New Research: Lucintel Predicts a Bright Future for the Automotive Fuel Cell Market

Did you know that Lucintel recently published a market research report entitled “Growth Opportunities in the Automotive Fuel Cell Market”?

This market report for automotive fuel cell identifies and predicts future opportunities for growth in automotive fuel cell industry for various segments as well as for various regions such as North America, Europe, Asia Pacific, and the Rest of the World. It also identifies growth opportunities for automotive fuel cell in the passenger car and commercial vehicle and heavy commercial vehicle markets.

According to Lucintel’s market report, the automotive fuel cell market is expected to grow with a CAGR of 7% from 2019 to 2024. Some of the dominant players in the automotive fuel cell market are Ballard Power Systems, ITM Power, Hydrogenics, Plug Power, and AFCC, and others.

There are some interesting developments in automotive fuel cell market as competition heats up and players try to increase their market share. Some of the major drivers for this market are stringent emission regulations, growing demand for zero-emission vehicles, development of fuel cell technology and infrastructure, and government Initiatives to subsidizing hydrogen infrastructure. High vehicle costs, insufficient hydrogen infrastructure and rising demand for BEVs and HEVs will remain the challenge for this industry.

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