| Study Period | 2019 - 2030 |
| Market Size (2025) | USD 2.40 Billion |
| Market Size (2030) | USD 16.79 Billion |
| CAGR (2025 - 2030) | 47.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Hydrogen Fuel Cell Vehicle Market Analysis
The Hydrogen Fuel Cell Vehicle Market size is estimated at USD 2.40 billion in 2025, and is expected to reach USD 16.79 billion by 2030, at a CAGR of 47.5% during the forecast period (2025-2030).
The hydrogen fuel cell vehicles (FCVs) market is witnessing a significant increase in interest and development, driven by a global shift toward cleaner and more sustainable transportation solutions. FCVs use hydrogen gas to produce electricity through a chemical reaction with oxygen, emitting only water vapor as a byproduct. This technology addresses environmental concerns and offers a promising alternative to traditional internal combustion engine vehicles.
- The Hydrogen Council, comprising 18 multinational leaders such as Air Liquide, Alstom, Anglo American, Audi, BMW GROUP, Daimler, ENGIE, General Motors, Honda, Hyundai Motor, Iwatani, Kawasaki, Plastic Omnium, Royal Dutch Shell, Statoil, The Linde Group, Total, and Toyota, is actively engaged in significant commercial cooperation to facilitate HFCV refueling. This collaborative effort aims to accelerate the commercialization of hydrogen and fuel cell-powered transportation.
- Ongoing advancements in HFCV technology persist as Hyundai, Toyota, Honda, and other OEMs continually refine their offerings. GMC, Mercedes, Nissan, Ford, Lexus, and BMW are also in the process of developing their own HFCVs. Honda and General Motors recently established a joint venture to co-develop and mass-produce a next-generation hydrogen fuel cell system. The competitive landscape is evolving as OEMs strive for market share in both battery electric vehicles (BEVs) and HFCVs.
- China witnessed a notable surge in fuel-cell electric vehicle (FCEV) sales, with approximately 6,000 units sold in 2023, reflecting a 72% year-on-year increase. In December 2023 alone, the country reported 1,512 FCEV sales, of which 1,298 were domestically manufactured. This positions China as the primary Asian market experiencing growth in hydrogen-powered vehicles, likely making it the largest FCEV market globally.
- Germany, Europe's largest FCEV market, experienced a contrasting trend, with only 263 hydrogen cars registered in 2023, marking a nearly 70% decline from the 835 registered in 2022.
Hydrogen Fuel Cell Vehicle Market Trends
Passenger Cars to Lead the Market
Passenger vehicles currently dominate the hydrogen fuel cell vehicle (FCV) market, outpacing commercial vehicle segments for a multitude of reasons. While overall FCV sales are still modest, passenger cars account for a significant portion. S&P Global Mobility projects that passenger FCVs will capture around 78% of the global hydrogen fuel cell vehicle market share by 2025.
Major automakers are prioritizing passenger FCVs in their initial hydrogen vehicle offerings. This focus is evident in the launch of several commercially available hydrogen car models, such as the Toyota Mirai and Hyundai Nexo.
Hydrogen refueling infrastructure is still in its early stages of development globally. Setting up a wide network of refueling stations is crucial for the widespread adoption of FCVs. However, establishing this infrastructure is easier for passenger vehicles due to their well-defined usage patterns and concentration in urban areas.
Some of the notable developments in the industry include:
- In July 2023, Ballard Power Systems Inc. received orders for 96 hydrogen fuel cell engines from Solaris Bus & Coach sp. z o.o., including 52 for Solaris Urbino hydrogen buses in Germany and 44 for Solaris buses in European cities.
- In July 2023, Ballard Power Systems Inc. signed an agreement with Ford Trucks to supply a fuel cell system for a hydrogen fuel cell-powered vehicle prototype. Ford Trucks plans to develop a Fuel Cell Electric Vehicle (FCEV) F-MAX as part of the project, with an initial purchase order for 2 FCmoveTM.-XD 120 kW fuel cell engines.
- In February 2023, the California Air Resources Board (CARB) mandated that all new commercial trucks sold in the state by 2040 must be zero-emission vehicles, potentially accelerating the development of commercially viable electric and hydrogen trucks in the future.
