운송용 연료전지 시장 : 기회, 성장 촉진요인, 산업 동향 분석 및 예측(2025-2034년)

The Global Transport Fuel Cell Market was valued at USD 5.7 billion in 2024 and is estimated to grow at a CAGR of 9% to reach USD 13.5 billion by 2034, driven by rising government support for clean energy adoption and ongoing efforts to develop hydrogen refueling infrastructure. The market is gaining strong momentum as nations accelerate their transport decarbonization goals and increasingly accept hydrogen-powered mobility across a wide range of transportation modes, including road, rail, marine, and air. Advances in PEM fuel cell technologies, combined with a greater focus on building resilient hydrogen ecosystems, are reshaping the future of zero-emission transportation. As green hydrogen production scales up and fuel cell electric vehicles (FCEVs) become more competitive, the industry is positioned to experience transformative growth. Sectors like aviation and shipping are witnessing a surge in demand for reliable, scalable hydrogen power, creating new opportunities for manufacturers and fueling investment into cutting-edge fuel cell designs tailored for high-demand environments.

However, the transport fuel cell market is not without challenges. Evolving international trade dynamics are presenting major headwinds. The introduction of new tariffs by the U.S. government on imports from key manufacturing hubs such as China and Mexico is disrupting global supply chains. These measures are driving up the cost structure of critical components like fuel cell stacks, power electronics, and advanced systems used in FCEVs. With rising production and sourcing costs, manufacturers are facing tough decisions that could result in higher vehicle pricing, making FCEVs less accessible in price-sensitive markets. This could delay adoption in regions where cost parity with internal combustion engine (ICE) vehicles has yet to be achieved.

The marine segment within the transport fuel cell market is projected to generate USD 1.5 billion by 2034. Much of this growth comes from ongoing retrofitting efforts across the maritime sector, where vessels such as ferries, tugboats, and cargo ships are being outfitted with low-emission propulsion systems. Industry leaders are designing specialized fuel cell solutions that meet the rigorous performance and durability standards required at sea. At the same time, port authorities worldwide are heavily investing in hydrogen refueling infrastructure, reflecting a broader commitment to integrating hydrogen into clean shipping corridors and zero-emission port strategies.

Fuel cell systems ranging from 200 kW to 1 MW are expected to grow at a CAGR of 8% through 2034. These medium- to high-capacity modules are rapidly becoming the preferred choice for heavy-duty transport applications, thanks to their modular nature, system redundancy, and scalability for fleet operations. With green hydrogen becoming increasingly available, countries like China and South Korea are rolling out thousands of buses and logistics trucks powered by fuel cell stacks in the 200-300 kW range.

The United States transport fuel cell market generated USD 1.28 billion in 2024, supported by a robust policy environment that offers incentives and tax credits for hydrogen production, FCEV procurement, and infrastructure development. Federal and state programs aimed at cutting emissions and accelerating the transition to clean transportation are significantly driving market growth. This policy-driven momentum, combined with public-private investments in hydrogen hubs and refueling stations, positions the U.S. as a major player in the global shift toward zero-emission mobility.

Key players in the transport fuel cell industry include Toyota Motors, Stellantis, PowerCell Sweden, Quantron, Nikola Corporation, ElringKlinger, Honda Motors, Volvo Group, General Motors, and Hyzon Motors. Companies are investing heavily in vertical integration, joint ventures, and regional expansion strategies. Many are enhancing their R&D capabilities to develop durable, cost-efficient fuel cell stacks while expanding manufacturing capacity closer to target markets. Partnerships with logistics firms and public transit agencies are helping secure long-term contracts and scale hydrogen infrastructure. Several players are focusing on customized solutions for specific vehicle classes-marine, rail, or commercial fleets-tailoring fuel efficiency and system performance to specific end-use demands.

