| Study Period | 2020 - 2030 |
| Market Size (2025) | USD 1.41 Billion |
| Market Size (2030) | USD 5.03 Billion |
| CAGR (2025 - 2030) | 28.96 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Fuel Cell Commercial Vehicle Market Analysis
The Fuel Cell Commercial Vehicle Market size is estimated at USD 1.41 billion in 2025, and is expected to reach USD 5.03 billion by 2030, at a CAGR of greater than 28.96% during the forecast period (2025-2030).
In the long term, the fuel cell commercial market will be propelled by stricter emission regulations, the growth of mass urban transportation, rising demand for alternative fuel vehicles, and increasing investments in hydrogen fuel cell technology. Governments globally are implementing stringent emission standards to reduce carbon emissions. This trend is driving commercial vehicle manufacturers to adopt alternative fuel technologies, such as hydrogen fuel cells, for use in buses, trucks, vans, and other vehicles. For example,
- To combat climate change, the European Parliament has enacted the European Climate Law, which increases the EU's target to cut net greenhouse gas emissions by at least 55% by 2030. In the long term, the European Union aims to achieve carbon neutrality by 2050.
The fuel cell commercial vehicle market is fairly new compared to the industry's electric and IC engine counterpart markets on a global scale. Due to the early stages of development and production of this technology in vehicles, the market witnessed various incumbents such as Mercedes-Benz, PACCAR, and Toyota, among others, commencing the launch of hydrogen fuel cell commercial vehicles in recent years. However, the market is also witnessing the integration of several entrants, which can change the landscape of the industry through lower-priced offerings than incumbent automakers.
Moreover, buses and trucks have dominated the fuel cell commercial vehicle market, with vans and other light commercial vehicles, such as pickup trucks, only contributing to a smaller share of overall sales worldwide. However, in recent years, various companies have constantly invested hefty sums in their research and development to manufacture fuel cell vans, pickup trucks, and other light commercial vehicles in the market. Such developments are expected to positively impact the demand for fuel-cell commercial vehicles during the forecast period.
- In March 2025, in a landmark development towards India’s vision of achieving net-zero emissions by 2070, Tata Motors, the country’s largest commercial vehicle manufacturer, has launched the first-ever trials of hydrogen-powered heavy-duty trucks. The trial phase will span up to 24 months and involves deployment of 16 advanced hydrogen-powered vehicles with varying configurations and payload capacities.
With the increasing investments in developing advanced fuel cell technology and the expanding alternative fuel vans and pickup truck demand, the fuel cell commercial market is expected to witness surging growth during the forecast period.
Fuel Cell Commercial Vehicle Market Trends
The Buses Segment is Expected to Witness Robust Growth During the Forecast Period
In recent years, countries like China, South Korea, and the United States have increasingly adopted hydrogen fuel cell technology in their bus fleets. Both government entities and private companies are actively collaborating to promote these eco-friendly buses as a sustainable transportation solution.
- As of January 2023, Europe boasted 370 operational fuel cell buses, with ambitions to expand that number by over 1,200 by 2025.
Heightened environmental concerns have prompted governments and agencies to tighten emission regulations. These stricter norms are anticipated to elevate diesel engine manufacturing costs. Consequently, while the diesel engine segment may experience sluggish growth, the demand for fuel-cell buses is set to surge. Diesel engines typically harness only 40-46% of fuel energy, with the rest dissipating as heat through exhaust and cooling systems. The introduction of Euro VI emissions standards for heavy-duty engines has intensified challenges for commercial vehicle manufacturers.
- In the U.S., the National Highway Traffic Safety Administration (NHTSA), under the 2007 Energy Independence and Security Act (EISA), set fuel consumption standards. Concurrently, the EPA rolled out a GHG emissions program via the Clean Air Act. By 2027, U.S. buses are mandated to achieve a 27% reduction in CO2 emissions from 2017 levels.
Public-private partnerships are spearheading the transition to hydrogen fuel cell buses, bolstering market growth. For instance,
- In November 2024, a groundbreaking U.S. project unveiled a hydrogen-powered bus, slashing the propulsion system's weight and volume by over 50% by eliminating the need for an extra battery. This battery-free hydrogen fuel cell bus proof-of-concept, spearheaded by The Center for Transportation and the Environment (CTE), is in collaboration with Nimbus Power Systems, New Flyer, and AC Transit.
