across various sectors including transportation. Investments are expected to cater to this initiatives. The US and Canada have been supporting the growth of FCEVs, especially in the commercial vehicle sector. The governments have supported performance testing for fuel cell HCVs for interstate logistics and buses. The presence of companies like Ballard Power Systems, Hyster-Yale, Plug Power, Cummins, Advent Technologies Holdings, BorgWarner, among others makes the North American market more competitive and lots of new possibilities in the coming years. The US is projected to be the largest Automotive Fuel Cell Market in North America. California is a key state in the US focusing on and promoting the use of hydrogen vehicles. The state has made significant investments in the development of hydrogen infrastructure for FCEVs. Currently, the state has the largest number of fuel cell cars on the road. Both the US and Canada have promoted FCEVs across individual states.

Key Market Players

The Automotive Fuel Cell Market
is dominated by established players such as Ballard Power Systems (Canada), Toyota Motor Corporation (Japan), Hyundai Group (South Korea), Hyster Yale (US), and Plug Power (US) among others. These players have worked on providing offerings for the automotive fuel cell ecosystem. They have initiated partnerships to develop their fuel cell technology and offer best-in-class products to their customers.

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