1 INTRODUCTION 23
1.1 OBJECTIVES OF THE STUDY 23
1.2 PRODUCT DEFINITION 23
1.2.1 SEGMENTAL DEFINITIONS, INCLUSIONS, AND EXCLUSIONS 24
1.3 MARKET SCOPE 25
1.3.1 MARKETS COVERED 25
1.3.2 YEARS CONSIDERED IN THE STUDY 25
1.4 PACKAGE SIZE 26
1.5 LIMITATIONS 26
1.6 STAKEHOLDERS 26

2 RESEARCH METHODOLOGY 27
2.1 RESEARCH DATA 27
2.2 SECONDARY DATA 28
2.2.1 KEY SECONDARY SOURCES FOR BASE NUMBERS 28
2.2.2 KEY SECONDARY SOURCES FOR MARKET SIZING 29
2.2.3 KEY DATA FROM SECONDARY SOURCES 30
2.3 PRIMARY DATA 30
2.3.1 SAMPLING TECHNIQUES & DATA COLLECTION METHODS 31
2.3.2 PRIMARY PARTICIPANTS 32
2.4 MARKET SIZE ESTIMATION 32
2.4.1 DATA TRIANGULATION APPROACH 32
2.4.2 BOTTOM-UP APPROACH 33
2.5 MARKET BREAKDOWN 34
2.6 ASSUMPTIONS 35
2.7 RISK ASSESSMENT & RANGES 37

3 EXECUTIVE SUMMARY 38

4 PREMIUM INSIGHTS 44
4.1 ATTRACTIVE OPPORTUNITIES IN THE AUTOMOTIVE FUEL CELL MARKET 44
4.2 AUTOMOTIVE FUEL CELL MARKET, BY COUNTRY 45
4.3 ASIA OCEANIA AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE & COUNTRY 46
4.4 AUTOMOTIVE FUEL CELL MARKET, BY H2 FUEL STATION 46
4.5 AUTOMOTIVE FUEL CELL MARKET, BY POWER OUTPUT 47
4.6 AUTOMOTIVE FUEL CELL MARKET, BY COMPONENT 47

5 MARKET OVERVIEW 48
5.1 INTRODUCTION 48
5.2 POLICIES & INITIATIVES SUPPORTING HYDROGEN-POWERED VEHICLES & HYDROGEN INFRASTRCTURE 49
5.2.1 NORTH AMERICA 49
5.2.2 EUROPE 49
5.2.3 ASIA OCEANIA 50
5.3 EXISTING AND UPCOMING FCEV MODELS 51
5.4 MARKET DYNAMICS 54
5.4.1 DRIVERS 55
5.4.1.1 Better fuel efficiency and increased driving range 55
5.4.1.2 Fast refueling 57
5.4.1.3 Reduced oil dependency 57
5.4.1.4 Less greenhouse gas and air pollutant emissions 58
5.4.1.4.1 Fuel cell product lifecycle 59
5.4.2 RESTRAINTS 59
5.4.2.1 Highly flammable 59
5.4.2.2 Hard to detect hydrogen leakages 59
5.4.3 OPPORTUNITIES 60
5.4.3.1 Rising demand for fuel cell vehicles in automotive and transportation 60
5.4.3.1.1 FCEV commercial freight truck developments 60
5.4.3.1.2 Fuel cell bus development & deployment announcements 61
5.4.3.1.3 Operated & planned fuel cell buses, 2019 62
5.4.3.2 Government initiatives promoting hydrogen infrastructure 62
5.4.3.2.1 US Department of Energy Funding in 2018 63
5.4.4 CHALLENGES 64
5.4.4.1 High vehicle costs 64
5.4.4.1.1 Cost of fuel cell by component for production volume of 1,000 units/year vs. 500,000 units/year 64
5.4.4.2 Insufficient hydrogen infrastructure 65
5.4.4.3 Rising demand for BEVs and HEVs 65
5.5 AUTOMOTIVE FUEL CELL MARKET, SCENARIOS (2020–2028) 66
5.5.1 AUTOMOTIVE FUEL CELL VEHICLE MARKET, MOST LIKELY SCENARIO 66
5.5.2 AUTOMOTIVE FUEL CELL MARKET, OPTIMISTIC SCENARIO 66
5.5.3 AUTOMOTIVE FUEL CELL MARKET, PESSIMISTIC SCENARIO 67

6 INDUSTRY TRENDS 68
6.1 TECHNOLOGY OVERVIEW 68
6.1.1 INTRODUCTION 68
6.1.2 KEY COMPONENTS OF FUEL CELL ELECTRIC VEHICLES 69
6.1.3 TYPES OF FUEL CELLS 70
6.1.4 KEY TRENDS IN FUEL CELL TECHNOLOGY 71
6.1.4.1 Use of fuel cell for heavy load transportation 71
6.1.4.2 Plug-in hybrid fuel cell vehicles 72
6.1.4.3 Hydrogen production process (electrolysis-shell electrolysis plant) 72
6.2 FUEL CELL PRICING ANALYSIS 73
6.3 VALUE CHAIN ANALYSIS 75
6.4 PORTER’S 5 FORCES MODEL 78

