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Fuel cells are used to power autos that run on hydrogen fuel. This type of fuel is kept in high-pressure tanks until being delivered to a fuel cell stack, where oxygen and hydrogen from the air react to produce electricity. Unlike traditional fuel cell vehicles that run on diesel or petrol, fuel cell vehicles create energy by combining oxygen and hydrogen. These fuel cells can be used in a number of vehicles, including RVs, cars, trucks, and buses. During the forecast period, the Automotive Fuel Cell market is expected to grow at a CAGR of 40%.
Automotive Fuel Cell Market Report Scope and Research Methodology:
Automobile finance businesses acquire massive amounts of client data. This data helps businesses understand their clients better, but the sheer amount stops them from evaluating and acting on it. Automobile loan businesses sift through data to understand more about a customer's financial history and preferences. Because of these insights, businesses may now provide more customised financial solutions that are tailored to a customer's specific demands. More business leads will be generated as a result of firms' ability to differentiate their services, keeping customers away from fraudsters and defaulters.
Cars feature 50 or more sensors that collect data on speed, pollution, fuel use, resource utilisation, and security. All of this information can be used to identify patterns and promptly correct or prevent quality issues. Analytics can increase both customer satisfaction and quality control at a minimal cost. In addition, forward-thinking businesses are cooperating with the government to employ predictive analytics to forecast and identify high-congestion zones based on data acquired from automobiles for town planning and smart city development. Urban metropolitan concerns such as effective traffic management, resource allocation, and environmental challenges can be solved using insights from automotive data and other sources such as satellite, mobile, and GPS data.
Automotive Fuel Cell Market Overview:
Stellar Market Research has published a report titled Automotive Fuel Cell Market Manufacturers, Regions, Types, Applications, Segments, and Forecast to 2029. The report examines insights in the context of the Automotive Fuel Cell market, including its ever-changing patterns, industrial environment, and other key market components.
Automotive Fuel Cell Market size was valued at US$ 2.3 Billion in 2021 and the total Automotive Fuel Cell Market revenue is expected to grow at 40% through 2022 to 2027, reaching nearly US$ 24.25 Billion.
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Automotive Fuel Cell Market Segmentation:
In response to growing environmental concerns, many governments and environmental agencies are implementing severe emission norms and laws, which are expected to raise the production cost of fuel-efficient diesel engines in the coming years. As a result, growth in the category of new commercial vehicle diesel engines is expected to remain moderate in the short term. Additionally, traditional fossil-fuel-powered commercial vehicles, particularly trucks and buses, contribute to increased transportation emissions. Fuel cell commercial vehicles, which are considered low- or zero-emission vehicles, are projected to reduce heavy commercial vehicle emissions. For example, Beiqi Foton Motor, a Chinese truck and bus maker with Chinese government backing, announced in November 2019 that it would invest USD 2.6 billion in alternative energy vehicles, including fuel cells.
Based on power output, the market is classified into three categories: less than 100 KW, 100-200 KW, and greater than 200 KW. In autos, fuel cells with a power output of less than 100 kilowatts are employed, with outputs ranging from 50 to 125 kilowatts. Fuel cells with outputs more than 200kW are used in buses and cars. In fuel cells less than 100kW, alkaline fuel cells (AFC) and phosphoric acid fuel cells (PAFC) are employed. In fuel cells with outputs more than 200kW, polymer electrolyte membranes or proton exchange membranes are often utilised. Demand in the vehicle fuel cell industry is likely to rise over the next few years.
Automotive Fuel Cell Market Key Players:
Ballard Power Systems (Canada)
Toyota Motor Corporation (Japan)
Hyundai Group (South Korea)
Hyster Yale (US)
Cummins (US)
Toshiba India Pvt. Ltd. (India)
ITM Power (UK)
PLUG POWER INC. (USA)
Ceres Power Holdings plc (UK)
Nedstack Fuel Cell Technology BV (Netherlands)
NUVERA FUEL CELLS, LLC (USA)
American Honda Motor Co., Inc. (USA)
Hyundai Motor Company (South Korea)
Daimler AG (Germany)
Nissan (Japan)
TW Horizon Fuel Cell Technologies (Singapore)
Altergy (USA)
Intelligent Energy Limited (UK)
K- Pas Instronic Engineers India Private Limited (India)
Fuji Electric Co. (japan)
Automotive Fuel Cell Market Regional Insights:
The market study examines market size, dynamics, and market share in the following regions: North America, Europe, Asia Pacific, South America, the Middle East, and Africa.
Key Questions answered in the Automotive Fuel Cell Market Report are:
Key Offerings:
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About Stellar Market Research
Established in 2018, Stellar Market Research is an India-based consulting and advisory firm focused on helping clients reach their business transformation objectives with advisory services and strategic business. The company’s vision is to be an integral part of the client’s business as a strategic knowledge partner. Stellar Market Research provides end-to-end solutions that go beyond key research technologies to help executives in any organization achieve their mission-critical goals. The company has clients from all across the globe, 23 % from India and others from Japan, Korea, Germany, United States, etc. The company uses its extensive industry knowledge, strong network, and know-how to provide complete insights that give clients a competitive advantage.
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