Fuel Cell Powertrain: Introduction

  • Fuel cell powertrain is an electrically driven system, wherein energy stored as hydrogen gets converted into electricity through a fuel cell. Fuel cells are used in several applications including material handling, emergency backup power, and transportation. Unlike internal combustion engine powertrain system, fuel cell power train is highly efficient and ecofriendly, as it does not emit harmful emissions. According to the U.S. Department of Energy, the adoption of fuel cell powertrain helps enhance energy security.

Key Drivers & Restraints of Fuel Cell Powertrain Market

  • Fossil fuel consumption has been increasing significantly across the world. Transportation sector is the major consumer of fossil fuel. Increase in consumption of fossil fuel has led to an increase in the concentration level of greenhouse gas emission and air pollutants in the environment. Most of these issues are associated with the usage of conventional engines, ICEs (internal-combustion engines), which primarily depend on hydrocarbon fuels. In order to reduce GHG emissions, several low polluting vehicles and fuels have been introduced to improve environmental conditions. Vehicle technologies include battery powered electric vehicles, hybrid electric vehicles, fuel cell vehicle, compression ignition (CI) or park-ignition (SI) engines, and advanced internal combustion engine (ICE). Fuel cell vehicles that use hydrogen offer lower emissions than other alternatives. This makes their adoption viable due to their low emission technology. In turn, this is expected to drive the global fuel cell powertrain market during the forecast period.
  • Increase in research & development activities to make hydrogen powered vehicles safe, eco-friendly, and affordable is also anticipated to propel the global fuel cell powertrain market in the near future

COVID-19 Impact Analysis

  • Governments of various countries implemented nationwide lockdowns as part of measures to limit the spread of the COVID-19 pandemic. Consequently, sale and manufacturing facilities of new vehicles came to a halt across the globe. This adversely affected the demand for fuel cell powertrain in the market.

Light Commercial Vehicles Vehicle Type Segment to Hold Key Share of Global Market

  • The global fuel cell powertrain market can be segmented based on component, vehicle type, power output, and region
  • In terms of component, the global fuel cell powertrain market can be divided into hydrogen storage system battery system, drive system, fuel cell system, and others
  • In terms of vehicle type, the global fuel cell powertrain market can be segregated into passenger cars, light commercial vehicles, trucks, and buses. The light commercial vehicles segment is anticipated to expand significantly during the forecast period.
  • Based on power output, the global fuel cell powertrain market can be classified into <150 KW, 150-250 KW, and >250 KW

Recent Development

  • In September 2019, Hyundai Motor Company signed an agreement with Cummins Inc. to design electric and fuel cell powertrains. The new electric and fuel cell powertrains will combine Cummins’ control systems, battery, and electric motors with Hyundai's fuel-cell technologies. These two companies aim to collaborate with OEM’s of North America for integration of these systems into their vehicles.
  • In September 2019, BMW introduced i Hydrogen NEXT at the Frankfurt Motor Show. i Hydrogen NEXT generates about 125 kW (170 hp) of electrical energy from the chemical reaction between oxygen and hydrogen from the ambient air. The vehicle consists of two 700 bar tanks that can hold six kilograms of hydrogen together.

Asia Pacific to Hold Major Share of Global Fuel Cell Powertrain Market

  • In terms of region, the global fuel cell powertrain market can be split into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
  • The fuel cell powertrain market in Asia Pacific is expected to expand at a significant pace during the forecast period. Rise in demand for environment friendly and fuel efficient vehicles is anticipated to propel the fuel cell powertrain market in the region. Growth of the market in Asia Pacific can also be ascribed to the presence of several domestic and international fuel cell power train manufacturers such as Denso Corporation, Shanghai Fuel Cell Vehicle Power System Co., Ltd, and Doosan Corporation across the region.
  • North America is likely to be a stable region of the global fuel cell powertrain market during the forecast period. Introduction of strict norms and regulations to minimize GHG emissions is a key factor propelling the demand for fuel cell powertrain across the region.
  • Europe is also projected to hold vital share of the global fuel cell powertrain market in the near future due to an increase in efforts of automakers to lower vehicle weight in order to optimize its efficiency

Prominent Players Operating in Global Market

Leading companies operating in the global fuel cell powertrain market include:

  • Ballard Power Systems
  • Cummins Inc.
  • Denso Corporation
  • Robert Bosch GmbH
  • FEV

Global Fuel Cell Powertrain Market: Research Scope

Global Fuel Cell Powertrain Market, by Component

  • Hydrogen Storage System
  • Battery System
  • Drive System
  • Fuel Cell System
  • Others

Global Fuel Cell Powertrain Market, by Vehicle Type

  • Passenger Cars
  • Light Commercial Vehicles
  • Trucks
  • Buses

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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