- Opportunity and Forecast, 2016-2025
Automotive fuel cells eliminate noise pollution and reduce harmful gas emissions. In addition, safety is offered by eliminating combustion activity during production of energy. These devices require less maintenance and have a long lifespan as they are minimally exposed to high temperatures and there is absence of corrosion. Conventional fuels are not used by these devices; thus, there is less dependence on conventional oil-producing countries. Adoption of automotive cells is increasing with technological advancements, as countries focus on reducing carbon emissions.
Expansion in automotive industry, environmental-friendly nature of these cells, and low operating cost are factors that drive the growth of the global automotive fuel cell market. However, inconvenience and lack of reliability & durability are factors that restrain the growth. Technological advancements and supportive government policies present new opportunities for growth to market players.
The global automotive fuel cell market is segmented on the basis of application and region. Based on application, the industry is divided into light-duty vehicles, buses, and material-handling vehicles. Regionally, it is analyzed across North America, Europe, Latin America, Asia-Pacific, and Middle East & Africa.
Key manufacturers operating in the industry are Ballard, Toshiba, Fuel Cell Energy, Panasonic, Plug Power Inc., and Hydrogenics Corporation. These players have formulated strategies, such as collaborations, new product launches, expansion, mergers & acquisitions, joint ventures, partnerships, and others, to strengthen their position and sustain in the global industry.
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