Call +1(917) 993 7467 or connect with one of our experts to get full access to the most comprehensive and verified construction projects happening in your area. Close Section
Global Fuel Cell Electric Vehicle (FCEV) Market: Growth, Trends and Forecast to 2028

Global Fuel Cell Electric Vehicle (FCEV) Market: Growth, Trends and Forecast to 2028

Market Research Reports | Q1 2024 | Report ID: BR0340

About the Report

The global Fuel cell electric vehicle market witnessed steady growth in 2021 followed by a slight decline in 2022. With the growing number of governments across the world announcing their respective hydrogen targets and taking active initiatives to achieve them by developing hydrogen and hydrogen fuel cell infrastructure, the FCEV market is set to grow during the forecast period.


Fuel cell electric vehicles (FCEVs) are zero-emission vehicles that convert hydrogen stored onboard using a fuel cell to power an electric motor that drives the vehicle. They are more energy-efficient than conventional fossil fuel based internal combustion engine (ICE) vehicles and produce no tailpipe emissions. They emit only water and warm air. 


FCEVs can go 300-400 miles on a tank of hydrogen and can be refueled in three to five minutes. They combine the zero-emissions driving of an electric vehicle with the range and convenience of a traditional internal combustion engine. FCEVs can save up to three times as much energy as regular vehicles.


FCEV cars were introduced in the market in 2014, though registrations remain three orders of magnitude lower than EVs, as hydrogen fueling stations are not widely available. Unlike EVs, they cannot be charged at home. Few commercial FCEV models are available, and high fuel costs and purchase prices result in a higher total cost of ownership than EVs.


According to International Energy Agency (IEA), the global Fuel cell Electric Vehicle (FCEV) stock by the end of 2021 was 51.5 thousand units which comprise of fuel cell passenger light duty vehicles, buses, and trucks. 


Fuel Cell Electric Vehicle Market Drivers

Supportive government initiatives and incentives

The rapid increase in interest in the hydrogen economy can be seen globally, with over 30 countries having hydrogen roadmaps and over 228 large-scale hydrogen projects announced, including the promotion of fuel cell vehicles and the related Hydrogen Refuelling Stations (HRS).


European Union and several European countries have set out targets for hydrogen and fuel cells. Some of the targets set under the European Union hydrogen strategy are, the deployment of at least 747 HRS by 2025 in Europe, joint initiative for hydrogen vehicles in Europe (JIVE) projects that will see 291 fuel cell buses on the road by 2023, etc.


The French national plan aims for 5,000 fuel cell passenger cars and commercial light-duty vehicles (LDVs), 200 buses and trucks, and 100 HRSs in 2023. The 2028 targets include 20,000 – 50,000 passenger cars and commercial LDVs, 800 – 2,000 buses and trucks, and 400 – 1,000 HRSs.


Germany became the first country in the world to deploy passenger trains in 2018 and 27 additional fuel cell trains are planned to be on track by 2023.


On Dec 15, 2021, United States President Biden signed a USD 1.2 trillion bipartisan infrastructure bill. The legislation includes USD 1.9 billion for the hydrogen industry. Fuel cell technologies and hydrogen energy are being increasingly viewed as essential decarbonization options across the United States.


California Fuel Cell Partnership (a public-private partnership to promote hydrogen vehicles in California) is pursuing HRS infrastructure with the goals of 1,000 stations and 10,00,000 FCEVs by 2030. According to California Air Resources Board estimates, the FCEV fleet will grow to 27,000 vehicles by 2023 and 48,900 by 2026 in California.


As part of the Hydrogen Strategy for Canada, published in Dec 2020, Canada has defined the long-term vision of operating more than five million FCEVs and hydrogen refueling stations across Canada by 2050.


South Korea has the largest number of hydrogen fuel cell vehicles in the world, and its hydrogen economy roadmap outlines one of the most important national development plans for fuel cells and hydrogen. 2.9 million passenger cars, 80,000 taxis, 40,000 buses, and 30,000 trucks are planned to be operated by 2040.


The Indian government approved INR 25,938 Crore worth of Production Linked Incentives (PLI) scheme for auto schemes to incentivize hybrid electric vehicles and fuel cell vehicles in 2022. The scheme aims to promote the domestic manufacturing of green vehicles and enable India to become a part of the global supply chain.


