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Hydrogen Fuel Cell Vehicle Market Size - By Vehicle, By Technology, By Range, By Power Output, By Application, Growth Forecast, 2025 – 2034

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Hydrogen Fuel Cell Vehicle Market Size

The global hydrogen fuel cell vehicle market size was valued at USD 1.5 billion in 2024 and is estimated to register a CAGR of 27.2% between 2025 and 2034. The growing number of hydrogen refueling stations across the globe is contributing to the growth of the market.  Governments are spending significant amounts of money building hydrogen infrastructure to facilitate ongoing access to fuel, and increasing adoption of vehicles.
 

Hydrogen Fuel Cell Vehicle Market

In January 2025, ENOWA, an energy and water company that is a NEOM subsidiary, collaborated with Hydrogen Refueling Solutions (HRS) to establish the country’s first hydrogen refueling station at Petromin Corporation. The station is the first of a series planned in the NEOM region and is in harmony with the country's growing shift towards sustainable and clean transportation technologies.
 

Also, governments are working towards the wider adoption of hydrogen powered vehicles by offering subsidies and other monetary incentives. For instance, in January 2025, the Ministry of Environment of South Korea introduced the Hydrogen Electric Vehicle Subsidy Program Guidelines intended to promote high-performance vehicles. In addition, the government announced the provision of subsidies for approximately 11,000 hydrogen passenger cars, 2,000 hydrogen buses, and expansion of hydrogen charging stations from 386 in the preceding year to over 450.
 

Increased public awareness on more environmentally friendly options and increased corporate Environmental, Social and Governance (ESG) movements are driving the adoption of cleaner mobility technologies and solutions. Given the global shift towards sustainable mobility, businesses and fleet operators are investing significantly in hydrogen fuel cell vehicles in order to comply with stringent emission regulations and sustainability goals that are becoming increasingly prevalent across the world.
 

Hydrogen Fuel Cell Vehicle Market Trends

  • The development of fuel cell technologies along with the production of hydrogen vehicles is funded and supported by petroleum companies and automakers because of the high volume profitability potential. In addition, these companies work towards forming strategic alliances and joint ventures to boost production volumes, reduce costs and enhance the fuel cell technology.
     
  • In September 2024, BMW has announced that they are planning to introduce a hydrogen powered vehicle into the market by 2028, using Toyota’s fuel cell technology. The car which is planned for mass production will incorporate an existing model with a hydrogen fuel cell drive option.
     
  • In addition, firms are increasing their production of hydrogen fuel cell vehicles to consolidate their market position. For example, in January 2024, Stellantis Pro One increased its footprint in the production of hydrogen fuel cell vans by introducing proprietary in-house production in the Hordain (France) and Gliwice (Poland) facilities mid-sized and large van offers. The Hordain and Gliwice plants will enhance the company’s zero-emission vehicles line. The fuel cell vans in Europe strengthened the company’s market position in the zero-emission propulsion technology for commercial vehicles in the region.
     
  • The hydrogen fuel cell vehicles market has to deal with high prices of supporting infrastructure. Building hydrogen refueling station demand much higher funding then the setup of EV charging stations. Additionally, due to the rapid rate at which it burns, hydrogen has a greater need for specialized tanks and pipes which makes transportation and storage of hydrogen a great issue increasing costs. This causes low coverage of the hydrogen refueling network and prevents consumers from using the hydrogen fuel as they suffer from range anxiety and issues with accessibility to refueling stations.
     

Hydrogen Fuel Cell Vehicle Market Analysis

Hydrogen Fuel Cell Vehicle Market Size, By Vehicle, 2022 – 2034, (USD Billion)

Based on vehicle, the hydrogen fuel cell vehicle market is divided into passenger cars, commercial vehicle and specialized vehicles. In 2024, passenger cars segment held a market share of over 50% and is expected to cross USD 7 billion by 2034.
 

  • With the goal of reducing greenhouse gas emissions, governments worldwide are enforcing stricter emission regulations, requiring automotive manufacturers to produce zero-emission hydrogen fuel cell vehicles.
     
