The present day energy supply scenario is unsustainable and the transition towards a more environmentally friendly energy supply system of the future is inevitable. Hydrogen is a potential fuel that is capable of assisting with this transition. Certain technological advancements and design challenges associated with hydrogen generation and fuel cell technologies are discussed in this review. The commercialization of hydrogen-based technologies is closely associated with the development of the fuel cell industry. The evolution of fuel cell electric vehicles and fuel cell-based stationary power generation products in the market are discussed. Furthermore, the opportunities and threats associated with the market diffusion of these products, certain policy implications, and roadmaps of major economies associated with this hydrogen transition are discussed in this review.