7 AUTOMOTIVE FUEL CELL MARKET, BY COMPONENT 79
7.1 INTRODUCTION 80
7.2 RESEARCH METHODOLOGY 81
7.3 FUEL STACK 82
7.3.1 FUEL STACK IS PROJECTED TO HOLD LARGEST MARKET SHARE IN 2028 82
7.4 FUEL PROCESSOR 83
7.4.1 FUEL PROCESSOR MUST BE USED TO INCREASE FUEL EFFICIENCY AND FUEL CELL’S LIFE WHEN PURE HYDROGEN IS NOT USED AS FUEL 83
7.5 POWER CONDITIONER 84
7.5.1 ASIA OCEANIA IS ESTIMATED TO LEAD THE POWER CONDITIONER SEGMENT OF THE AUTOMOTIVE FUEL CELL MARKET 84
7.6 AIR COMPRESSOR 85
7.6.1 THE GROWING ADOPTION OF FUEL CELL BUSES IN EUROPE IS EXPECTED TO DRIVE THE EUROPEAN AIR COMPRESSOR MARKET 85
7.7 HUMIDIFIER 86
7.7.1 PEM FUEL CELL SYSTEM FUNCTIONS BETTER WHEN KEPT WELL-HYDRATED WHICH CREATES THE NEED OF HUMIDIFIERS 86
7.8 KEY INDSUTRY INSIGHTS 86

8 AUTOMOTIVE FUEL CELL MARKET, BY POWER OUTPUT 87
8.1 INTRODUCTION 88
8.2 RESEARCH METHODOLOGY 89
8.3 <150 KW 90
8.3.1 PASSENGER CAR SEGMENT IS EXPECTED TO HAVE THE LARGEST MARKET SHARE OF THE <150 KW SEGMENT 90
8.4 150–250 KW 91
8.4.1 GROWING DEMAND FOR HEAVY-DUTY TRUCKS AND BUSES WILL BOOST THE MARKET 91
8.5 >250 KW 92
8.5.1 LONG HAUL TRUCKING WILL PROVIDE AMPLE OPPORTUNITIES FOR THE GROWHT OF THE >250 KW SEGMENT 92
8.6 KEY INDUSTRY INSIGHTS 93

9 AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE 94
9.1 INTRODUCTION 95
9.2 RESEARCH METHODOLOGY 96
9.3 PASSENGER CAR 97
9.3.1 ASIA OCEANIA IS PROJECTED TO LEAD THE PASSENGER CAR MARKET 98
9.4 LCV 98
9.4.1 GROWING DEMAND FOR LAST MILE DELIVERY TO BOOST THE LCV SEGMENT 98
9.5 BUS 99
9.5.1 GOVERNMENT FUNDED PROJECTS AND TARGETS TO REPLACE BUS FLEET WITH ZERO EMISSION FLEET WILL DRIVE THE BUS MARKET 101
9.6 TRUCK 102
9.6.1 HIGH EFFICIENCY AND GREATER DRIVING RANGE WILL DRIVE THE FUEL CELL TRUCK MARKET 106
9.7 KEY INDUSTRY INSIGHTS 106

10 AUTOMOTIVE FUEL CELL MARKET, BY H2 FUEL STATION 107
10.1 INTRODUCTION 108
10.1.1 FUTURE PLANS FOR AUTOMOTIVE HYDROGEN FUEL STATIONS, 2019–2040 109
10.2 RESEARCH METHODOLOGY 109
10.3 ASIA OCEANIA 111
10.3.1 JAPAN 111
10.3.2 CHINA 111
10.3.3 SOUTH KOREA 111
10.3.4 AUSTRALIA 111
10.3.5 JAPAN AND CHINA WILL PLAY KEY ROLE IN THE REGION 111
10.4 EUROPE 112
10.4.1 BELGIUM 112
10.4.2 DENMARK 112
10.4.3 FRANCE 112
10.4.4 GERMANY 113
10.4.5 ITALY 113
10.4.6 NETHERLANDS 113
10.4.7 NORWAY 113
10.4.8 SPAIN 113
10.4.9 SWEDEN 113
10.4.10 SWITZERLAND 113
10.4.11 UK 113
10.4.12 GOVERNMENT POLICIES AND FUNDING ARE BENIFITING THE MARKET 114
10.5 NORTH AMERICA 114
10.5.1 CANADA 115
10.5.2 MEXICO 115
10.5.3 US 115
10.5.4 DEVELOPMENTS WILL BE FOCUSED MAINLY IN CALIFORNIA 115
10.6 KEY INDUSTRY INSIGHTS 115

11 AUTOMOTIVE FUEL CELL MARKET, BY SPECIALIZED VEHICLE TYPE 116
11.1 INTRODUCTION 116
11.2 MATERIAL HANDLING VEHICLE 116
11.3 AUXILIARY POWER UNIT FOR REFRIGERATED TRUCK 117

