Hydrogen Powered Transport Market Report 2026

The hydrogen powered transport market size has grown exponentially in recent years. It will grow from $20.49 billion in 2025 to $32.47 billion in 2026 at a compound annual growth rate (CAGR) of 58.5%. The growth in the historic period can be attributed to early fuel cell research programs, government clean energy initiatives, pilot hydrogen mobility projects, rising fossil fuel concerns, initial commercial fuel cell deployments.

The hydrogen powered transport market size is expected to see exponential growth in the next few years. It will grow to $204.9 billion in 2030 at a compound annual growth rate (CAGR) of 58.5%. The growth in the forecast period can be attributed to hydrogen infrastructure expansion, decarbonization mandates, growth of commercial hydrogen fleets, declining fuel cell costs, public private hydrogen investments. Major trends in the forecast period include expansion of fuel cell vehicle deployment, rising investment in hydrogen refueling infrastructure, growing adoption in commercial transportation, increased focus on long range zero emission mobility, integration of hydrogen powertrains in heavy vehicles.

The growth of the hydrogen-powered transport market is attributed to an increase in government initiatives focused on developing hydrogen fuel cell infrastructure. Governments worldwide are implementing various strategies to address environmental concerns. For instance, the U.S. Federation of California has allocated funds for the establishment of 100 hydrogen refueling stations, aligning with its target of achieving 1.5 million zero-emission vehicles by 2025. Additionally, California is collaborating with other states to harmonize regulations and building codes, simplifying the location and construction of refueling stations for hydrogen and electric vehicles. The collective aim is to have 3.3 million zero-emission vehicles on the roads in those states by 2025, contributing to the reduction of greenhouse gas emissions, improvement of air quality and public health, energy diversity, cost savings for consumers, and economic growth. These efforts are expected to drive revenues in the hydrogen-powered transport market.

Major companies in the hydrogen-powered transport market are innovating by developing high-performance hydrogen fuel cell electric vehicle platforms to gain a competitive edge. The high-performance hydrogen fuel cell electric vehicle (FCEV) platform, exemplified by WAE Technologies Ltd's launch of EVRh in September 2023, features a lightweight composite frame showcasing the capabilities of hydrogen-powered powertrain systems. With a liquid-cooled FCEV battery pack boasting 430kW power capacity, EVRh can generate 550kW when combined with the 120kW hydrogen fuel cell. The platform's design versatility allows manufacturers to produce roadworthy versions of both fixed-roof GT types and open-roof Targa vehicles, emphasizing maximum power-to-weight ratios.

In August 2023, Hyundai Motor Company, a South Korea-based automotive manufacturing company, acquired General Motors Company for an undisclosed amount. This strategic acquisition aims to double Hyundai's annual vehicle production capacity in South Korea to 1 million units, with production starting in 2025. General Motors Company is a U.S.-based automobile manufacturing company, including light commercial vehicles.

Major companies operating in the hydrogen powered transport market report include Toyota Motor Corporation, Hyundai Motor Group, Honda Motor Co. Ltd., BMW, Mercedes-Benz Group AG, General Motors Company, Volkswagen Group, Kia Corporation, Volvo Group AB, Groupe Renault, Tata Motors Limited, Nikola Corporation, Hyzon Motors Inc., Tevva Motors Ltd., ZeroAvia Inc., ULEMCo Limited, Hyperion Motors, Dayun Group, Beiqi Foton Motor Co. Ltd., Mazda Motor Corporation.

North America was the largest region in the hydrogen powered transport market in 2025. The regions covered in the hydrogen powered transport market report include Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hydrogen powered transport market report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The hydrogen powered transport market consists of sales of airplanes, automobiles, auto racing, buses, trams and trains, ships, bicycles and military vehicles. 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.

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