by Hydrogen trucks have a fuel cell stack that converts hydrogen and oxygen into electricity and runs the vehicle. Their main advantages include zero tailpipe emissions, long range, and quick refueling. Given the rising environmental concerns and evolving emission standards, the demand for clean fuel vehicles is increasing rapidly. Governments across regions are promoting the use of hydrogen fuel cell technology and offering substantial subsidies to commercial vehicle owners and manufacturers.
The global hydrogen trucks market is estimated to be valued at US$ 4.98 billion in 2024 and is expected to exhibit a CAGR of 43% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the hydrogen trucks market are Anglo American Platinum Ltd., Ares Motor Works, Beiqi Foton Motor, Cellcentric GmbH & Co. KG, Cummins Inc., Dongfeng Motor Corporation, Esoro AG, Grove Hydrogen Automotive, H2X Global, Hyundai Motor Company, Hyzon Motors, Jaguar Land Rover Automotive, Kenworth Trucks, Nikola Corporation, and Paccar.
Some major opportunities in the market include developing the hydrogen refueling infrastructure and partnerships between truck manufacturers and energy companies. Several truck OEMs have announced plans to launch hydrogen models by 2025. Countries like China, Germany, the US, and Japan are actively working to expand their hydrogen refueling station network to encourage the adoption of fuel cell vehicles.
The growth of Hydrogen Trucks Market Growth is expected to be high in Asia Pacific and Europe due to strong government support. China has emerged as a major hub for fuel cell vehicle production. Other regions are also expected to witness significant demand for zero-emission trucks over the forecast period due to stringent emission regulations.
Market drivers
The rising concerns over carbon emissions from diesel trucks and growing emphasis on sustainable transportation are driving the demand for clean fuel trucks. Hydrogen is considered a viable zero-emission fuel for medium and heavy-duty trucks. Many countries are offering attractive purchase incentives and subsidies for hydrogen trucks and fueling infrastructure to accelerate commercialization. Established truck manufacturers are collaborating with hydrogen companies and announcing plans to introduce fuel cell models, which is expected to boost the sales of hydrogen trucks over the coming years.
PEST Analysis
Political: Governments across various countries are introducing supportive policies and regulations to boost the adoption of hydrogen trucks. They are providing subsidies and tax benefits for manufacturing and purchase of such vehicles.
Economic: With declining battery prices and growing consumer preference for greener transportation, hydrogen trucks are becoming economically viable compared to conventional diesel trucks. Their total cost of ownership is lower over the life of the vehicle.
Social: Growing environmental awareness among people and strict emission norms are increasing the social acceptability of zero-emission trucks. Users are willing to pay more for these trucks due to lower fuel and maintenance costs.
Technological: Many automakers are investing heavily in developing affordable hydrogen fuel cell systems and storage technologies for commercial vehicles. Advances are reducing costs and enhancing the driving range and payload capacity of these trucks.
Geographical regions with high market concentration
North America and Europe currently account for the largest share of the global Hydrogen Trucks Market Regional Analysis in terms of value. Stringent emission norms, supportive government policies and growing infrastructure are driving early adoption in countries like the US, Canada, Germany, France and the UK. The availability of renewable energy sources is also aiding the production and distribution of low-carbon hydrogen in these regions.
Fastest growing regions
Asia Pacific region is expected to witness the highest CAGR in the hydrogen trucks market during the forecast period. This can be attributed to rising investments by Chinese and Japanese automakers in developing hydrogen fuel cell and storage technologies. Initiatives such as Japan’s Basic Hydrogen Strategy are encouraging developments across the logistics, mining and transportation sectors.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
Priya Pandey
Priya Pandey, is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement. LinkedIn