Some of the other drivers include considered to be the key drivers for the global Fuel Cell Electric Vehicle (FCEV) market:

  • Demand for sustainable transportation
  • better fuel economy offered by FCEVs
  • Growing investments in hydrogen fuel cell technology and hydrogen refueling infrastructure


Restraints to the Fuel Cell Electric Vehicle Market


To address the chicken-and-egg problem for FCEVs, several governments have funded the construction of Hydrogen Refuelling Stations (HRS) and have deployed public buses and trucks, such as garbage trucks, to provide a certain level of station utilization. 


Segment Insights

Passenger vehicles (hydrogen fuel cell cars) are leading the global sales in the global fuel cell electric market followed by buses and trucks. Whereas medium-duty trucks have a higher share than heavy-duty ones. Light commercial vehicles make up the lowest share of all FCVs.



Regional Analysis

The Asia Pacific FCEV market is currently dominating the global fuel cell vehicle landscape. The market in this region is driven by factors such as increasing government support for the deployment of sustainable transportation in order to achieve emission reduction targets and develop a regional hydrogen economy, and a significant presence of key market players in countries such as South Korea, and China.


The majority of vehicles-more than two thirds-are driven on Asian roadways, with a fourth being driven in North America. 7.7% of all fuel cell vehicles worldwide are located in Europe, which is a relatively small percentage.




FCEVs offer solution to all the challenges faced today by the battery electric vehicles market, such as long charging hours and high battery replacement costs, making it a perfect market for fuel cell electric vehicles; In addition to this, the government incentives promoting fuel cell technology offers a great opportunity for the OEMs to expand their business.


Many countries are developing roadmaps for hydrogen by encouraging the private sector to scale up the focus on green hydrogen market. For instance

  • Germany’s USD 1 billion scheme called H2Global to subsidize green hydrogen projects in non-EU nations gets approval from European Commission. It offers a route to market for large-scale renewable hydrogen facilities around the world.
  • On Feb 18, 2021, The Indian government unveiled its green hydrogen policy, promising cheaper renewable power. The policy offers a great opportunity for establishing hydrogen infrastructure, thereby becoming a favorable market for FCEVs.
  • The Chilean government has unveiled its national hydrogen strategy to boost renewable hydrogen opportunities in the country. 
  • China’s newest five-year plan introduced in 2021 called for half of the country’s vehicles to be electric by 2035, including fuel cell vehicles as qualifying electric vehicles.
  • Finland has launched their National Hydrogen Roadmap. It focuses on low-carbon hydrogen production, hydrogen for fuels, storage, transport, and end-use over the next ten years.


Recent Developments 

  • Urban Mobility Systems, a clean technology engineering firm based in the Netherlands, and Nuvera Fuel Cells, LLC, a provider of heavy-duty hydrogen fuel cell engines for on- and off-road mobility, have signed a memorandum of understanding (UMS) in Jan 2023. The MOU includes an agreement to investigate the development, sales, and support of standardized zero-emission fuel cell powertrains for commercial applications. It also involves the inaugural sales of Nuvera E-Series Fuel Cell Engines to UMS.
  • The Hyundai Motor Group showcased its yet-to-launch hydrogen car, Hyundai Nexo at the 2023 AutoExpo India. The fuel cell electric car received approval from the Indian government in 2021. 
  • In Jan 2023, Plug Power Inc, announced the completion of its new USD 125 million fuel cell manufacturing facility in New York, United States. The 407,000-square-foot facility will increase GenDrive fuel cell systems, which power electric motors, production, repair, and storage.
  • Bosch announced its plans to establish its first fuel cell stack production in the United States in September 2022, backed by an expenditure of more than USD 200 million. Bosch anticipates that the stacks will power Class 8 hydrogen trucks starting in 2026 once the new production lines are put into operation at the supplier's anderson location in South Carolina.
  • In Oct 2022, SAIC Motor Corporation Limited, deployed its first batch of 80 fuel cell MPVs into service in China.
  • In Sept 2022, Ballard Power Systems announced an order from Stadler Rail AG, a leading manufacturer of rolling stock, for the supply of six 100 kW fuel cell engines to power the first hydrogen train in the United States.
  • Advent Technologies Holdings, Inc., the leader in the fuel cell and hydrogen technology space, announced it had signed a Memorandum of Understanding with Hydrogen Systems, Inc., a hydrogen energy solutions company based in Riyadh, Saudi Arabia, to provide integrated hydrogen solutions and value-added support to industrial and renewable energy markets in the Middle East.