12 AUTOMOTIVE FUEL CELL MARKET, BY REGION 118
12.1 INTRODUCTION 118
12.1.1 ANNOUNCED TARGETS, VISION, AND PROJECTION OF FUEL CELL VEHICLES 119
12.2 ASIA OCEANIA 121
12.2.1 CHINA 123
12.2.1.1 China: Automotive fuel cell market - ongoing projects 124
12.2.1.2 China: Automotive fuel cell market - policies and regulations 125
12.2.1.3 China’s public transport bus segment provides huge opportunity for the growth of the market 127
12.2.2 JAPAN 127
12.2.2.1 Japan: Automotive fuel cell market – ongoing projects 128
12.2.2.2 Japan: Automotive fuel cell market - policies and regulations 129
12.2.2.3 Push from leading OEMs to drive the market 131
12.2.3 SOUTH KOREA 131
12.2.3.1 South Korea: Automotive fuel cell market - policies and regulations 133
12.2.3.2 Passenger car segment is estimated to be the largest 136
12.2.4 AUSTRALIA 136
12.2.4.1 Australian automotive fuel cell market has growth potential in the long term 137
12.2.5 INDIA 137
12.2.5.1 India: Automotive fuel cell market - ongoing projects 138
12.3 EUROPE 139
12.3.1 BELGIUM 142
12.3.1.1 Belgium: Automotive fuel cell market - ongoing projects 143
12.3.1.2 Belgium: Automotive fuel cell market – policies and regulations 143
12.3.1.3 Government investments to boost the automotive fuel cell market in Belgium 144
12.3.2 DENMARK 144
12.3.2.1 Denmark: Automotive fuel cell market - ongoing projects 144
12.3.2.2 Denmark is one of the key markets for adoption of fuel cell buses 146
12.3.3 FRANCE 146
12.3.3.1 France: Automotive fuel cell market - ongoing projects 147
12.3.3.2 France: Automotive fuel cell market - policies and regulations 148
12.3.3.3 French automotive fuel cell market will be driven by government initiatives and funding 149
12.3.4 GERMANY 149
12.3.4.1 Germany: Automotive fuel cell market - ongoing projects 150
12.3.4.2 Germany: Automotive fuel cell market - policies and regulations 154
12.3.4.3 Fast paced developments in hydrogen infrastructure to drive the German market 156
12.3.5 ITALY 157
12.3.5.1 Italy: Automotive fuel cell market - ongoing projects 157
12.3.5.2 Italy: Automotive fuel cell market - policies and regulations 158
12.3.5.3 Focus on electrification of vehicles to boost the Italian market 161
12.3.6 NETHERLANDS 162
12.3.6.1 Netherlands: Automotive fuel cell market - ongoing projects 162
12.3.6.2 Netherlands: Automotive fuel cell market - policies and regulations 163
12.3.6.3 Government investments to boost the Dutch automotive fuel cell market 170
12.3.7 NORWAY 170
12.3.7.1 Norway: Automotive fuel cell market - ongoing projects 171
12.3.7.2 Norway: Automotive fuel cell market - policies and regulations 172
12.3.7.3 Bus segment is projected to be the fastest growing during the forecast period 174
12.3.8 SWEDEN 174
12.3.8.1 Sweden: Automotive fuel cell market - ongoing projects 175
12.3.8.2 The passenger car segment is projected to hold the largest market share by 2028 175
12.3.9 SPAIN 176
12.3.9.1 Spain: Automotive fuel cell market - ongoing projects 176
12.3.9.2 Spain: Automotive fuel cell market - policies and regulations 177
12.3.9.3 Government plans and investments to propel the Spanish automotive fuel cell market 178
12.3.10 SWITZERLAND 179
12.3.10.1 Switzerland: Automotive fuel cell market - ongoing projects 179
12.3.10.2 Truck segment is projected to have significant market share 180
12.3.11 UK 180
12.3.11.1 UK: Automotive fuel cell market - ongoing projects 181
12.3.11.2 UK: Automotive fuel cell market - policies and regulations 182
12.3.11.3 UK is projected to be the fastest growing market in Europe 191
12.4 NORTH AMERICA 192
12.4.1 CANADA 194
12.4.1.1 Canada: Automotive fuel cell market - ongoing projects 195
12.4.1.2 Canada: Automotive fuel cell market - policies and regulations 196
12.4.1.3 Presence of leading fuel cell suppliers to drive the Canadian market 197
12.4.2 MEXICO 197
12.4.2.1 Mexico is expected to invest in hydrogen infrastructure in future 198
12.4.3 US 198
12.4.3.1 US: Automotive fuel cell market - ongoing projects 198
12.4.3.2 US: Automotive fuel cell market - policies and regulations 201
12.4.3.3 Truck segment is projected to be the fastest 202

13 COMPETITIVE LANDSCAPE 203
13.1 OVERVIEW 203
13.2 MARKET RANKING ANALYSIS 203
13.3 COMPETITIVE SCENARIO 204
13.3.1 NEW PRODUCT DEVELOPMENTS/LAUNCHES 204
13.3.2 EXPANSIONS 205
13.3.3 SUPPLY CONTRACTS 206
13.3.4 PARTNERSHIP/JOINT VENTURE/COLLABORATION/AGREEMENT 207
13.3.5 MERGER & ACQUISITION 208
13.4 COMPETITIVE LEADERSHIP MAPPING: GLOBAL PLAYERS OF AUTOMOTIVE FUEL CELL MARKET 209
13.4.1 TERMINOLOGY 209
13.4.2 VISIONARY LEADERS 209
13.4.3 INNOVATORS 209
13.4.4 DYNAMIC DIFFERENTIATORS 209
13.4.5 EMERGING COMPANIES 209
13.5 STRENGTH OF PRODUCT PORTFOLIO GLOBAL PLAYERS 211
13.6 BUSINESS STRATEGY EXCELLENCE GLOBAL PLAYERS 212
13.7 COMPETITIVE LEADERSHIP MAPPING: SME PLAYERS OF AUTOMOTIVE FUEL CELL MARKET 213
13.7.1 PROGRESSIVE COMPANIES 213
13.7.2 RESPOSIVE COMPANIES 213
13.7.3 DYNAMIC COMPANIES 213
13.7.4 STARTING BLOCKS 213
13.8 STRENGTH OF PRODUCT PORTFOLIO SME PLAYERS 215
13.9 BUSINESS STRATEGY EXCELLENCE SME PLAYERS 216
13.10 WINNERS VS. TAIL-ENDERS 217
13.10.1 WINNERS 217
13.10.2 TAIL-ENDERS 217

14 AUTOMOTIVE FUEL CELL ECOSYSTEM: FUEL CELL SYSTEM/PARTS/
MATERIAL SUPPLIERS 218
14.1 FUEL CELL SYSTEM SUPPLIERS (COUNTRY LEVEL) 218
14.2 FUEL CELL STACK SUPPLIERS (COUNTRY LEVEL) 220
14.3 FUEL CELL MATERIAL SUPPLIERS: ELECTROLYTE MEMBRANE 222
14.4 FUEL CELL MATERIAL SUPPLIERS: CATALYST 224
14.5 FUEL CELL MATERIAL SUPPLIERS: ELECTRODE 225
14.6 FUEL CELL MATERIAL SUPPLIERS: SEPARATOR 227
14.7 HYDROGEN TANK SUPPLIERS (COUNTRY LEVEL) 228