  • For example, Honda introduced a new hydrogen fuel cell powered vehicle called the CR-V e to the Japanese market in July 2024, which is now available for lease. The car features a fuel cell system combined with a plug-in battery and has a hydrogen range of over 600 kilometers and a battery range of 61 km. The starting price for the hydrogen fuel cell vehicle is preset to USD 56,600.
     
  • Moreover, these automobiles function better than their counterparts in more extreme temperatures, which makes them an option for more regions with harsh weather. In addition, the increased attention from the government and the private sector to expand the hydrogen refueling infrastructure will further propel the adoption of hydrogen fuel cell passenger cars.

 

Hydrogen Fuel Cell Vehicle Market Share, By Technology, 2024

Based on technology, the hydrogen fuel cell vehicle market is categorized into proton exchange membrane (PEM)fuel cell, solid oxide fuel cell, alkaline fuel cell, phosphoric acid fuel cell and others. The proton exchange membrane fuel cell segment held a market share of around 72% in 2024.
 

  • The configuration of PEM fuel cells makes them the most largely utilized technology in hydrogen fuel cell vehicle because it is highly effective, has fast start-up and is lightweight.
     
  • Moreover, the ongoing innovations on membrane mechanical properties and the design of fuel cell stacks are also improving the performance while reducing cost. 
     
  • The development of modern high performance PEM fuel cells is also on the rise. For instance, in January 2024, scientists from Tianjin University’s School of Mechanical Engineering sought to enhance the performance of the PEM fuel cells by changing its configuration. The scientists developed an ultra-high power density super thin fuel cell by removing the gas diffusion layers and flow channels with the aid of electrospun carbon nanofiber film coated metal foam.
     
  • Also, as production volumes increase with the adoption of new technology and greater productivity, PEM fuel cells will become increasingly economical, spurring expansion in the HFCV marketplace.
     

Based on application, the hydrogen fuel cell vehicle market is segmented into private transportation, public transportation, industrial and military & defense. The private transportation segment dominated the market accounting for over USD 350 million in 2024.
 

  • Considering that it allows faster refueling and has a higher driving range, hydrogen fuel cell vehicles are gaining traction in private transport across corporate fleets, taxis, and ride-hailing services as compared to BEVs.
     
  • Owners of private fleets are adopting fuel cell technology in line with sustainability goals set forth by their corporation, while also capitalizing on government policies promoting clean transportation.
     
  • In addition, FCEVs have an edge for family vehicles because the hydrogen fuel cell systems’ comparatively low weight versus oversized battery packs further fosters the expansion of the segment.
     

Based on range, the hydrogen fuel cell vehicle market is segmented into short range, medium range and long range. The medium range segment held a market share of around 45% in 2024.
 

  • In regions that do not have enough charging stations, medium range hydrogen fuel cell vehicles (250-500 km) are proving to be a much more efficient choice than BEVs.
     
  • Commercial fleet managers are shifting to hybrid electric vehicles powered by hydrogen fuel cells because they are more suitable for urban and intercity driving where vehicle uptime is critical, and they are much lighter than battery electric vehicles, which leads to higher payload capacity and efficiency.
     
  • As the infrastructure improves and more hydrogen is produced at a cheaper price, medium range HFCVs will become more ideal for both commercial fleets and personal users.

 

China Hydrogen Fuel Cell Vehicle Market Size, 2022 -2034, (USD Million)

Asia Pacific dominated the global hydrogen fuel cell vehicle market with a major share of around 70% in 2024 and China leads the market in the region.
 

  • The increase in the market in the area can be explained by the enormous investment by leading nations such as Japan, South Korea, China and Australia in hydrogen refueling infrastructure and production facilities. For instance, in June 2023, the Japanese government updated the new Hydrogen strategy to support corporate initiatives. The strategy defines nine major technologies such as fuel cell and water electrolysis devices, and also committed to spending more than USD 95 billion within the next 15 years.
     
  • The China government has a medium and long term development plan for hydrogen for the period 2021-2035 which includes financial subsidies for HFCVs, which will persuade local automotive companies like SACI, Great Wall Motors and Geely to ramp up production.
     
