Economic effect and CO2 emission reduction potential were evaluated in order to analyze the impact of hydrogen vehicle on hydrogen economy. It was assumed hydrogen was produced by multiple resources such as natural gas, nuclear, coal, and wind. Gaseous hydrogen was stored into on-board storage tank operating at pressure of 700 bar. In this research, the tank was placed into the automobile and bus only. In order to evaluate the economic effect of introducing the hydrogen vehicle in the future market, KESTA(Korean Energy System Technology Analysis) based on MARKAL(Market Allocation) model was developed. Using the model, total cost of introducing PEMFC vehicle was evaluated identifying incremental cost which consists of investment, maintenance, energy consumption cost installing new equipment. In addition, total profit can be computed converting the CO2 emission reduction amount using the price of emission trading. Thus, economic effect can be the difference between the total cost of introducing PEMFC vehicle and the total profit. The four scenarios –baseline, coal-focused, wind-focused and proper-balanced- were introduced to analyze the impact of hydrogen production methodologies. Coal-focused scenario was found to be the most economic which has 24.7 billion dollar of incremental cost during the period between 2020 and 2050 than baseline scenario.