Global Automotive Fuel Cell Market is estimated to be US$ 66.56 billion by 2030 with a CAGR of 39.6%
Global Automotive Fuel Cell Market accounted for US$ 2.43 billion in 2020 and is estimated to be US$ 66.56 billion by 2030 and is anticipated to register a CAGR of 39.6%. Fuel cells are used to power automobiles, which are propelled by hydrogen fuel. This sort of fuel is stored in high-pressure tanks and then supplied into a fuel cell stack, where oxygen and hydrogen from the air react to generate electricity. Unlike typical fuel cell vehicles, which usually run on diesel or gasoline, fuel cell vehicles generate electricity using a combination of oxygen and hydrogen. Fuel stacks for these fuel cells are available for a variety of vehicles, including RVs, cars, trucks, and buses.
The report " Global Automotive Fuel Cell Market, By Fuel Type (Hydrogen and Methanol), By Electrolyte Type (PEMFC and PAFC), By Vehicle Type (Passenger Cars, Two Wheelers, Commercial Vehicles and Material Handling Vehicles), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Trends, Analysis and Forecast till 2029’’
Toyota created the Packaged Fuel Cell System Module in February 2021, which combines key functionalities such as Fuel Cell Stacks into a compact package that is suitable with Toyota's forthcoming Bus and Truck Projects.
Hyundai created HTWO in January 2021 to promote its world-class hydrogen fuel cell systems. A plant in Guangzhou, China, was built to generate 6,500 fuel cells each year. Hyundai will introduce a new Tucson model in September 2020 with best-in-class features and class-leading capabilities. It is the fourth generation of the Tucson vehicle, and it can run on a variety of fuels. There is also a hybrid version.
OEMs will be able to extend their revenue stream and geographical footprint as governments throughout the world invest more in developing hydrogen fuel infrastructure and offering incentives to buyers.