DELRAY BEACH, Fla., Sept. 10, 2024 /PRNewswire/ -- Hydrogen Truck Market is projected to grow from USD 1.9 billion in 2024 to USD 10.8 billion in 2035, at a CAGR of 16.9%, according to a new report by MarketsandMarkets. Hydrogen Truck market is growing due to expansion in hydrogen refueling infrastructure and advancements in fuel cell technology, R&D in liquid hydrogen technology, along with rising consumer interest in zero-emission vehicles. Also, the shift towards hydrogen technology integration in trucks and buses by leading OEMs and technology provider companies is boosting the adoption of hydrogen-powered vehicles.
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Browse in-depth TOC on "Hydrogen Truck Market"
110 - Tables
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250 - Pages
Hydrogen Truck Market Scope:
Report Coverage | Details |
Market Revenue in 2024 | USD 1.9 billion |
Estimated Value by 2035 | USD 10.8 billion |
Growth Rate | Poised to grow at a CAGR of 16.9% |
Market Size Available for | 2019-2030 |
Forecast Period | 2024-2035 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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 |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Development of mobile and community hydrogen fuelling systems |
Key Market Drivers | Efficiency of hydrogen-powered vehicles |
Hydrogen Truck segment is estimated to hold the larger share during the forecast period.
Heavy-duty trucks powered by hydrogen fuel cells are emerging as the best alternative to diesel for long-haul transport, offering similar range and refuelling times. The Asia-Pacific region leads the global hydrogen truck segment, with China and Japan pushing adoption for long-haul and last-mile deliveries. And, China is playing a significant role in this growth by providing government subsidies and deployment of hydrogen-powered trucks in its provinces. Leading OEMs in Europe, such as Solaris and Daimler Truck AG, are increasing their focus on hydrogen-powered vehicles as the hydrogen truck market grows. For instance, Solaris has an 82% market share in Europe, implying widespread use of hydrogen trucks.
Apart from fuel cells, hydrogen internal combustion engines (ICEs) are also being tested, however, they are still in their primitive phases of research and are not as efficient as fuel cells for long-distance travel. The future of hydrogen-powered trucks depends mainly on the expansion of hydrogen infrastructure and production, as well as the integration of autonomous driving technology.
Type IV segment is estimated to hold the largest share by type of hydrogen tank, in the hydrogen truck market during the forecast period.
Type IV hydrogen tanks include a non-metallic inner liner made of composite materials that is enclosed by an outer wrapping made of carbon fiber and other interwoven thermoplastic polymers. These tanks weigh up to 70% less than type I tanks, making them particularly appealing for situations where hydrogen must be kept at high pressures (such as 700 bar) while keeping system weight to a minimum. This is applicable to a wide range of automotive and aeronautical applications.
Due to their lightweight design and greater durability, Type IV hydrogen tanks play an important role for the advancement of hydrogen technology. Type IV tanks perform many purposes as Type III tanks in transportation and vehicles. However, these are the tanks to choose from when a lighter weight is required. Furthermore, composite tanks are more durable and appropriate for hydrogen storage in transportation. As hydrogen consumption rises, Type IV tanks are well adapted to meet high-consumption applications' increasing demands. OEMs such as HYZON Motors and Hyundai Motor Company, among others, are collaborating with Type IV Hydrogen Tank providers such as Iljin Hysolus, Hexagon Purus, and NPROXX to equip their vehicles with Type IV tanks. For example, in October 2021, Iljin Hysolus partnered with Hyzon Motors to install Type 4 hydrogen tanks into Hyzon's hydrogen trucks. This partnership will employ the tanks' lightweight, high-strength composite design to improve performance and efficiency in heavy-duty applications.
Europe is expected to be the fastest growing segment in the hydrogen truck market by 2035.
The European hydrogen truck market is estimated to grow rapidly during the forecast period. Germany is projected to be Europe's largest hydrogen truck market. The growth in the European market can be attributed to increasing government investment in development and expansion of green hydrogen infrastructure, and the growing adoption of hydrogen buses in public and shared transportation.
