The fuel cell powertrain market consists of sales of fuel cell stacks, hydrogen tanks, power converters, and integrated systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sizing and Forecast
The fuel cell powertrain market size has grown exponentially in recent years. It will grow from $0.37 billion in 2023 to $0.55 billion in 2024 at a compound annual growth rate (CAGR) of 50.2%. The growth in the historic period can be attributed to better fuel efficiency and increased driving, demand for clean energy vehicles such as pure electric vehicles, increasing demand for green transportation options, and growing demand for passenger cars and fuel-efficient vehicles.
The fuel cell powertrain market size is expected to see exponential growth in the next few years. It will grow to $2.82 billion in 2028 at a compound annual growth rate (CAGR) of 50.3%. The growth in the forecast period can be attributed to the growing adoption of clean energy vehicles, government investments, rising hydrogen infrastructure development, increasing focus on greenhouse gas emissions reduction, surge in the adoption of fuel-cell vehicles. Major trends in the forecast period include growing technological advancements, increasing investments in industry-grade LED technologies, increasing investments in the modernization of infrastructure, lighting technologies are evolving, and rapidly developing lighting technology.
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Segmentation & Regional Insights
The fuel cell powertrain market covered in this report is segmented –
1) By Component: Fuel Cell System, Battery System, Drive System, Hydrogen Storage System, Other Components
2) By Power Output: Less Than 150 kW, 150-250 kW, Greater Than 250kW,
3) By Drive Type: Rear-Wheel Drive (RWD), Front-Wheel Drive (FWD), All-Wheel Drive (AWD)
4) By Vehicle Type: Passenger Cars, Commercial Vehicle, Buses, Other Vehicle Types
Asia-Pacific was the largest region in the fuel cell powertrain market in 2023. The regions covered in the fuel cell powertrain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing adoption of clean energy vehicles is expected to propel the growth of the fuel cell powertrain market going forward. Clean energy vehicles (CEVs) are vehicles that use alternative fuels or energy sources instead of traditional fossil fuels such as gasoline or diesel. The demand for fuel cell powertrains arises from the need for sustainable transportation solutions that offer zero-emission propulsion, address environmental concerns, advance energy efficiency, and reduce reliance on fossil fuels. Clean energy vehicles employ fuel cell powertrains to convert hydrogen fuel into electricity through an electrochemical process, enabling emission-free propulsion and contributing to a sustainable transportation ecosystem. For instance, in January 2022, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021 from 3 million in 2020, representing almost 9% of total sales, and increased by 4 percentage points in 2021. Therefore, the growing adoption of clean energy vehicles is driving growth in the fuel cell powertrain market.
Key Industry Players
Major companies operating in the fuel cell powertrain market are Toyota Motor Corporation, Mercedes-Benz Group AG, Ford Motor Company, General Motors Company, Bayerische Motoren Werke AG, Honda Motor Co. Ltd., SAIC Motor Corp. Ltd., Robert Bosch GmbH, Hyundai Motor Company, Hitachi Ltd., Siemens AG, Nissan Motor Co. Ltd., Audi AG, BYD Company Ltd., Panasonic Corporation, Renault Group, Volvo Group, ZF Friedrichshafen AG, Continental AG, Magna International Inc., Denso Corporation, Tata Motors Limited, Cummins Inc., Valeo SA, Plug Power Inc., Ballard Power Systems Inc
The fuel cell powertrain market report table of contents includes:
1. Executive Summary
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