Automotive fuel cell market size was estimated at over 5,000 units in 2015, and is expected to grow at a CAGR of 12.7% from 2016 to 2023. Growing consciousness regarding harmful emissions from gasoline and conventional fuel vehicles is expected to drive the industry over the forecast period.

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Automotive Feul Cell market 2016-2023

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Research Report Insights
 Methodology and Scope
 Executive Summary
 Automotive Fuel Cell Industry Insights
 Automotive Fuel Cell Application Insights
 Automotive Fuel Cell Regional Insights
 Competitive Insights

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 Automotive fuel cell market size is likely to reach 14,765 units by 2023; according to
the latest industry research report by Global Market Insights, Inc.
Increasing fuel cell vehicle (FCV) market size across the globe owing to rising
consciousness regarding effects of pollution caused is likely to drive growth.
In addition, low operating cost associated is also likely to propel the automotive fuel cell
market share.
Fuel cells offer minimum operating cost and low maintenance as there are very less
moving parts involved in the system.
Hydrogen fuel is now greatly used in various applications such as buses, back-up power,
small fleets of cars, forklifts, and will most likely spread its significance to laptops and cell
phones.
Lack of durability, high cost and reliability coupled with inconvenience is anticipated to
hamper industry growth.
Global Market Scenario of Automotive fuel cell Industry

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 Lack of durability, high cost and reliability coupled with inconvenience is anticipated to
hamper industry growth.
Light duty vehicles led automotive fuel cell market share and accounted for over 50% of
the consumption in 2015.
These vehicles are likely to witness significant gains, owing to their declining cost and
rapid technology advancements & innovations.
Material handling vehicles are anticipated to witness significant growth, at CAGR of
14.5% from 2016 to 2023.
 Rising adoption in several application sectors such as inventory management, airport
operations and distribution centers should boost demand over the forecast period.
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Germany automotive fuel cell market size, by application, 2012-2023 (Unit Shipment)

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Application Analysis
Light duty automotive fuel cell vehicle market size is likely to be estimated at over 7,500 units by
2023, growing at a CAGR of 12.4% from 2016 to 2023. Integration of fuel cells in this application
may enable in cutting down gasoline consumption significantly.
Regional Analysis
 Asia Pacific automotive fuel cell market size isprojected to account for over 60% of the overall
industry share by 2023 and is expected to grow at a CAGR of 11.8% from 2016 to 2023.
 Europe is forecast to be the most attractive regional segment; it is anticipated to grow at a
CAGR of over 14.5% over the next seven years.
Competitive Market Share
Participants occupying major automotive fuel cell market share include Ballard, Fuel Cell Energy,
and Toshiba. Other notable participants include Plug Power Inc., Panasonic, and Hydrogenics
Corporation.
360° Analysis

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