15 COMPANY PROFILE 230
(Business overview, Products offered, Recent Developments, SWOT analysis, MNM view)*
15.1 BALLARD POWER SYSTEMS 230
15.2 HYDROGENICS 239
15.3 ITM POWER 245
15.4 PLUG POWER 251
15.5 NUVERA FUEL CELLS 258
15.6 CERES POWER 261
15.7 NEDSTACK 266
15.8 DOOSAN CORPORATION 268
15.9 DELPHI TECNOLOGIES 271
15.10 PROTON POWER SYSTEMS PLC 273
*Details on Business overview, Products offered, Recent Developments, SWOT analysis, MNM view might not be captured in case of unlisted companies.
15.11 OTHER KEY PLAYERS 277
15.11.1 ASIA OCEANIA 277
15.11.1.1 Hyundai Kefico Corporation 277
15.11.1.2 Panasonic 277
15.11.1.3 Toray Industries 277
15.11.1.4 Sunrise Power Co., Ltd. 277
15.11.2 EUROPE 278
15.11.2.1 Intelligent Energy 278
15.11.2.2 Bosch 278
15.11.2.3 PowerCell 278
15.11.2.4 Symbio 278
15.11.2.5 ElringKlinger AG 278
15.11.2.6 Swiss Hydrogen Power 279
15.11.3 NORTH AMERICA 279
15.11.3.1 Dana Incorporated 279
15.11.3.2 Fuel Cell System Manufacturing LLC 279
15.12 OTHER KEY OEMS 279
15.12.1 TOYOTA 279
15.12.2 HONDA 279
15.12.3 HYUNDAI 280
15.12.4 AUDI 280
15.12.5 DAIMLER 280
15.12.6 RIVERSIMPLE 280
15.12.7 NIKOLA 281
15.12.8 CUMMINS 281
15.12.9 SAIC MOTOR 281
15.12.10 VAN HOOL 281

16 APPENDIX 282
16.1 INSIGHTS OF INDUSTRY EXPERTS 282
16.2 DISCUSSION GUIDE 283
16.3 KNOWLEDGE STORE: MARKETSANDMARKETS SUBSCRIPTION PORTAL 286
16.4 AVAILABLE CUSTOMIZATIONS 288
16.5 RELATED REPORTS 288
16.6 AUTHOR DETAILS 289

