Technavio has been monitoring the fuel cells market for the automotive industry and it is poised to grow by 1,695.29 MW during 2020-2024, progressing at a CAGR of almost 25% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Technavio has announced its latest market research report titled Global Fuel Cells Market for Automotive Industry 2020-2024
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Impact of COVID-19
The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the fuel cells market for the automotive industry. The market growth in 2020 is likely to increase compared to the market growth in 2019.
Frequently Asked Questions:
Based on segmentation by application, which is the leading segment in the market?
The light-duty vehicles segment led the market in 2019.
What are the major trends in the market?
Reduction in the cost of fuel cell systems is one of the key trends in the market.
At what rate is the market projected to grow?
The market is projected to grow at a CAGR of almost 25% during 2020-2024.
Who are the top players in the market?
Ballard Power Systems Inc., Cummins Inc., ElringKlinger AG, Horizon Fuel Cell Technologies Pte. Ltd., Intelligent Energy Ltd., Nedstack Fuel Cell Technology BV, Nuvera Fuel Cells LLC, Oorja Corp., Plug Power Inc., and PowerCell Sweden AB are the top players in the market.
What are the key market drivers and challenges?
The market is driven by the increased demand for efficient and cleaner fuel. However, the lack of refueling infrastructures for FCEVs might hamper growth.
How big is the APAC market?
The APAC region led the market in 2019 with a 52% market share.
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Ballard Power Systems Inc., Cummins Inc., ElringKlinger AG, Horizon Fuel Cell Technologies Pte. Ltd., Intelligent Energy Ltd., Nedstack Fuel Cell Technology BV, Nuvera Fuel Cells LLC, Oorja Corp., Plug Power Inc., and PowerCell Sweden AB