LONDON--(BUSINESS WIRE)--The global fuel cell market in the automotive industry is set to grow at a rapid CAGR of over 45% (in terms of unit shipments) through 2019, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of global fuel cell market in the automotive Industry for 2015-2019. The market size has been calculated based on the revenue generated from the global units and MW shipments of fuel cells in the automotive industry.
Technavio’s research study segments the global chest and upright freezer market into the following regions:
APAC: Largest market for fuel cells in the automotive industry
The fuel cell market in the automotive industry is dominated by APAC. This region shipped 2,349 units in 2014 and is expected to ship 14,650 units by 2019, growing at a CAGR of 44.2%. APAC accounted for more than 70% of the global unit shipments in 2014 but this figure is expected to drop to 68% by 2019.
“Heavy investments in fuel cell devices and advances in technology are two factors propelling the market growth in this region. The growing need for reducing energy consumption in the transportation sector will also fuel the market in APAC,” said Technavio lead automotive manufacturing research analyst Sayani Roy.
Rapid development of hydrogen infrastructures fostered by companies, such as HySUT, JX Nippon Oil and Energy, and Iwatani, is boosting the market significantly. Initiatives taken by the Chinese government to stimulate commercial funding of new energy vehicles will also contribute to the growing application of fuel cells in the transportation sector in APAC.
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Some of the top global fuel cell market vendors in the automotive industry highlighted in the report are:
- Ballard Power Systems
- Nuvera Fuel Cells
- Plug Power
Some of the other prominent vendors include Delphi Automotive Systems, EnergyOR Technologies, H2 Logic, and Symbio FCell.
The Americas: Fastest growing region
The fuel cell market in the automotive industry in the Americas shipped 646 units in 2014 and is expected to ship 4,403 units by 2019, growing at a CAGR of 46.8%.
“The US is the major contributor to the market in the Americas because of strong support from the US government and initiatives taken by the US Department of Energy (DoE) for the development of fuel cell and hydrogen technologies,” said Sayani.
Major players such as DuPont and Ballard Power Systems have significant market shares in the region. The hydrogen infrastructure project, H2USA, launched by the US government is intended to boost hydrogen infrastructure in the country, which will positively influence the market growth. The state of California is the forerunner in hydrogen legislation and infrastructure in the country. The US is expected to provide maximum unit shipments during the forecast period.
Other key leading countries:
The presence of many domestic fuel cell developers, government support, and the need to curb carbon emissions are fueling the demand for fuel cells in Germany. Increased demand to conserve energy has also encouraged many private players to invest in the development of fuel cells, propelling the market. Increased application of fuel cells in the transportation sector, especially in public transport and material handling vehicles, will significantly contribute to the market growth in the country.
Japan is the major market for fuel cells in APAC. The country has a strong fuel cell supply chain network and various regional alliances for the development of fuel cells. In addition, a reduction in fuel cell prices has increased the participation of domestic manufacturers, which is helping the market grow significantly.
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