LIST OF TABLES
TABLE 1 RISK ASSESSMENT & RANGES 37
TABLE 2 NORTH AMERICA: POLICIES & INITIATIVES SUPPORTING HYDROGEN-POWERED VEHICLES & HYDROGEN INFRASTRCTURE 49
TABLE 3 EUROPE: POLICIES & INITIATIVES SUPPORTING HYDROGEN-POWERED VEHICLES & HYDROGEN INFRASTRCTURE 49
TABLE 4 ASIA OCEANIA: POLICIES & INITIATIVES SUPPORTING HYDROGEN-POWERED VEHICLES & HYDROGEN INFRASTRCTURE 50
TABLE 5 EXISTING AND UPCOMING FCEV MODELS 51
TABLE 6 COMPARISION OF FUEL CELL ELECTRIC VEHICLE MODELS 55
TABLE 7 SUMMARY OF FCEV ATTRIBUTES COMPARED TO THOSE OF ADVANCED BEV FOR 200-MILE AND 300-MILE RANGE 56
TABLE 8 ZERO EMISSION LIGHT-DUTY VEHICLES REFRENCE COMPARISION: BEV CHARGING VS. FCEV HYDROGEN FUELING 57
TABLE 9 FCEV COMMERCIAL FREIGHT TRUCK DEVELOPMENTS 60
TABLE 10 FUEL CELL BUS DEVELOPMENT & DEPLOYMENT ANNOUNCEMENT 61
TABLE 11 US DEPARTMENT OF ENERGY FUNDING IN 2018 63
TABLE 12 AUTOMOTIVE FUEL CELL MARKET (MOST LIKELY), BY REGION, 2020–2028 (UNITS) 66
TABLE 13 AUTOMOTIVE FUEL CELL MARKET (OPTIMISTIC), BY REGION, 2020–2028 (UNITS) 67
TABLE 14 AUTOMOTIVE FUEL CELL MARKET (PESSIMISTIC), BY REGION, 2020–2028 (UNITS) 67
TABLE 15 EFFECTS OF VARIOUS GASEOUS REACTANTS ON TYPES OF FUEL CELLS 70
TABLE 16 COMPARISON OF CHARACTERISTICS OF DIFFERENT TYPES OF FUEL CELLS 71
TABLE 17 AUTOMOTIVE FUEL CELL MARKET SIZE, BY COMPONENT, 2018–2028 (USD MILLION) 82
TABLE 18 FUEL STACK: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2018–2028 (USD MILLION) 82
TABLE 19 FUEL PROCESSOR: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2018–2028 (USD MILLION) 83
TABLE 20 POWER CONDITIONER: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2018–2028 (USD MILLION) 84
TABLE 21 AIR COMPRESSOR: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2018–2028 (USD MILLION) 85
TABLE 22 HUMIDIFIER: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2018–2028 (USD MILLION) 86
TABLE 23 AUTOMOTIVE FUEL CELL MARKET SIZE, BY POWER OUTPUT, 2018–2028 (UNITS) 89
TABLE 24 <150 KW: AUTOMOTIVE FUEL CELL MARKET SIZE, BY VEHICLE TYPE, 2018–2028 (UNITS) 90
TABLE 25 <150 KW: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2018–2028 (UNITS) 90
TABLE 26 150–250 KW: AUTOMOTIVE FUEL CELL MARKET SIZE, BY VEHICLE TYPE, 2018–2028 (UNITS) 91
TABLE 27 150–250 KW: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2018–2028 (UNITS) 91
TABLE 28 >250 KW: AUTOMOTIVE FUEL CELL MARKET SIZE, BY VEHICLE TYPE, 2018–2028 (UNITS) 92
TABLE 29 >250 KW: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2018–2028 (UNITS) 93
TABLE 30 AUTOMOTIVE FUEL CELL MARKET SIZE, BY VEHICLE TYPE, 2018–2028 (UNITS) 96
TABLE 31 PASSENGER CAR: AUTOMOTIVE FUEL CELL MARKET, BY REGION, 2018–2028 (UNITS) 98
TABLE 32 LCV: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2018–2028 (UNITS) 98
TABLE 33 EXAMPLES OF DEPLOYMENT BUS PROJECTS 100
TABLE 34 POTENTIAL MARKET FOR NEW ZERO EMISSION BUSES PER YEAR ACROSS EUROPE FROM 2020 101
TABLE 35 BUS: AUTOMOTIVE FUEL CELL MARKET, BY REGION, 2018–2028 (UNITS) 101
TABLE 36 OVERVIEW OF THE WEIGHT CLASSES 103
TABLE 37 MASS DIFFERENCE BETWEEN BASELINE VEHICLE AND ITS FUEL CELL TRUCK VERSION 103
TABLE 38 DEMONSTRATION PROJECTS / DEPLOYMENT OF FUEL CELL TRUCKS 104
TABLE 39 MAJOR FUEL CELL TRUCK PROTOTYPE 104
TABLE 40 POWERTRAIN BENCHMARKING FOR TRUCKS >12 TONS 105
TABLE 41 TRUCK: AUTOMOTIVE FUEL CELL MARKET SIZE, BY REGION, 2020–2028 (UNITS) 106
TABLE 42 AUTOMOTIVE HYDROGEN FUEL STATIONS AS OF AUGUST 2019 108
TABLE 43 AUTOMOTIVE FUEL CELL MARKET SIZE, BY H2 FUEL STATION, 2018–2028 (UNITS) 110
TABLE 44 ASIA OCEANIA: AUTOMOTIVE FUEL CELL MARKET SIZE, BY H2 FUEL STATION, 2018–2028 (UNITS) 111
TABLE 45 EUROPE: AUTOMOTIVE FUEL CELL MARKET SIZE, BY H2 FUEL STATION, 2018–2028 (UNITS) 114
TABLE 46 NORTH AMERICA: AUTOMOTIVE FUEL CELL MARKET SIZE, BY H2 FUEL STATION, 2018–2028 (UNITS) 115
