Top Companies in Hydrogen Truck Industry - Foton International (China) and Yutong Bus Co., Ltd. (China)
The market for hydrogen trucks is predicted to grow from USD 1.9 billion in 2024 to USD 10.8 billion in 2035, with a CAGR of 16.9%. Demand for hydrogen buses and trucks is predicted to increase due to fleet decarbonization mandates, faster recharging than EVs, expansion of hydrogen refueling infrastructure, and increased investment in green hydrogen generation. Advanced technological breakthroughs by leading OEMs, as well as the increased applicability of hydrogen trucks in heavy-duty transportation, are hastening the development of hydrogen-powered vehicles.
Key players dominating the hydrogen truck market include Foton International (China), Yutong Bus Co., Ltd. (China), Xiamen King Long International Trading Co., Ltd. (China), Solaris Bus & Coach sp. zo.o. (Poland), and Hyundai Motor Company (South Korea). These industry players manufacture innovative products, utilize expansion strategies, and establish collaborations, partnerships, mergers, and acquisitions to gain a strong foothold in the dynamically growing hydrogen truck market.
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Foton International (Foton Motor) is a Chinese commercial vehicle manufacturer and a subsidiary of the BAIC Motor Corporation. Foton Motor has manufacturing and operation facilities in Tianjin, Shandong, Hebel, Hunan, Hubei, Liaoning, and Guangdong, as well as R&D centers in China, Japan, Germany, and Taiwan. Its headquarters are in Beijing. Foton Motor is a state-owned and publicly listed company that designs, manufactures, and distributes a wide range of vehicles, including trucks, buses, SUVs, and specialty vehicles. The organization advances global growth and innovation through advanced technology and partnership. Foton Motor manufactures medium and heavy-duty trucks like the AUMAN series, light-duty trucks like the AUMARK and MILER, pickups like the TUNLAND series, and electric vehicles under the eAUMAN and eVIEW brands.
Yutong Bus Co., Ltd. is a major player in the Chinese bus market. Its operations include construction equipment, automotive components, and real estate. The company offers a diverse range of electric and new energy buses ranging in length from 5 to 18 metres, depending on the requirements and end-use applications. The company provides school buses, minibuses, city transportation vehicles, and huge heavy-duty buses. Yutong provides a variety of energy/electric buses, including hybrid, completely electric, and fuel cell-powered buses. The new energy power technology utilized in its electric buses has emerged as a popular engine in the bus business. Yutong Bus has promoted more than 160,000 new energy buses globally.
Xiamen King Long International Trading Co., Ltd. (King Long) is a prominent Chinese bus manufacturer. The company designs and manufacturers vans, large and medium-sized buses, and buses. It has three manufacturing facilities, one in Shaoxing and two in Xiamen. The company offers a wide product lineup of buses, including large & medium passenger buses, school buses, and special buses. It currently offers various electric bus models depending on the bus length requirement. King Long has a presence in more than 130 countries. It has a significant production capability of approximately 20,000 medium and large-sized buses annually. King Long operates three production facilities: Xiamen Large and Medium-Sized Bus Base, Xiamen Van Manufacturing Base, and Shaoxing Special Vehicle Base. The company produces 20,000 large and medium-sized buses per year. It has produced over 570,000 buses, with over 120,000 of these vehicles offered to countries around the world.
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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
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