Global Fuel Cell Power Train Market – Industry Trends and Forecast to 2029

Global Fuel Cell Power Train Market, By Component (Fuel Cell System, Battery System, Drive System, Hydrogen Storage System, Others), Drive Type (Front-Wheel Drive (FWD), Rear-Wheel Drive (RWD), All-Wheel Drive (AWD)), Power Output (250 KW), Vehicle Type (Passenger Cars, LCV, Trucks, Buses) - Industry Trends and Forecast to 2029.

Market Analysis and Size

High development in the powertrain fuel cell sector globally is being witnessed in the recent years due to the technological developments in the automobile industry. These power trains are getting large attention owing to the environmental issues regarding vehicle GHG emissions.

Global Fuel Cell Power Train Market was valued at USD 455.60 million in 2021 and is expected to reach USD 31781.55 million by 2029, registering a CAGR of 70.00% during the forecast period of 2022-2029. “Passenger Cars” accounts for the largest vehicle type segment in the respective market owing to the high consumer preference towards economy cars. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Market Definition

Fuel cell powertrain refers to electrically powered device where energy stored as hydrogen is transformed into electricity through fuel cell. These devices are utilized in emergency backup control, material handling and transportation. The fuel cell power train is known to be highly efficient and environmentally safe as it does not emit toxic emissions.

Report Scope and Market Segmentation

Fuel Cell Power Train Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Demand of the High Energy Density

The increase in demand of the high energy density is one of the major factors driving the growth of fuel cell powertrain market. Also, the high need for quick refuelling system has a positive impact on the fuel cell power train market.

• Consumption of Fossil Fuel

The surge in consumption of fossil fuel enhancing concentration level of greenhouse gas emission and air pollutants has increased demand for cell power train market. The rise in environmental concerns among population drives the market.

• Government Initiatives

The increase in government initiatives to support fuel cell powertrain and further reduce the carbon emissions across the globe further influence the market.

Opportunities

Furthermore, research and development activities to make hydrogen powered vehicles eco-friendly, affordable and safe extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also increase in demand for low-weight alternative for heavy-duty trucks will further expand the market.

Restraints/Challenges

On the other hand, high flammability and challenges in detection of hydrogen leakage are expected to obstruct market growth. Also, high demand for BEVs and HEVs, and limited infrastructure for fuel cell vehicles are projected to challenge the fuel cell powertrain market in the forecast period of 2022-2029.

This fuel cell powertrain market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info fuel cell powertrain market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Fuel Cell Power Train Market

The COVID-19 had a negative impact on the fuel cell powertrain market owing to the strict lockdowns and social distancing to contain the spread of the virus. The economic uncertainty, partial shutdown of the business and low consumer confidence impacted demand for fuel cell powertrain technology. The supply chain got hampered during the pandemic along with delay logistics activities. However, the fuel cell powertrain market is expected to regain its pace during the post pandemic scenario due to the easing on the restrictions.

Recent Developments

• DENSO Corporation initiated mass production of its latest model of booster power module*1 in October’2021. This model is equipped with high-quality silicon carbide (SiC) power semiconductors to achieve a low-carbon society.
• Cummins Inc.  begun testing a hydrogen-fueled internal combustion engine in July’2021. The aim behind the testing is to create new power solutions that assist consumers in meeting the energy and environmental needs of the future.

Global Fuel Cell Power Train Market Scope

The fuel cell powertrain market is segmented on the basis of component, drive type, power output, and vehicle type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Fuel Cell System
• Battery System
• Drive System
  • DC/DC Converter
  • Motor
  • Power Control Unit
  • Cooling System
  • Inverter
  • Hydrogen Storage System

Others

Drive Type

• Front-Wheel Drive (FWD)
• Rear-Wheel Drive (RWD)
• All-Wheel Drive (AWD)

Power Output

• <150 Kw
• 150-250 Kw
• >250 Kw

Vehicle Type

• Passenger Cars
• LCV
• Trucks
• Buses

Fuel Cell Power Train Market Regional Analysis/Insights

The fuel cell powertrain market is analyzed and market size insights and trends are provided by country, component, drive type, power output, and vehicle type.

The countries covered in the fuel cell powertrain market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC)  in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

Asia-Pacific (APAC) dominates the fuel cell powertrain market because of the demand of fuel efficient vehicles along with prevalence of various market players within the region.

North America is expected to witness significant growth during the forecast period of 2022 to 2029 due to the prevalence of fuel cell vehicles in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Fuel Cell Power Train Market Share Analysis

The fuel cell powertrain market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to fuel cell powertrain market.

Some of the major players operating in the fuel cell powertrain market are

• Cummins Inc. (US)
• Ballard Power Systems. (Canda)
• Robert Bosch GmbH. (Germany)
• DENSO CORPORATION. (Japan)
• FEV Group GmbH (Germany)
• FCP FUEL CELL POWERTRAIN GMBH (Germany)
• ITM Power (UK)
• Ceres (UK)
• Continental AG (Germany)
• Delphi Technologies (UK)
• Arcola Energy Limited (UK)
• AVID Technology Limited (UK)
• AVL (Austria)
• PLUG POWER INC. (US)
• NUVERA FUEL CELLS, LLC (US)
• Nedstack Fuel Cell Technology BV (Netherlands)
• Dana Limited. (US)
• HYUNDAI KEFICO Corporation. (South Korea)
• Panasonic Corporation (Japan)
• TORAY INDUSTRIES, INC. (Japan)