TABLE 47 COMPARISON OF PEM (POLYMER ELECTROLYTE MEMBRANE) FUEL CELL AND BATTERY-POWERED FORKLIFTS AND PALLET JACKS: 116
TABLE 48 AUTOMOTIVE FUEL CELL MARKET, BY REGION, 2020–2028 (UNITS) 120
TABLE 49 ASIA OCEANIA: AUTOMOTIVE FUEL CELL MARKET, BY COUNTRY, 2018–2028 (UNITS) 123
TABLE 50 CHINA: TARGETS, VISIONS, AND PROJECTIONS 124
TABLE 51 CHINA: AUTOMOTIVE FUEL CELL MARKET - ONGOING PROJECTS 124
TABLE 52 CHINA: AUTOMOTIVE FUEL CELL MARKET - POLICIES AND REGULATIONS 125
TABLE 53 CHINA: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2028 (UNITS) 127
TABLE 54 JAPAN: TARGETS, VISIONS, AND PROJECTIONS 128
TABLE 55 JAPAN: AUTOMOTIVE FUEL CELL MARKET - ONGOING PROJECTS 128
TABLE 56 JAPAN: AUTOMOTIVE FUEL CELL MARKET - POLICIES AND REGULATIONS 129
TABLE 57 JAPAN: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2028 (UNITS) 131
TABLE 58 SOUTH KOREA: TARGETS, VISIONS, AND PROJECTIONS 131
TABLE 59 SOUTH KOREA: AUTOMOTIVE FUEL CELL MARKET - POLICIES AND REGULATIONS 133
TABLE 60 SOUTH KOREA: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2028 (UNITS) 136
TABLE 61 AUSTRALIA: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2028 (UNITS) 137
TABLE 62 INDIA: AUTOMOTIVE FUEL CELL MARKET - ONGOING PROJECTS 138
TABLE 63 EUROPE: RELEVANT EXPERIENCE/PRODUCTS OF OEMS 140
TABLE 64 EUROPE: TARGETS, VISIONS, AND PROJECTIONS 140
TABLE 65 EUROPEAN UNION (EU): AUTOMOTIVE FUEL CELL MARKET - ONGOING PROJECTS 141
TABLE 66 EUROPE: AUTOMOTIVE FUEL CELL MARKET, BY COUNTRY, 2018–2028 (UNITS) 142
TABLE 67 BELGIUM: AUTOMOTIVE FUEL CELL MARKET - ONGOING PROJECTS 143
TABLE 68 BELGIUM: AUTOMOTIVE FUEL CELL MARKET - POLICIES AND REGULATIONS 143
TABLE 69 BELGIUM: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2028 (UNITS) 144
TABLE 70 DENMARK: AUTOMOTIVE FUEL CELL MARKET - ONGOING PROJECTS 144
TABLE 71 DENMARK: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2028 (UNITS) 146
TABLE 72 FRANCE: AUTOMOTIVE FUEL CELL MARKET - ONGOING PROJECTS 147
TABLE 73 FRANCE: AUTOMOTIVE FUEL CELL MARKET - POLICIES AND REGULATIONS 148
TABLE 74 FRANCE: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2028 (UNITS) 149
TABLE 75 GERMANY: AUTOMOTIVE FUEL CELL MARKET - ONGOING PROJECTS 150
TABLE 76 GERMANY: AUTOMOTIVE FUEL CELL MARKET - POLICIES AND REGULATIONS 154
TABLE 77 GERMANY: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2028 (UNITS) 156
TABLE 78 ITALY: AUTOMOTIVE FUEL CELL MARKET - ONGOING PROJECTS 157
TABLE 79 ITALY: AUTOMOTIVE FUEL CELL MARKET - POLICIES AND REGULATIONS 158
TABLE 80 ITALY: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2028 (UNITS) 161
TABLE 81 NETHERLANDS: AUTOMOTIVE FUEL CELL MARKET - ONGOING PROJECTS 162
TABLE 82 NETHERLANDS: AUTOMOTIVE FUEL CELL MARKET - POLICIES AND REGULATIONS 163
TABLE 83 NETHERLANDS: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2028 (UNITS) 170
TABLE 84 NORWAY: AUTOMOTIVE FUEL CELL MARKET - ONGOING PROJECTS 171
TABLE 85 NORWAY: AUTOMOTIVE FUEL CELL MARKET - POLICIES AND REGULATIONS 172
TABLE 86 NORWAY: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2028 (UNITS) 174
TABLE 87 SWEDEN: AUTOMOTIVE FUEL CELL MARKET - ONGOING PROJECTS 175
TABLE 88 SWEDEN: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 20218–2028 (UNITS) 175
TABLE 89 SPAIN: AUTOMOTIVE FUEL CELL MARKET - ONGOING PROJECTS 176
TABLE 90 SPAIN: AUTOMOTIVE FUEL CELL MARKET - POLICIES AND REGULATIONS 177
TABLE 91 SPAIN: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2028 (UNITS) 178
TABLE 92 SWITZERLAND: AUTOMOTIVE FUEL CELL MARKET - ONGOING PROJECTS 179
TABLE 93 SWITZERLAND: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2028 (UNITS) 180
TABLE 94 UK: AUTOMOTIVE FUEL CELL MARKET - ONGOING PROJECTS 181