- In December 2022, Hyundai announced plans to invest USD 1.7 billion to build a dedicated hydrogen fuel cell production facility in South Korea, highlighting the continued focus on passenger FCVs.
While passenger vehicles will likely maintain their lead in the near future, advancements in battery technology and infrastructure development could pave the way for wider adoption of commercial FCVs in the long run.
Understand The Key Trends Shaping This Market
Download PDF
North America is a Major Market in this Industry
North America, particularly the United States, is currently at the forefront of the hydrogen fuel cell vehicle (FCV) market. Governments in the United States and Canada have implemented supportive policies promoting FCVs. These include FCV purchase tax credits, hydrogen infrastructure development funding, and zero-emission vehicle mandates. For example, the United States offers a tax credit of up to USD 7,500 for purchasing a new FCV.
Compared to other regions, North America enjoyed a headstart in FCV adoption. Early investments have been made in hydrogen refueling stations, particularly in California, which boasts the highest concentration of stations globally.
Major automakers like Toyota, Hyundai, and General Motors have a significant presence in North America and are actively developing and launching FCVs in this market. This focus ensures a wider selection of FCVs available to consumers.
- In March 2024, General Motors announced a fleet of medium-duty trucks powered by hydrogen fuel cells in a pilot initiative sponsored by the US Department of Energy. The primary objective is to validate hydrogen, the universe's most abundant element, as a viable alternative to diesel vehicles.
- In January 2024, GM and Honda commenced the production of hydrogen fuel cells designed for deployment in commercial trucks, heavy equipment, generators, and, to a lesser extent, passenger vehicles. The fuel-cell modules manufactured through their joint venture in Michigan will be integrated into a hydrogen-powered Honda CR-V, set to debut in March 2024 and be available for limited sales in California.
- In February 2023, the US Department of Energy announced a USD 1 billion investment in clean hydrogen initiatives, including funding for hydrogen refueling infrastructure development.
- In March 2023, Hyundai announced plans to build a dedicated hydrogen fuel cell production facility in the United States, signifying growing confidence in the North American market.
Get Analysis on Important Geographic Markets
Download PDF
Hydrogen Fuel Cell Vehicle Industry Overview
Despite the limited current consumer market, original equipment manufacturers (OEMs) like Daimler AG, Ford Motor Company, General Motors Corporation/Opel, Honda Motor, Hyundai Motor Company, Kia Motors Corporation, the alliance of Renault SA and Nissan Motor, and Toyota Motor have collaborated to bring hydrogen fuel cell vehicles (HFCVs) to the commercial forefront.
- In February 2024, Honda introduced its first plug-in hydrogen fuel cell electric vehicle.
- In September 2023, Tata Motors, India's largest commercial vehicle manufacturer, marked a significant stride in green mobility by delivering Hydrogen Fuel Cell-powered (FCEV) buses to Indian Oil Corporation Ltd (IOCL), the country's largest petroleum company.
- In September 2023, Toyota Motor Corporation introduced a prototype hydrogen fuel cell electric Hilux, leveraging technology from the Toyota Mirai. This move aims to expedite the development of hydrogen fuel cell solutions for regional carbon neutrality.
- In August 2022, Toyota revealed a collaborative venture with Isuzu and Hino Motors to introduce hydrogen fuel-cell trucks designed for the mass market, addressing challenges in the transportation industry and contributing to the pursuit of a carbon-neutral society.
- In July 2022, PowerCell, a Swedish company, joined forces with ZeroAvia to develop and deliver 5,000 aviation-optimized (PEM) Proton Exchange Membrane fuel cell stacks from 2024 to 2028. This partnership included PowerCell establishing a presence in the United Kingdom and forming a production team alongside ZeroAvia's facilities.
- In March 2022, Toyota unveiled the Toyota Mirai, a green hydrogen-based advanced (FCEV) fuel cell electric vehicle. Propelled by a hydrogen fuel cell battery, this vehicle boasts a range of up to 650 km on a single charge.
Hydrogen Fuel Cell Vehicle Market Leaders
-
TOYOTA MOTOR CORPORATION
-
Daimler AG
-
Honda Motor Co., Ltd.