The new Global Fuel Cell Electric Vehicle Market report from Blackridge Research comprehensively analyses the FCEV Market and provides deep insight into the current and future state of the industry.


The new report from Blackridge Research on Global Fuel Cell Electric Vehicle Market comprehensively analyses the Fuel Cell Electric Vehicle Market and provides deep insight into the current and future state of the industry.


The study examines the drivers, restraints, and regional trends influencing Global Fuel Cell Electric Vehicle Market demand and growth.


The report also addresses present and future market opportunities, market trends, developments, and the impact of Covid-19 on the Global Fuel Cell Electric Vehicle Market, important commercial developments, trends, regions, and segments poised for the fastest growth, competitive landscape, and market share of key players.


Further, the report will also provide Global Fuel Cell Electric Vehicle Market size, demand forecast, and growth rates.


What Do We Cover in the Report?

Global Fuel Cell Electric Vehicle Market Drivers & Restraints

The study covers all the major underlying forces that help the market develop and grow and the factors that constrain the growth.


The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.


Each factor's respective impact in the near, medium, and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.


Global Fuel Cell Electric Vehicle Market Analysis

This report discusses the overview of the market, the latest updates, important commercial developments and structural trends, and government policies and regulations.


This section provides an assessment of COVID-19 impact on Global Fuel Cell Electric Vehicle Market demand.


Global Fuel Cell Electric Vehicle Market Market Size and Demand Forecast

The report provides Global Global Fuel Cell Electric Vehicle Market size and demand forecast until 2028, including year-on-year (YoY) growth rates and CAGR.


Global Fuel Cell Electric Vehicle Market Industry Analysis

The report examines the critical elements of the Global Fuel Cell Electric Vehicle industry supply chain, its structure, and the participants


Using Porter's five forces framework, the report covers the assessment of the Global Fuel Cell Electric Vehicle industry's state of competition and profitability.


Global Fuel Cell Electric Vehicle Market Segmentation & Forecast

The report dissects the Global Fuel Cell Electric Vehicle Market based on vehicle type (passenger and commercial vehicles). A detailed summary of the current scenario, recent developments, and market outlook will be provided for each segment.


Further, market size and demand forecasts will be presented along with various drivers and barriers for individual market segments.


Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for "bespoke" market segmentation to better align the research report with your requirements.


Regional Market Analysis

The report covers detailed profiles of major countries across the world. Each country's analysis covers the current market scenario, market drivers, government policies & regulations, and market outlook.


In addition, market size, demand forecast, and growth rates will be provided for all regions.


Following are the notable countries covered under each region.


North America - United States, Canada, Mexico, and the Rest of North America 

Europe - Germany, France, United Kingdom (UK), Russia, and the Rest of Europe

Asia Pacific - China, India, Japan, South Korea, Australia, Rest of APAC

Rest of the world - Saudi Arabia, Brazil, Nigeria, South Africa, and other countries


Key Company Profiles

This report presents detailed profiles of Key companies in the Global Fuel Cell Vehicle industry which includes Toyota Motor Corporation, Hyundai Motor Company, Honda Motor Company, etc. Generally, each company profile includes - an overview of the company, relevant products and services, a financial overview, and recent developments.


Competitive Landscape

The report provides a comprehensive list of notable companies in the market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.


The study also discusses the strategies adopted by leading players in the industry.


Executive Summary

Executive Summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.


The report begins with an Executive Summary chapter and ends with Conclusions and Recommendations.


Get a free sample copy of the Global Fuel Cell Electric Vehicle Market report by clicking the "Download a Free Sample Now!" button at the top of the page.


