While battery electric vehicles (BEVs) continue to grow in model availability, sales numbers, and available charging infrastructure, the same cannot be said about fuel cell electric vehicles (FCEVs). The year 2024 saw the second successive year of declining sales for FCEV passenger cars, and fuel cell commercial vehicles also lagged behind BEVs despite their promising properties on paper, such as quicker refueling, more extended range, and heavier maximum payloads.
Rapid DC chargers continue to grow rapidly, meaning that BEVs can now charge hundreds of kilometers in range in reduced time. IDTechEx also forecasts that battery costs will continue to decrease while battery energy density increases, resulting in longer-range, lower-cost vehicles.
In the report “Fuel Cell Electric Vehicles 2025-2045: Markets, Technologies, Forecasts,” IDTechEx assesses whether the window of opportunity for FCEVs in on-road vehicles has disappeared. The report includes granular forecasts split by region, forecasting unit sales, yearly market size, fuel cell demand, and battery demand from on-road FCEVs.
Approximately 5,000 fuel-cell passenger cars were sold globally in 2024, representing a minute portion of the global passenger vehicle market. In the same year, battery electric passenger car sales exceeded 11 million.
From IDTechEx’s analysis, the Toyota Mirai costs more than eight times as much per mile compared to a Tesla Model 3 and approximately three times as much as an internal combustion engine car in California.
In 2024, hydrogen prices at the pump soared as high as US$36/kg at some stations, a 120% increase from the average price in 2022. Even with reduced prices and fuel credits, the uncertainty behind the availability and cost of hydrogen fuel has deterred potential customers.
However, IDTechEx does not expect fuel-cell cars to die out completely. In July 2024, Honda returned after three years out of the FCEV market with the Honda CR-V Fuel Cell, which also has plug-in electric-only driving capability.
Furthermore, Hyundai stated it will release its next generation Initium FCEV in H1 2025, and BMW said it would commercialize a fuel cell car based on the BMW iX5 Hydrogen by 2028. Furthermore, Honda and Toyota’s new generations of fuel cells have promised significant power density and durability increases at lower manufacturing costs.
IDTechEx forecasts growth of the fuel cell passenger car market, accounting for these factors, although this will be regionally limited to where hydrogen refueling stations are available. Growth will come with more widespread hydrogen refueling at lower costs, preferably with more green hydrogen produced on-site.
IDTechEx categorizes commercial vehicles into buses, light commercial vehicles (vans), and medium and heavy trucks. The report “Fuel Cell Electric Vehicles 2025-2045: Markets, Technologies, Forecasts” analyzes the market and potential of FCEVs in each segment, accounting for range, application, and competing technologies.
Like passenger cars, light commercial vehicles (LCVs) generally have their payload and range requirements well-served by BEVs. From a total cost of ownership (TCO) perspective, fuel cell LCVs typically do not offer any advantage in up-front or running costs.
IDTechEx expects that fuel cell LCVs will likely be restricted to regions with access to a reliable supply of low-cost hydrogen or areas where reliable grid connections are challenging.
Fuel cell buses continue to sell at very low volumes, despite the National Renewable Energy Laboratory researching fuel cell bus technology since the late 1980s. The opportunity for fuel-cell buses lies in routes beyond the range of battery-electric buses.
IDTechEx, therefore, sees the most opportunity for fuel cell buses in intercity coaches. Fuel cell demand from buses is also limited because many fuel cell buses have relatively small fuel cell stacks that are generally used as a range extender for a larger Li-ion battery.
IDTechEx sees the most opportunity for heavy-duty fuel cell trucks. Long-haul heavy-duty trucks have the most excellent payload requirements and the harshest duty cycles, which BEVs generally do not meet.
The weight of the massive battery packs required can reduce the payload of a heavy-duty truck, although measures are in place to combat this.
For example, the EU allows zero-emission trucks to be four tonnes heavier than the standard weight limit for diesel trucks.
Megawatt charging deployments are also increasing, allowing trucks to charge at powers great enough to yield hundreds of kilometres in range in approximately 30 minutes.
Furthermore, battery-electric trucks such as the Tesla Semi and the Windrose electric truck have ranges exceeding 600km. In this sense, FCEVs are chasing a moving target like other vehicle segments.
However, IDTechEx expects fuel cell trucks to be involved in the longest, heaviest journeys, such that FCEVs will be approximately 20% of zero-emissions heavy-duty truck sales by 2045.