Fuel cell electric vehicles are basically powered by hydrogen or any alternative fuel (i.e., methanol). These vehicles are much more efficient than conventional vehicles. FCEVs do not produce any tailpipe emissions as they only emit water vapor and warm air (heat). Compared to internal combustion engines, FCEVs can be fueled in less than 4 minutes and have a driving range of over 300 miles. As for the Asia-Pacific region, rising environmental concerns and growing demand for clean electricity across the region are expected to boost the demand for efficient, eco-friendly vehicles. The Asia-Pacific region is accounted for as the largest and fastest growing economy in the automotive fuel cell market. The region holds more than 60% of the global automotive fuel cell market. By the end of 2020, overall fuel cell distribution across the region was valued at 22736 units. Among many developing countries, South Korea and Japan are expected to occupy a lion's share of the market in enhancing fuel cell electric vehicle technology, as Toyota and Hyundai-Kia claim to be global automotive leaders. In 2020, South Korea had 10093 units of fuel cell vehicles, China had 8443 units, and Japan was valued at 4200 units. According to the International Energy Agency, there were more than 14,000 fuel cell passenger cars present in the Asia-Pacific region in 2020. According to the research report, "Asia-Pacific Automotive Fuel Cell Market Outlook, 2027," published by Actual Market Research, the automotive fuel cell market is anticipated to have a CAGR of 41.65% for 2022–2027. The rising demands for electrical energy to sustain global development require constant heavy investments in energy-efficient and clean energy sources. This factor has helped the Asia-Pacific market for the fuel cell market's growth. The Asia-Pacific automotive fuel cell market is segmented into four prominent countries, including China, Japan, South Korea, and India. Among these countries, China is estimated to lead the market by holding a larger portion of the market share during the forecast period. Fuel cell vehicles have become a viable part of China’s strategy to develop innovative energy vehicles to reduce pollution. According to the International Trade Administration, in late 2020, China's state council announced that the country is aiming to focus on building the fuel-cell supply chain and developing hydrogen-powered commercial vehicles. The goal is to increase FCV penetration to 1,00,000 vehicles by 2025 and to 10,00,000 vehicles by 2035. In addition to that, with the hydrogen fuel cell strategy, China is aiming to establish itself as a powerhouse for hydrogen production by the end of the next decade. The country is also focusing on producing 2,00,000 tones of green hydrogen annually by 2025.
Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globally
Download SampleAccording to the report, the Asia-Pacific automotive fuel cell market is segmented into two fuel types, including hydrogen fuel and methanol fuel. Among these types, the hydrogen fuel segment is projected to lead the market with more than 95% market share. Growing hydrogen infrastructure across the region has boosted the market growth for this segment. The total number of hydrogen refueling stations in Japan and China is 211, and these countries are in absolute leading positions for hydrogen energy development. Further, the Asia-Pacific market is segregated into three electrolyte types, including proton exchange membrane fuel cells (PEMFC), direct methanol fuel cells (DMFC), alkaline fuel cells (AFC), and phosphoric acid fuel cells (PAFC). Among these types, the PEMFC segment is witnessing a higher adoption rate across the region due to the higher efficiency and enhanced performance provided by this segment. However, alkaline fuel cells and phosphoric acid fuel cells are also anticipated to witness higher market growth during the forecast period. Based on power output, the below 100 KW segment is expected to lead the market, accounting for more than half of the market share by 2027. Application of fuel cells in personal/passenger vehicles and light duty vehicles is expected to propel the demand for this segment across the Asia-Pacific region. Impact of Covid-19 on Asia-Pacific Automotive Fuel Cell Market: With the COVID-19 pandemic in the first quarter of 2020, the fuel cell market in the Asia-Pacific region was negatively impacted, and the growth of the market also declined. Lack of investments and financial support for research and development activities and a low labor force have affected the overall automotive market across the region. However, factors such as government subsidies and financial incentives by the end of 2020 for fuel programs and growing demand for FCEVs are anticipated to drive the market to a positive side. Changes in consumer preference and demands for advanced technology vehicles across the region have influenced the higher market growth during the forecast period. Major Companies present in the market: Ballard Power Systems Inc, Doosan Fuel Cell Co. Ltd, Plug Power Inc., Hydrogenics (Cummins Inc.), Nuvera Fuel Cells, LLC, SFC Energy AG, Elringklinger AG, Ceres Power Holdings plc, Powercell Sweden AB, ITM Power PLC, Nedstack Fuel Cell Technology BV, Intelligent Energy Limited, Horizon Fuel Cell Technology (Hong Kong) Limited, AVL List GmbH, Proton Motor Fuel Cell GmbH, Wuhan Tiger Fuel Cell Co., Limited., Toshiba India Pvt. Ltd. , Toyota Motor Sales Inc. American, Honda Motor Co., Inc., Hyundai Motor Company, Daimler AG, Nissan, BorgWarner Inc., Oorja Corporation, Watt Fuel Cell Corporation Considered in this report • Geography: Asia-Pacific • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027
Aspects covered in this report • Asia-Pacific Automotive Fuel Cell market with its value and forecast along with its segments • Country-wise automotive fuel cell market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Countries covered in the report • China • Japan • South Korea • India Types of Electrolyte in the report • Proton Exchange Membrane Fuel Cell • Direct Methanol Fuel Cell
Type of Fuel in the report • Hydrogen Fuel • Methanol Fuel By Power Output: • Below 100KW • 100KW to 200KW • Above 200KW The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to fuel cell industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
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