Fuel Cell Powertrain Market worth USD 7.37 billion by 2030, registering a CAGR of 71% – Report by Market Research Future (MRFR)
New York, Nov. 12, 2021 (GLOBE NEWSWIRE) — Fuel Cell Powertrain Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Fuel Cell Powertrain Market Research Report, Component, Drive Type, Vehicle Type, Power Output and Region – Forecast till 2030”,the market is projected to be worth USD 7.37 billion by 2030, registering a CAGR of 71% during the forecast period (2022 – 2030), The market was valued at USD 287 million in 2020.
List of the companies profiled in the fuel cell powertrain market research report include:
- AVID Technology Ltd (UK)
- Ballard Power Systems (Canada)
- Brown Machine Group (US)
- Ceres Power (UK)
- Cummins (US)
- Delphi Technologies (UK)
- Denso Corporation (Japan)
- ITM Power Manufacturers (UK)
- Robert Bosch (Germany)
- Bloom Energy (US)
- SFC Energy (Germany)
- Among others.
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Key players have incorporated several strategies to stay at the forefront such as acquisitions, mergers, partnerships, and more.
Industry Updates
China Yuchai has formed a joint venture in Beijing for developing fuel cell powertrain systems in Hebei, Tianjin, and Beijing markets. The partners will also combine their capabilities and resources to advance the development of the core fuel cell power system components.
Market Research Future’s Review on Fuel Cell Powertrain Market
Drivers
Rise in R&D Activities to Boost Market Growth
The rise in R&D activities for making hydrogen-powered vehicles affordable, eco-friendly, and safe will boost market growth over the forecast period.
Opportunities
Increasing Awareness about Greenhouse Gas Emission to offer Robust Opportunities
The increasing awareness about air pollutants and greenhouse gas emission in the environment will offer robust opportunities for the fuel cell powertrain market over the forecast period. Besides, the growing adoption of FCEV and rapid technological changes in the auto industry are also fuelling market growth.
Restraints
High Flammability to act as Market Restraint
High flammability coupled with issues to detect hydrogen leakage may act as market restraint over the forecast period.
Challenges
Demand for HEVs and BEVs to act as Market Challenge
The burgeoning need for HEVs and BEVs may act as market challenge over the forecast period.
Browse In-depth Market Research Report (188 pages) on Fuel Cell Powertrain
https://www.marketresearchfuture.com/reports/fuel-cell-powertrain-market-10393
Market Segmentation
The global fuel cell powertrain market is bifurcated based on power output, vehicle type, drive type, and component.
By component, the battery system segment will lead the market over the forecast period and at a high CAGR.
By drive type, the rear wheel drive segment will dominate the market over the forecast period and at a significant CAGR.
By vehicle type, passenger cars segment will spearhead the market over the forecast period.
By power output, the 150-250 KW segment will have the lions share in the market over the forecast period.
COVID-19 Analysis
The COVID-19 crisis possessed a negative effect on the fuel cell powertrain market growth. The sales and the production of new vehicles have come to a halt all over the world due to the disruption in the entire ecosystem. The economic crisis has led to a delay in the use of clean hydrogen resulting to the slow market growth initially. After COVID, concerns for the safety and health of the public will be given utmost significance that will result in decarbonization amid various industries particularly automotive that will affect the market growth directly.
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Regional Analysis
APAC to Have Astonishing Growth in Fuel Cell Powertrain Market
The APAC region will have astonishing growth in the fuel cell powertrain market over the forecast period. The development of new infrastructure capabilities, the creation of new infrastructure capabilities that is opening the market to foreign companies, burgeoning need for fuel-efficient cars, initiatives by the government for hydrogen station, increasing disposable income in emerging economies, stringent emission regulations across the globe, leading automakers in the region, China, South Korea, and Japan being the leading adopters of FEVs are adding to the global fuel cell powertrain market growth in the region. Besides, the rising investments and developments, push for popularizing fuel cell vehicles, the growing launch of new projects, the expansion of infrastructure capabilities, the opening up of the market for foreign candidates, increasing demand for eco-friendly and fuel efficient cars, the presence of several domestic and international fuel cell power train manufacturers, government initiatives for hydrogen station, increasing disposable income in emerging economies, the presence of leading automakers like Hyundai, Honda, and Toyota, and the push to popularize fuel cell vehicles are also adding market growth.
Segmentation of Market covered in the research:
Fuel Cell Powertrain Market Research Report: Information By Component (Fuel Cell System, Battery System, Drive System, Hydrogen Storage System and Others), Drive Type (Rear Wheel Drive (RWD), Front Wheel Drive (FWD) and All-Wheel Drive (AWD)) Vehicle Type (Passenger Cars, Light Commercial Vehicle (LCV), Buses and Trucks), Power Output (Less than 150 KW, 150–250 KW and More than 250 KW) – Forecast till 2030
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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