Electric and Fuel Cell Truck Market Share Analysis Report, 2023-2032
The global electric and fuel cell truck market size was exhibited at USD 4.1 billion in 2022 and is projected to hit around USD 160.7 billion by 2032, growing at a CAGR of 41.44% during the forecast period 2023 to 2032.
Key Pointers:
Electric and Fuel Cell Truck Market Report Scope
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Report Coverage |
Details |
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Market Size in 2023 |
USD 5.8 Billion |
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Market Size by 2032 |
USD 131.43 Billion |
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Growth Rate From 2023 to 2032 |
CAGR of 41.44% |
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Base Year |
2022 |
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Forecast Period |
2023 to 2032 |
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Segments Covered |
Type, Power Rating, Vehicles |
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Market Analysis (Terms Used) |
Value (US$ Million/Billion) or (Volume/Units) |
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Regional Scope |
North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
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Key Companies Profiled |
Nuvera Fuel Cells, LLC, ITM Power, Delphi Technologies, Hydrogenics, Toshiba, Dialmer AG, American Honda Motor Company, Plug Power, Nedtack Fuel Cell Technology, Nissan Motor Corporation, Toyota Motor Company, Hyundai Motor Company, Ballard Power Systems, W.L. Gore and Associates, Bing Energy, Hauzer Techno Coating B.V., Sinocat Environmental Technology Co, Ltd, Wuhan Tiger FCV, Valmet Automotive, Symbio, StreetScooter, Ceres Power, AVL, Bosch, ElringKlinger, Faurecia, FEV Group GmbH, Inteligent Energy, Continental Industries, Wystrach, Wind2Gas Energy GmbH & Co KG, UQM Technologies, Umicore |
Electric and fuel cell electric vehicles are the best developed alternatives for combustion-based automobiles. Electric and fuel cell trucks are the newly developed innovative technology which are electronics-based trucks and installed embedded systems, fuel cells, battery, capacitor to give power to the battery. In the trucks fuel cells are present which is used to produce electric power by utilizing oxygen from the air and the hydrogen.
Majorly electric and fuel cell vehicles are free from emission of carbondioxide which only involves emission of water and heat. Hydrogen is a natural gas storing and transporting also can cause pollution. Vehicles such as internal combustion vehicles, hydrogen vehicles can also create the pollution which stores the hydrogen. Increased growth of the electric and fuel cell market which majorly involves electric power for running the vehicles.
Major components in the electric and fuel cell truck include fuel cells, battery, capacitor. Due to less emission of carbondioxide gas and improved ecosystem giving rise to clean and green city with improved air quality and less pollution. Majorly fuel cells are developed with three parts such as cathode, anode, electrolyte by producing electricity and storing the power and transmitting. In fuel cell hydrogen is stored which produces electrochemical energy to drive the vehicle.
Impact of covid-19 affected the market growth rate of electric and fuel cell market due to wide spread of corona virus across various regions declined the market growth. Due to norms and regulations imposed by the governments lock down in various regions led to shut down of the doors of many industries which halted the production and manufacturing in automobile industry.
Growth Factors
Increased government initiative for developing the electric and fuel cells truck considering the environment by zero emission of carbon and contributing for producing and manufacturing the electric and fuel cell trucks with increased demands from the consumer extended the market due to less carbon emission which helps the environment to be green and clean with developed infrastructures for refuelling the gas. Increased demand for electric and fuel trucks due fuel efficiency and low emissions and increased prices of the petrol and diesel. Which helps to boost the market to larger extent during the forecast period. Increased investments and awareness about new developed features in automobile industry have contributed for the growth of electric and fuel cells market.
Impact of covid-19 on the electric and fuel cell truck market declined the growth of the market revenue share due to decreased demands from the consumer and shutdown of the automotive industries led to shortening of manufacturing electric vehicles and others. Post pandemic situation raised the demands for thriving the market growth of electric and fuel cell truck increased demands from the consumer with improved focus on ecosystem with clean and green economy and increased rates of the fuel increased market rate of electric an fuel cell truck. The key market players involved in launching new trucks with new various features and increased research and development in electric and fuel cell trucks have expanded the market size value during the forecast period.
Segmental Insights
Type Insights
The PEMFC to account for the largest share to increase the market share of electric and fuel cells truck. Due different new innovations and technologies such as low working temperatures, less start up time, high power density are major factor that favours the PEMFC. Phosphoric acid fuel cell is the also the availibility in transport applications, with increased stability, increased power output, and many more. Which help to drive the market to grow high.
Power Rating Insights
100 - 200kW having considerable rise in the market due to zero emission of the carbondioxide may enhance the market of electric and fuel cell truck during the forecast. Power below 100kW also to hold the highest position to expand the market rate with developed technologies.
Vehicles Insights
Passenger vehicle to hold the largest position, bus with the second highest position, followed by light commercial vehicles and trucks. Increase preference to the electric fuel cell trucks with new research and development in the technology have expanded the market to grow.
Geography Insights
Asia Pacific region to hold the top position with increased revenue share due to increased transportation of goods and improving developments with new technologies in the electric and fuel cell trucks. Along with developed infrastructure and increased government support for developing the electric and fuel cells market with increased focus on zero emission and less noise pollution contributes to expand the market rate.
North America also majorly contributing to increase the demands due to increased research and development and investments by the key market players have helped to boost the market to grow. Europe, Latin America, Middle East and Africa also involved in increasing the electric and fuel cell market rate.
Recent developments
Some of the prominent players in the Electric and Fuel Cell Truck Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Electric and Fuel Cell Truck market.
