Fuel Cell Electric Vehicle Global Market Report 2024

The fuel cell electric vehicle market size has grown exponentially in recent years. It will grow from $3.49 billion in 2023 to $4.5 billion in 2024 at a compound annual growth rate (CAGR) of 28.9%. The growth in the historical period can be ascribed to governmental incentives and subsidies, environmental regulations, infrastructure development, rising public awareness, and investments in research and development.

The fuel cell electric vehicle market size is expected to see exponential growth in the next few years. It will grow to $11.61 billion in 2028 at a compound annual growth rate (CAGR) of 26.8%. The anticipated growth in the forecast period can be linked to progress in hydrogen production, the worldwide expansion of hydrogen infrastructure, cost reductions, growing consumer acceptance, and the enforcement of stringent emission standards. Major trends expected in the forecast period include the emergence of hydrogen-powered commercial vehicles, the integration of FCEVs in sustainable mobility, collaborations within the hydrogen ecosystem, a focus on lightweight materials, and the adoption of hydrogen fuel cell range extenders.

The surge in the adoption of electric vehicles is poised to propel the expansion of the fuel-cell electric vehicle market. Electric vehicles, powered by one or more electric motors and supported by an onboard battery pack, deliver substantial environmental advantages, reducing greenhouse gas emissions and enhancing air quality. They play a pivotal role in fostering a sustainable future for transportation. As of September 2022, the International Energy Agency reported a doubling of electric vehicle sales to 6.6 million in 2021, compared to the 3 million reported in 2020. This surge in electric vehicle adoption contributes to the growth of the fuel-cell electric vehicle market.

The increasing adoption of heavy-duty vehicles is anticipated to drive the growth of the fuel-cell electric vehicle market. Heavy-duty vehicles, designed for handling substantial loads and specialized tasks, are witnessing a growing acceptance of fuel-cell electric propulsion, particularly in trucks and buses. The extended ranges offered by fuel-cell electric vehicles make them well-suited for applications requiring extensive travel, such as long-haul trucking. A notable example is the World Resources Institute's report in September 2023, which indicated a significant increase in the collective count of electric school buses, reaching 5,982 in June 2023 - marking a substantial rise of over 3,200 buses compared to June 2022. Consequently, the increasing adoption of heavy-duty vehicles is a driving force behind the growth of the fuel-cell electric vehicle market.


Major players in the fuel-cell electric vehicle market are actively pursuing innovative solutions, exemplified by their focus on technologies such as electric compressor technology. This technology involves the use of electrically driven compressors across various applications. A notable instance is Garrett Motion Inc., a Switzerland-based solutions provider, which introduced the advanced Electric Fuel Cell Compressor (FCC) in June 2023. This high-performance electric air compressor optimizes fuel cell system power density and output efficiently, contributing to enhanced fuel cell stack efficiency and durability throughout the vehicle's lifespan in a compact form.

Prominent companies in the fuel-cell electric vehicle market are also committed to developing groundbreaking products, including prototypes utilizing hydrogen fuel cell electric technology. A hydrogen fuel cell electric prototype integrates an experimental version of a hydrogen fuel cell electric powertrain, relying on the chemical reaction between hydrogen and oxygen to generate electricity for the electric motor. For instance, Toyota Motor Corporation, a Japan-based automotive manufacturer, unveiled the Hilux in September 2023. This hydrogen fuel cell electric prototype aims to achieve carbon-free mobility through diverse powertrain solutions, such as fuel cell electric, plug-in hybrid electric, battery electric, and hybrid electric.

In March 2021, Volvo Group, a Sweden-based commercial vehicle manufacturing company, made a strategic move by acquiring 50% of the partnership interests in the existing Daimler Truck Fuel Cell GmbH & Co. KG for $600 million (EUR 0.6 billion). This acquisition established a new joint venture with Daimler AG, a Germany-based fuel cell electric vehicle (FCEV) manufacturer, aiming to become a leading global fuel cell manufacturer. The collaboration is geared towards advancing the world's transition to climate-neutral and sustainable transportation by 2050.

Major companies operating in the fuel cell electric vehicle market report are Volkswagen AG, Toyota Motor Corporation, Mercedes-Benz Group, General Motors, Mitsubishi Corporation, Honda Motor Co. Ltd., FAW Group Ltd., SAIC Motor Corp. Ltd., Hyundai Motor Group, Nissan Motor Co. Ltd., Audi AG, Renault Group, Bayerische Motoren Werke AG, Suzuki Motor Corporation, Jaguar Land Rover, Iveco Group N.V., Dongfeng Motor Corporation, Denso Global, Tata Motors Limited, Ashok Leyland, Kenworth Truck Company, Dayun Automobile Co. Ltd., Rolls-Royce PLC, Ballard Power Systems Inc., Hyzon Motors, Nikola Corporation, H2X Global.

Asia-Pacific was the largest region in the fuel-cell electric vehicle market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fuel cell electric vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the fuel cell electric vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary types of fuel cell electric vehicles include polymer electrolyte membrane fuel cells (PEMFC), proton exchange membrane fuel cells, phosphoric acid fuel cells, among others. A polymer electrolyte membrane fuel cell (PEMFC) is a specific type of fuel cell that utilizes a polymer electrolyte membrane as its crucial component. These vehicles are categorized as short-range and long-range and are accessible in various forms, including passenger vehicles, light commercial vehicles, and heavy commercial vehicles.

The fuel-cell electric vehicle research report is one of a series of new reports that provides fuel-cell electric vehicle market statistics, including the fuel-cell electric vehicle industry's global market size, regional shares, competitors with fuel-cell electric vehicle market share, detailed fuel-cell electric vehicle market segments, market trends and opportunities, and any further data you may need to thrive in the fuel-cell electric vehicle industry. This fuel-cell electric vehicle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The fuel-cell electric vehicle market consists of sales of solid oxide fuel Cell (SOFC) Vehicles, forklifts, and material handling equipment. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.