Hydrogen Fuel Cell Vehicle Market

Hydrogen Fuel Cell Vehicle Market Size by Vehicle Type (Commercial Vehicle and Passenger Vehicle), Technology (Alkaline Fuel Cell, Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cells, Solid Oxide Fuel Cell and Others), Range (0-250 Miles, 251-500 Miles and Above 500 Miles), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13834
  • Published Date: Nov, 2023
  • Pages: 238
  • Category: Automotive & Transportation
  • Format: PDF
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The global Hydrogen Fuel Cell Vehicle market generated USD 1.59 billion revenue in 2022 and is projected to grow at a CAGR of 39.63% from 2023 to 2032. The market is expected to reach USD 44.79 billion by 2032. The market's growth is propelled by several crucial factors, including growing environmental consciousness, escalating fuel costs, government endeavours to advance hydrogen fuel cell infrastructure, and heightened investments in research and development. Additionally, the market expansion is driven by an increasing demand for fuel-efficient and high-performing vehicles while concurrently minimizing emissions.

Market Introduction:

A hydrogen fuel cell vehicle (HFCV) is an innovative automobile that uses hydrogen gas as a preliminary fuel source to produce electricity through a chemical process within a fuel cell. In the fuel cell, hydrogen blends with oxygen from the air to generate electric power, which is then used to propel an electric motor that drives the vehicle. Unlike traditional gasoline-powered vehicles, FCVs produce zero tailpipe emissions, with the only byproduct being water vapour. This technology represents a clean and sustainable alternative in the automotive industry, contributing to efforts to lower air pollution and reliance on fossil fuels. Hydrogen FCVs often have a longer driving range than many battery electric vehicles, making them suitable for long-distance travel without compromising refuelling convenience. Hydrogen fuel cell technology is not limited to cars. It has potential applications in buses, trucks, trains, and even stationary power generation for buildings.

Hydrogen Fuel Cell Vehicle Market Size

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Recent Development
  • In October 2023: Ballard has revealed several purchase orders involving 177 hydrogen fuel cell (HFC) engines from its enduring collaborator, Solaris, a renowned bus manufacturer recognized for implementing hydrogen-powered city buses throughout Europe. The initial deliveries of the 177 hydrogen fuel cell (HFC) engines are anticipated in 2023, followed by the remaining shipments from 2024 through 2026. These orders comprise fuel cell engines to facilitate the largest declared deployment of a fleet of fuel cell city buses in Europe, featuring 127 Solaris fuel cell buses destined for service in Bologna, Italy. Furthermore, Ballard has received additional orders for 50 engines to power Solaris fuel cell buses in Italy and Germany.  
  • In September 2023: Toyota Motor Corporation has introduced a hydrogen fuel cell electric (HFCE) prototype, Hilux, marking a significant stride in advancing hydrogen fuel cell solutions for achieving carbon neutrality across the region. Unveiled at Toyota's UK vehicle plant in Derby, England, this pioneering pickup is the outcome of a collaborative project with consortium partners backed by funding from the UK Government. The Hilux, a revered global symbol of the Toyota brand recognized for its reliability and durability, has undergone development to incorporate a new fuel cell electric (FCE) zero-emission powertrain seamlessly. Leveraging core components from the Toyota Mirai hydrogen fuel cell electric (HFCE)  sedan—a technology with a proven track record in nearly a decade of commercial production—the Hilux, when in operation, generates no tailpipe emissions except for pure water.  
  • In August 2023: Ballard has made an LOI with Ford Trucks to deliver a fuel cell system to develop a hydrogen fuel cell (HFC) powered vehicle prototype. This collaborative initiative involves an initial procurement order for two FCmoveTM.-XD 120 kW fuel cell engines, with Ballard scheduled to deliver these engines to Ford Trucks in 2023. Additionally, as part of the project, Ford Trucks envisions the development of a Fuel Cell Electric Vehicle F-MAX.  
  • In February 2023: BMW is set to introduce a trial fleet of the iX5 hydrogen vehicle. Following four years of dedicated development, the inaugural hydrogen-powered BMW iX5 Hydrogen models are now debuting on the streets. This innovative vehicle integrates long-distance functionality and swift refuelling intervals with environmentally friendly, emissions-free driving on local roads. Hydrogen fuel cell technology could be an additional foundation in the BMW Group's upcoming drive system portfolio if the appropriate infrastructure is established. The hydrogen fuel cell (HFC) system designed and developed by BMW highlights the BMW Group's advanced development proficiency in electric drive technologies. The BMW Group is methodically progressing the evolution of HFC technology as a future solution for the upcoming environmentally friendly individual mobility.