By Type
By Power Rating
By Vehicles
By Region
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Electric and Fuel Cell Truck Market
5.1. COVID-19 Landscape: Electric and Fuel Cell Truck Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Electric and Fuel Cell Truck Market, By Type
8.1. Electric and Fuel Cell Truck Market, by Type, 2023-2032
8.1.1 Phosphoric Acid Fuel Cell
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Proton Exchange Menbrance Fuel Cell
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Others
8.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Electric and Fuel Cell Truck Market, By Power Rating
9.1. Electric and Fuel Cell Truck Market, by Power Rating, 2023-2032
9.1.1. Below 100 kW
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. 100 - 200 kW
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Above 200kW
9.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Electric and Fuel Cell Truck Market, By Vehicles
10.1. Electric and Fuel Cell Truck Market, by Vehicles, 2023-2032
10.1.1. Light Commercial Vehicles
10.1.1.1. Market Revenue and Forecast (2020-2032)
10.1.2. Passenger Vehicles
10.1.2.1. Market Revenue and Forecast (2020-2032)
10.1.3. Bus
10.1.3.1. Market Revenue and Forecast (2020-2032)
10.1.4. Trucks
10.1.4.1. Market Revenue and Forecast (2020-2032)
Chapter 11. Global Electric and Fuel Cell Truck Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Type (2020-2032)
11.1.2. Market Revenue and Forecast, by Power Rating (2020-2032)
11.1.3. Market Revenue and Forecast, by Vehicles (2020-2032)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Type (2020-2032)
11.1.4.2. Market Revenue and Forecast, by Power Rating (2020-2032)
11.1.4.3. Market Revenue and Forecast, by Vehicles (2020-2032)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Type (2020-2032)
11.1.5.2. Market Revenue and Forecast, by Power Rating (2020-2032)
11.1.5.3. Market Revenue and Forecast, by Vehicles (2020-2032)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Type (2020-2032)
11.2.2. Market Revenue and Forecast, by Power Rating (2020-2032)
11.2.3. Market Revenue and Forecast, by Vehicles (2020-2032)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Type (2020-2032)
11.2.4.2. Market Revenue and Forecast, by Power Rating (2020-2032)
11.2.4.3. Market Revenue and Forecast, by Vehicles (2020-2032)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Type (2020-2032)
11.2.5.2. Market Revenue and Forecast, by Power Rating (2020-2032)
11.2.5.3. Market Revenue and Forecast, by Vehicles (2020-2032)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Type (2020-2032)
11.2.6.2. Market Revenue and Forecast, by Power Rating (2020-2032)
11.2.6.3. Market Revenue and Forecast, by Vehicles (2020-2032)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Type (2020-2032)
11.2.7.2. Market Revenue and Forecast, by Power Rating (2020-2032)
11.2.7.3. Market Revenue and Forecast, by Vehicles (2020-2032)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Type (2020-2032)
11.3.2. Market Revenue and Forecast, by Power Rating (2020-2032)
11.3.3. Market Revenue and Forecast, by Vehicles (2020-2032)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Type (2020-2032)
11.3.4.2. Market Revenue and Forecast, by Power Rating (2020-2032)
11.3.4.3. Market Revenue and Forecast, by Vehicles (2020-2032)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Type (2020-2032)
11.3.5.2. Market Revenue and Forecast, by Power Rating (2020-2032)
11.3.5.3. Market Revenue and Forecast, by Vehicles (2020-2032)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Type (2020-2032)
11.3.6.2. Market Revenue and Forecast, by Power Rating (2020-2032)
11.3.6.3. Market Revenue and Forecast, by Vehicles (2020-2032)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Type (2020-2032)
11.3.7.2. Market Revenue and Forecast, by Power Rating (2020-2032)
11.3.7.3. Market Revenue and Forecast, by Vehicles (2020-2032)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Type (2020-2032)
11.4.2. Market Revenue and Forecast, by Power Rating (2020-2032)
11.4.3. Market Revenue and Forecast, by Vehicles (2020-2032)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Type (2020-2032)
11.4.4.2. Market Revenue and Forecast, by Power Rating (2020-2032)
11.4.4.3. Market Revenue and Forecast, by Vehicles (2020-2032)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Type (2020-2032)
11.4.5.2. Market Revenue and Forecast, by Power Rating (2020-2032)
11.4.5.3. Market Revenue and Forecast, by Vehicles (2020-2032)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Type (2020-2032)
11.4.6.2. Market Revenue and Forecast, by Power Rating (2020-2032)
11.4.6.3. Market Revenue and Forecast, by Vehicles (2020-2032)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Type (2020-2032)
11.4.7.2. Market Revenue and Forecast, by Power Rating (2020-2032)
11.4.7.3. Market Revenue and Forecast, by Vehicles (2020-2032)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Type (2020-2032)
11.5.2. Market Revenue and Forecast, by Power Rating (2020-2032)
11.5.3. Market Revenue and Forecast, by Vehicles (2020-2032)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Type (2020-2032)
11.5.4.2. Market Revenue and Forecast, by Power Rating (2020-2032)
11.5.4.3. Market Revenue and Forecast, by Vehicles (2020-2032)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Type (2020-2032)
11.5.5.2. Market Revenue and Forecast, by Power Rating (2020-2032)
11.5.5.3. Market Revenue and Forecast, by Vehicles (2020-2032)
Chapter 12. Company Profiles
12.1. Nuvera Fuel Cells, LLC
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. ITM Power
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Delphi Technologies
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Hydrogenics
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Toshiba
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Dialmer AG
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. American Honda Motor Company
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Plug Power
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Nedtack Fuel Cell Technology
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Nedtack Fuel Cell Technology
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers