Hydrogen Truck Market by Vehicle Type, Fuel Cell Technology, Motor Power(Upto 200 Kw, 200-400 Kw, Above 400 Kw), Range( Upto 300 miles, 300-500 miles, Above 500 miles), Tank Size, Type of Hydrogen Tank, and Region - Global Forecast to 2035
[250 Pages Report] The global hydrogen truck market is projected to grow from USD 1.9 billion in 2024 to USD 10.8 billion by 2035 at a CAGR of 16.9%. Hydrogen has been regarded as one of the most promising contenders for sustainable commercial transportation. Hydrogen trucks combine the advantages of conventional diesel trucks and battery electric trucks. They are quick to refuel, offer a long driving range, provide optimum freight capacity, and are emissions-free. Despite the limitations around developing a new refueling infrastructure, hydrogen trucks have emerged as a viable choice for commercial transportation because hydrogen truck refueling stations are installed on predetermined routes.
Hydrogen trucks can be refueled quickly, which reduces their downtime and gives them an advantage over battery electric trucks, which take longer to charge. The growing adoption of EVs complements the development of hydrogen fuel cell technology since they can be perfectly integrated into the powertrain of electric vehicles. Low cost of fuel cells, increased investments in hydrogen production, and expansion of green hydrogen hubs are some of the factors driving the hydrogen truck market.
Advancements in liquid hydrogen and hydrogen internal combustion engines help reduce emissions, mainly where full electrification is not feasible. Fuel Cell Electric Vehicles (FCEVs) are popular because they have zero emissions and offer quick refueling like diesel vehicles and extended driving range of over 500 kilometers per tank, as seen with the Hyundai Xcient Fuel Cell Truck and the Toyota SORA trucks. Besides, more than 90% of hydrogen-powered vehicles utilize fuel cells. Hydrogen Internal Combustion Engines (H2ICEs), on the other hand, are in their primitive stage of development. They use hydrogen in a modified internal combustion engine that includes one system for injecting hydrogen and another for treating exhaust emissions, such as nitrogen oxides. This technology makes use of existing engine designs that can be retrofitted into current vehicles, with advancements coming from companies like Cummins and retrofitting by DAF and MAN.
To know about the assumptions considered for the study, Request for Free Sample Report
To know about the assumptions considered for the study, download the pdf brochure
Market Dynamics
Driver: Efficiency of hydrogen-powered vehicles
Hydrogen-powered vehicles, like those equipped with typical internal combustion engines, can refuel quickly. On the other hand, battery electric trucks take 6 to 8 hours to charge, causing downtime and affecting commercial vehicle profitability. Additionally, hydrogen vehicles can travel up to 600 miles on a single tank refill, more than the range of battery electric trucks. These factors drive the need for hydrogen trucks for long-distance commercial and freight transportation.
Restraint: Infrastructure scalability issues
Limited scalability is a significant restraint to the growth of the hydrogen truck market. Primary concerns around the scalability of hydrogen infrastructure are increased costs, inadequate production of green hydrogen, and challenges around hydrogen transportation and storage. Infrastructural expansion is challenging as it necessitates large-scale construction of refueling stations. It is estimated that constructing 15,000 refueling stations worldwide by 2030 would cost approximately USD 20 billion. Government-led programs, like Germany’s H2 Mobility, can address this concern by facilitating collaborations between governments, OEMs, and hydrogen infrastructure providers.
Additionally, increased cooperation between countries to support green hydrogen projects financially would help address the issues pertaining to the scalability of hydrogen infrastructure. Saudi Arabia’s Green Hydrogen-based Ammonia Production facility, valued at USD 5.01 billion, and the UK’s investment in GeoPura’s Hydrogen Power Units are examples of initiatives to capitalize on green hydrogen production. Furthermore, initiatives to promote energy sustainability, technological advancements, increased investments, and robust public-private partnerships can also help address concerns around scalability.
