Automotive Fuel Cell Market

1. Automotive Fuel Cell Market The Global Automotive Fuel Cell Market was worth US$ 3.99 billion in 2022 and is anticipated to reach a valuation of US$ 32.83 billion by 2028 and is predicted to register a CAGR of 52.40% during 2023-2028. The increasing need to decarbonize energy consumption, government regulations requiring the desulfurization of refinery operations, and rising demand for hydrogen in the transportation sector are the primary factors propelling the worldwide automotive fuel cell market. A fuel cell vehicle (FCV) is a type of electric vehicle that powers its onboard motor using a cell instead of a battery or in conjunction with a battery or supercapacitor. The cell is used to produce the electricity needed to operate the engine. In order to function, cells typically employ compressed hydrogen and airborne oxygen. These vehicles are categorized as zero- emissions vehicles because the majority of cell vehicles only release warm water. Market Drivers and Restraints: The main source of electricity for electrical needs and vehicle propulsion worldwide is the burning of fossil fuels. Additionally, these techniques are becoming more and more pollutants. To combat this, there is a growing reliance on clean energy as the need for transportation and electricity grows. In order to ensure that the global temperature rise stabilizes at 1.5 degrees Celsius without compromising on the rising demand for electricity, roughly 174 countries pledged to reduce their carbon footprints in the Paris Agreement. In the upcoming years, the worldwide automotive fuel cell market will grow as a result of all these factors. Catalysts, which are an essential component of the cell, can extend a cell's operating range by up to 46% by increasing the facility density. The most widely used fuel cells include the DMFC, PAFC, and PEM, which rely on rare-earth metals like platinum to speed up the reaction rate. Because rare-earth element metals are expensive, using them raises the cost of the cell as a whole. According to a comparable source, the price of platinum was close to USD 1500 per ounce. When a variety of 1000 systems are manufactured each year, the importance of the catalysts used by a cell accounts for around 26% of the total cost. However, the price of catalysts grows to roughly 41% of the total cost of the cell when the annual production of systems reaches 500,000. As a result, it is anticipated that throughout the projection period, the market for automotive fuel cells would not expand due to the high cost of catalysts. To know more, read: https://www.marketdataforecast.com/market-reports/automotive-fuel-cell-market The report issegmentedasfollows: The Automotive Fuel Cell Market is segmented by Type; the Market is segmented by Application; the Market is segmented by End-User:

2. By Type (Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Alkaline Fuel Cell (AFC), Solid Oxide Fuel Cell (SOFC), Direct Methanol Fuel Cell (DMFC), Molten Carbonate Fuel Cell (MCFC), Microbial Fuel Cell (MFC)) By Application (Transport, Portable, Stationary) By End-User (Vehicles, Utilities, Defense) Market Regional Segmentation: The European automobile fuel cell market now dominates the global market and is anticipated to do so for the foreseeable future. The automotive fuel cell industry in North America is the world's second-largest producer and consumer of petroleum. In 2018, the region had the second-largest global refinery throughput. In this region, the market for innovations in cell technology was dominated by the US in 2018 with a share of 93.8%. Policies are being developed to investigate and promote the use of clean fuels, such as hydrogen, for a variety of energy needs. It is anticipated that the Asia Pacific automotive fuel cell market would boost sales of the global industry, making it a market that is constantly expanding. In order to reduce the negative impacts of global warming, the governments of countries like China, Japan, and Hong Kong are promoting the use of renewable energies. Click the link to get a Sample Copy of the Report: https://www.marketdataforecast.com/market-reports/automotive-fuel-cell- market/request-sample Impact of the COVID-19 pandemic on the market: The fuel cell industry was adversely affected by the COVID-19 outbreak in Q1 of 2020, and the market's growth slowed as a result of a lack of investments and financial support for R&D operations. Government subsidies, financial incentives for fuel cell projects, and rising interest in fuel cell electric vehicles (FCEVs) are all anticipated to have a significant impact on the industry. However, it is anticipated that over the study period, the market expansion will be constrained by the high cost of catalysts used in fuel cells. ABOUT US: Market Data Forecast is a firm working in market research, business intelligence, and consulting. We have rich research and consulting experience for various business domains to cater to individual and corporate clients’ needs. Contact Us: Market Data Forecast Website: https://www.marketdataforecast.com Phone: +1-888-702-9626

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