"Market Intelligence for High-Geared Performance"

Fuel Cell Vehicle Market Size, Share and Global Trend, By Vehicle Type (Passenger Cars, Commercial Vehicles, Buses & Coaches), By End-User (Private, Commercial), and Regional Forecast, 2019-2026

Region : Global | Format: PDF | Report ID: FBI102421



Play Audio Listen to Audio Version

The global fuel cell vehicle market size was valued at USD 446.7 million in 2018 and is projected to reach USD 6,731.4 million by 2026, growing at a Compound Annual Growth Rate (CAGR) of 29.7% during the forecast period.The Europe fuel cell vehicle market was valued at USD 79.5 million in 2018.

The need to conserve natural resources and protect the environment is driving many vehicle manufacturers to take the lead to develop new, more efficient, and cleaner powertrain. Fuel cell vehicles are driven by the electricity generated onboard through fuel cell stack by passing hydrogen gas. This fuel cell technology has the capacity to power passenger cars and commercial vehicles. Also, standards implemented by the U.S. Department of Energy for the usage of a hydrogen fuel cell in vehicles, owing to this, the automakers are making huge progress in the advancement of fuel cell vehicles.


Economic and Social Benefits of Hydrogen Fuel Cell has led to Witnessed Significant Market Trend

Hydrogen-based energy has many benefits, such as decarbonizing transportation, which helps to decarbonize building heating and power, distribute energy across regions and sectors, and also provide clean feedstock for industry. Hydrogen gas has been used successfully and safely in industrial procedures for generations. Since all these solutions support and complement each other, the hydrogen economy is experiencing exponential growth by attracting significant interest.

Request a Free sample to learn more about this report.

Increasing Use of Fuel Cell Vehicles by Government Bodies to Drive the Market

Increasing usage of fuel cell vehicles in the government departments in some countries is expected to drive the fuel cell vehicle market trends. For example, in the U.K., in 2018, the metropolitan police have added 21 Toyota Mirai fuel cell vehicles to their emergency response team, forming the world’s first hydrogen-powered fleet.


Stringent Government Emission Regulations to Drive the Growth of this Market

The vehicle emission has led to an adverse impact on the environment and human life; therefore, several government bodies are implementing stringent emission standards for vehicles. As fuel cell vehicles being zero-emission vehicles are likely to have high demand in the market as they comply with government standards. The rising awareness among the automakers about the effect of vehicle emission on the environment by developing alternative powertrain is also expected to drive the growth of the market over the forecast period.

Rising Government Funding for Hydrogen Refueling Infrastructure to Drive the Market

Governmental funding for the development and installation of the hydrogen refueling stations is expected to boost the fuel cell vehicle market growth. The main objective of the government of developed nations is to develop a strategic plan for the commercial roll-out of fuel cell technology. This funding is expected to support the purchase of fuel cell vehicles. Many nations are aiming for full coverage of hydrogen refueling stations nationwide by 2030. The hydrogen fuel cell vehicles have the advantage of fast refueling. All these factors are likely to drive the growth of this market over the forecast period.


The Initial Cost of Fuel Cell Vehicles to Restrain the Growth of the Market

Fuel cell vehicles are expensive, and the cost of hydrogen per kilo is high in some regions. These two factors are expected to restrain the fuel cell vehicle market demand over the forecast period. However, many automakers are working on the development of the platinum-free metal components fuel cells to combat the high pricing. This may lower the cost of vehicle production.


By Vehicle Type Analysis

To know how our report can help streamline your business, Speak to Analyst

Passenger Car Segment to Experience Significant Growth During the Forecast Period

Based on vehicle type, the market is segmented into passenger cars, commercial vehicles, and buses & coaches. The passenger car segment is anticipated to dominate the market over the forecast period. Increasing sales of passenger cars in Japan and South Korea is likely to drive the growth of this segment in the market. The commercial vehicle segment is estimated to show steady growth in the market. The buses & coaches segment is projected to show significant growth in the market owing to rising government deployment of the fuel cell buses in some countries.

By End-User Analysis

Private Segment to Show Exponential Growth in the Market over the Forecast Period

By end-user, the market segments include private and commercial. The private end-user segment is expected to dominate the market over the forecast period. Government subsidies for the purchase of fuel cell vehicles for the consumers are driving the growth of this segment in the market. The commercial end-user segment is projected to show good growth in the market owing to rising governmental funding for the usage of fuel cell vehicles such as buses and light-heavy duty vehicles for public use.


Europe Fuel Cell Vehicle Market Size, 2018

To get more information on the regional analysis of this market, Request a Free sample

By region, the market has been segmented into Europe, North America, Asia-Pacific, and the Rest of the World. Asia-Pacific is expected to dominate the fuel cell vehicle market share over the forecast period. Japan and South Korea are key driver countries for the growth of this market in this region. Government initiatives in Japan for the usage of fuel cell vehicles and support to consumers through subsidies for the purchase of the vehicles are driving the growth of the market in this region.

Europe is the second-largest region in the market and is estimated to show significant growth in the market over the forecast period. France is a leader in this region owing to a massive deployment of commercial vehicles in the country for public and government usage.  North America is expected to show steady growth in the fuel cell vehicle market over the forecast period owing to the lower number of fuel cell vehicles.


Toyota Motor Corporation has Developed Fuel Cell Technology for the Maritime Applications

Competitive landscape depicts that the fuel cell market is dominated by the Toyota Motor Corporation. Toyota’s fuel cell technology demonstrates the adaptability to a variety of maritime applications.

Toyota is also developing technologies for the hydrogen-based society for, as stated in its Environmental Challenge 2050. This project is also supporting the vision and aim of the hydrogen-based society.



  • January 2018: Hyundai developed the Hyundai Nexo, specifically built from an FCEV standpoint. This vehicle offers 380 miles of driving range, better than any FCEV or electric vehicle battery, and also has a lightweight body closer to conventional cars.

  • September 2019: BMW AG unveiled i Hydrogen NEXT vehicle. The BMW Group is validating the ability to counterpart it's the electrified vehicle department by setting out the example of hydrogen-powered fuel cell vehicles.


An Infographic Representation of Fuel Cell Vehicle Market

To get information on various segments, share your queries with us

The fuel cell vehicle market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation



Study Period


Base Year


Forecast Period


Historical Period



  Value (USD million)


By Vehicle Type

  • Passenger Cars

  • Commercial Vehicles

  • Buses & Coaches

By End User

  • Private

  • Commercial

By Geography

  • North America (U.S., Canada, and Mexico)

  • Europe (UK, Germany, France, and Rest of Europe)

  • Asia-Pacific (Japan, China, India, South Korea, and Rest of Asia- Pacific)

  • Rest of the World

Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 446.7 million in 2018 and is projected to reach USD 6731.4 million in 2026.

In 2018, the market value stood at USD 446.7 million.

Growing at a CAGR of 29.7%, the market will exhibit exponential growth in the forecast period (2019-2026).

The passenger car segment is expected to be the leading segment in this market during the forecast period.

Stringent government emission regulations is the key factor driving the fuel cell vehicle market.

Toyota Motor Corporation is the leading player in the global market.

Asia Pacific dominated the market share in 2018.

The rising Government funding for the hydrogen refueling stations along with stringent government regulations are likely to open new market spaces for the fuel cell vehicle.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • Mar, 2020
  • 2018
  • 2015-2017
  • 140

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Automotive & Transportation Clients


Client Testimonials

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.