automotive fuel cell market

Fuel cells are electrochemical cells that convert the chemical energy of a fuel into electrical energy. These cells need the continuous input of fuel and an oxidizing agent to sustain the electrochemical reactions that produce electricity.

Fuel cells were first discovered in the 1800s. However, it wasn’t until the 20th that they made their way into the commercial world when NASA began using them to power satellites and space capsules. Continue reading as we explain to you the different types of fuel cells and shed light on the major insights in the automotive fuel cell market.

Quick Overview of Fuel Cells

Simply put, fuel cells share similarities with electrochemical cells, which comprise an anode, a cathode, and an electrolyte. In the cells, an electrolyte is used to facilitate the movement of protons. Fuel cells are widely used in electric vehicles to power the electric motor. Along with that, they find applications as a primary and secondary power source in various industries.

What’s Propelling the Market Forward?

The market for automotive fuel cells is projected to witness steady growth. It was valued at USD 1.10 billion in 2023 and is projected to reach USD 40.62 billion by 2032. The industry is anticipated to exhibit a CAGR of 49.4% during the forecast period, 2024-2032.

Rising government initiatives, accompanied by favorable policies, are poised to boost the automotive fuel cell market demand significantly. With ambitious goals by several governments across the globe, supportive policies are being introduced to encourage the adoption of fuel cell vehicles. These policies can take the form of tax incentives, subsidies, and infrastructure investments.

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Types of Automotive Fuel Cells

There are various types of fuel cells in the automotive fuel cells market. Below, we’ve detailed some of them:

Polymer electrolyte membrane (PEM) fuel cell: Also referred to as proton exchange membrane fuel cells, PEMs operate between a temperature range of 50 to 100 degrees Celsius. PEMs primarily consist of bipolar plates, electrodes, catalysts, and the polymer membrane. These fuel cells are widely used for eco-friendly applications in the transportation sector.

Phosphoric acid fuel cell: As their name implies, these fuel cells use phosphorous as an electrolyte. The operating temperature of phosphoric acid fuel cells falls between the temperature range of 150 to 200 degrees Celsius. Owing to the non-conductive nature of phosphoric acid, the electrons in these fuel cells travel to the fuel cell via an electric circuit. As such, they’re highly popular in the automotive fuel cell market.

Solid acid fuel cell: These fuel cells use a solid acid material as their electrolyte. At low temperatures, the molecular structure of these fuel cells is ordered. However, as the temperature rises, a phase transition can occur, leading to a high rise in conductivity.

Molten carbonate fuel cell: These fuel cells use lithium potassium carbonate salt as their electrolyte. As temperature rises, the salt becomes liquid and facilitates the movement of carbonate ions. Molten carbonate fuel cells have a comparatively high operating temperature of over 650 degrees Celsius.

The Passenger Vehicles Segment is Anticipated to Witness the Fastest Growth

By vehicle type analysis, the passenger vehicles segment is anticipated to witness the fastest CAGR in the automotive fuel cell market. Consumers are increasingly showing interest in electric vehicles driven by concerns over environmental sustainability and energy security. Besides, several governments are implementing policies to promote the adoption of electric vehicles, impacting the passenger vehicles segment favorably.

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End Note and Conclusion

The automotive sector is known for its substantial investments in research and development initiatives. Technological advancements have enabled the development of fuel cells with longer ranges, impacting the automotive fuel cell market sales favorably.

By Ankita Padiyar

Ankita Padiyar likes to play with words! She has been working in the content industry, with expertise in SEO content, social media content, website content, blogs, and articles for over 5 years. In addition to content writing, Ankita is a content publisher too, with hands-on experience with different CMSs. She works closely with B2B and B2C companies delivering engaging content that converts viewers into customers. She believes in "Dream Big" and thrives to achieve those dreams. When she isn’t writing, you can find her spending quality time with her 2-year toddler. Also, in her free time, she loves to explore new places. Don’t miss connecting with her on LinkedIn for networking!