PUNE, India, April 20, 2021 (GLOBE NEWSWIRE) -- According to the report, Fuel Cell Powertrain Market size is projected to reach USD 3,040.1 million value by 2027, exhibiting a CAGR of 62.1%. The growing demand for advanced hydrogen infrastructure and supportive government policies are expected to support the increasing adoption of fuel cell powertrain systems in automotive globally. Fuel Cell Powertrain Market stood at USD 108.1 million in 2019.
Reduced Investment amid COVID-19 Affecting Market Growth
The production of several industries was either halted or suspended due to the lockdown announced by the government agencies worldwide. This led to major disruption in the industrial activities affecting the economy of several countries. Reduced demand and limited availability of workforce largely impacted the automotive sector. Additionally, due to the volatility in businesses, the sector saw significant reduction in investment that is likely to impact the growth prospects of the market in the forthcoming years.
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We have segmented the market based on power output, components, vehicle type, and region. Based on power output, the market is divided into Less than 150 kW, 150-250 kW, and More than 250 Kw. On the basis of the component, the market is segregated into Fuel Cell System, Battery System, Drive System, Hydrogen Storage System, and Others. Moreover, based on vehicle type, the market is trifurcated into Passenger Cars, Commercial Vehicle, and Buses.
Increasing Focus on Building Hydrogen Infrastructure to Favor Growth
In January 2019, South Korea announced the Hydrogen Economy Roadmap that aims to deploy around 79000 fuel cell passenger cars, 2000 fuel cell buses, and over 310 refueling stations by 2022. The rising emission due to automotive and the rapid-paced degradation of the environment are some of the factors that have propelled the companies to adopt sustainable fuel sources. Hydrogen is perceived as an important clean fuel energy as it can be used with fuel cells to power up electric vehicles globally. Therefore, supportive government policies to build advanced hydrogen refueling infrastructure is expected to bode well for the global fuel cell powertrain market growth during the forecast period.
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Asia-Pacific to Remain Dominant; Increasing Number of Hydrogen Fuel Stations to Aid Growth
Among all the regions, Asia-Pacific is expected to hold the largest global fuel cell powertrain market share in terms of revenue during the forecast period. This is attributable to the increasing number of hydrogen refuelling stations in countries such as China, Japan, and South Korea. Asia-Pacific stood at USD 72.7 million in 2019.
The market in North America is anticipated to experience significant growth backed by the growing demand for passenger vehicles that is likely to propel the demand for advanced fuel cell powertrain systems in the region between 2020 and 2027.
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The market is consolidated by the presence of major companies focusing to maintain a stronghold by developing advanced fuel cell systems to cater to the growing demand for electrification in the automotive industry. In addition to this, other key players are adopting strategies such as merger and acquisition, facility expansion, and collaboration that will boost the market growth in the forthcoming years.
List of the Companies Profiled in the Global Market:
- Robert Bosch GmbH, (Columbus, Indiana, US)
- Denso Corporation (Aichi, Japan)
- Cummins Inc. (Columbus, Indiana, US)
- Ballard Power Systems (Burnaby, Canada)
- FEV Europe GmbH (Aachen, Germany)
- Doosan Fuel Cell Co., Ltd. (Seoul, South Korea)
- Arcola Energy Limited (Hackney, UK)
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Global Fuel Cell Powertrain Market Segmentation:
By Power Output:
- Less than 150 kW
- 150-250 kW
- More than 250 kW
By Components Type:
- Fuel Cell System
- Battery System
- Drive System,
- Hydrogen Storage System
By Vehicle Type:
- Passenger Cars,
- Commercial Vehicle
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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