The global fuel cell powertrain market size is projected to grow from USD 512 million in 2022 to USD 3,629 million by 2027, at a CAGR of 47.9%. The fuel cell powertrain market has witnessed rapid development over the past few decades across the world due to the rising demand for low-emission vehicles and increasing vehicle range. During the past few years, various countries around the world have increased their focus on the growth of this industry. Rapid growth in technology and decreasing cost of fuel cells along with the rising prices of petrol and diesel have led to the rapid growth of this market. Governments around the world have started developing infrastructure for Fuel cell powertrain vehicles and are working with OEMs to increase the market for low-emission fuel vehicles. Increased demand for efficient, long range, and low-emission vehicles is expected to boost the market. Countries around the world are undertaking efforts to reduce emissions from vehicles in the coming decades. FCEVs offer a higher range on a single filling compared to other EVs and are convenient to fill. However, the lack of hydrogen fuelling infrastructure in various regions creates a hurdle to the growth of the market. To enable the growth of the market.
Better fuel efficiency and increased driving range
FCEVs offer better fuel economy than ICE vehicles. According to the US Department of Energy, the fuel economy of an FCEV is around 63 miles per gallon gasoline equivalent (MPGge), while that of an ICE vehicle is 29 MPGge on highways. Hybridization can improve the fuel economy of an FCEV by up to 3.2%. On urban roads, the fuel economy of an FCEV is around 55 MPGge as compared to 20 MPGge of ICE vehicles. Also, the energy density of diesel is 45.5 megajoules per kilogram (MJ/kg), which is lower than gasoline (45.8 MJ/kg). Hydrogen has an energy density of approximately 120 MJ/kg, which is approximately three times more than diesel or gasoline.
There is a significant difference in the driving range of FCEVs and BEVs on either a full tank or full charge. FCEVs can travel almost 300 miles without refuelling, while the average range of a BEV is around 110 miles with a fully charged battery. The Honda Clarity has the highest EPA driving rating for a zero-emission vehicle in the US. It has a driving range of up to 366 miles. Better fuel efficiency and increased driving range will boost the demand for FCEVs, which will, in turn, drive the fuel cell powertrain market.
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Government initiatives for hydrogen infrastructure
With the increasing levels of pollution around the globe, governments are increasingly investing in alternative sources of energy, such as fuel cells. According to the US EPA, in 2015, the transportation sector contributed to 27% of the greenhouse gas emissions in the US, making it the second-largest contributor to greenhouse gas emissions in the country. Governments are taking initiatives, making investments, and promoting the use of fuel cells. For instance, in March 2021, the Indian Ministry of Petroleum and Natural Gas (MoPNG) announced plans to set up solar hydrogen refueling stations at two locations for the demonstration of fuel cell vehicles at tourist sites – Delhi-Agra, Gujarat (Statue of Unity), etc. Along with the development of fuel cell technology, it is important to create a robust infrastructure that can cater to the needs of hydrogen-powered transportation.
The Asia Oceania fuel cell powertrain market is projected to hold the largest share by 2027.
Asia Oceania is estimated to be the largest market due to growing demand for passenger cars and fuel-efficient vehicles over the years. This region is home to some of the key players in the fuel cell powertrain market, such as Denso Corporation, Shanghai Fuel Cell Vehicle Power System Co., Ltd, Doosan Corporation etc. Even though this region is home to fewer companies in the market compared to other regions such as North America and Europe, the highest number of fuel cell vehicles have been sold here. Among the top sold models are the Hyundai NEXO and the Toyota Mirai, which witnessed sales of 8,900 and 17,940 units respectively in 2021. Around 92% sales of the Hyundai NEXO in 2021 were accounted for by South Korea, while the majority of the Toyota Mirai were sold in Japan.
Key Market Players
The global fuel cell powertrain market is dominated by major players such as Ballard Power Systems (Canada), Cummins Inc. (US), Denso Corporation (Japan), Robert Bosch GmbH (Germany), and FEV (Germany).
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