An improved understanding of the emerging business models for hydrogen applied in the transport sector is crucial to remove barriers for hydrogen uptake. The aim of this study is to create a characterisation of the current landscape for hydrogen road mobility in Sweden by mapping out the business model for hydrogen producers, hydrogen filling station owners and hydrogen vehicle manufacturers. This has been achieved by interviewing hydrogen market actors in the Swedish transport sector and through validation of the results in an expert elicitation. The main finding of the study is that the business model is still emerging and contains large uncertainties also about the viability of the business case. This is noticeable for example in the key partner section in the business model. Actors seek out partnerships and collaboration both horizontally and vertically along the hydrogen value chain, even with future competitors, to create a critical mass of supply and demand to enable the hydrogen market to take off. Additional value propositions and revenue streams, such as support services to the electrical grid and utilisation of residual products (excess heat and oxygen), are secondary in the business model today.