Hydrogen Trucks Market

Hydrogen Trucks Market Report, By Product (Heavy Duty Trucks, Medium Duty Trucks, Small Duty Trucks); Application (Logistics, Municipal); By Range (Above 400 Km, Below 400 Km), and Regions 2024-2032

Market Overview:

"The global hydrogen trucks market was valued at US$ 3.1 Billion in 2023 and is expected to register a CAGR of 40.1% over the forecast period and reach US$ 64.5 Bn in 2032."

Report Attributes

Details

Base Year

2023

Forecast Years

2024-2032

Historical Years

2021-2023

Hydrogen Trucks Market Growth Rate (2024-2032)

40.1%

Hydrogen trucks portrays an up-and-coming innovation in the transportation sector, providing a clean and sustainable choice as an alternative for conventional diesel-powered vehicles. These trucks use hydrogen fuel cells to produce electricity, generating only water vapor as a by-product, thereby substantially minimizing greenhouse gas emissions. The global market for hydrogen trucks is witnessing expeditious growth as several companies and countries seek to meet ambitious emissions reduction targets and shift to greener transportation solutions. The novel advancement in the transportation industry has further paved the way for governments incentivizing the adoption of hydrogen-powered vehicles through subsidies and infrastructure investments, facilitating a supportive regulatory environment. Moreover, leading players in the automotive industry are also investing heavily in hydrogen truck technology, fueling innovation and expanding the availability of hydrogen fuelling stations. Besides that, benefits such as prompt refuelling times and long driving ranges, hydrogen trucks are getting a foothold across numerous freight and logistics operations, on the cusp of playing a pivotal role in the future of sustainable transportation throughout the world.

The global hydrogen truck market is witnessing remarkable progress and the advent of innovative technologies, pioneering the transition towards environment-friendly transportation. Some of the significant developments comprise advancements in hydrogen fuel cell technology, bringing in greater efficiency and diminished costs, making hydrogen trucks more competitive with conventional diesel vehicles. Additionally, manufacturers are also emphasizing on improving the reliability and durability of hydrogen fuel cells to meet the demanding requirements of heavy-duty trucking applications. Likewise, improvements in hydrogen production methods, such as electrolysis powered by renewable energy sources, are further contributing to a more sustainable hydrogen supply chain. These factors are projected to lead to further breakthroughs and accelerate the growth of the global hydrogen truck market striving towards a greener and more sustainable future.

Hydrogen Trucks Market Report, By Product (Heavy Duty Trucks, Medium Duty Trucks, Small Duty Trucks); Application (Logistics, Municipal); By Range (Above 400 Km, Below 400 Km), and Regions 2024-2032

Hydrogen Trucks Market Trends and Drivers:

One of the significant drivers is the continually proliferating mass urban transportation sector, where hydrogen trucks present a viable solution to meet the growing demand for efficient and environment-friendly freight transport within cities. In addition, the enforcement of rigorous emission standards and regulations globally is further accelerating the adoption of hydrogen trucks as a clean energy substitute for conventional diesel-powered vehicles. Also, since concerns over air pollution and climate change intensify, there is a soaring demand for alternative fuel vehicles, comprising hydrogen trucks, which exude only water vapor as exhaust, adding to cleaner air quality. Likewise, government assistance and support policies hold a crucial role in propelling the market growth by offering incentives, subsidies, and infrastructure development for hydrogen fuelling stations. These factors combined are capable of creating a favorable setting for the extensive adoption of hydrogen trucks, fuelling the market growth expeditiously.

Hydrogen Trucks Market Restraining Factors:

The global hydrogen truck market experiences major restraining factors that are likely to impede its growth trajectory. One primary drawback is the persistent emission of carbon dioxide during hydrogen production, particularly when obtained from biogas sources. In addition, hydrogen trucks require a significant capital cost burden, hampering extensive adoption. Along with that, they suffer from low energy content per unit volume in atmospheric settings, necessitating compression for effective storage and transport. Other than that, hydrogen decompression and manufacturing processes also incur additional expenses, aiding to the overall cost of ownership. Furthermore, environmental concerns surrounding hydrogen production methods, specifically regarding ecological impacts, present a challenge to market expansion.