  • Through this plan, the nation also aims to put 50,000 hydrogen fuel cell vehicles on the roads of China by 2025 together with a high number of hydrogen refueling stations in the country.
     

The hydrogen fuel cell vehicle market Germany is expected to experience significant and promising growth from 2025 to 2034.
 

  • The government of Germany has enacted policies with regards to a National Hydrogen Strategy that aims towards a green-hydrogen production target of 5 gigawatts by the year 2030. Furthermore, by 2030, the strategy aims for an electrolyzer capacity of 10 gigawatts (GW), this places Germany as one of the top ten producers of hydrogen technologies.
     
  • In addition, the government funded manufacturing of the Mirai hydrogen fuel cell vehicle by Toyota. This enabled Toyota to provide 200 hydrogen powered Uber taxis to Berlin in the course of a two years pilot initiative called H2 Moves Berlin.
     

The hydrogen fuel cell vehicle market in U.S is anticipated to witness lucrative growth between 2025 to 2034.
 

  • Hydrogen fuel cell vehicles are being adopted in California for example, where a variety of grants, tax credits, and subsidized purchases come as a benefit for adopting new hydrogen technology. The California Air Resources Board (CARB) imposes zero-emission vehicles (ZEV) obligations which creates more opportunities and need for hydrogen fuel cell technology.
     
  • Amazon, Walmart, and UPS are already adding to their logistics networks hydrogen powered trucks, forklifts, and even delivery vans under and above the emissions control order. Such a fuel has the best prospects for heavy and long distance transport.
     

The hydrogen fuel cell vehicle market in Mexico is expected to experience significant and promising growth from 2025 to 2034.
 

  • Mexico keeps boosting its solar and wind energy production which is suitable for green hydrogen production. Because of the reduced cost of renewables, producing hydrogen in Mexico is becoming less expensive, which aids in the long term adoption of HFCVs.
     
  • The emerging logistics and commercial transportation segment in Mexico is trying out hydrogen trucks and buses to lower their carbon footprints. Major businesses and some city administrations are funding initial hydrogen projects.
     

Hydrogen Fuel Cell Vehicle Market Share

  • Top 5 companies of hydrogen fuel cell vehicle industry Toyota, BMW, Hyundai, Honda and Mercedes Benz collectively hold a market share of over 40% in 2024.
     
  • Toyota is leading the market with huge investment in hydrogen-powered fuel cell trucks, buses and forklifts. Their partnerships with Hino Motors, Isuzu, and Kenworth have the objective of deploying hydrogen-powered heavy-duty trucks for logistics and freight transport which further strengthens their foothold in commercial hydrogen mobility.
     
  • Toyota is also working with companies such as Shell, Air Liquide and Iwatani Corporation to install hydrogen refueling stations which will help the company to maintain its position in the hydrogen fuel cell vehicle market. The company is working with governments and private players to deploy hydrogen ecosystems in Japan, U.S., and Europe to maximize the usage of HFCVs.
     
  • BMW is working on the hydrogen-powered premium vehicles segment with the development of the next-generation hydrogen cars, including the BMW iX5 Hydrogen, a fusion of fuel cell with the company’s battery-electric platform which positions hydrogen as a complement of EVs.
     
  • The company collaborates with other organizations to create and maintain a sustainable hydrogen supply chain and aid the widespread adoption of fuel cell vehicles.
     

Hydrogen Fuel Cell Vehicle Market Companies

Major players operating in the hydrogen fuel cell vehicle industry include:

  • BMW
  • General Motors
  • Honda
  • Hyundai
  • Mercedes-Benz
  • Nikola Corporation
  • SAIC
  • Stellantis
  • Toyota
  • Volvo
     

The hydrogen fuel cell vehicle market is highly contended due to the presence of global established automotive industry players and new innovative entrants. As automotive manufacturers, they are well-versed with industry value chain which enables them to have a significant advantage in terms of supply networks, research and development spending, and brand equity.
 