TABLE 95 UK: AUTOMOTIVE FUEL CELL MARKET - POLICIES AND REGULATIONS 182
TABLE 96 UK: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2028 (UNITS) 191
TABLE 97 UNITED STATES: TARGETS, VISIONS, AND PROJECTIONS 193
TABLE 98 NORTH AMERICA: AUTOMOTIVE FUEL CELL MARKET, BY COUNTRY, 2020–2028 (UNITS) 194
TABLE 99 CANADA: AUTOMOTIVE FUEL CELL MARKET - ONGOING PROJECTS 195
TABLE 100 CANADA: AUTOMOTIVE FUEL CELL MARKET – POLICIES AND REGULATIONS 196
TABLE 101 CANADA: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2028 (UNITS) 197
TABLE 102 MEXICO: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2028 (UNITS) 198
TABLE 103 US: AUTOMOTIVE FUEL CELL MARKET - ONGOING PROJECTS 198
TABLE 104 US: AUTOMOTIVE FUEL CELL MARKET - POLICIES AND REGULATIONS 201
TABLE 105 US: AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2018–2028 (UNITS) 202
TABLE 106 NEW PRODUCT DEVELOPMENTS/LAUNCHES 204
TABLE 107 EXPANSIONS 205
TABLE 108 SUPPLY CONTRACTS 206
TABLE 109 PARTNERSHIP/JOINT VENTURE/COLLABORATION/AGREEMENT 207
TABLE 110 MERGER & ACQUISITION 208
TABLE 111 FUEL CELL SYSTEM SUPPLIERS 218
TABLE 112 FUEL CELL STACK SUPPLIERS 220
TABLE 113 FUEL CELL MATERIAL SUPPLIERS: ELECTROLYTE MEMBRANE 222
TABLE 114 FUEL CELL MATERIAL SUPPLIERS: CATALYST 224
TABLE 115 FUEL CELL MATERIAL SUPPLIERS: ELECTRODE 225
TABLE 116 FUEL CELL MATERIAL SUPPLIERS: SEPARATOR 227
TABLE 117 HYDROGEN TANK 228
TABLE 118 BALLARD POWER SYSTEMS: PRODUCTS OFFERED 231
TABLE 119 BALLARD POWER SYSTEMS: NEW PRODUCT LAUNCHES 231
TABLE 120 BALLARD POWER SYSTEMS: EXPANSIONS 232
TABLE 121 BALLARD POWER SYSTEMS: SUPPLY CONTRACTS 232
TABLE 122 BALLARD POWER SYSTEMS: AGREEMENT 234
TABLE 123 BALLARD POWER SYSTEMS: JOINT VENTURE/PARTNERSHIP/COLLABORATION 235
TABLE 124 BALLARD POWER SYSTEMS: MERGER & ACQUISITION 237
TABLE 125 HYDROGENICS: PRODUCTS OFFERED 240
TABLE 126 HYDROGENICS: NEW PRODUCT LAUNCHES 240
TABLE 127 HYDROGENICS: EXPANSIONS 241
TABLE 128 HYDROGENICS: SUPPLY CONTRACTS 241
TABLE 129 HYDROGENICS: AGREEMENTS 243
TABLE 130 ITM POWER: PRODUCTS OFFERED 246
TABLE 131 ITM POWER: EXPANSIONS 246
TABLE 132 ITM POWER: SUPPLY CONTRACTS 247
TABLE 133 ITM POWER: JOINT VENTURES/PARTNERSHIPS/COLLABORATIONS 247
TABLE 134 ITM POWER: AGREEMENTS 249
TABLE 135 PLUG POWER: PRODUCT OFFERED 252
TABLE 136 PLUG POWER: NEW PRODUCT LAUNCHES 252
TABLE 137 PLUG POWER: EXPANSIONS 253
TABLE 138 PLUG POWER: SUPPLY CONTRACTS 253
TABLE 139 PLUG POWER: PARTNERSHIPS/ JOINT VENTURES/COLLABORATIONS 254
TABLE 140 PLUG POWER: AGREEMENTS 255
TABLE 141 PLUG POWER: MERGERS & ACQUISITIONS 256
TABLE 142 NUVERA FUEL CELLS: PRODUCTS OFFERED 258
TABLE 143 NUVERA FUEL CELLS: NEW PRODUCT LAUNCHES 258
TABLE 144 NUVERA FUEL CELLS: AGREEMENTS 259
TABLE 145 NUVERA FUEL CELLS: JOINT VENTURE/PARTNERSHIP/COLLABORATION 260
TABLE 146 CERES POWER: PRODUCTS OFFERED 262
TABLE 147 CERES POWER: NEW PRODUCT LAUNCHES 262
TABLE 148 CERES POWER: EXPANSIONS 262
TABLE 149 CERES POWER: PARTNERSHIPS/COLLABORATIONS/JOINT VENTURE 263
TABLE 150 CERES POWER: AGREEMENTS 264
TABLE 151 NEDSTACK: PRODUCTS OFFFERED 266
TABLE 152 NEDSTACK: PARTNERSHIPS/JOINT VENTURE/COLLABORATION 266
TABLE 153 NEDSTACK: AGREEMENT 267
TABLE 154 DOOSAN CORPORATION: PRODUCTS OFFERED 269
TABLE 155 DOOSAN CORPORATION: EXPANSIONS 269
TABLE 156 DOOSAN CORPORATION: COLLABORATIONS/PARTNERSHIP/JOINT VENTURE 270
TABLE 157 DOOSAN CORPORATION: SUPPLY CONTRACTS 270
TABLE 158 DELPHI TECHNOLOGIES: PRODUCTS OFFERED 272
TABLE 159 PROTON POWER SYSTEM: PRODUCTS OFFERED 274
TABLE 160 PROTON POWER SYSTEM: EXPANSIONS 274
TABLE 161 PROTON POWER SYSTEM: COLLABORATIONS/PARTNERSHIP/COLLABORATION/ JOINT VENTURE 275
TABLE 162 PROTON POWER SYSTEM: SUPPLY CONTRACT 275
TABLE 163 PROTON POWER SYSTEM: AGREEMENTS 276
TABLE 164 CURRENCY EXCHANGE RATES (W.R.T. USD) 285

