Hydrogen Cars Market worth 353 Thousand Units by 2035, Globally, at a CAGR Of 28.3%, Says MarketsandMarkets™

Delray Beach, FL, Oct. 01, 2025 (GLOBE NEWSWIRE) -- The hydrogen cars market size is projected to grow from an estimated 23 thousand units in 2024 to 353 thousand units by 2035, at a CAGR of 28.3%, as per the recent study by MarketsandMarkets™.  Factors such as higher driving range than battery electric vehicles, zero-emission nature of the hydrogen-powered vehicle, and government plans for zero-emission transport across the globe, have resulted in automakers announcing plans to embrace hydrogen-powered fuel cell vehicles and the expansion of the hydrogen cars market. Similarly, technological developments by leading OEMs such as BMW (Germany), Toyota Motor Corporation (Japan), and Hyundai Motor Company (South Korea) are further propelling the market growth.

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Truck segment is expected to hold the significant market share during the forecast period

Hydrogen-powered trucks are expected to play a pivotal role in the automotive industry, demonstrating a CAGR of 36.6% until 2035, propelled by increased efforts in innovation from major OEMs like Volvo Group (Sweden) and Daimler (Germany). Hydrogen-powered trucks hold a significant portion of the Asia Pacific market, particularly leading in China. Similarly, there is a rapid surge in demand projected for hydrogen-powered trucks in the US, supported by the nation's ambitious USD 7 billion hydrogen hub initiative aimed at establishing hydrogen refueling stations or hubs nationwide. Leading models such as the Hydzon Hymax and Hyundai XCIENT are driving the H2 truck market forward. Additionally, OEMs including Scania, Volvo Group , and Daimler are strategizing to introduce their hydrogen-powered trucks soon.

H2-ICE segment expected to be the next big shift during forecast period

The utilization of hydrogen internal combustion engine (H2-ICE) powertrains, particularly in heavy-duty trucks, is expected to grow significantly during the forecast period. With OEMs outlining strategies for the introduction of H2-ICE-powered heavy-duty commercial vehicles and passenger cars, the mainstream adoption of H2-ICE technology is expected to occur by 2035. H2-ICE vehicle are characterized by enhanced efficiency and reduced fuel consumption, the transition to H2-ICE architecture is deemed more feasible compared to fuel cell electric vehicle (FCEV) architecture, primarily due to its independence from costly materials like platinum, thereby contributing to cost reduction. These advantageous attributes have spurred prominent automakers and engine manufacturers to pivot towards incorporating H2-ICE components into their vehicles. For instance, in January 2024, Bosch GmBH (Germany) disclosed its plans to commercially launch a hydrogen internal combustion engine designed for deployment in heavy commercial vehicles (HCVs). Similarly, Volvo Group announced its initiatives in January 2024 to develop H2-ICE engines as a viable alternative to FCEVs, aligning with its hydrogen-oriented initiatives.

North America to be the fastest growing market for H-2 Pickups and HD Trucks during the forecast period

North America is expected to witness significant growth in the market for fuel-cell electric vehicles, with the United States maintaining a dominant share of 94% within the region. Toyota emerged as the frontrunner in the North American market, commanding an 89% market share as of 2023, with projections suggesting its continued leadership, bolstered by the implementation of hydrogen subsidy initiatives. Although the setup of fixed H2 refueling stations stalled in California in 2023, the US is strategizing the establishment of portable hydrogen refueling stations beyond California. Models such as Toyota MIRAI and Hyundai NEXO dominate sales in the region, with an increasing focus on pickup trucks anticipated, as major OEMs plan to diversify into hydrogen fuel. North America emerges as a key region in fuel cell electric vehicle market with leading OEMs planning new launches in coming years. Further, Hyundai XCIENT, Van Hool A series, Nikola Motors Tre, and NFI Xcelsior are some of leading FC commercial vehicles presently available in the market. Moreover, Toyota Hyluz and Daimler H2 truck are expected to be launched by 2026.

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What are the main drivers of growth in the Hydrogen Cars Market?

• Stringent Emission Regulations and Net-Zero Targets
  Increasing government mandates to cut greenhouse gas emissions and achieve carbon neutrality are accelerating interest and investments in hydrogen-powered mobility.

• Rising Demand for Zero-Emission Vehicles (ZEVs)
  Beyond battery-electric cars, fuel cell electric vehicles (FCEVs) are gaining traction as viable zero-emission alternatives for long-range driving and heavy-use scenarios.

• Rapid Advancements in Fuel Cell and Hydrogen Storage Technologies
  Continuous innovations in fuel cell stack efficiency, durability, and lightweight hydrogen tanks are making hydrogen cars more competitive with traditional EVs.

• Government Subsidies, Incentives, and Policy Support
  Subsidy programs, tax exemptions, and hydrogen infrastructure development roadmaps in leading economies promote both vehicle adoption and fueling network expansion.

• Growth of Hydrogen Refueling Infrastructure
  Collaborations between automakers, energy companies, and governments to build hydrogen stations are critical enablers of market commercialization.

• OEM and Energy Sector Partnerships
  Strategic alliances between automotive OEMs (e.g., Toyota, Hyundai, Honda) and hydrogen producers/energy providers accelerate technology scaling and ecosystem readiness.

• Advantage in Long-Range and Quick Refueling Applications
  Hydrogen cars offer longer range and faster refueling times than most battery EVs, making them attractive for drivers needing long-distance or fleet-based travel solutions.

• Increasing Investment in Green Hydrogen Production
  Expansion of renewable-powered hydrogen production facilities ensures a cleaner fuel ecosystem and aligns hydrogen cars with global decarbonization strategies.

Which regions and countries are leading in Hydrogen Cars Market adoption?

North America

• United States: California leads with dedicated hydrogen refueling infrastructure, ZEV mandates, and active OEM pilot programs.
• Canada: Gradual development supported by government funding for clean hydrogen projects and collaborative R&D.

Europe

• Germany, France, UK: Early adopters due to strong hydrogen roadmaps, EU funding initiatives, and automaker-led pilots.
• Nordic countries: Growth aligned with broader clean mobility projects and investments in renewable hydrogen infrastructure.

Asia-Pacific

• Japan: Pioneer market with early commercialization led by Toyota Mirai and government-backed hydrogen infrastructure.
• South Korea: Aggressively expanding hydrogen vehicle deployment through Hyundai and large-scale government incentives.
• China: Increasing pilot programs, domestic OEM innovations, and strong state-backed funding to integrate hydrogen mobility with renewable energy projects.
• India: Emerging initiatives through clean mobility schemes and green hydrogen missions.

Middle East & Africa

• UAE, Saudi Arabia: Strong focus on hydrogen as part of Vision 2030 diversification and clean energy targets, fueling early adoption of hydrogen mobility.
• South Africa: Exploring hydrogen cars within broader hydrogen energy export and decarbonization policies.

Latin America

• Brazil, Chile: Growing interest driven by renewable hydrogen production projects and government clean transport initiatives.
• Mexico: Early-stage adoption, with pilot programs aligning with climate commitments.

Who are the top players in the Hydrogen Cars Market?

• Toyota Motor Corporation (Japan)
• Hyundai Motor Company (South Korea)
• SAIC Motors (China)
• FAW (china)
• Yutong (China)

Key Findings of the Study:

1. The H2 Bus segment to have rapid growth during the forecast period.
2. Asia Pacific is the largest market for hydrogen-p-owered vehicles during the forecast period.

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Related Reports:

Hydrogen Truck Market
H2-ICE Market
Hydrogen Fuel Cell Vehicle Market

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