Transport Fuel Cell Market

Transport Fuel Cell Market Size

The global transport fuel cell market was valued at USD 5.7 billion in 2024 and is estimated to reach USD 13.5 billion by 2034, growing at a CAGR of 9% from 2025 to 2034. Government initiatives aimed at promoting hydrogen refueling infrastructure will propel the market statistics. Growing technological advancements for PEM fuel cell technology along with the adoption across applications including aviation and marine will further bolster the market statistics.

Hydrogen offers a promising alternative to traditional marine fuels, emitting only water when used in fuel cells, thereby significantly lowering greenhouse gas emissions. Launched in 2021, the MF Hydra is the world's first liquid hydrogen-powered ferry. The 82.4-meter-long vessel operating in Norway accommodates up to 300 passengers and 80 vehicles. Additionally, retrofitting of the existing vessels with hydrogen fuel cell systems will augment market growth.

The Trump administration's recent tariffs are poised to significantly impact the adoption of fuel cell technology within the transportation sector. The tariffs, particularly those targeting imports from China and Mexico, encompass essential components including fuel cells, batteries, and other critical parts used in FCVs will affect the market growth. Further, these increases may lead manufacturers to raise prices, potentially making FCVs less competitive compared to conventional vehicles.?

Transport Fuel Cell Market Trends

• Increasing environmental goals, ongoing technological advancements and inorganic growth ventures will drive the business scenario. Large scale deployment of hydrogen powered buses across the European region will contribute to the market growth. For example, in April 2025, Wrightbus plans to supply up to 1,000 zero emission buses across the UK, expanding the production from 1,000 buses in 2023 to 1,200 this year, reaching 1,400 by 2026, while the workforce will expand from 1,500 to 2,500.
  
• Hydrogen fuel cells offer a wide range of advantages for long-haul trucking, including longer ranges and shorter refueling times in comparison to battery-electric vehicles, driving the market growth. In addition, Toyota and BMW are investing in hydrogen fuel cell technology, with plans to introduce hydrogen powered models by 2028. Further, vehicles comprising of the Toyota Mirai and Hyundai Nexo are already prevalent in the market, offering consumers zero emission options with the convenience of quick refueling, thereby promoting the product penetration.
  

Transport Fuel Cell Market Analysis

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• Based on end use, the transport fuel cell industry is segmented into marine, railways FCEVs and others. The global market for transport fuel cell accounted for USD 5 billion, USD 5.3 billion and USD 5.7 billion in 2022, 2023 and 2024 respectively.
  
• The marine segment is anticipated to cross over USD 1.5 billion by 2034 owing to ongoing retrofitting of vessels including ferries, tugboats, and cargo ships. Leading companies including PowerCell, Nedstack, and Ballard among others are actively developing fuel cell systems tailored for marine use. In November 2023, Yanmar made its first delivery of its newly commercialized maritime hydrogen fuel cell system supplied to the passenger ship HANARIA, operated by MOTENA-Sea. Additionally, various ports are planning for onshore hydrogen supply infrastructure, thereby integrating hydrogen into overall maritime decarbonization strategies, stimulating the product demand.
  
• The railways segment will showcase more than 9% growth rate from 2025 to 2034, on account of zero carbon dioxide, nitrogen oxides, and particulate matter emission and offer longer range and faster refueling times. Fuel cell trains reduce reliance on diesel without the need to electrify entire lines, which can be costly and slow. In August 2022, Hamburg introduced the world's first fleet of hydrogen-powered passenger trains, manufactured by Alstom. Further, by early 2023, the region had a total of 14 zero-emission trains, projected to save over 422,000 gallons of diesel fuel annually and prevent more than 4,000 tons of CO? emissions each year.
  
• FCEVs fuel cell market is driven by heavy investments in hydrogen infrastructure and vehicle deployment. For citation, South Korea's ambitious plan aims for 2.9 million passenger cars, 40,000 buses, 80,000 taxis, and 30,000 trucks powered by hydrogen by 2040. Growing implementation of government policies worldwide including subsidies, tax benefits, and grants will drive the business scenario. In addition, ongoing R&D in fuel cell technology has led to improved efficiency, increased durability, and reduced costs, will enhance the industry landscape.
  