Opportunity: Development of mobile and community hydrogen fueling systems
The increased popularity of mobile and community hydrogen refueling systems drives the adoption of hydrogen-powered vehicles. A hydrogen supply station supplies the hydrogen fuel used in a mobile hydrogen refueling system. Mobile and community hydrogen refueling systems enhance accessibility and depend less on large-scale hydrogen refueling stations. They provide an accessible, flexible infrastructure option that can be developed for developing and rural areas. These factors will drive the early adoption of hydrogen trucks as the refueling process in these mobile systems is reliable. Additionally, the increased public awareness regarding the advantages of community-based refueling stations is expected to drive the popularity of community and mobile hydrogen fueling systems. All these factors and developments are expected to boost the growth of the hydrogen truck market in the coming years.
Companies such as Air Products (US), Linde (Germany), and Powertech Labs (Canada) are currently developing mobile refueling technology.
Challenge: Storage and transportation of hydrogen
Hydrogen must be stored under high pressure as liquid hydrogen (-252.8°C°C) or with the help of chemical compounding. The high density of hydrogen poses a challenge for its storage. Significant innovations in materials and storage technologies, such as high-pressure tanks and metal hydrides, are required to facilitate efficient hydrogen storage and transportation, potentially improving hydrogen safety and efficiency. These innovations are crucial to ensure a steady and robust hydrogen supply chain.
Two primary strategies are being researched to address the problems associated with hydrogen storage and transportation. The short-term strategy is to store hydrogen as compressed gas in robust pressure tanks that can endure pressures as high as 700 bar while maintaining an economically viable storage level. The long-term strategy requires researching novel materials, including sorbents and metal hydrides, which can store hydrogen more effectively and at low temperatures (cryo-compressed hydrogen) to boost storage density. These methods seek to make hydrogen storage and transportation safe and cost-effective.
Market Ecosystem:
By tank size, the > 60 kg segment is projected to account for the largest share of the hydrogen truck market during the forecast period
Hydrogen tanks weighing over 60 kg offer an extended driving range to hydrogen buses. They are ideal for cross-country transportation and industrial operations that require a significant amount of fuel capacity. Hydrogen trucks with increased fuel tank capacity have an improved driving range. For example, Mercedes Benz Gen H2, equipped with two type IV hydrogen tanks with a total fuel capacity of 80 kg, can cover a distance of about 745 miles in one hydrogen fill. Similarly, Hyzon Motor's Class 8 FC truck weighing 41 tonnes provides an increased storage capacity of 70 kg at 350 bars in a dual-row arrangement of 10 tanks, offering a driving range of 500 miles.
The improved fuel tank capacity of hydrogen trucks is crucial for long-haul transportation since the ability to carry more hydrogen directly translates into few refueling stops and excellent efficiency over long distances. One of the major factors driving the growth of the > 60 kg segment is the increasing demand for long-haul and heavy-duty transportation.
Asia Pacific is projected to be the largest market in the > 60 kg segment, by volume, while Europe is projected to be the fastest-growing market. The increasing expansion of hydrogen infrastructure is one of the major factors driving the segment's growth in these regions.
By fuel cell technology, the PEMFC segment is projected to lead the hydrogen truck market during the forecast period
Polymer electrolyte membrane fuel cells (PEMFC), or proton membrane exchange fuel cells, are the most popular fuel cells used in hydrogen-powered trucks. These cells offer a high power density and a low weight and fuel volume, which makes them suitable for long-haul buses and trucks. PEM fuel cells use solid polymers as electrolytes and porous carbon electrodes combined with platinum or platinum catalysts. They use hydrogen, methanol, or ethanol as fuel. PEM fuel cells are mixed with hydrogen from storage tanks or reformers for automotive applications. They operate at a low temperature of around 80 degrees Celsius. They start quickly (since less heating is required) and reduce component wear and tear. PEM fuel cells are suitable for hydrogen-powered trucks, increasing the vehicles' durability.