-
HYUNDAI MOTOR GROUP
-
AB Volvo
- *Disclaimer: Major Players sorted in no particular order
Need More Details on Market Players and Competiters?
Download PDF
Hydrogen Fuel Cell Vehicle Market News
- BMW is gearing up to launch the BMW iX5 Hydrogen, part of the trio of hydrogen-powered vehicles hitting BMW dealerships in mid-2024.
- March 2024: the Ministry of New and Renewable Energy (MNRE) in India planned to convene discussions with relevant stakeholders to address challenges related to high-pressure storage cylinders for green hydrogen. This decision follows concerns raised by manufacturers of commercial vehicles, including heavy-duty and long-haul trucks, hindering the adoption of green hydrogen as a sustainable transport fuel.
- March 2024: Viritech introduces the 60kW VPT60N Ready to Run Vehicle Powertrain, a comprehensive powertrain solution for OEMs, Tier-1s, and research bodies, facilitating the swift deployment of hydrogen fuel cell electric vehicles.
- March 2024: General Motors embarked on a hydrogen fuel-cell project for medium-duty commercial vehicles, supported by federal government funding.
- January 2024: Stellantis Pro One expanded its hydrogen fuel cell offering by initiating in-house production for mid-size and large vans in Europe.
Hydrogen Fuel Cell Vehicle Industry Segmentation
A hydrogen fuel cell vehicle (FCV) is an electric vehicle that uses a fuel cell to generate electricity from hydrogen gas, producing only water vapor as the emission. This clean and sustainable technology aims to provide a zero-emission alternative for transportation.
The report covers projections and outlook for the hydrogen fuel cell vehicle market. The market is segmented by vehicle type (passenger cars and commercial vehicles), technology (proton exchange membrane fuel cell and phosphoric acid fuel cell), and geography (North America, Europe, Asia-Pacific, and the Rest of the World).
For each segment, the market sizing and forecast have been done based on the value (USD).
| Vehicle Type | Passenger Cars | ||
| Commercial Vehicles | |||
| Technology | Proton Exchange Membrane Fuel Cell | ||
| Phosphoric Acid Fuel Cell | |||
| Geography | North America | United States | |
| Canada | |||
| Rest of North America | |||
| Europe | Germany | ||
| United Kingdom | |||
| France | |||
| Italy | |||
| Spain | |||
| Rest of Europe | |||
| Asia-Pacific | China | ||
| India | |||
| Japan | |||
| South Korea | |||
| Rest of Asia-Pacific | |||
| Rest of the World | South America | ||
| Middle East and Africa | |||
Need A Different Region or Segment?
Customize Now
Hydrogen Fuel Cell Vehicle Market Research FAQs
How big is the Hydrogen Fuel Cell Vehicle Market?
The Hydrogen Fuel Cell Vehicle Market size is expected to reach USD 2.40 billion in 2025 and grow at a CAGR of 47.5% to reach USD 16.79 billion by 2030.
What is the current Hydrogen Fuel Cell Vehicle Market size?
In 2025, the Hydrogen Fuel Cell Vehicle Market size is expected to reach USD 2.40 billion.
Who are the key players in Hydrogen Fuel Cell Vehicle Market?
TOYOTA MOTOR CORPORATION, Daimler AG, Honda Motor Co., Ltd., HYUNDAI MOTOR GROUP and AB Volvo are the major companies operating in the Hydrogen Fuel Cell Vehicle Market.
Which is the fastest growing region in Hydrogen Fuel Cell Vehicle Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Hydrogen Fuel Cell Vehicle Market?
In 2025, the North America accounts for the largest market share in Hydrogen Fuel Cell Vehicle Market.
What years does this Hydrogen Fuel Cell Vehicle Market cover, and what was the market size in 2024?
In 2024, the Hydrogen Fuel Cell Vehicle Market size was estimated at USD 1.26 billion. The report covers the Hydrogen Fuel Cell Vehicle Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Hydrogen Fuel Cell Vehicle Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
Our Best Selling Reports
Hydrogen Fuel Cell Vehicle Industry Report
Statistics for the 2025 Hydrogen Fuel Cell Vehicle market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Hydrogen Fuel Cell Vehicle analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