• Mining firms in Australia and South Africa are testing multi-MW fuel cell systems in haul trucks. In December 2023, General Motors (GM) and Komatsu announced a partnership to co-develop a fuel cell power module for Komatsu's 930E mining truck. Moreover, ongoing collaborations and partnerships for the adoption of fuel cells to achieve sustainability goals and operational improvements will augment the industry landscape. For citation, First Mode, along with Anglo American, developed the world's first and largest hydrogen-powered mine haul truck, a converted Komatsu 930E Haulpak, to be operational in 2023.
  
• Others include sectors comprising aviation utilizing fuel cells for regional and short-haul aircraft. The market growth is largely driven by technological advancements, growing environmental concerns, and strategic industry partnerships. For example, in July 2024, American Airlines committed to purchasing 100 of ZeroAvia hydrogen electric engines, aligning with its goal of net-zero emissions by 2050. Furthermore, international bodies including the International Civil Aviation Organization (ICAO) are enforcing stringent emission standards, prompting industry to seek cleaner propulsion technologies.
  

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• Based on capacity, the transport fuel cell market is bifurcated into <200 kW, 200 kW – 1 MW and ≥1 MW. <200 kW accounted for 47.4% market share in 2024 on account of adoption across material handling, light-duty vehicles, and fleet-based mobility. The product adoption is highest in Japan, California, and South Korea, where the refueling infrastructure is in place. Growing need for zero-emission indoor operations and emerging applications in urban logistics and micromobility will augment the industry landscape. Moreover, Loop Energy and Quantron are piloting commercial platforms with <120 kW FC modules.
  
• 200 kW – 1 MW segment will grow at a CAGR of 8% through 2034 owing to availability for green hydrogen along with modular designs offering flexibility and redundancy. China and South Korea are deploying thousands of buses with stacks in the 200 – 300 kW range as a part of their national hydrogen strategies. Fuel cell trucks often use systems between 300 kW and 700 kW, often using multiple 200–300 kW stacks in parallel. In addition, Hydrogen-powered trains, especially regional trains, often use fuel cells in the 600–800 kW range, which are already in service in Germany, Austria, France, and trials are happening in the UK and Italy, stimulating the product growth.
  
• The ≥1 MW segment is anticipated to reach more than USD 2 billion by 2034 on account of growing adoption across maritime and aviation sectors. In June 2022, PowerCell received an order from Maritime Partners LLC for a multi-megawatt fuel cell system to power the M/V Hydrogen One, a hydrogen-electric towboat, which comprises of 200 units of PowerCellution Marine System. Moreover, companies including Hyundai, Ballard Power, and Nikola are working on modular stack systems that exceed 1 MW, thereby contributing to business momentum.
  

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• The U.S. transport fuel cell market size crossed USD 1.25 billion, USD 1.26 billion and USD 1.28 billion in 2022, 2023 and 2024 respectively. North America amounted to more than 23% market share in 2024 owing to infrastructure development, policy support, and industry collaboration.
  
• Growing government incentives and initiatives to provide tax credits for hydrogen production and fuel cell vehicle purchases, aiming to reduce greenhouse gas emissions and promote clean energy will contribute to the business momentum. For instance, the Inflation Reduction Act provides a USD 7,500 tax credit for hydrogen fuel cell vehicles and USD 3 per kilogram for the production of clean hydrogen. The market expansion is also being driven by California's laws that encourage the adoption of hydrogen, such as financing for infrastructure for recharging and incentives for vehicles.
  
• Europe transport fuel cell market is likely to exceed USD 2.3 billion by 2034 driven by expenditures made to support the expanding fleet of hydrogen-powered vehicles by expanding the hydrogen refueling infrastructure. In order to outfit buses throughout Europe by 2027, Ballard has ordered 1,000 hydrogen fuel cell engines from Solaris Bus & Coach. Further, as of 2025, the region hosts more than 250 hydrogen refueling stations, with rapid growth planned, particularly along Trans-European Transport Network (TEN-T) corridors.
  
• Asia Pacific transport fuel cell market is set to grow at over 9.5% CAGR till 2034 on account of growing hydrogen infrastructure development including hydrogen refueling stations. For instance, Japan has expanded its HRS from 17 in 2012 to 157 by 2024, with 7 additional stations in development. Furthermore, growing implementation of policies to promote hydrogen usage, including investments and subsidies for FCVs will drive the business scenario. According to Singapore Bullion Market Association, China introduced a target of 1,000 hydrogen refueling stations by 2030.
  
