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China Fuel Cell Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Market Report Covers Fuel Cell Manufacturers in China and is Segmented by Application (Portable, Stationary, and Transportation) and Fuel Cell Technology (Polymer Electrolyte Membrane Fuel Cell (PEMFC), Solid Oxide Fuel Cell (SOFC), and Other Fuel Cell Technologies)

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China Fuel Cell Market Size

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China Fuel Cell Market : Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR > 11.20 %

Major Players

China Fuel Cell Market

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of China Fuel Cell Market with other markets in Energy & Power Industry

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China Fuel Cell Market Analysis

The China fuel cell market is expected to grow at a CAGR of more than 11.2% over the period of 2020-2025. The increase in fuel cell vehicles and government policies has been driving the demand for the fuel cell market in China. However, the market is restrained due to insufficient hydrogen fuel infrastructure, the complexity of the design, high manufacturing and maintenance cost, and the lack of capability to match the performance of electric vehicles.

  • The transportation sector is anticipated to dominate China's fuel cell market. For instance, In China order for 74 fuel cell, electric buses (FCEB's) was placed for Zhangjiakou city for the 2022 winter Olympics.
  • The FCEB's is likely to augment growth in several cities of China. With the development of the fuel cell industry, China aims to achieve the cost of the fuel cell system to 4,000 yuan per kilowatt by 2025.
  • The Chinese government policies entice FCV's to increase the overall number of zero-emission vehicles on the road since fuel cell vehicles have several advantages over purely battery-electric vehicles.

China Fuel Cell Market Trends

This section covers the major market trends shaping the China Fuel Cell Market according to our research experts:

Transportation Sector to Dominate the Market

  • China has great potential in the fuel cell market as the government is increasingly focusing on ways to utilize clean energy technology in order to switch to a low-carbon economy.
  • In 2018, Hyundai Motor and Beijing-Tsinghua Industrial R&D Institute (BTIRDI), signed a memorandum of understanding (MOU), to establish a Hydrogen Energy Fund worth USD 100 million, to support the adoption of fuel cell vehicle in China in coming years.
  • In addition, under the 13th Five-Year Plan, the country is expected to promote research and development of fuel cells, step up building hydrogen stations, and achieve the mass production of fuel cell vehicles by 2020.
  • Further, the decreasing price of lithium-ion batteries (LIB) is among the major factors influencing the rapid increase in LIB technology adoption in multiple sectors, such as renewable, automobiles, and others. The increasing adoption of LIB technology is expected to remain a restraining factor for growth of fuel cell market until the technology itself becomes cost-competitive.
China Fuel Cell Market: Lithum-ion Battery Price in USD per KWH

China's Ambitious Targets to Drive the Market

  • China's aim of having a million units on the road by 2030, achieving this level of penetration will require a steep adoption curve.
  • So, the Chinese policymakers expect the market to grow to 5,000 vehicles by the end of 2020 and to 50,000 by 2025.
  • China, the world's biggest car market, is putting its manufacturing and policy might behind hydrogen fuel cells, just as it has with battery-electric vehicles.
  • China's generous subsidies for fuel-cell subsidies had attracted the attention of major automakers. Last month, Toyota unveiled plans to sell fuel-cell vehicles into the Chinese market via existing partnerships with Guangzhou Automobile Group and FAW Group.
China fuel Cell Market: Fuel Cell Electric Vehicles (FCEV) Target in Numbers on the Road

China Fuel Cell Industry Overview

The China fuel cell market industry is moderately fragmented. Some of the key players in this market include Ballard Power System Inc, Toshiba Fuel Cell Power System Corporation, Fuelcell Energy Inc, Plug Power Inc, and Horizon Fuel Cell Technologies Pte Ltd.

China Fuel Cell Market Leaders

  1. Ballard Power System Inc.

  2. Toshiba Fuel Cell Power System Corporation.

  3. Fuelcell Energy Inc.

  4. Plug Power Inc.

  5. Horizon Fuel Cell Technologies Pte Ltd.

*Disclaimer: Major Players sorted in no particular order

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China Fuel Cell Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD million, till 2025

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 PESTLE Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Application

      1. 5.1.1 Portable

      2. 5.1.2 Stationary

      3. 5.1.3 Transportation

    2. 5.2 Fuel Cell Technology

      1. 5.2.1 Polymer Electrolyte Membrane Fuel Cell (PEMFC)

      2. 5.2.2 Solid Oxide Fuel Cell (SOFC)

      3. 5.2.3 Other Fuel Cell Technologies

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Horizon Fuel Cell Technologies Pte Ltd

      2. 6.3.2 Toshiba Fuel Cell Power Systems Corporation

      3. 6.3.3 Fuelcell Energy Inc.

      4. 6.3.4 Ballard Power System Inc.

      5. 6.3.5 Plug Power Inc.

    4. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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China Fuel Cell Industry Segmentation

The China fuel cell market report includes:

Application
Portable
Stationary
Transportation
Fuel Cell Technology
Polymer Electrolyte Membrane Fuel Cell (PEMFC)
Solid Oxide Fuel Cell (SOFC)
Other Fuel Cell Technologies
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China Fuel Cell Market Research FAQs

The China Fuel Cell Market is projected to register a CAGR of greater than 11.20% during the forecast period (2024-2029)

Ballard Power System Inc., Toshiba Fuel Cell Power System Corporation., Fuelcell Energy Inc., Plug Power Inc. and Horizon Fuel Cell Technologies Pte Ltd. are the major companies operating in the China Fuel Cell Market.

The report covers the China Fuel Cell Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the China Fuel Cell Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

China Fuel Cell Industry Report

Statistics for the 2024 China Fuel Cell market share, size and revenue growth rate, created by Mordor Intelligenceā„¢ Industry Reports. China Fuel Cell analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

China Fuel Cell Market Report Snapshots

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China Fuel Cell Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)