Market Dynamics:


Environmental Concerns and Regulations - Increasing global awareness of environmental issues, particularly air pollution and climate change, has increased the need for clean and sustainable transportation solutions. In addition, stringent government regulations and policies promoting zero-emission vehicles play a pivotal role in driving the acceptance of hydrogen fuel cell vehicles (FCVs).

Energy Security - Hydrogen is considered a versatile and clean energy carrier. Governments and industries are investing in hydrogen technologies to improve energy security and decrease reliance on fossil fuels.

Global Efforts to Decarbonize Transportation - The global push to decarbonize transportation is a significant driver for hydrogen FCVs. Countries are setting ambitious targets to phase out internal combustion engine vehicles and transition to zero-emission alternatives, including hydrogen-powered vehicles.


High Initial Costs - The upfront cost of hydrogen fuel cell vehicles (FCVs) is relatively high compared to traditional internal combustion engines and electric vehicles. This cost factor remains a significant barrier for many consumers, limiting mass adoption.

Limited Infrastructure - Hydrogen production, distribution, and refuelling infrastructure is less widespread than conventional gasoline or electric charging stations. The lack of a well-developed infrastructure hampers the widespread adoption of hydrogen FCVs.


Government Support and Incentives - Governments worldwide increasingly realize the value of hydrogen as a clean energy carrier. Continued support through incentives, grants, and policy frameworks can stimulate the market's growth.

Renewable Hydrogen Production - Advancements in renewable energy technologies, such as electrolysis powered by solar or wind energy, present an opportunity to produce hydrogen in an environmentally friendly manner. This factor aligns to create a truly sustainable hydrogen economy.

Technological Advancements - Ongoing research and development in fuel cell technology can improve efficiency, durability, and cost-effectiveness. Breakthroughs in materials and manufacturing processes can make hydrogen fuel cell vehicles more competitive in the automotive market.


Energy-Intensive Hydrogen Production - The traditional hydrogen production processes, such as steam methane reforming, are energy-intensive and often rely on fossil fuels. This factor compromises the environmental benefits of hydrogen FCVs and raises concerns about the sustainability of hydrogen production.

Competition with Battery Electric Vehicles (BEVs) - The growing adoption of battery electric vehicles poses strong competition to hydrogen FCVs. Advancements in battery technology, decreasing costs, and an established charging infrastructure contribute to the challenges hydrogen FCVs face in the market.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most prominent global Hydrogen Fuel Cell Vehicle market, with a 43.16% market revenue share in 2022.

North American countries, particularly the United States and Canada, embraced hydrogen fuel cell technology early. This early adoption provided a foundation for developing a hydrogen infrastructure and a supportive ecosystem. In addition, robust government support in the form of grants, incentives, and funding for research and development played a crucial role. Various programs promoting clean energy and reducing greenhouse gas emissions have incentivized consumers and industries to invest in hydrogen fuel cell vehicles. North America has witnessed significant investments in hydrogen infrastructure development, including production facilities and refuelling stations. This factor addresses one of the major challenges in adopting hydrogen fuel cell vehicles. Furthermore, North American companies and government bodies have formed strategic alliances and partnerships with key players in the automotive and energy sectors. Collaborative efforts have accelerated the development and deployment of hydrogen fuel cell technologies. Additionally, North America is home to some of the world's leading automotive manufacturers. Major regional automakers have facilitated the research, development, and production of hydrogen fuel cell vehicles. Europe held the second-highest market share in 2022. Europe has been at the forefront of adopting stringent emission regulations to combat climate change and air pollution. Hydrogen fuel cell vehicles, with their zero-emission nature, align with these regulatory standards, making them an attractive option for consumers and manufacturers. Moreover, the European Union has proactively developed supportive policies and frameworks for the hydrogen economy, including transportation. The EU's Hydrogen Strategy and other initiatives provide a roadmap for developing hydrogen fuel cell technology and infrastructure. Besides, many European cities face challenges related to air quality and pollution. Hydrogen fuel cell vehicles, offering zero-emission mobility, are seen as a solution to improve urban air quality, particularly in densely populated areas.

