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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 expansion 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
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