Hydrogen Truck Market: Current Analysis and Forecast (2024-2032)

The need for a clean and sustainable transport network has been on the rise owing to which the global hydrogen truck market registered exceptional growth. Hydrogen trucks, which use a fuel cell, are able to provide an emission free solution to diesel trucks, therefore help in the reduction of emissions into the environment in the freight and logistics industry. In these vehicles only hydrogen is used as fuel, resulting in clean exhaust that consists of hot air mixed with water vapor, therefore this helps keep the environment clean and preserve the balance of gases in the atmosphere. As the negative consequences of a transport system based on fossil fuel resources become more and more pressing, hydrogen trucks appear to be one of the key factors in creating a balance in the face of environmental imperatives, for the segment of heavy-duty trucks manufacturers.

The Hydrogen Truck Market is expected to grow at a significant rate of around 17.44% during the forecast period (2024-2032). There are several reasons why the hydrogen trucking market is on the rise across different geographical regions. Firstly, governments and even the industries themselves have put regulations and emission standards in place which encourage the use of less polluting technologies. Most regions in Europe, North America, and certain parts of Asia have embraced emission reduction measures, hence the increased use of hydrogen fuel cells in the transportation sector, particularly the commercial vehicles. Due to the rising need for green energies and the upgrading of current technologies of making, storing and utilizing hydrogen, hydrogen trucks have become an alternative to diesel trucks. As the demand for logistics and transportation of goods increases, particularly in the regions that have high transport emissions, the demand for hydrogen trucks will also grow. The International Energy Agency (IEA) indicates that about 40% of road transport emissions globally are from heavy-duty vehicles, thus the need for hydrogen trucks to address such pollution.

The growth of the hydrogen economy will also be supported by more investments in hydrogen infrastructure such as refueling stations and production of green hydrogen. Besides, since most motor vehicle manufacturers and logistics companies are going green, the commandeering of hydrogen trucks into their fleets will be faster. Developing countries such as Asia, Africa, and south America, where transportation related pollution is already a menace, will welcome and integrate hydrogen trucks as part of green transport revolution. As the technology indurates and economies of scale sets in, the cost associated with hydrogen trucks will also depreciate making them ubiquitous in the global transport sector.

The worldwide hydrogen truck market can be sub-divided on the basis of vehicle type into heavy trucks, medium as well as light trucks. Among these segments, heavy trucks have always held the most significant share of the market owing to high fuel consumption, demand for long hauls existed and due to rising quest for sustainable solutions in moving goods. Long haul heavy-duty trucks that typically are aimed for transporting goods across many kilometers are important and has emission reduction strategies in the commercial transportation industry. In this regard, such trucks are motivated for the adoption of hydrogen fuel cell technology due to legal provisions and enhancement of hydrogen facilities.

Based on the range, the market is segmented into below 400 km and above 400 km. Of these below 400 km hydrogen trucks have held a notable position in the recent years, However, with the growing need to reduce dependence on conventional fuel for long-distance transportation the industry is focusing towards the adoption of above 400 km range hydrogen trucks which would help its market share to rise in the coming years.

Among application areas the global hydrogen truck market is bifurcated into municipal and logistics. Of these logistics category has held a sizable position due to increasing number of commercial vehicles running with hydrogen fuel being used by transport and logistics sector.

For a better understanding of the market adoption of the Hydrogen Trucks market, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, France, U.K., Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Europe holds a significant share of the Hydrogen Truck market and is anticipated to maintain a steady growth rate over the forecast period. Europe has a vast automotive industry, and it is looking forward to comprehensively supporting research & development around automotive safety and their potential technological solutions.

Some of the major players operating in the market include Cellcentric GmbH & Co. KG, Dongfeng Motor Corporation, Esoro AG, Hyzon Motors, Cummins Inc., Hyundai Motor Company, Kenworth Trucks, Nikola Corporation, Stellantis N.V., and Toyota.