South Korea Hydrogen Fuel Cell Vehicle Market Size, Share, and COVID-19 Impact Analysis, By Type (Proton Exchange Membrane Fuel Cell, Solid Oxide Fuel Cell, and Alkaline Fuel cell) and End User (Commercial Vehicle and Passenger Cars), and South Korea Hydrogen Fuel Cell Vehicle Market Insights, Industry Trend, Forecasts to 2035.

South Korea Hydrogen Fuel Cell Vehicle Market Insights Forecasts to 2035

• The South Korea Hydrogen Fuel Cell Vehicle Market Size Was Estimated at USD 216 Million in 2024
• The Market Size is Expected to Grow at a CAGR of around 23.48% from 2025 to 2035
• The South Korea Hydrogen Fuel Cell Vehicle Market Size is Expected to Reach USD 2,198 Million by 2035

According to a research report published by Spherical Insights & Consulting, the South Korea Hydrogen Fuel Cell Vehicle Market Size is anticipated to reach USD 2,198 Million by 2035, growing at a CAGR of 23.48% from 2025 to 2035. Critical market factors including government backing and technology breakthroughs are driving the significant changes currently occurring in the South Korean hydrogen fuel cell vehicle market.

Market Overview

The manufacturing, distribution, and use of automobiles that use hydrogen as a fuel source to produce electricity and power an electric motor with zero tailpipe emissions is all included in the Hydrogen Fuel Cell Vehicle (HFCV) market. Like refilling a gasoline-powered vehicle, fuelling an H2 FCEV just takes a few minutes. Since hydrogen can be generated from renewable resources, H2 FCEVs are a viable component of an ecosystem that uses renewable energy. Compared to certain other renewable energy sources, H2 FCEVs require less area, which lowers visual pollution. The adoption of FCVs, which emit only water vapor as a tailpipe emission, is mostly driven by growing awareness of air pollution and the demand for better transportation options. Long-range hydrogen vehicles, such as heavy-duty trucks and intercity buses, are especially appealing for long-distance transportation. In addition, FCVs can be utilized for microgrids, backup power, and combined heat and power generation in data centers and homes. Stricter emission regulations are being set by governments, which encourage the use of greener technology like HFCVs. To support the expansion of the HFCV market, investments in hydrogen production, storage, and distribution networks are essential. Government and business sector partnerships are expediting the development of hydrogen mobility solutions and supporting pilot projects.

Report Coverage

This research report categorizes the market for South Korea hydrogen fuel cell vehicle market based on various segments and regions forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea hydrogen fuel cell vehicle market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each South Korea hydrogen fuel cell vehicle market sub-segment.

Driving Factors

Governments are enforcing laws to cut greenhouse gas emissions and promoting greener modes of transportation, such as hydrogen fuel cells. Fuel cells are becoming increasingly competitive with other vehicle technologies as a result of ongoing research and development that is increasing their efficiency. Additionally, advancements in technology are lowering production costs, and increasing the accessibility of HFCVs. The market dynamics are being significantly shaped by government policies and initiatives, including financing for R&D, infrastructure, and deployment. Governments are also exploring the use of HFCVs in public transportation, such as buses, to reduce emissions in urban areas.

Restraining Factors

Establishing hydrogen refueling stations is far more costly than constructing EV charging stations or regular gas stations. This covers the price of cryogenic hydrogen transportation, pipes, and safety measures because hydrogen is flammable. At the moment, hydrogen is less competitive with conventional fuels like gasoline due to the high cost of production, storage, and transportation. Concerns regarding the viability of HFCVs for consumers are raised by the lack of hydrogen recharging stations, particularly outside of cities.               

Market Segmentation

The South Korea hydrogen fuel cell vehicle market share is classified into type and end user.

• The proton exchange membrane fuel cell segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korean hydrogen fuel cell vehicle market is segmented by type into proton exchange membrane fuel cell, solid oxide fuel cell, and alkaline fuel cell. Among these, the proton exchange membrane fuel cell segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. the proton exchange membrane fuel cell, which is highly preferred due to its high-power density and low operating temperature, making it ideal for cars seeking efficiency and fast start-up times.

• The commercial vehicle segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea hydrogen fuel cell vehicle market is segmented by end-user into commercial vehicle and passenger cars. Among these, the commercial vehicle segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. Due to their ability to lower operating costs and emissions in long-distance transportation, commercial vehicles are becoming more and more popular, which is consistent with South Korea's dedication to environmental sustainability.

 Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea hydrogen fuel cell vehicle market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Hyundai Motor Company
• Kia Corporation
• Hyundai Mobis
• Doosan Fuel Cell Co., Ltd.
• SK E&S
• POSCO Energy
• Hanwha Solutions
• Hyosung Heavy Industries
• Iljin Hysolus
• Korea Gas Corporation (KOGAS)
• Bumhan Fuel Cell
• Woojin Industrial Systems
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at South Korea, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the South Korea hydrogen fuel cell vehicle market based on the below-mentioned segments:

South Korea Hydrogen Fuel Cell Vehicle Market, By Type

• Proton Exchange Membrane Fuel Cell
• Solid Oxide Fuel Cell
• Alkaline Fuel cell

South Korea Hydrogen Fuel Cell Vehicle Market, By End-User

• Commercial Vehicle
• Passenger Cars