This report is the ninth annual update of a comprehensive automotive fuel cell cost analysis conducted by Strategic Analysis (SA) under contract to the U.S. Department of Energy. In this multi-year project, SA estimates the material and manufacturing costs of complete 80 kWe-net direct-hydrogen proton exchange membrane (PEM) fuel cell systems suitable for powering light-duty automobiles and 160 kWnet systems of the same type suitable for powering 40 foot transit buses. The 2015 update covers fuel cell cost analysis of both light-duty vehicle (automotive) and transit bus applications for only the current year (i.e., 2015).