State administrations are actively ordering and strategizing to roll out more fuel-cell public vehicles in the coming years, signaling a bullish outlook for the fuel cell bus market segment.
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Asia-Pacific Projected to Lead the Fuel Cell Commercial Vehicle Market
Major countries in Asia-Pacific, including China, India, Indonesia, and Thailand, are enhancing their public transportation infrastructure, propelling the region to the forefront of the fuel cell commercial vehicle market. As urbanization accelerates and investments in construction surge, the demand for alternative trucks and buses in Asia-Pacific intensifies.
Notably, the region hosts key players in fuel-cell vehicle technology, such as Zhejiang Geely Holding Group, Tata Motors, and Toyota Motor Corporation. These industry giants are ramping up the production of fuel cell buses and trucks, aligning with governmental initiatives to electrify commercial vehicle fleets.
Moreover, fresh investments in fuel-cell-powered vehicles are poised to bolster the demand for these commercial vehicles. Numerous cities and nations have unveiled ambitions to curtail emissions from commercial vehicles, spotlighting hydrogen technology and industry investments.
- Japan is placing its bets on hydrogen vehicles as a pathway to carbon neutrality by 2050. Under its third Strategic Roadmap for Hydrogen and Fuel Cells, the nation aims for 200,000 fuel cell vehicles (FCVs) on the roads by 2025, a significant leap from roughly 3,600 in 2019, complemented by 320 hydrogen filling stations.
- While Toyota and Honda Motor Co. Ltd. have long been at the forefront of commercial passenger hydrogen models in Japan, South Korea's Hyundai Motor Co. has recently joined the competition, buoyed by its government's ambitious vision of 6.2 million FCVs and a network of 1,200 refilling stations by 2040.
Under the National Green Hydrogen Mission, the government is launching pilot projects for hydrogen-fueled buses and trucks, signaling a strong push towards clean energy adoption. For instance, in March 2025, India's Ministry of New and Renewable Energy (MNRE) approved five pilot projects, in line with its prior transport sector guidelines. These meticulously evaluated projects, centered on hydrogen vehicles, refueling stations, and designated routes, encompass 37 vehicles, with 15 powered by hydrogen fuel cells.
As Asia-Pacific nations bolster their hydrogen fueling stations, the market's growth trajectory appears promising.
With robust backing from both governments and private entities, the adoption of fuel cell technology is set to surge in Asia-Pacific, heralding a period of significant growth.
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Fuel Cell Commercial Vehicle Industry Overview
The fuel cell commercial vehicle market is highly competitive and fragmented, with numerous manufacturers of varying sizes and capabilities. Prominent players in this market include PACCAR Inc., Volkswagen Group, Zhejiang Geely Holding Group Co. Ltd, Honda Motor Company, Mercedes-Benz Group AG, and Hyundai Motor. These companies are heavily investing in R&D, forming partnerships with commercial vehicle fleet operators, and collaborating with governments worldwide to promote their products and maintain consistent business operations.
In May 2024, Honda unveiled its Class 8 hydrogen fuel-cell truck concept at the 2024 Advanced Clean Transportation (ACT) Expo. This innovative truck, a retrofitted Peterbilt Model 579EV battery-electric tractor, is powered by three cutting-edge Honda fuel cell (FC) systems. Honda had teased this proof-of-concept in January, coinciding with the start of production at the Fuel Cell System Manufacturing, LLC (FCSM) facility in Brownstown, Michigan — a joint venture with General Motors.
In February 2025, Toyota Motor Corporation rolled out its third-generation fuel cell system tailored for commercial vehicles. This advanced system, boasting enhanced durability, fuel efficiency, and cost-effectiveness, is set to hit markets in Japan, Europe, North America, and China post-2026.
Fuel Cell Commercial Vehicle Market Leaders
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PACCAR Inc.
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Nikola Corporation
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Volkswagen Group (Scania)
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Zhejiang Geely Holding Group Co., Ltd.
