Hydrogen Fuel Cell Vehicle Market Share

Market Share of Hydrogen Fuel Cell Vehicle Industry

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

1. TOYOTA MOTOR CORPORATION

2. Daimler AG

3. Honda Motor Co., Ltd.

4. HYUNDAI MOTOR GROUP

5. AB Volvo

*Disclaimer: Major Players sorted in no particular order