The hydrogen fuel cell vehicle market continues to gain momentum as governments strengthen hydrogen mobility policies, expand refueling infrastructure, and increase funding for zero-emission transportation initiatives globally.
Hyderabad, Feb. 12, 2026 (GLOBE NEWSWIRE) — According to a newly published report by Mordor Intelligence, the hydrogen fuel cell vehicle market size is gaining momentum, with the market estimated at USD 4.12 billion in 2026, and projected to surge to USD 25.05 billion by 2031, reflecting a strong 43.49% CAGR during 2026–2031. This acceleration is driven by sharp cost reductions in proton-exchange membrane fuel cell systems, which fell below USD 600 per kW in 2024, making commercial deployment more viable. Stricter zero-emission mandates for heavy-duty vehicles across Europe, China, and several U.S. states are pushing fleets toward hydrogen faster than expected, while expanding green-hydrogen corridors in major economies are improving refuelling access and easing range concerns.
Hydrogen Fuel Cell Vehicle Market Trends and Growth Drivers
Stronger government push toward decarbonization through zero-emission vehicle mandates
Regulatory pressure is intensifying across major economies, with governments tightening emissions rules and expanding zero-emission fleet requirements. Policies in Europe, the United States, and China are pushing logistics and commercial operators to rethink vehicle replacement cycles, while clean-energy directives are strengthening demand for low-carbon hydrogen. As these rules converge, fleet purchasing decisions are increasingly driven by regulatory compliance first, with cost considerations following behind.
Zero-emission initiatives for port and airport vehicle fleets
Major ports are increasingly turning to hydrogen-powered trucks and terminal equipment that can refuel quickly without compromising cargo capacity. Because these sites operate from fixed locations, they create reliable, concentrated demand that makes hydrogen infrastructure investments more attractive. Airports are following a similar path, using existing expertise in industrial gases to manage hydrogen safely and demonstrating how centralized transport hubs can accelerate zero-emission fleet adoption.
Hydrogen Fuel Cell Vehicle Market Share by Region
Asia Pacific remains the center of gravity for hydrogen fuel cell vehicles, supported by strong policy backing and coordinated industrial strategies. China is driving large-scale adoption through generous incentives for vehicles and refuelling networks, helping stabilize the broader ecosystem. Japan is aligning fuel-cell vehicle production with green hydrogen manufacturing, while South Korea benefits from strong OEM leadership that reinforces supplier investment. India is also entering the space, using targeted pilot programs along key freight routes to test and scale hydrogen-powered trucking.
Hydrogen infrastructure across Europe is scaling up rapidly, supported by coordinated public funding and long-term offtake programs that reduce risk for developers. Several countries are building dense refuelling networks and linking major industrial and logistics corridors, while Nordic nations are testing long-distance routes for heavy transport. Outside Europe, energy-rich regions are using low-cost renewables to position hydrogen as an export fuel, a move that is expected to gradually stimulate local hydrogen vehicle adoption as logistics ecosystems mature.
For a full breakdown of market dynamics, segmentation insights, regional analysis, and competitive landscape, access the details of the Mordor Intelligence report: https://www.mordorintelligence.com/industry-reports/hydrogen-fuel-cell-vehicle-market?utm_source=globenewswire
Hydrogen Fuel Cell Vehicle Market Segmentation Insights
Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Medium and Heavy Commercial Vehicles
Technology
- Proton Exchange Membrane Fuel Cells (PEMFC)
- Phosphoric Acid Fuel Cells (PAFC)
- Solid Oxide Fuel Cells (SOFC)
- Alkaline Fuel Cells (AFC)
Driving Range
- Up to 250 Miles
- 251–500 Miles
- Above 500 Miles
Power Output
- Below 100 kW
- 100–200 kW
- Above 200 kW
End-Use Ownership
- Private and Personal Use
- Public and Government Fleets
- Logistics and Freight Operators
Hydrogen Fuel Cell Vehicle Companies:
- Toyota Motor Corporation
- Hyundai Motor Group
- Honda Motor Co., Ltd.
- Daimler Truck
- Nikola Corporation
- Ballard Power Systems
- Cummins Inc.
- Plug Power Inc.
- Robert Bosch GmbH
- Weichai Power
- SAIC Motor Corporation
- BYD FCEV
- Yutong Bus Co.
- Foton Motor
- Kenworth (PACCAR)
- BMW AG
- AUDI AG
- General Motors
- Renault Group
- Riversimple
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Get More Information: https://www.mordorintelligence.com/industry-reports/acoustic-vehicle-alerting-system-market?utm_source=globenewswire
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