LIST OF FIGURES
FIGURE 1 AUTOMOTIVE FUEL CELL MARKET: SEGMENTAL DEFINITIONS, INCLUSIONS, AND EXCLUSIONS 24
FIGURE 2 AUTOMOTIVE FUEL CELL MARKET: MARKET COVERED 25
FIGURE 3 AUTOMOTIVE FUEL CELL MARKET: RESEARCH DESIGN 27
FIGURE 4 RESEARCH DESIGN MODEL 28
FIGURE 5 BREAKDOWN OF PRIMARY INTERVIEWS 31
FIGURE 6 BOTTOM-UP APPROACH: AUTOMOTIVE FUEL CELL MARKET 33
FIGURE 7 AUTOMOTIVE FUEL CELL MARKET: MARKET BREAKDOWN 34
FIGURE 8 AUTOMOTIVE FUEL CELL MARKET: ASSUMPTIONS 36
FIGURE 9 AUTOMOTIVE FUEL CELL MARKET: MARKET OVERVIEW 39
FIGURE 10 AUTOMOTIVE FUEL CELL MARKET: MARKET DYNAMICS 40
FIGURE 11 ASIA OCEANIA IS ESTIMATED TO HOLD THE LARGEST SHARE OF AUTOMOTIVE FUEL CELL MARKET IN 2020 41
FIGURE 12 PASSENGER CAR IS ESTIMATED TO HOLD THE LARGEST SHARE OF THE AUTOMOTIVE FUEL CELL MARKET IN 2020 42
FIGURE 13 <150 KW POWER OUTPUT IS PROJECTED TO HOLD THE LARGEST SHARE OF THE AUTOMOTIVE FUEL CELL MARKET BY 2028 42
FIGURE 14 FUEL STACK IS ESTIMATED TO HOLD THE LARGEST SHARE OF THE AUTOMOTIVE FUEL CELL MARKET IN 2020 43
FIGURE 15 AUTOMOTIVE FUEL CELL MARKET: YC-YCC SHIFT 43
FIGURE 16 INCREASING CONCERNS OVER VEHICLE EMISSIONS AND GROWING INVESTMENTS IN FUEL CELL TECHNOLOGY BY GOVERNEMENTS AND OEMS TO DRIVE THE MARKET 44
FIGURE 17 AUSTRALIA IS PROJECTED TO BE THE FASTEST GROWING AUTOMOTIVE FUEL CELL MARKET DURING THE FORECAST PERIOD 45
FIGURE 18 PASSENGER CAR IS PROJECTED TO ACCOUNT FOR THE LARGEST SHARE OF ASIA OCEANIA AUTOMOTIVE FUEL CELL MARKET BY 2028 46
FIGURE 19 ASIA OCEANIA IS PROJECTED TO HAVE THE LARGEST MARKET SHARE OF AUTOMOTIVE FUEL CELL MARKET FOR H2 FUEL STATIONS BY 2028 46
FIGURE 20 <150 KW IS PROJECTED TO BE THE LARGEST MARKET, IN TERMS OF VOLUME, BY 2028 47
FIGURE 21 AIR COMPRESSOR IS PROJECTED TO BE THE FASTEST GROWING MARKET DURING THE FORECAST PERIOD 47
FIGURE 22 AUTOMOTIVE FUEL CELL MARKET: MARKET DYNAMICS 54
FIGURE 23 COMPARISON OF AMOUNT OF NATURAL GAS REQUIRED TO PROPEL BEV TO 300 MILES COMPARED TO FCEV TRAVELING 300 MILES 56
FIGURE 24 LIQUID OIL CONSUMPTION (MILLION BARRELS PER DAY), 2011–2019 58
FIGURE 25 FUEL CELL PRODUCT LIFECYCLE 59
FIGURE 26 OPERATED & PLANNED FUEL CELL BUSES, 2019 62
FIGURE 27 COST OF FUEL CELL BY COMPONENT FOR PRODUCTION VOLUME OF 1,000 UNITS/YEAR VS. 500,000 UNITS/YEAR 64
FIGURE 28 HYDROGEN INFRASTRUTURE MAINTAINANCE COSTS, BY COMPONENT 65
FIGURE 29 TIMELINE OF FUEL CELL SYSTEMS 68
FIGURE 30 KEY COMPONENTS OF FUEL CELL ELECTRIC VEHICLE 69
FIGURE 31 TIMELINE OF FUEL CELL MASS MARKET ACCEPTABILITY IN TRANSPORTATION SECTOR, 2016–2050 72
FIGURE 32 SOURCES OF HYDROGEN PRODUCTION, 2016 73
FIGURE 33 DECREASING COST OF FUEL CELL 74
FIGURE 34 FUEL CELL SYSTEM COST, 2006–2025 74
FIGURE 35 FUEL CELL SYSTEM & FUEL CELL STACK COST 75
FIGURE 36 VALUE CHAIN ANALYSIS OF AUTOMOTIVE FUEL CELL MARKET 76
FIGURE 37 FUEL CELL SUBCLUSTER AND H2 SUBCLUSTER 77
FIGURE 38 AUTOMOTIVE FUEL CELL MARKET, BY COMPONENT, 2018 VS. 2025 (USD MILLION) 81
FIGURE 39 AUTOMOTIVE FUEL CELL MARKET, BY POWER OUTPUT, 2020 VS. 2028 (UNITS) 89
FIGURE 40 AUTOMOTIVE FUEL CELL MARKET, BY VEHICLE TYPE, 2020 VS. 2028 (UNITS) 96
FIGURE 41 FUTURE PLANS FOR AUTOMOTIVE HYDROGEN FUEL STATIONS, 2019–2040 (UNITS) 109
FIGURE 42 AUTOMOTIVE FUEL CELL MARKET, BY H2 FUEL STATION, 2018 VS. 2028 (UNITS) 110
FIGURE 43 ANNOUNCED TARGETS, VISION, AND PROJECTION OF FUEL CELL VEHICLES 119
FIGURE 44 AUTOMOTIVE FUEL CELL MARKET, BY REGION, 2020 VS. 2028 (UNITS) 120
FIGURE 45 ASIA OCEANIA: AUTOMOTIVE FUEL CELL MARKET, 2018 VS. 2028 (UNITS) 122
FIGURE 46 SOUTH KOREA: PLANNED GOVERNMENT FUNDING FOR AUTOMOTIVE FUEL CELL (KRW BILLION) 132
FIGURE 47 SOUTH KOREA: TARGET NUMBER OF VEHICLES FOR AUTOMOTIVE FUEL CELLS 132
FIGURE 48 EUROPE: AUTOMOTIVE FUEL CELL MARKET, 2018 VS. 2025 (UNITS) 141
FIGURE 49 NORTH AMERICA: AUTOMOTIVE FUEL CELL MARKET, 2020 VS. 2028 (UNITS) 193
FIGURE 50 MARKET RANKING ANALYSIS: AUTOMOTIVE FUEL CELL MARKET 203
FIGURE 51 AUTOMOTIVE FUEL CELL MARKET (GLOBAL): COMPETITIVE LEADERSHIP MAPPING, 2019 210
FIGURE 52 STRENGTH OF PRODUCT PORTFOLIO GLOBAL PLAYERS 211
FIGURE 53 BUSINESS STRATEGY EXCELLENCE GLOBAL PLAYERS 212
FIGURE 54 AUTOMOTIVE FUEL CELL MARKET (SME): COMPETITIVE LEADERSHIP MAPPING, 2019–2020 214
FIGURE 55 STRENGTH OF PRODUCT PORTFOLIO SME PLAYERS 215
FIGURE 56 BUSINESS STRATEGY EXCELLENCE SME PLAYERS 216
FIGURE 57 BALLARD POWER SYSTEMS: COMPANY SNAPSHOT 230
FIGURE 58 HYDROGENICS: COMPANY SNAPSHOT 239
FIGURE 59 ITM POWER: COMPANY SNAPSHOT 245
FIGURE 60 PLUG POWER: COMPANY SNAPSHOT 251
FIGURE 61 CERES POWER: COMPANY SNAPSHOT 261
FIGURE 62 DOOSAN CORPORATION: COMPANY SNAPSHOT 268
FIGURE 63 DELPHI TECHOLOGIES: COMPANY SNAPSHOT 271
FIGURE 64 PROTON POWER SYSTEMS: COMPANY SNAPSHOT 273