LONDON--(BUSINESS WIRE)--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.
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 are some of the major market participants. Although the increased demand for efficient and cleaner fuel will offer immense growth opportunities, the lack of refueling infrastructures for FCEVs is likely to pose a challenge for the market vendors. In a bid to help players strengthen their market foothold, this fuel cells market for automotive industry forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Fuel Cells Market for Automotive Industry 2020-2024: Segmentation
Fuel Cells Market for Automotive Industry is segmented as below:
- Light-duty Vehicles
- Heavy-duty Vehicles
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Fuel Cells Market for Automotive Industry 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The fuel cells market for automotive industry report covers the following areas:
- Fuel Cells Market for Automotive Industry Size
- Fuel Cells Market for Automotive Industry Trends
- Fuel Cells Market for Automotive Industry Industry Analysis
This study identifies the reduction in the cost of fuel cell systems as one of the prime reasons driving the Fuel Cells Market for Automotive Industry growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Fuel Cells Market for Automotive Industry 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist fuel cells market for automotive industry growth during the next five years
- Estimation of the fuel cells market for automotive industry size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the fuel cells market for the automotive industry
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of fuel cells market vendors for the automotive industry
Table of Contents:
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Application
- Market segments
- Comparison by Application
- Light-duty vehicles - Market size and forecast 2019-2024
- Heavy-duty vehicles - Market size and forecast 2019-2024
- Others - Market size and forecast 2019-2024
- Market opportunity by Application
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2019-2024
- Americas - Market size and forecast 2019-2024
- EMEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
- Vendor Landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- 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.
- PowerCell Sweden AB
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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