How big is the Hydrogen Fuel Cell Vehicle Market?

The Hydrogen Fuel Cell Vehicle Market size is expected to reach USD 1.63 billion in 2024 and grow at a CAGR of 47.5% to reach USD 37.65 billion by 2029. Read More

What is the current Hydrogen Fuel Cell Vehicle Market size?

In 2024, the Hydrogen Fuel Cell Vehicle Market size is expected to reach USD 1.63 billion. Read More

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. Read More

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 (2024-2029). Read More

Which region has the biggest share in Hydrogen Fuel Cell Vehicle Market?

In 2024, the North America accounts for the largest market share in Hydrogen Fuel Cell Vehicle Market. Read More

What years does this Hydrogen Fuel Cell Vehicle Market cover, and what was the market size in 2023?

In 2023, the Hydrogen Fuel Cell Vehicle Market size was estimated at USD 0.86 billion. The report covers the Hydrogen Fuel Cell Vehicle Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Hydrogen Fuel Cell Vehicle Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Hydrogen Fuel Cell Vehicle Market Size & Share Analysis - Industry Research Report

Hydrogen Fuel Cell Vehicle Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Hydrogen Fuel Cell Vehicle Market Projections and Outlook. 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). The Report Offers Market Size and Forecasts in Terms of Value (USD) for all the Above Segments.

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.