• Latin America transport fuel cell market is driven by increasing consumer interest in alternative transport fuels and active support of government to transition to cleaner transportation technologies through tax exemptions, subsidies, and infrastructure improvements. Stellantis launched a USD 6.1 billion initiative to improve production in Brazil in 2024, bringing the total amount of investment commitments made by international automakers in the region to USD 14 billion. Furthermore, growing environmental sustainability concerns particularly those related to climate change—will support market expansion.
  

Transport Fuel Cell Market Share

• With a combined market share of more than 39%, Toyota, Volvo, and Honda are the top three companies in the transport fuel cell sector. Leading businesses are concentrating on building hydrogen infrastructure, including as filling stations, inorganic expansion initiatives, and increasing their worldwide footprint. In order to scale production, the players are also improving their manufacturing capabilities, which will further boost market expansion.
  
• R&D is being prioritized by major businesses to increase fuel cell cost-effectiveness, durability, and efficiency. Partnerships with renewable energy suppliers and investments in green hydrogen infrastructure are growing. Companies are setting up localized manufacturing hubs near major end-use markets. Product innovations and participation in government programs are complementing growth. These approaches are expected to stimulate market expansion in the coming years.
  

Transport Fuel Cell Market Companies

Eminent players operating in the transport fuel cell industry are:

• Toyota Motors
• Honda Motors
• Nikola Corporation
• PowerCell Sweden
• ElringKlinger
• Volvo Group
• General Motors
• Stellantis
• Hyzon Motors
• Quantron
  

Toyota Motor Corporation is a leader in the transport fuel cell vehicle market, offering hydrogen fuel cell electric vehicles. The business made USD 8.14 billion in R&D in 2024 and reported USD 298 billion in revenue with an EBITDA of USD 51.517 billion. In order to achieve carbon neutrality, it also develops its technology with the Mirai and hydrogen solutions for buses and trucks.

Honda Motor Co. concentrates on the market for hydrogen-powered vehicles using transport fuel cells. In 2024, Honda made USD 9.12 billion in operating profit on USD 135 billion in sales. In 2024, Honda also spent USD 7.85 billion on research and development. For its 2040 electrification target, the business created a 2024 CR-V-based car that combined fuel cell and plug-in technologies.

Transport Fuel Cell Industry News:

• In January 2025, Plug Power finalized a USD 1.66 billion loan guarantee with the U.S. Department of Energy to construct up to six green hydrogen manufacturing plants across the United States. The first facility is planned for Graham, Texas, each estimated to produce up to 15 tons of liquid hydrogen daily, supporting the expansion of hydrogen infrastructure for transport applications.
  
• In December 2024, Hyundai Motor Group Metaplant America (HMGMA), in collaboration with Glovis America, initiated the deployment of 21 XCIENT heavy-duty hydrogen fuel cell electric trucks in Georgia. This initiative aims to enhance sustainable logistics operations and underscores Hyundai's commitment to eco-friendly transportation solutions.
  
• In October 2024, DHL Supply Chain, entered in an agreement with Diageo North America to incorporate two fuel cell electric trucks, powered with hydrogen, to their U.S. fleet. Further, the Class 8 trucks, manufactured by Nikola Corporation, will be deployed and fueled with a HYLA modular refueler at the Diageo campus. Further, the fuel cell electric trucks are part of a broader sustainable supply chain strategy that includes battery electric vehicles, optimizing vehicle routes and usage.
  

This transport fuel cell market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “MW and USD Million” from 2021 to 2034, for the following segments:

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Market, By Capacity

• < 200 kW
• 200 kW - 1 MW
• ≥ 1 MW

Market, By Product

• PEMFC
• DMFC
• SOFC
• PAFC & AFC
• MCFC

Market, By End Use

• Marine
• Railways
• FCEVs
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Austria
• Asia Pacific
  • Japan
  • South Korea
  • China
  • India
  • Philippines
  • Vietnam
• Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
• Latin America
  • Brazil
  • Peru
  • Mexico