Germany is a leader in terms of the adoption of hydrogen-powered vehicles and the development of hydrogen infrastructure. As of December 2023, Germany had 158 operational hydrogen refueling stations. Moreover, local OEMs such as Daimler Truck AG, BMW, and Paul Nutzfahrzeuge GmbH have started emphasizing the development of hydrogen vehicles. For instance, in August 2023, Paul Nutzfahrzeuge GmbH launched the Paul Hydrogen Power Truck which based on Mercedes-Benz Atego. It is part of the Shell's Hydrogen Pay-Per-Use model and is serviced exclusively at the Daimler Truck AG Workshop in Frechen. The trucks are produced in Vilshofen, Southern Germany, and are used for distribution and line hauls at DHL Freight and Post & Parcel Germany facilities in Cologne.
France, Italy and the UK also have a significant hydrogen-powered bus and truck market. The governments are actively promoting the development of zero-emission vehicles. Moreover, these countries have built hydrogen refueling infrastructure and are on their way to creating a zero-emission future. Italy will have the rapid growth due to the government's support for hydrogen buses and trucks in the country and the presence of many European OEMs in this market. Successful pilot projects and the installation of refueling infrastructure, together with public-private partnerships, are boosting the adoption of hydrogen buses and trucks in these countries. For instance, in July 2024, Axpo Group plans to invest in the "Arve Hydrogène Mobilité" project in France's Arve Valley to establish a hydrogen production and infrastructure. The venture will build a hydrogen refueling station that will open in early 2025, as well as an electrolyser capable of producing up to 5 MW by 2030. This project comprises various local partners and contributes to Axpo's overall hydrogen activities in Europe.
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Hydrogen Truck Market Dynamics:
Drivers:
- Efficiency of hydrogen-powered vehicles
Restraints:
- Infrastructure scalability issues
Opportunities:
- Development of mobile and community hydrogen fuelling systems
Challenge:
- Storage and transportation of hydrogen
Key Market Players Hydrogen Truck Industry:
Prominent players in the Hydrogen Truck Market include 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).
The break-down of primary participants is as mentioned below:
- By Company Type: OEMs - 24%, Tier I - 67%, and Tier II & III- 9%,
- By Designation: C- Level Executives - 33%, Directors - 52%, and Others - 15%
- By Region: North America - 26%, Europe - 36%, and Asia Pacific - 38%
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Hydrogen Truck Industry 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.
Hydrogen Truck Market Size - Key Benefits of Buying the Report:
- The report will help market leaders/new entrants with information on the closest approximations of revenue and volume numbers for the overall hydrogen truck market and its subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
- The report also helps stakeholders understand the current and future pricing trends of hydrogen buses and trucks.
This report provides insights on:
- Analysis of key drivers (Fleet Decarbonization Mandates, Faster refueling compared to EVs, Expansion of Hydrogen Refueling Infrastructure, Growing investment in Green Hydrogen production), restraints (High Initial Investment in Hydrogen Refueling Infrastructure, Infrastructure Scalability Issues, Issue with high flammability and detection of fuel leakages), opportunities (Advancements in Fuel Cell Technology, Integration with Renewable Energy Sources, Hydrogen Corridors, Government initiatives promoting hydrogen infrastructure, Development of portable hydrogen refueling stations), and challenges (High Vehicle Cost compared to gasoline/EVs, Hydrogen Storage & Transportation Challenges, Higher operating cost compared to EVs).
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the hydrogen bus and truck market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the hydrogen truck market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the hydrogen truck market.
- Competitive Assessment: In-depth assessment of market ranking, growth strategies, and service offerings of leading players like 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) among others in hydrogen truck market.
Related Reports:
Electric Truck Market - Global Forecast to 2030
Electric Commercial Vehicle Market - Global Forecast to 2030
Hydrogen Fuel Cell Vehicle Market - Global Forecast to 2030
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