Fuel cells for vehicles
Fuel cell stacks and vehicles: trucks, buses, cars, rail and marine
4 leading companies in fuel cells for vehicles, one segment of hydrogen & fuel cells — Electrolysers, low-emissions hydrogen, fuel cells and hydrogen vehicles: a 100 Mt fossil market trying to go clean
new market segment · researched 2026-11-14
ElectrolysersLow-emissions hydrogen productionStationary fuel cellsFuel cells for vehiclesHydrogen supply & refuelling
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Leading fuel cells for vehicles companies
4 companies, with the scale each source states. Scale is the whole company's unless the row says otherwise.
| Company | Where | What they do | Scale |
|---|---|---|---|
| Ballard Power Systems BLDP ↗ | Burnaby, BC, Canada | PEM fuel cell modules for buses, trucks, rail and marine | revenue: 99.4 USD millions (revenue from contracts with customers, FY2025, 40-F) (2025) ↗ |
| Toyota Motor 7203.T ↗ | Toyota City, Japan | Mirai, the first mass-produced fuel cell car (2014), plus fuel cell stacks for buses and trucks | — |
| Hyundai Motor 005380.KS ↗ | Seoul, South Korea | Nexo fuel cell SUV (2nd generation from 2025) and HTWO hydrogen business | — |
| Plug Power PLUG ↗ | Slingerlands, NY, United States | PEM fuel cells (notably for material handling), electrolysers and hydrogen supply | revenue: 709.9 USD millions (FY2025, 10-K) (2025) ↗ |
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In Canada
- 2026-03Ballard Power Systems (Burnaby, BC) reported FY2025 revenue from contracts with customers of US$99.4 million, up from US$69.7 million in 2024 (40-F filed 2026-03-12). ↗
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The hydrogen & fuel cells market
The whole market this segment sits in.
global hydrogen demand · world100
↗million tonnes (Mt), 'surpassed' · 2025
Growth, segments, risks and every company in hydrogen & fuel cells →
Quick answers
- What are fuel cells for vehicles?
- Fuel cell stacks and vehicles: trucks, buses, cars, rail and marine. They are one segment of the hydrogen & fuel cells market.
- Who are the leading fuel cells for vehicles companies?
- Ballard Power Systems (Canada), Toyota Motor (Japan), Hyundai Motor (South Korea), Plug Power (United States).
- Which fuel cells for vehicles companies are publicly traded?
- Ballard Power Systems (BLDP), Toyota Motor (7203.T), Hyundai Motor (005380.KS), Plug Power (PLUG).
- Which Canadian companies are in fuel cells for vehicles?
- Ballard Power Systems, Burnaby, BC.
- How big is the hydrogen & fuel cells market?
- For the whole hydrogen & fuel cells market, not this segment alone: global hydrogen demand (world) 100 million tonnes (Mt), 'surpassed', 2025 — International Energy Agency.