New York, July 22, 2021 (GLOBE NEWSWIRE) — Fuel Cell Powertrain Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Fuel Cell Powertrain Market Research Report, Component, Drive Type, Vehicle Type, Power Output and Region – Forecast till 2027″ the market is projected to be worth USD 3.75 billion by 2027, registering a CAGR of 70.15% during the forecast period (2021 – 2027), The market was valued at USD 287 million in 2020.
The fuel cell powertrain market is greatly influenced by the sale of FCEVs and also infrastructure for the hydrogen station. Owing to the crisis, major economies have faced a dire situation. Business operations have been adversely impacted by lockdowns and there has also been an increase in unemployment rates. The sales figures of the vehicle segment are likely to remain low post lifting of the lockdowns too. The unprecedented impact of the crisis and weaker need for vehicles will be a huge concern for fuel cell component manufacturers. The OEMs are likely to resume production with low capacity utilization and will also adjust production as per the demand. Thus the growth of the fuel cell powertrains will be impacted adversely but there will be a subsequent rise in sales. Leading component providers like Panasonic, Continental, Denso, and Bosch have restricted investments in innovative and new systems. Thus the growth of the market is likely to be low in 2020 & 2021. The key manufacturers have announced either adjustments or suspensions owing to the supply chain bottlenecks, reduced demand, and ensure the safety of employees in North America, Europe, and China during the pandemic. Continental for instance halted its operations in more than 40% of its 249 production locations across the world as of April 2020. Manufacturers are likely to adjust production for preventing bottlenecks and plan production as per the demand from Tier I and OEMs manufacturers. The market for fuel cell powertrain is predicted to undergo a phase of decline in terms of sales of 2020.
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Eminent players profiled in the global fuel cell powertrain industry report include –
- AVID Technology Ltd (UK)
- Ballard Power Systems (Canada)
- Brown Machine Group (US)
- Ceres Power (UK)
- Cummins (US)
- Delphi Technologies (UK)
- Denso Corporation (Japan)
- ITM Power Manufacturers (UK)
- Robert Bosch (Germany)
- Bloom Energy (US)
- SFC Energy (Germany).
The global fuel cell powertrain market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers , including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.
BMW has commenced testing of hydrogen fuel cell powertrain. This will be an alternative to battery-electric drive trains sans any hassle to charge infrastructure and also long distance travels. The BMW I hydrogen next powertrain will use the fifth generation of the eDrive powertrain.
Browse In-depth Market Research Report (138 pages) on Fuel Cell Powertrain
Fuel Cell Powertrain Market Drivers/Fuel Cell Powertrain Market Trends
Rise in R&D Activities to Boost Market Growth
The rise in research & development activities for making hydrogen powered vehicles affordable, eco-friendly, and safe will boost the fuel cell powertrain market growth over the forecast period.
Burgeoning Need for EV/HEV/PHV to offer Robust Opportunities
The increasing application of fuel cells in electric vehicles, plug-in hybrid vehicle, and hybrid electric vehicle will offer robust opportunities for the market in the forecast period. The electric cars market is boosting at a quick pace leading to a high demand for fuel cell. Further, the increasing carbon emissions have elevated government attention towards EVs and plug-in hybrid vehicles.
Limited Infrastructure for Fuel Vehicles may act as Market Restraint
The limited infrastructure for fuel vehicles and growing need for HEVs and BEVs may impact the fuel cell market value over the forecast period.
High Inflammability to act as Market Challenge
The high inflammability and challenges in hydrogen leakage detection may act as key challenges over the forecast period.
By component, the battery system will lead the market over the forecast period at a high CAGR.
By drive type, the rear wheel drive segment will dominate the market over the forecast period at a significant CAGR.
By vehicle type, passenger cars will spearhead the market over the forecast period.
By power output, the 150-250 KW segment will have the lions share in the market over the forecast period.
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APAC to Precede Fuel Cell Powertrain Market
The Asia Pacific region will precede the market over the forecast period. The development of new infrastructure capabilities, the development of new infrastructure capabilities that is opening the market to foreign companies, growing need for fuel-efficient vehicles, government initiatives for hydrogen station, rising disposable income in emerging economies, strict emission regulations across the globe, and leading automakers in the region that are leveraging the benefits of fuel cell vehicle components in their models are fuelling the global fuel cell powertrain market growth in this region. Besides, Japan, South Korea, and China being the leading adopters of FEVs, rising investments and developments, push for popularizing fuel cell vehicles, rising launch of new projects, expansion of infrastructure capabilities, and the opening of the market for foreign candidates are also adding to the fuel cell powertrain market share.
Segmentation of Market covered in the research:
Information By Component (Fuel Cell System, Battery System, Drive System, Hydrogen Storage System and Others), Drive Type (Rear Wheel Drive (RWD), Front Wheel Drive (FWD) and All-Wheel Drive (AWD)) Vehicle Type (Passenger Cars, Light Commercial Vehicle (LCV), Buses and Trucks), Power Output (Less than 150 KW, 150–250 KW and More than 250 KW) and region (North America, Europe, Asia-Pacific and Rest of the World)
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