Hydrogen Trucks Market Opportunities:

increasing focus on sustainable transportation solutions amid rising environmental concerns and stringent emission regulations presents as a major opportunity for the global hydrogen trucks market. Hydrogen trucks provide a clean energy option in the place of conventional diesel-powered vehicles, exuding only water vapor as exhaust, therefore contributing to enhanced air quality and lessened greenhouse gas emissions. In addition, the expanding infrastructure for hydrogen refuelling stations, along with innovations in hydrogen production technologies, is set to bolster the prevailing adoption of hydrogen trucks across different regions. Additionally, the surging investments by governments and private sector entities in research and development initiatives focused on improving hydrogen fuel cell technology further bolster the market prospects. Besides that, collaborations and partnerships between energy companies, automotive manufacturers, and government agencies are stimulating innovation and promoting the market penetration of hydrogen trucks. On that account, the global hydrogen truck market is primed for substantial growth opportunities, providing a sustainable and efficient solution for freight transport and logistics in the evolving automotive panorama.

Hydrogen Trucks Market Segmentation:

Hydrogen Trucks Market Report, By Product (Heavy Duty Trucks, Medium Duty Trucks, Small Duty Trucks); Application (Logistics, Municipal); By Range (Above 400 Km, Below 400 Km), and Regions 2024-2032

By Product

  • Heavy Duty Trucks
  • Medium Duty Trucks
  • Small Duty Trucks

Heavy-duty trucks dominate the global hydrogen trucks market in the year 2023, owing to their extensive use in freight transport and logistics, specifically for long-distance and heavy-load applications. Also, their higher payload capacities and longer operating ranges make them well-suited for commercial purposes, fuelling their demand and resulting in the largest market share across the product segment.

By Application

  • Logistics
  • Municipal

Logistics application segment holds the largest share in the global hydrogen trucks market attributing to the vital role it plays in facilitating goods movement across various industries. Hydrogen trucks provide a clean and efficient solution for freight transport, positioning with the soaring demand for sustainable logistics operations. Their capability to transport goods over long distances and their suitability for heavy loads add to their dominance in the application segment.

By Range

  • Above 400 Km
  • Below 400 Km

The above 400 Km range segment is witnessing escalating demand in the global hydrogen trucks market attributing to its suitability for long-haul transportation needs. Businesses necessitating widespread coverage and efficiency in freight delivery favour hydrogen trucks with longer ranges, as they provide the required reliability and endurance for extended journeys, adding to their preference and uptake in the market.

By Region

Hydrogen Trucks Market Report, By Product (Heavy Duty Trucks, Medium Duty Trucks, Small Duty Trucks); Application (Logistics, Municipal); By Range (Above 400 Km, Below 400 Km), and Regions 2024-2032

North America

  • United States
  • Canada

Europe

  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Russia
  • Poland
  • Benelux
  • Nordic
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • South Korea
  • ASEAN
  • Australia & New Zealand
  • Rest of Asia Pacific

Latin America

  • Brazil
  • Mexico
  • Argentina

Middle East & Africa

  • Saudi Arabia
  • South Africa
  • United Arab Emirates
  • Israel
  • Rest of MEA

The global hydrogen trucks market is divided into five key regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America dominates the global hydrogen trucks market. The region has a strong infrastructure for hydrogen fuelling stations and a robust focus on environmental sustainability, fuelling the adoption of clean energy solutions like hydrogen trucks. In addition, supportive government policies, investment in research and development, and collaborations between industry stakeholders further spur the market's growth in North America.

Leading Players in Hydrogen Trucks Market & Competitive Landscape:

The global hydrogen trucks market features intense competition among the leading players striving for market leadership. Major companies emphasize on technological innovations to improve the efficiency and performance of hydrogen trucks, coupled with expanding their geographic presence through mergers, strategic partnerships, and acquisitions. In addition, investments in research and development, along with collaborations with government bodies and research institutions, are common strategies to gain a competitive edge. Leading players also prioritize sustainability initiatives to position it with evolving consumer preferences and regulatory requirements, thus improving their market position and competitiveness.