Table of Contents

Chapter 1 Methodology & Scope

• 1.1 Research design
• 1.2 Base estimates & calculations
• 1.3 Forecast model
• 1.4 Primary research & validation
  • 1.4.1 Primary sources
  • 1.4.2 Data mining sources
• 1.5 Market definitions

Chapter 2 Executive Summary

• 2.1 Industry synopsis, 2021 – 2034

Chapter 3 Industry Insights

• 3.1 Industry ecosystem
• 3.2 Trump administration tariff analysis
  • 3.2.1 Impact on trade
    • 3.2.1.1 Trade volume disruptions
    • 3.2.1.2 Retaliatory measures
  • 3.2.2 Impact on the industry
    • 3.2.2.1 Supply-side impact (raw materials)
      • 3.2.2.1.1 Price volatility in key material
      • 3.2.2.1.2 Supply chain restructuring
      • 3.2.2.1.3 Production cost implications
    • 3.2.2.2 Demand-side impact (selling price)
      • 3.2.2.2.1 Price transmission to end markets
      • 3.2.2.2.2 Market share dynamics
      • 3.2.2.2.3 Consumer response patterns
  • 3.2.3 Key companies impacted
  • 3.2.4 Strategic industry responses
    • 3.2.4.1 Supply chain reconfiguration
    • 3.2.4.2 Pricing and product strategies
    • 3.2.4.3 Policy engagement
  • 3.2.5 Outlook and future considerations
• 3.3 Regulatory landscape
• 3.4 Industry impact forces
  • 3.4.1 Growth drivers
  • 3.4.2 Industry pitfalls & challenges
• 3.5 Growth potential analysis
• 3.6 Porter's analysis
  • 3.6.1 Bargaining power of suppliers
  • 3.6.2 Bargaining power of buyers
  • 3.6.3 Threat of new entrants
  • 3.6.4 Threat of substitutes
• 3.7 PESTEL analysis

Chapter 4 Competitive landscape, 2024

• 4.1 Introduction
• 4.2 Strategic dashboard
• 4.3 Innovation & technology landscape

Chapter 5 Market Size and Forecast, By Capacity, 2021 – 2034 (USD Million & MW)

• 5.1 Key trends
• 5.2 < 200 kW
• 5.3 200 kW - 1 MW
• 5.4 ≥ 1 MW

Chapter 6 Market Size and Forecast, By Product, 2021 – 2034 (USD Million & MW)

• 6.1 Key trends
• 6.2 PEMFC
• 6.3 DMFC
• 6.4 SOFC
• 6.5 PAFC & AFC
• 6.6 MCFC

Chapter 7 Market Size and Forecast, By End Use, 2021 – 2034 (USD Million & MW)

• 7.1 Key trends
• 7.2 Marine
• 7.3 Railways
• 7.4 FCEVs
• 7.5 Others

Chapter 8 Market Size and Forecast, By Region, 2021 – 2034 (USD Million & MW)

• 8.1 Key trends
• 8.2 North America
  • 8.2.1 U.S.
  • 8.2.2 Canada
• 8.3 Europe
  • 8.3.1 Germany
  • 8.3.2 UK
  • 8.3.3 France
  • 8.3.4 Italy
  • 8.3.5 Spain
  • 8.3.6 Austria
• 8.4 Asia Pacific
  • 8.4.1 Japan
  • 8.4.2 South Korea
  • 8.4.3 China
  • 8.4.4 India
  • 8.4.5 Philippines
  • 8.4.6 Vietnam
• 8.5 Middle East & Africa
  • 8.5.1 South Africa
  • 8.5.2 Saudi Arabia
  • 8.5.3 UAE
• 8.6 Latin America
  • 8.6.1 Brazil
  • 8.6.2 Peru
  • 8.6.3 Mexico

Chapter 9 Company Profiles

• 9.1 Toyota Motors
• 9.2 Honda Motors
• 9.3 Nikola Corporation
• 9.4 PowerCell Sweden
• 9.5 ElringKlinger
• 9.6 Volvo Group
• 9.7 General Motors
• 9.8 Stellantis
• 9.9 Hyzon
• 9.10 Quantron