North America Region Hydrogen Fuel Cell Vehicle Market Share in 2022 - 43.16%



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Vehicle Type Segment Analysis

The vehicle type segment includes commercial vehicle and passenger vehicle. The passenger vehicle segment dominated the market, with a share of 61.49% in 2022. Passenger vehicles represent a significant portion of the automotive market, and consumer demand for clean and sustainable transportation options has been rising. Hydrogen fuel cell vehicles, offering zero-emission mobility, align with this growing consumer preference. Furthermore, many governments worldwide have introduced incentives, subsidies, and regulations favouring the adoption of zero-emission vehicles. These policies often focus on passenger vehicles to address urban air quality issues and reduce greenhouse gas emissions. Besides, ongoing advancements in fuel cell technology, especially in passenger vehicles, have improved performance, efficiency, and cost-effectiveness. These improvements make hydrogen fuel cell vehicles more appealing to consumers in the passenger vehicle segment.

Technology Segment Analysis

The technology segment is classified into alkaline fuel cell, proton exchange membrane fuel cell, phosphoric acid fuel cells, solid oxide fuel cell and others. The proton exchange membrane fuel cell segment dominated the market, with a share of around 46.28% in 2022. PEM fuel cells are known for their high efficiency and rapid response to changes in power demand. This characteristic makes them well-suited for automotive applications, where quick acceleration and deceleration are essential for optimal vehicle performance. PEM fuel cells operate at moderately lower temperatures than other fuel cell technologies. This characteristic allows for faster startup times and contributes to the all-around efficiency of the fuel cell system, making it more suitable for on-road vehicles. Additionally, PEM fuel cells have a relatively compact and lightweight design compared to other fuel cell types. This characteristic is advantageous for integrating fuel cell systems into passenger vehicles, where space and weight considerations are critical.

Range Segment Analysis

The range segment is divided into 0-250 miles, 251-500 miles and above 500 miles. The 251-500 miles segment dominated the market, with a share of around 43.16% in 2022. The 251-500 miles range segment aligns closely with consumer expectations for vehicle range. Consumers often look for vehicles that offer a substantial driving range before requiring refuelling, and the 251-500 miles range strikes a balance between practicality and performance. Range anxiety, the fear of a vehicle running out of power before reaching its destination, is a significant concern for consumers considering hydrogen fuel cell vehicles. The 251-500 miles range helps address this anxiety by providing a comfortable buffer for various driving scenarios. Moreover, hydrogen fuel cell vehicles with a range of 251-500 miles are well-suited for long-distance travel without frequent refuelling stops. This capability makes them more versatile and attractive to consumers needing to cover extended distances regularly.

Some of the Key Market Players:
  • BMW Group
  • Toyota Motor Corp.
  • Hyundai Motor Group
  • General Motors
  • Honda Motor Co., Ltd.
  • AB Volvo
  • Ballard Power Systems
  • Mercedes-Benz Group
  • MAN SE

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 1.59 Billion
Market size value in 2032 USD 44.79 Billion
CAGR (2023 to 2032) 39.63%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Segments Vehicle Type, Technology and Range

Frequesntly Asked Questions

As per The Brainy Insights, the size of the hydrogen fuel cell vehicle market was valued at USD 1.59 billion in 2022 to USD 44.79 billion by 2032.

The global hydrogen fuel cell vehicle market is growing at a CAGR of 39.63% during the forecast period 2023-2032.

The North America region became the largest market for hydrogen fuel cell vehicle.

Environmental concerns and regulations and global efforts to decarbonize transportation influences the market's growth.

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This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Hydrogen Fuel Cell Vehicle market based on below-mentioned segments:

Global Hydrogen Fuel Cell Vehicle Market by Vehicle Type:

  • Commercial Vehicle
  • Passenger Vehicle 

Global Hydrogen Fuel Cell Vehicle Market by Technology:

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

Global Hydrogen Fuel Cell Vehicle Market by Range:

  • 0-250 Miles
  • 251-500 Miles
  • Above 500 Miles

Global Hydrogen Fuel Cell Vehicle Market by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa


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