The hydrogen vehicle market is experiencing significant growth, with a projected value of USD 17.4 billion by 2032, showing a remarkable 28% CAGR from 2024 to 2032. This growth is fueled by investments from automakers, tech firms, and government entities, leading to pivotal research and development initiatives, infrastructure expansion, and enhanced networks for hydrogen production and distribution. ULEMCo's 'dual fuel solution' for heavy-duty vehicles, which predominantly runs on hydrogen with diesel as a backup, has received a funding boost exceeding USD 5.4 million. The market is dominated by FCEVs in the powertrain configuration segment, driven by increasing awareness of environmental issues. The transition to eco-friendly alternatives is evident, driven by strict regulations, government incentives, and concerns over harmful emissions. Passenger cars hold a significant market share, attributed to environmental concerns, infrastructure advancements, and industry collaborations. Global governments are introducing policies and subsidies to promote hydrogen vehicles, especially passenger cars. The Asia Pacific region leads the market, with countries like Japan and South Korea establishing extensive hydrogen refueling networks and advancing green hydrogen production technologies, supported by government policies and incentives. Major players in the market include Ballard Power Systems, BMW, Honda, Hyundai, Toyota, and others.