Fuel Cell Powertrain Market worth $3,797 million by 2025 - Exclusive Report by MarketsandMarkets(TM)
CHICAGO, Sept. 9, 2020 /PRNewswire/ -- According to the new market research report "Fuel Cell Powertrain Market by Components (Fuel Cell System, Drive System, Battery System, Hydrogen Storage System, & Others), Vehicle Type (PCs, LCV, Trucks, Buses), Power Output, Drive Type, H2 Fuel Station and Region - Global Forecast to 2025", published by MarketsandMarkets(TM), the Fuel Cell Powertrain Market size is projected to grow from USD 268 million in 2020 to USD 3,797 million by 2025, at a CAGR of 70.0%. Fuel cell powertrain is a driving system in which energy stored as hydrogen gets converted into electricity by way of a fuel cell. Unlike an ICE powertrain system, a fuel cell powertrain does not produce harmful tailpipe emissions. The US Department of Energy states that the application of fuel cell powertrain helps increase energy security and also strengthens economies. The various components of a fuel cell powertrain system are the battery, battery pack, DC/DC converter, electric traction motor, fuel cell stack, fuel cell filter, fuel tank, power electronica controller, thermal system, and transmission.
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The COVID-19 pandemic is expected to have an impact on the growth of Fuel Cell Powertrain Market. Both, the production and sales of new vehicles have come to a halt across the globe since the whole ecosystem has been disrupted. The economic crisis following the COVID-19 pandemic is expected to cause a significant delay in the adoption of clean hydrogen, leading to the slow growth of the market initially. Post COVID-19, concerns for the health and safety of the public are likely to be given paramount importance, which would lead to decarbonization among various industries, especially automotive. which will directly affect the growth of the Fuel Cell Powertrain Market in 2020.
Asia Oceania is expected to be the largest market during the forecast
Asia Pacific is projected to account for the largest market share by 2025, followed by North America and Europe. Increasing demand for fuel efficent vehicles, government initiative for hydrogen station; rising disposable income in emerging economies; and stringent emission regulations across the globe are the drivers of the Fuel Cell Powertrain Market. Leading automakers in Asia Pacific, such as Toyota, Honda, and Hyundai, have leveraged the advantages of fuel cell vehicles components in their models. Countries such as China, Japan, and South Korea are expected to be key adopters of FEVs in the future. Increasing developments and investments, along with the push to popularize fuel cell vehicles, will boost the Asia Oceania Fuel Cell Powertrain Market.
The fuel cell system in component segment is expected to have the largets market during the forecast
The fuel cell system is expected to occupy the largest market share due to the increased research & development activities to make fuel cells safer and offer better performance. It constitutes a fuel cell stack that generates power to the system and a fuel processor that converts fuel into a form usable by the fuel cell. Companies dealing in fuel cell components focus majorly on the overall performance of fuel cell systems to cater to market demand.
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The Europe is expected to have the fastest market during the forecast period
The European Fuel Cell Powertrain Market is driven by government support and fundings. Europe has set a very ambitious goal of reducing 80% CO2 emissions by 2050 and created a roadmap for the same. Under this, the FCHJU was established in 2008 and was carried out until 2013 as the first public-private partnership under the European Strategic Energy Technology Plan (SET-Plan). Its objective was to accelerate the development of fuel cells and hydrogen technologies in Europe to enable their commercialization. The continuation and further strengthening of the program is expected to drive the market for fuel cell powertrains in the region.
The global Fuel Cell Powertrain Market is dominated by major players such as Ballard Power Systems (Canada), Cummins Inc. (US), Denso Corporation (Japan), Robert Bosch GmbH (Germany), and FEV (Germany). These companies offer a wide variety of automotive motors fulfilling all major functions in a vehicle. The key strategies adopted by these companies to sustain their market position are new product developments, expansions, mergers &acquisitions, and partnerships & collaboration.
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