The Global fuel cell market size was valued at USD 4.58 billion in 2021 and is projected to reach USD 36.41 billion by 2029 from USD 5.90 billion in 2022, growing at a CAGR of 29.7% during the forecast period. Asia Pacific dominated the global market with a share of 57.42% in 2021.

Fuel cell vehicle deployment faces considerable challenges, including decreasing the cost of fuel cell system components to reduce the upfront cost of fuel cell vehicles, and rolling out sufficient hydrogen refueling infrastructure to make driving a FCEV workable. Also essential will be the availability of cheap 'green' hydrogen, produced by the electrolysis of water using renewable electricity, which analysis in the new IDTechEx report highlights will be vital to FCEVs delivering the environmental credentials on which they are being sold.

Another trend in the market is the increasing collaborations and partnerships between automotive manufacturers, energy companies, and governments. These collaborations aim to accelerate the development and adoption of FCEVs by leveraging the expertise of each stakeholder and pooling resources. Additionally, several countries have set ambitious targets for the adoption of FCEVs, providing further impetus to market growth.