Research Outline

Hydrogen Fuel Cell Vehicles Growth


To understand the difference between the growth of hydrogen fuel cell for vehicles compared to electric vehicles.

Early Findings

Hydrogen Fuel Cell Vehicles Growth

  • The market for hydrogen fuel cell vehicles (HFCV) was only worth $651 million in 2018.
  • However, it is expected to grow exponentially and reach $42 billion by 2026.
  • This represents a CAGR of 66.9% between 2019 and 2026.
  • The main drivers that explain this impressive growth forecast are: surge in environmental concerns, government investment in hydrogen infrastructure, technological advances, and breakthrough, as well as future potential.
  • Vehicle companies that are playing a major role in the market are Honda, Toyota, Hyundai, Daimler, Audi, BMW, Volvo, Ballard, GM, and MAN.

Electric Vehicles Growth

Electric Vs Hydrogen

  • However, it is forecast to grow three times faster than the market for EVs up to 2026-2027.
  • Its market growth will depend on technological breakthough that would lower the cost, as well as continuous investment in infrastructures such as refueling stations.