Also, take a look at our latest reports on 

  Table of Contents

1. Executive Summary

2. Research Scope and Methodology

3. Market Analysis

  • 3.1 Introduction
  • 3.2 Market Dynamics
    • 3.2.1. Drivers
    • 3.2.2 Restraints
  • 3.3 Market Trends & Developments
  • 3.4 Market Opportunities
  • 3.5 Market Size and Forecast

4. Industry Analysis

  • 4.1 Supply Chain Analysis
  • 4.2 Porter's Five Forces Analysis

5. Market Segmentation & Forecast

  • 5.1 By Vehicle Type
    • 5.1.1 Passenger Vehicles
    • 5.1.2 Commercial Vehicles

6. Regional Market Analysis

  • 6.1 Asia Pacific
  • 6.2 North America
  • 6.3 Europe
  • 6.4 Rest of the World

7. Key Company Profiles

  • 7.1 Toyota Motor Corporation
  • 7.2 Hyundai Motor Company
  • 7.3 Honda Motor Company, Ltd.
  • 7.4 Mercedes-Benz Group AG
  • 7.5 BMW AG
  • 7.6 Groupe Renault
  • 7.7 Stellantis N.V.
  • 7.8 SAIC Motor Corporation Limited
  • 7.9 Great Wall Motor Co., Ltd.
  • 7.10 Beiqi Foton Motor Co., Ltd.
  • 7.11 Other Notable Players

8. Competitive Landscape

  • 8.1 List of Notable Players in the Market
  • 8.2 M&A, JV, and Agreements
  • 8.3 Market Share Analysis
  • 8.4 Strategies of Key Players

9. Conclusions and Recommendations

List of Tables & Figures


Additional Notes


  This report helps to:-

  • Gain a deeper understanding of the impact of Covid-19 on the Global Fuel Cell Electric Vehicle (FCEV) market..
  • Equip yourself with rigorous analysis and forward-looking insights into the Global Fuel Cell Electric Vehicle (FCEV) market across multiple regions.
  • Gain an understanding of uncertainty and discover how the most influential growth drivers and restraints in the regions will impact market development.
  • Assess market data and forecasts to understand how the demands across various segments evolve over the next few years.
  • Gain a comprehensive view of the emerging market trends and developments to assess market opportunities.
  • Be better informed of your competition by gaining access to detailed information and analysis of key industry players.
  • Keep on top of M&A developments, JVs, and other agreements to assess the evolving competitive landscape and enhance your competitive position.

  Who need this report?

  • OEMs
  • Raw Materials & Component Suppliers
  • Investor Community
  • Government Bodies & Industry Organizations
  • Others 

  What's included

Report - Global Fuel Cell Electric Vehicle (FCEV) Market Outlook to 2028.pdf
Market Data - Global Fuel Cell Electric Vehicle (FCEV) Market Outlook to 2028.xls

  Common Questions

You can purchase the report directly by selecting the licence type above and paying with a credit or debit card. Please contact for other payment options.

We can provide quarterly and half yearly report updates. Please contact for more information.

Single User License
The Single User License will provide access to only one user.

Team User License
The Team License will provide access only up to 7 users. This is great for a team.

Corporate License
This Premium package is ideal for large companies. By having Corporate license, any employee of your organization or its subsidiaries can access the report. You will also receive free industry update after six months and also a white label powerpoint presentation.

Yes, if you'd like to select certain sections of the report, please contact

The report publication process involves several steps: Secondary Research, Discussion Guide Preparation, Primary Research (interviews, surveys, among others), Data Triangulation, Market Engineering, Data Validation, and Report Writing. One of the research specialists will explain the research process in detail. For more details about the report methodology, contact us at

If for any reason you're not satisfied with the report, just email us at We will make sure it's resolved!

We're here to help from day one, with 24/6 outstanding support. For report purchases, we will provide post-purchase analyst support for any queries that you may have related to report up to one year.

Got a Question?

Sujith will help you find what you are looking for.

Call: +1 (917) 993 7467
+91 8500 460 460


Haven’t found what you’re looking for?

More than 70% of our clients seek customized reports. Reach us out to get yours today!

Please Enter Business Email Address

By clicking "Submit" you are indicating that you have read and agree to be bound by the Blackridge Terms of Service and Privacy Policy .