Proton Exchange Membrane Fuel Cells (PEMFCs) are preferred in hydrogen trucks because they adjust output quickly to meet fluctuating power demands, a crucial requirement of heavy-duty transportation. This factor has driven the demand for PEMFC-based trucks. As a result, many players are manufacturing vehicles equipped with this technology. For example, Toyota Motor Corporation (Japan), Daimler Truck AG (Germany), FAW Jiefang Automobile Co., Ltd. (China), Hyundai Motor Company (South Korea), and Nikola Corporation (US) offer PEM-based trucks. In 2024, Mercedes-Benz (Germany) launched its GenH2 Class 8 Truck, and Wrightbus (UK) launched its StreetDeck Hydroliner, a hydrogen-powered bus. In the same year, Hyzon (US) launched Hyzon HYHD8-110, a class 8 truck equipped with the PEMFC technology.
Asia Pacific is projected to be the largest market during the forecast period
Asia Pacific is projected to account for the largest market during the forecast period, with China dominating the region. The major factors driving the growth of the hydrogen truck market in the region are the large-scale installation of hydrogen technology R&D centers and the growing demand for zero-emission vehicles in Asia Pacific countries.
The growth of the Chinese market can be attributed to partnerships between local OEMs and the government for the deployment of hydrogen trucks in the country. China's expansion is significant, given its position as a global leader in hydrogen production and consumption. In January 2024, China’s hydrogen economy switched from being policy-driven to market-driven, with Shanxi and Shaanxi provinces leading the decarbonization efforts in heavy industry and transportation.
South Korea is projected to achieve significant growth in the coming years, as the country is heavily investing in hydrogen refueling infrastructure. Many OEMs in the country have been investing heavily in building hydrogen refueling stations, which has aided the country's growth in the market. For example, in 2022, Hyundai invested USD 6.7 billion in building 100 hydrogen refueling stations. Additionally, the Ministry of Environment (South Korea) has increased its subsidy funding for 2024 to support the sale of up to 1,500 hydrogen buses, up from 700 hydrogen buses in 2023. Despite a 54% decline in the registration of hydrogen vehicles in January 2024, South Korea plans to produce 300,000 hydrogen vehicles by 2030. As a result, many OEMs are contributing to this strategy. For example, Hyundai Motor Company (South Korea) plans to expand its hydrogen-powered vehicles, including buses, by 2027. In 2023, it will launch its hydrogen-powered trucks in the US.
Key Market Players:
The hydrogen truck market is dominated by major players, such as Foton International (China), Yutong Bus Co., Ltd. (China), Xiamen King Long International Trading Co., Ltd. (China), Solaris Bus & Coach sp. z o. o. (Poland), and Hyundai Motor Company (South Korea). These OEMs manufacture hydrogen trucks and have strong distribution networks at the global level. They have adopted extensive expansion strategies and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in the hydrogen truck market.
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
Request Sample Scope of the Report
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
|
Report Metric |
Details |
|
Market size available for years |
2020–2035 |
|
Base year considered |
2023 |
|
Forecast period |
2024–2035 |
|
Forecast units |
Volume (Thousand Units) and Value (USD Million/Billion) |
|
Segments covered |
By Vehicle Type, By Fuel Cell Technology, By Motor Power, By Range, By Type of Hydrogen Tank, By Tank Size, By Region |
|
Geographies covered |
Asia Pacific, Europe, and North America |
|
Companies Covered |
Foton International (China), Yutong Bus Co., Ltd. (China), Xiamen King Long International Trading Co., Ltd. (China), Solaris Bus & Coach sp. z o. o. (Poland), and Hyundai Motor Company (South Korea) |
This research report categorizes the hydrogen truck market based on Vehicle Type, Fuel Cell Technology, Range, Motor Power, Tank Size, Type of Hydrogen Tank, and Region.
