At CES 2024, the advancements in hydrogen technology showcased the potential for sustainable transportation, especially in the form of fuel cell electric vehicles (FCEVs). Various countries like the US, China, the EU, Japan, and South Korea are actively promoting hydrogen development through clear roadmaps and regulations, infrastructure investments, and stakeholder collaborations. Despite the promising future, challenges such as limited consumer awareness, infrastructure development, and model availability still hinder the widespread adoption of FCEVs compared to electric vehicles. The market dynamics are evolving with leading automakers heavily investing in FCEV technology to meet the target of 200,000 FCEV units by 2030. Partnerships, expansions, and new model launches are becoming common in the industry to drive growth and innovation. However, the industry faces challenges like high production costs, limited supply of key components, and the need for localized hydrogen production to reduce costs and achieve scalability. To overcome these challenges, strategies such as improving hydrogen production efficiency, enhancing infrastructure networks, and diversifying FCEV applications to sectors like commercial vehicles and off-grid power generation are being pursued. Collaboration among various stakeholders like technology firms, energy producers, and infrastructure developers is essential to drive down costs, scale production, and tap into new revenue streams in the FCEV market.