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Low corrosion and lack of ‘high operation temperature’ owing to the absence of combustion are likely to
boost the longevity of vehicles. This coupled with their lower maintenance costs can add industry growth.
Research & development (R & D) activities should create business opportunities, leading to more
employments.
High costs of automotive fuel cells are predicted to hamper the industry. Moreover, lack of technological
advancements can hinder the industry. The Automotive Fuel Cell Market is split into applications and regions.
Applications include light-duty vehicles and materials handling. The former accounted for over 50% of the
worldwide consumption in 2015. It will also dominate during the next eight years.
Many vehicle manufacturing firms have begun running ‘automotive fuel cell’ programs to encourage
technological advancements. Light duty vehicles would grow at around 12.5% CAGR from 2016 to 2023. Their
growth should be attributed to technological innovations and their reducing costs.
Materials handling is projected to witness a CAGR of about 15% in the near future. Its applications across
airports, distribution centers, and inventory management can contribute segment expan sion in the eight
years ahead.
In addition, minimal operating costs and low-needed maintenance of these cells can raise market incomes.
Regions encompass North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa (MEA).
Asia Pacific led in terms of demand, capturing over60% of the total volumes in 2015. It is anticipated to
display significant growth accredited to regional support on product promotions.
Europe may surface as a key region. To commercialize fuel cell technology, the U.S. Department of Energy
(DOE) rewarded over USD 7 million in 2013. Due to constant assistance from the U.S. DOE, private firms, &
national laboratories; the Automotive Fuel Cell Market has noticed upward trends in the last few years.
The worldwide market is highly competitive and characterized by numerous large players and small &
medium-sized enterprises. Major competitors are Toshiba, Panasonic, Ballard, Plug Power Inc., and
Acumentrics SOFC Corporation
Browse Related Category Market Reports @ https://www.hexaresearch.com/research-
category/automotive-and-transportation-industry
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