The global automotive fuel cell market is projected to grow from USD 0.2 billion in 2024 to USD 2.1 billion by 2030, at a CAGR of 48.0%. The development of mobile and community hydrogen fueling systems represents a significant advancement in making hydrogen more accessible for various applications. Hydrogen fuel providers have introduced compact home and community fueling stations that convert filtered water into hydrogen fuel for fuel cell vehicles, providing a cost-effective solution for large residential complexes, community centers, warehouses, small businesses, and fleets. The successful implementation of these systems is anticipated to drive demand for Fuel Cell Electric Vehicles (FCEVs). Further, emerging technologies such as mobile refueling and non-precious metal alternatives provide new use cases. Companies like Air Products, Linde, and Powertech Labs are actively developing this mobile refueling technology, which involves transporting hydrogen from a production facility to refuel FCEVs at designated locations.
Growing Heavy-Duty Fuel Cell Vehicle Demand To Boost 150-250 kW Segment in Forecast Period
The segment exceeding 150-250 kW is poised to experience rapid expansion, fueled by the growing need for heavy-duty fuel cells, particularly in vehicles with reduced fuel costs. This will be led by bestselling FCEV trucks and buses by companies such as Hyundai, New Flyer, BYD, Toyota among others. The Hyundai XCient fuel cell truck features two parallel fuel stacks, each with a 95 kW output, resulting in a total maximum output power of 190 kW. While currently contributing to the second-largest share of the automotive fuel cell market by power output, the 150-250 kW segment is expected to find significant growth opportunities in the coming years. This growth is attributed to the decreasing cost of fuel cells in recent years and the ability to stack more fuel cells in a compact space, enhancing the range of Fuel Cell Electric Vehicles (FCEVs) by increasing their capacity. Although there are currently only a few models of fuel cell vehicles with output power ranging between 150 kW and 250 kW, such as the Toyota Sora and Hyundai XCient, these vehicles represent a small share of globally sold fuel-cell vehicles. Nevertheless, the increasing demand for fuel-cell buses and trucks, coupled with original equipment manufacturer (OEM) efforts to provide efficient fuel-cell vehicleswill lead to rapid growth.
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Growing Demand for Fuel Cell Vans and Pickups in the Coming Years
Fuel cell technology is making significant strides and will find new use cases particularly in vans and pickups. Unlike traditional electric vehicles, fuel cell electric vehicles (FCEVs) boast an extended range, making them suitable for light commercial vehicles. This shift towards FCEVs is evident in the innovative offerings from leading automotive brands like Stellantis, H2X, SAC Maxus, presenting versatile solutions for various industries. The eDAILY FCEV prototype by Hyundai is a prime example, featuring a 90 kW hydrogen fuel cell system and a 140 kW e-motor. With a remarkable driving range of 219 miles, a payload capacity of 3 tons, and a Gross Vehicle Weight (GVW) of 7.2 tons, it addresses the sustainable and efficient transportation needs of sectors like Freight and Cargo Transportation, Delivery Services, and Logistics & Distribution Centers. SAIC Maxusalso introduced FCEV models such as the MIFA 9, the world's first full-size, pure electric Fuel Cell Electric Multi-Purpose Vehicle (FCE-MPV), and the T90EV, Europe's pioneering fully electric Fuel Cell Electric Pickup Truck (FCE-Pickup).
Europe is expected to be the fastest growing hydrogen infrastructure provider in the coming years
Europe is experiencing rapid growth in the hydrogen fuel points market, with Germany and France leading the expansion. Other countries like the UK, Belgium, Denmark, Italy, Norway, Netherlands, Spain, Sweden, and Switzerland are also contributing to the market's growth. The increase in fueling stations is driven by new emission reduction policies. Germany, in particular, has seen significant growth due to collaborations between German OEMs and the government, resulting in an increase in fuel cell electric vehicles (FCEVs). France has worked with Germany to enhance hydrogen fueling points. Shell subsidiaries have approved the construction of Holland Hydrogen L, set to become Europe's largest renewable hydrogen plant in 2025. In 2022, 82 MOBILITY secured 110 million euros to expand large hydrogen refueling stations, with notable investments from Shell, Air Liquide, Daimler Truck, EG Group, and Hyundai.
Key Market Players
The automotive fuel cell market is dominated by established players such as Ballard Power Systems (Canada), Hyster-Yale (US), Plug Power(US) ITM Power(UK) and Cummins (US). These companies provide fuel cell technologies and possess robust worldwide distribution networks.
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