Hydrogen transport market remains fragmented as Hyundai leads 2024 sales

The hydrogen powered transport market remains highly fragmented, with Hyundai Motor Group leading global sales in 2024 at 1% share and the top 10 players accounting for just 7% of revenue. The Business Research Company’s 2026 report points to rising competition around fuel cells, hydrogen storage, refueling networks and heavy-duty fleet deployments across buses, trucks, rail and maritime use cases.

Why it matters: - The hydrogen powered transport market is still early and fragmented, which leaves room for new entrants, partnerships and infrastructure plays. - Competition is centered on who can make hydrogen vehicles practical for long-haul freight, heavy-duty fleets and other hard-to-electrify transport segments. - The market’s direction affects zero-emission mobility, industrial decarbonization and investment in hydrogen refueling networks.

What happened: - The Business Research Company published a 2026 hydrogen powered transport market report covering market size, trends and a global forecast for 2026-2035. - Hyundai Motor Group led global sales in 2024 with a 1% market share. - The top 10 players accounted for 7% of total market revenue in 2024. - Major companies in the market include Hyundai Motor Group, Toyota Motor Corporation, BMW, Mercedes-Benz Group AG, Honda Motor Co. Ltd., General Motors Company, Volvo Group AB, Cummins Inc., Volkswagen Group and Plug Power Inc. - The report also names players including Nikola Corporation, Kia Corporation, SAIC Motor Corporation, Tata Motors Limited, Ballard Power Systems, Groupe Renault, Yutong Bus Co., Ltd., Beiqi Foton Motor Co. Ltd., Mazda Motor Corporation, Robert Bosch GmbH, FuelCell Energy, Inc., ZeroAvia Inc., Hyperion Motors, Tevva Motors Ltd., PACCAR Inc., Hyzon Motors Inc. and ULEMCo Limited.

The details: - Hyundai Motor Group’s hydrogen mobility business offers hydrogen fuel cell trucks, buses, commercial mobility platforms and hydrogen logistics solutions. - The report says those offerings support long-distance transport efficiency, zero-emission fleet operations, energy diversification and sustainable mobility deployment. - The market is being shaped by fuel cell efficiency improvements, long-range transportation capabilities, lightweight hydrogen storage systems and rapid refueling technologies. - Companies are also integrating hydrogen-powered drivetrains across buses, trucks, rail and maritime applications. - The report identifies hydrogen-powered transport as a market focused on decarbonizing heavy-duty transport and improving operational efficiency for long-haul mobility. - The report says hydrogen mobility corridors are expanding and clean transportation regulations are evolving. - Leading companies listed in the report include Hyundai Motor Group (1%), Toyota Motor Corporation (1%), BMW (1%), Mercedes-Benz Group AG (1%), Honda Motor Co. Ltd. (0.5%), General Motors Company (0.5%), Volvo Group AB (0.4%), Cummins Inc. (0.4%), Volkswagen Group (0.4%) and Plug Power Inc. (0.3%). - Major raw material suppliers include Air Liquide, Linde plc, Air Products and Chemicals, Inc., Mitsubishi Chemical Group Corporation, Toray Industries, Inc., Johnson Matthey, BASF SE, Asahi Kasei Corporation, 3M Company, Umicore, Cummins Inc., Reliance Industries Limited and Adani New Industries Limited. - Major wholesalers and distributors include Iwatani Corporation, Messer Group GmbH, Marubeni Corporation, Mitsui & Co., Ltd., Sumitomo Corporation, ENGIE SA, Sinopec, Indian Oil Corporation Limited, Petronas, Repsol S.A. and Gas Malaysia Berhad. - Major end users include Hyundai Motor Group, Toyota Motor Corporation, BMW, Mercedes-Benz Group AG, Honda Motor Co. Ltd., General Motors Company, Volvo Group AB, Volkswagen Group, Nikola Corporation, Kia Corporation, SAIC Motor Corporation, Tata Motors Limited, Groupe Renault, Yutong Bus Co., Ltd., Beiqi Foton Motor Co. Ltd., Mazda Motor Corporation, ZeroAvia Inc., Tevva Motors Ltd., PACCAR Inc. and ULEMCo Limited. - The report includes market attractiveness scoring, TAM analysis, company scoring matrix graphics and tables, Excel dashboards, market hotspots infographics, key technologies and future trends, plus updated graphics and tables. - The Business Research Company says its research draws on more than 30,000 reports across 27 industries and 60+ geographies, powered by 1,500,000 datasets, secondary research and interviews with industry leaders. - Request a free sample of the report. - Access the detailed market report.

Between the lines: - The low concentration suggests no single company has locked up the market, despite recognizable automotive and industrial incumbents. - Infrastructure and storage challenges remain a key barrier, which explains why collaboration and ecosystem building matter as much as vehicle development. - The January 2026 expansion of the H2Accelerate TRUCKS project signals that large-scale fleet trials are still central to market development. - Volvo Group AB, Hyundai Motor Group, Scania Pilot Partner and Hyliko expanded the project to deploy 125 hydrogen fuel cell trucks across six European countries. - The project’s large-scale truck deployment, hydrogen refueling infrastructure and 700-bar hydrogen storage systems are positioned to support long-distance freight operations.

What's next: - The report expects growth to continue in hydrogen fuel cell truck deployment, hydrogen mobility infrastructure, liquid hydrogen storage, commercial fleet adoption and zero-emission rail and maritime transport. - Companies are likely to keep pairing vehicle launches with infrastructure partnerships to improve refueling access and lower operating risk. - Competitive positioning may increasingly depend on who can scale heavy-duty deployments and build transport corridors first.

The bottom line: - Hydrogen powered transport is moving from niche pilot projects toward broader commercial deployment, but market leadership will likely favor companies that can solve both vehicle performance and fueling access at scale.