Significant resources are being allocated to improve fuel cell performance, hydrogen storage capabilities, and refueling station site density to increase vehicle convenience and performance. To pass strict emissions regulations and achieve long term sustainability, car manufacturers are starting to adopt new technologies such as solid-state hydrogen storage and fuel cell stacks with improved durability. To combat growing competition, companies are implementing new consumer friendly practices, including flexible contracting, generous service warranty, and hydrogen service contracts. In addition, the hydrogen economy is being enabled by automakers with the parallel investment of energy and infrastructure companies.
 

Hydrogen Fuel Cell Vehicle Industry News

  • In January 2025, The Taiwan Hydrogen and Fuel Cell Partnership (THFCP) entered a partnership with four European nations including Ukraine, Denmark, Poland, and France to encourage research and development on the entire fuel cell supply chain. This was done during ‘Hyvolution’ Paris in January 2025. These deals could also enhance Taiwan’s standing in international hydrogen and fuel cell initiatives.
     
  • In October 2024, Hyundai Motor Company presented the Initium at Hyundai Motorstudio Goyang, the company’s first hydrogen fuel cell electric vehicle concept. This concept car is for the South Korean multinational automotive manufacturer’s vision to dominate the clean energy transportation industry.
     
  • In May 2024, Volvo Trucks announced the launch of trucks that are powered by combustion engines that utilize hydrogen fuel. The trials with trucks powered by hydrogen fueled combustion engines will begin in 2026, with commercial sales expected by 2030. The launch is strategic for Volvo as it strives for its net zero objective and assists customers in meeting their decarbonization goals.
     
  • In March 2024, Intelligent Energy (IE), a fuel cell manufacturer based in the UK launched a hydrogen fuel cell system specifically designed for passenger vehicles called IE-DRIVE. The newly developed system is intended to allow car manufacturers to use a small, powerful, and commercially viable hydrogen fuel cell system.
     

The hydrogen fuel cell vehicle market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue ($Bn) and shipment (units) from 2021 to 2034, for the following segments:

Market, By Vehicle

  • Passenger cars
    • Sedans
    • Hatchbacks
    • SUVs 
  • Commercial vehicles
    • Light Commercial Vehicles (LCV)
    • Heavy Commercial Vehicles (HCV) 
  • Specialized Vehicles
    • Industrial vehicles
    • Military vehicles

Market, By Technology

  • Proton Exchange Membrane Fuel Cells (PEMFCs)
  • Solid Oxide Fuel Cells (SOFCs)
  • Alkaline Fuel Cell
  • Phosphoric Acid Fuel Cell
  • Others

Market, By Range

  • Short range (0-250 Miles)
  • Medium range (251-500 Miles)
  • Long range (Above 500 Miles)

Market, By Power Range

  • Less than 150kW
  • 150-250kW
  • Above 250kW

Market, By Application

  • Private transportation
  • Public transportation
  • Industrial
  • Military & defense

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Nordics
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Southeast Asia 
  • Latin America
    • Brazil
    • Mexico
    • Argentina 
  • MEA
    • UAE
    • South Africa
    • Saudi Arabia

 

Authors: Preeti Wadhwani, Aishvarya Ambekar
Frequently Asked Question(FAQ) :
How big is the hydrogen fuel cell vehicle market?
The market size of hydrogen fuel cell vehicle was valued at USD 1.5 billion in 2024 and is expected to reach around USD 15.9 billion by 2034, growing at 27.2% CAGR through 2034.
What will be the size of passenger cars segment in the hydrogen fuel cell vehicle industry?
How much hydrogen fuel cell vehicle market share captured by Asia Pacific in 2024?
Who are the key players in hydrogen fuel cell vehicle industry?
Hydrogen Fuel Cell Vehicle Market Scope
  • Hydrogen Fuel Cell Vehicle Market Size
  • Hydrogen Fuel Cell Vehicle Market Trends
  • Hydrogen Fuel Cell Vehicle Market Analysis
  • Hydrogen Fuel Cell Vehicle Market Share
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    Base Year: 2024

    Companies covered: 20

    Tables & Figures: 200

    Countries covered: 21

    Pages: 175

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