These companies include:

  • Nikola
  • Daimler Trucks
  • Tevva
  • Cummins
  • Toyota
  • Volvo
  • PACCAR
  • Symbio
  • Hyundai Motors
  • SANY Group
  • Hyster

Recent Developments:

  • In April 2024, Commercial vehicle manufacturer MAN Truck & Bus will be the first European truck producer to launch a small series with a hydrogen combustion engine. The initially planned small series of around 200 units is to be delivered to customers in Germany, the Netherlands, Norway, Iceland and selected non-European countries as early as 2025. The "MAN hTGX", as the vehicle will be called, offers an alternative zero-emission drive variant for special applications, for example for transporting heavy goods – such as construction work, tank transport or timber transport. The hTGX can also be an environmentally friendly alternative to battery-electric trucks for use in areas without sufficient charging infrastructure or for markets where sufficient hydrogen is already available.

  • In December 2023, A two-year-old Chinese start-up, Hybot, has unveiled the world’s first gaseous-hydrogen-powered truck with a range of more than 1,000km. Guangzhou-based Hybot claims that its H49 vehicle will only require 8kg of H2per 100km when travelling at high speed with a full cargo load of 49 tonnes — partly due its low weight of less than nine tonnes, and partly due to a fuel cell that it claims is 20% more efficient than rivals’ technology.
  • In June 2022, Electric and hydrogen truck pioneer Tevva launched its first hydrogen fuel cell-supported heavy goods vehicle (HGV) to be manufactured, designed and mass-produced in the UK. Tevva’s hydrogen-electric truck will have a range of up to 310 miles (500 kilometres), and its hydrogen tanks can be refilled in 10 minutes. It will be the first vehicle of its kind to be manufactured, designed, and mass-produced in the UK.

Hydrogen Trucks Market Research Scope

Report Metric

Report Details

Market size available for the years   

2021-2023

Base Year

2023

Forecast Period       

2024-2032

Compound Annual Growth Rate (CAGR)

40.1%

Segment covered 

Product, Application, Range

Regions Covered

North America:  The U.S. & Canada

Latin America: Brazil, Mexico, Argentina, & Rest of Latin America

Asia Pacific: China, India, Japan, Australia & New Zealand, ASEAN, & Rest of Asia Pacific

Europe: Germany, The U.K., France, Spain, Italy, Russia, Poland, BENELUX, NORDIC, & Rest of Europe

The Middle East & Africa:  Saudi Arabia, United Arab Emirates, South Africa, Egypt, Israel, and Rest of MEA 

Fastest Growing Country in Europe

Germany

Largest Market

North America

Key Players

Nikola, Daimler trucks, Tevva, Cummins, Toyota, Volvo, PACCAR, Symbio, Hyundai Motors, SANY Group, Hyster, and among others



Frequently Asked Question

What is the market size of the Hydrogen Trucks market in 2022?

The Hydrogen Trucks market size reached US$ 3.1 Billion in 2023.


At what CAGR will the hydrogen trucks market expand?

The market is expected to register a 40.1% CAGR through 2024-2032.


Which is the fastest growing country in Europe?

Germany is the fastest growing country in Europe.


What are some key factors driving revenue growth of the hydrogen trucks market?

Some key factors driving revenue growth are continuously expanding mass urban transportation, implementation of severe emission rules, and rising demand of alternative fuel cars, together going with government assistance among others.


Which country in Asia Pacific holds the largest share in hydrogen truck market?

China accounted to hold the largest market share in Asia Pacific hydrogen truck market.


How is the competitive landscape in the hydrogen trucks market?

The competitive landscape in the hydrogen trucks market is dynamic with focus on product innovation to develop advanced adhesive formulations that provide superior performance and address specific customer needs.


How is the hydrogen trucks market segmented?

The market report is segmented based on product, application, range, and region.


Which top companies are included in the global hydrogen trucks market report?

Top companies included in the report are Nikola, Daimler trucks, Tevva, Cummins, Toyota, Volvo, PACCAR, Symbio, Hyundai Motors, SANY Group, Hyster, and among others.


Please Fill Your Details

Your personal details will remain secure and confidential. Privacy Policy