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Toyota Motor Company
- *Disclaimer: Major Players sorted in no particular order
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Fuel Cell Commercial Vehicle Market News
- March 2025: In a significant move towards sustainable mobility, EKA Mobility, in partnership with KPIT Technologies and Bharat Petroleum Corporation Limited (BPCL), has rolled out a 9-meter hydrogen fuel cell bus at Cochin International Airport (CIAL) in Kochi. This initiative underscores Kerala's commitment to embracing hydrogen-powered commercial vehicles. EKA Mobility has seamlessly integrated KPIT Technologies’ hydrogen fuel cell technology into its bus. Concurrently, BPCL has established the essential hydrogen generation, dispensing, and refueling infrastructure in Kochi. The collaboration not only emphasizes the development of the vehicle but also the creation of a robust hydrogen ecosystem, paving the way for the broader acceptance of green hydrogen in the state.
- October 2024: New Flyer of America Inc. (New Flyer), a subsidiary of NFI Group Inc. and a frontrunner in zero-emission electric mobility, secured a landmark order. The company received a firm order for 108 zero-emission hydrogen fuel cell-electric Xcelsior CHARGE FC 40-foot transit buses from San Mateo County Transit (SamTrans). This order stood as the largest single fuel cell bus acquisition in New Flyer’s history. The contract for these 108 buses was incorporated into New Flyer’s backlog in Q2 2024, with orders finalized during the second and third quarters.
- April 2024: GILLIG, a prominent U.S. manufacturer of heavy-duty transit buses, broadened its zero-emission product range. The company, in partnership with BAE Systems and Ballard Power Systems, introduced a hydrogen fuel cell-powered bus to its diverse transit portfolio. This strategic move highlighted GILLIG’s steadfast dedication to innovation, sustainability, and providing versatile, high-quality transit solutions that catered to the varied demands of fleets across the nation.
Fuel Cell Commercial Vehicle Industry Segmentation
Fuel cell commercial vehicles, including trucks, buses, and vans, are powered by fuel cells, which are often paired with a small battery or supercapacitor. These fuel cells generate electricity by combining oxygen from the air with compressed hydrogen.
The fuel cell commercial vehicle market is segmented by vehicle type, power range, and geography. By vehicle type, the market is segmented into buses, trucks, vans, and other vehicle types (pickup trucks, etc.). By power range, the market is segmented into below 100 kW, 100 kW - 200 kW, and above 200 kW. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. The report offers market size and forecasts for fuel cell commercial vehicles in value (USD) for all the above segments.
| By Vehicle Type | Buses | ||
| Trucks | |||
| Vans | |||
| Other Vehicle Types (Pickup Trucks, etc.) | |||
| By Power Range | Below 100 kW | ||
| 100 kW - 200 kW | |||
| Above 200 kW | |||
| By Geography | North America | United States | |
| Canada | |||
| Rest of North America | |||
| Europe | Germany | ||
| United Kingdom | |||
| France | |||
| Italy | |||
| Rest of Europe | |||
| Asia-Pacific | China | ||
| India | |||
| Japan | |||
| South Korea | |||
| Rest of Asia-Pacific | |||
| Rest of the World | South America | ||
| Middle East and Africa | |||
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Fuel Cell Commercial Vehicle Market Research FAQs
How big is the Fuel Cell Commercial Vehicle Market?
The Fuel Cell Commercial Vehicle Market size is expected to reach USD 1.41 billion in 2025 and grow at a CAGR of greater than 28.96% to reach USD 5.03 billion by 2030.
What is the current Fuel Cell Commercial Vehicle Market size?
In 2025, the Fuel Cell Commercial Vehicle Market size is expected to reach USD 1.41 billion.
Who are the key players in Fuel Cell Commercial Vehicle Market?
PACCAR Inc., Nikola Corporation, Volkswagen Group (Scania), Zhejiang Geely Holding Group Co., Ltd. and Toyota Motor Company are the major companies operating in the Fuel Cell Commercial Vehicle Market.
Which is the fastest growing region in Fuel Cell Commercial Vehicle Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Fuel Cell Commercial Vehicle Market?
In 2025, the Asia-Pacific accounts for the largest market share in Fuel Cell Commercial Vehicle Market.
What years does this Fuel Cell Commercial Vehicle Market cover, and what was the market size in 2024?
In 2024, the Fuel Cell Commercial Vehicle Market size was estimated at USD 1.00 billion. The report covers the Fuel Cell Commercial Vehicle Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Fuel Cell Commercial Vehicle Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Fuel Cell Commercial Vehicle Industry Report
Statistics for the 2025 Fuel Cell Commercial Vehicle market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Fuel Cell Commercial Vehicle analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
