Global Hydrogen Mobility Fuel Cell Market to Reach 168 Trillion Won by 2040

Growth Accelerates After 2030

Commercial Vehicle Share Rises... Expansion of Drone and UAM Markets Also Expected

Hydrogen automatic charging robot by Hyundai Motor displayed at the World Hydrogen Expo (WHE) 2025, which opened on December 4, 2025. Photo by Suyeon Woo

On May 11, SNE Research, an energy market research firm, published a report titled "Trends in Hydrogen Fuel Cell Mobility Technology Development and Market Outlook (~2040)," forecasting that the global hydrogen mobility fuel cell (FC) market will expand from 2 trillion won in 2025 to 168 trillion won in 2040.

If this projection holds, the compound annual growth rate (CAGR) of the hydrogen mobility fuel cell market will reach 34-35%.

SNE Research predicted that the hydrogen mobility fuel cell market will experience a sharp acceleration after a certain point. From 2025 to 2030, the market will be shaped primarily by demand for commercial vehicles such as trucks and buses, with the market size projected to grow from approximately 2 trillion won to 14 trillion won during this period.

SNE Research expects the growth rate to accelerate rapidly after 2030 as the hydrogen supply chain and charging infrastructure enter full-scale expansion. The market is projected to reach about 56 trillion won by 2035 and about 168 trillion won by 2040, with more than 80% of total growth concentrated in the 10 years following 2030. SNE Research analyzed this period as the "tipping point" for market growth.

While passenger cars currently account for 35% and commercial vehicles for 59% of the market in 2025, by 2040, the share of commercial vehicles is expected to increase to 69%, and the share of passenger cars will decrease to 17%. Commercial vehicles, especially trucks and buses, will become the main growth axis of the hydrogen mobility market.

At the same time, the drone and urban air mobility (UAM) sector is expected to rapidly emerge as a new high-value market, accounting for up to 13% after 2035.

SNE Research emphasized, "From 2030 onward, as system costs decline and infrastructure expands, hydrogen mobility will establish itself as a core technology that will drive the decarbonization transition of the global transportation industry in a meaningful way."

This content was produced with the assistance of AI translation services.