Hydrogen Fuel Cell Vehicle Market Share, Trends and Key Players

Hydrogen Fuel Cell Vehicle Market Research, Trends and Forecast

The hydrogen fuel cell vehicle market size is projected to reach USD 164.54 billion by 2034, growing from USD 3.59 billion in 2025, at a CAGR of 52.94% during the forecast period from 2025 to 2034.

Unlock Infinite Advantages: Subscribe to Annual Membership

Introduction

The hydrogen fuel cell vehicle market is a prominent branch of the automotive industry. This industry deals in manufacturing and distribution of vehicles that use hydrogen gas to power electric motors. There are several types of vehicles developed in this industry comprising of buses, LCVs, passenger cars and trucks. It has different components including air compressors, fuel processors, fuel stacks, humidifiers, power conditioners and some others. These vehicles are differentiated based on various operating miles such as 0-250 miles, 251-500 miles and above 500 miles. The rising awareness to reduce GHGs emission in the environment has contributed to the industrial development. This market is expected to rise significantly with the growth of the automotive technology sector across the world.

• According to the IMF, around 12.3k GHGs were emitted globally in 2020 that increased to 13.7k in 2024.

Highlights of the Hydrogen Fuel Cell Vehicle Market

• Asia Pacific held the dominant share of the hydrogen fuel cell vehicle market due to the rising focus on reducing emission in the environment.
• Europe is expected to grow with the highest CAGR due to the presence of several companies such as BMW, Stellantis, Volkswagen and some others.
• The commercial vehicles segment held a significant share of the market due to the growing demand for commercial vehicles from logistics sector.
• The proton exchange membrane fuel cell segment held the largest share of the market due to its several benefits such as high chemical stability, good mechanical strength, proton conductivity, and great flexibility.

Hydrogen Fuel Cell Vehicle: Stats and Trends

• According to the Hydrogen Fuel Cell Partnership, around 18,568 fuel cell cars were sold and leased in U.S. till January 2025.
• According to the UPES, around 353000 units of hydrogen-powered vehicles are expected to be sold globally by the year 2035.
• The automotive brands are collaborating among themselves for launching hydrogen-powered vehicles in the market. For instance, in September 2024, BMW collaborated with Toyota. This collaboration is done for developing a hydrogen-powered passenger vehicle.
• Government of several countries are investing heavily for strengthening the hydrogen infrastructure. For instance, in January 2023, the government of India announced the “National Green Hydrogen Mission”. Under this initiative, the government aims to invest around Rs 19,744 crores for manufacturing 5MMT green hydrogen annually.

Industry Leader Announcement

In June 2024, Patrick McIntyre, the lead of the Performance Manufacturing Center (PMC) of Honda made an announcement stating that, “The Performance Manufacturing Center was conceived as a small volume manufacturing facility with a focus on craftsmanship, and I’m proud of how our production technicians leveraged their experience building the Acura NSX to take on the challenge of making this all-new Honda CR-V e:FCEV, Producing a zero-emission fuel cell electric vehicle is one more step toward Honda’s global goal of achieving carbon neutrality for our products and operations.”

Competitive Landscape

The hydrogen fuel cell vehicle market is a developing industry with the presence of a few dominant players. Some of the prominent players in this industry consists of Toyota Motor Corporation (Japan), Honda (Japan), General Motors (US), Hyundai Group (South Korea), Stellantis and some others. These companies are constantly engaged in research and development of hydrogen-powered vehicles and adopting several strategies for maintaining their dominant position in this industry.

• According to the annual report of Toyota, in Europe, 7000 FCEVs were sold in 2023 and in Japan, only 1000 units were sold in the same time period.

Market Segments

By Vehicle Type

• Commercial Vehicle
• Passenger Vehicles

By Technology

• Proton Exchange Membrane Fuel Cell
• Phosphoric Acid Fuel Cells
• Alkaline Fuel Cell
• Solid Oxide Fuel Cell
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)