Based on Vehicle Type:
- Hydrogen Bus
- Hydrogen Truck
Based on Fuel Cell Technology:
- PEMFC
- SOFC
Based on Range:
- Upto 300 miles
- 300-500 miles
- Above 500 miles
Based on Motor Power:
- Upto 200 Kw
- 200-400 Kw
- Above 400 Kw
Based on Type of Hydrogen Tank:
- Type III
- Type IV
Based on Tank Size:
- < 30 kg
- 30-60 kg
- > 60 kg
Based on the Region:
-
Asia Pacific (APAC)
- China
- India
- Japan
- South Korea
-
North America (NA)
- US
- Canada
-
Europe (EU)
- France
- Germany
- Spain
- Sweden
- UK
Recent Developments:
- In July 2024, Foton International (China) expanded its global presence by signing a strategic partnership with INDOMOBIL (Indonesia). Through this partnership, Foton would develop its domestic manufacturing and distribution activities and demonstrate its strategic decision to expand in emerging markets.
- In July 2024, Foton International (China) and DEC Hydrogen signed a cooperation agreement to develop and promote hydrogen fuel cell trucks, focusing on the Beijing-Tianjin-Hebei region and Sichuan province. The companies plan to manufacture hydrogen-powered, heavy-duty trucks at their jointly established R&D centers in China.
- In March 2024, Refire Technology (China) delivered fuel cells for 50 hydrogen trucks to Yutong Bus Co., Ltd. (China). Through this development, Refire Technology made its first step into heavy-duty vehicle electrification in China. This development followed Refire’s previous deliveries of fuel cells in Germany. The strategy highlighted Refire’s global commitment to advancing hydrogen mobility solutions.
- In April 2024, Ballard Power Systems (US) secured its most significant order for 1,000 hydrogen fuel cell engines to be delivered to Solaris Bus & Coach sp. z o. o (Poland) by 2027. This supply order included 70-kW and 100-kW engines for various bus models. This order would significantly increase Ballard’s European hydrogen truck market share.
- In October 2023, Hyundai Motor Company partnered with IVECO S.p.A. (Italy) to launch the E-WAY H2 hydrogen city bus. This 12-meter bus is equipped with a 310-kW e-motor and a hydrogen fuel tank capacity of 7.8 kg. The bus offers a maximum driving range of 450 km.
- In August 2024, Hyzon Motors (US) reported a substantial decline in liquidity, with cash reserves dipping below USD 1 million, raising concerns about insolvency. Despite minimizing expenses and withdrawing from specific areas, the company’s liberated cash declined from USD 70 million in December 2023 to less than USD 1 million by June 2024.
Frequently Asked Questions (FAQ):
What is the current size of the global hydrogen truck market?
The current size of the global hydrogen truck market is estimated at USD 1.9 billion in 2024. It is projected to reach USD 10.8 billion by 2035 at a CAGR of 16.9 %.
Who are the major players in the global hydrogen truck market?
The major players dominating the hydrogen truck market are Foton International (China), Yutong Bus Co., Ltd. (China), Xiamen King Long International Trading Co., Ltd. (China), Solaris Bus & Coach sp. z o. o. (Poland), and Hyundai Motor Company (South Korea).
Which region is projected to account for the largest share of the hydrogen truck market during the forecast period?
Asia Pacific is projected to account for the largest share of the hydrogen truck market during the forecast period. This projected dominance of the region can be attributed to the rapid installation of R&D centers and the presence of leading OEMs in China, Japan, and South Korea.
Which country is expected to witness a significant demand for hydrogen trucks in Asia Pacific in the future?
China is expected to witness a high demand for hydrogen trucks in the future. This increase in demand can be attributed to the rising use of zero-emission vehicles (ZEVs) and the government’s backing for adopting hydrogen-powered vehicles through various initiatives.
What are the key market trends impacting the growth of the hydrogen truck market?
Investment in hydrogen refueling infrastructure, implementation of fleet decarbonization mandates, production of green hydrogen, demand for high-capacity trucks, and demand for Proton-exchange membrane fuel cells (PEMFC) and hydrogen internal combustion engines (HICE) are the key market trends or technologies expected to impact the growth of the hydrogen truck market in the future. .
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
The study involved four major activities in estimating the current size of the hydrogen truck market. Exhaustive secondary research was done to collect information on the market, the peer market, and the child markets. The next step was to validate these findings, assumptions, and sizing with the industry experts across value chains through primary research. The top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation processes were used to estimate the market size of segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources such as company annual reports/presentations, press releases, industry association publications [for example, International Organization of Motor Vehicle Manufacturers (OICA), National Highway Traffic Safety Administration (NHTSA), International Energy Association (IEA)], articles, directories, technical handbooks, trade websites, technical articles, and databases (for example, Marklines, and Factiva) have been used to identify and collect information useful for an extensive commercial study of the global hydrogen truck market.
Primary Research
Extensive primary research was conducted after understanding the scenario of the hydrogen truck market through secondary research. Several primary interviews were conducted with market experts from both the demand (OEMs) and supply (fuel cell component providers, hydrogen integrators, and other component manufacturers) across three major regions: North America, Europe and Asia Pacific. Approximately 52% and 48% of primary interviews were conducted from the demand and supply sides. Primary data was collected through questionnaires, emails, and telephonic interviews.
In the canvassing of primaries, various departments within organizations, such as sales, operations, and administration, were covered to provide a holistic viewpoint in this report. After interacting with industry experts, brief sessions with highly experienced independent consultants were also conducted to reinforce the findings from primaries. This and the in-house subject-matter experts’ opinions led to the findings described in the remainder of this report.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
The bottom-up approach was used to estimate and validate the size of the hydrogen truck market. In this approach, the vehicle sales statistics for each vehicle type (hydrogen buses and trucks) were considered at a country level. To determine the market size in terms of volume, a model mapping of hydrogen buses and trucks was carried out for each country and vehicle type. The number of hydrogen truck models varied from country to country. After analyzing the models, the segments were classified further into power output type, component, and region. The market penetration of the hydrogen truck segments, from the model mapping, was then multiplied by the country-level hydrogen truck sales considered in the study, which gives the volume of each segment type. The country-level data was summed up to arrive at the region-level data in terms of volume. The summation of the country-level market sizes gave the regional market size, and further summation of the regional market size provided the global hydrogen truck market size.
BOTTOM-UP APPROACH
To know about the assumptions considered for the study, Request for Free Sample Report
Market Size Validation
The top-down approach has been used to estimate and validate the size of the hydrogen truck market at the global level, and by range, motor power, tank type, tank size and fuel cell technology segments in terms of volume.
The top-down approach has been used to estimate and validate the size of the hydrogen truck market. This approach identifies key range, motor power, tank type, tank size and fuel cell technology segments of the hydrogen truck market at the regional level. The penetration of each identified segment has been multiplied by the volume of each vehicle at the regional level to derive the total segment volume.
For instance,
- The hydrogen truck market for tank type has been derived using the top-down approach to estimate the subsegments- Type III, Type IV.
- The market size, in terms of volume, has been derived at the regional level for each segment using this method. The total volume of the automotive fuel cell market has been multiplied by the adoption rate breakup percentage of these segments at the regional level (range, motor power, tank size, tank type, fuel cell technlogy).
TOP-DOWN APPROACH
Data Triangulation
After arriving at the overall market size of the global market through the above-mentioned methodology, this market was split into several segments and subsegments. The data triangulation and market breakdown procedure were employed to complete the overall market engineering process and arrive at the exact market value data for the key segments and subsegments, wherever applicable. The extrapolated market data was triangulated by studying various macro indicators and regional trends from both the demand- and supply-side participants.
Market Definition
Hydrogen Bus and Truck refers to heavy-duty vehicles powered by hydrogen fuel cells. A hydrogen fuel cell generates electricity through a chemical reaction between hydrogen and oxygen, which then powers the vehicle's electric motor. Hydrogen buses offer zero-emission transportation, helping to reduce air pollution in urban areas. They can be quickly refueled and provide a range comparable to or better than traditional diesel buses. Hydrogen trucks are designed for various applications, such as long-haul transportation, construction, and delivery services. They provide the benefits of zero emissions and can be refueled quickly, making them an effective alternative to diesel and CNG trucks.
List of Key Stakeholders
- Automotive Blogs
- Automotive Component Manufacturers Association (ACMA)
- Automotive Electronics Council (AEC)
- Automotive Fuel Cell Providers
- Automotive Magazines
- Automotive Original Equipment Manufacturers (OEMs)
- Company Websites
- Corporate Filings (such as Annual Reports, Investor Presentations, and Financial Statements)
- Country-level Automotive Associations
- Databases such as Factiva, Marklines and Bloomberg
- Department of Transportation (DoT)
- EAFO (European Alternative Fuels Observatory)
- Electric Vehicle Association of Asia Pacific (EVAAP)
- Environmental Protection Agency (EPA)
- European Automobile Manufacturers Association (ACEA)
- Freight Transport Association
- Fuel Cell and Hydrogen Energy Association (FCHEA)
- German Association of the Automotive Industry (VDA)
- Government & Research Organizations
- Hydrogen Council
- International Council on Clean Transportation (ICCT)
- International Electrotechnical Commission (IEC)
- International Energy Agency (IEA)
- International Energy Agency (IEA)
- International Organization of Motor Vehicle Manufacturers (OICA)
- National Electrical Manufacturers Association (NEMA)
- National Highway Traffic Safety Administration (NHTSA)
- National Institute of Standards and Technology (NIST)
- Navigation Data Standard Association
- Organisation for Economic Co-Operation and Development (OECD)
- Organisation Internationale des Constructeurs d'Automobiles (OICA)
- Other Automotive-related Paid and Free Databases
- System Integrators
- The Alternative Fuels Data Center (AFDC)
- Trade, Business, and Related Associations
- Webinars
Report Objectives
- To analyze and forecast the Hydrogen truck market in terms of value (USD million) and volume (thousand units) from 2024 to 2035
-
To segment the market by vehicle type, by motor power, by range, by fuel cell technology, tank size, type of tank, and region
- To segment and forecast the market size by volume based on Vehicle Type (Hydrogen Bus, Hydrogen Truck)
- To segment and forecast the market size by volume based on Motor Power (Less than 200 KW, 200-400 KW, More than 400 KW)
- To segment and forecast the market size by volume based on Type of Tank (Tank 3, Tank 4)
- To segment and forecast the market size by volume based on Range (Upto 300 Miles, Between 300-500 Miles, Above 500 Miles)
- To segment and forecast the market size by volume based on Hydrogen tank size (<30 Kg, 30–60 Kg, >60 Kg)
- To segment and forecast the market size by volume based on Fuel Cell Technology (Proton Exchange Membrane Fuel Cell (PEMFC), Solid Oxide Fuel Cell (SOFC))
- To segment and forecast the market by volume based on region (Asia Pacific, Europe, and North America)
- To provide detailed information about the factors influencing the market growth (drivers, challenges, restraints, and opportunities)
- To strategically analyze the market for individual growth trends, prospects, and contributions to the total market
-
To study the following with respect to the market
- Value Chain Analysis
- Ecosystem Analysis
- Technology Analysis
- Trade Analysis
- Pricing Analysis
- Case Study Analysis
- Patent Analysis
- Tariff and Regulatory Landscape
- Key Stakeholders and Buying Criteria
- OEM vs. Existing and upcoming hydrogen vehicle models
- Country-level targets of electric & hydrogen bus/truck and stations
- Investment and funding scenario
- Funding by use case application
- To strategically profile the key players and comprehensively analyze their market share and core competencies
- To analyze the opportunities for stakeholders and the competitive landscape for market leaders
- To track and analyze competitive developments such as deals, product launches/developments, expansions, and other activities undertaken by the key industry participants
AVAILABLE CUSTOMIZATIONS
With the given market data, MarketsandMarkets offers customizations in line with company-specific needs.
- Hydrogen truck Market, By Vehicle Class at Regional Level
- Hydrogen truck Market, Additional Countries (Up to 3)
- Profiling of additional market players (Up to 3)
Growth opportunities and latent adjacency in Hydrogen Truck Market