Hydrogen Trucks Market Size, Share & Analysis Report, 2023-2032
The global hydrogen trucks market size was exhibited at USD 3.19 billion in 2022 and is projected to hit around USD 100.49 billion by 2032, growing at a CAGR of 41.2% during the forecast period 2023 to 2032.
Hydrogen is the universe's simplest, lightest, and most abundant element. It serves as a versatile energy vector, capable of storing renewable intermittent sources and providing transportation or heating fuel. Fuel cells are devices that create energy from a chemical interaction between hydrogen and oxygen, with the only by-products being pure water and possibly useful heat. Fuel cells are employed in various portable, stationary, and transportation applications because they are clean and efficient.
Fuel cell and hydrogen (FCH) technology are highly promising zero-emission powertrain alternatives for the heavy-duty trucking business. Currently, the market is still in a nascent phase and needs to be developed for the market potential to materialize. Cost competitiveness and extensive adoption can only be achieved through a push to the market and the establishment of required infrastructure.
In 2020, Hyundai Motor Company and H2Energy announced an industry partnership to provide 1,600 FCH trucks for a pay-per-use model. Furthermore, on July 1, 2021, Hyundai Hydrogen Mobility's fleet of XCIENT Fuel Cell trucks is expected to have driven over 1 million kilometres in only 11 months of service in Switzerland. In comparison to diesel-powered cars, the fleet has decreased CO2 emissions by nearly 630 tons over that time. Furthermore, the ZANZEFF project in California aims to deploy ten FCH Class 8 vehicles in two port freight facilities while also expanding the H2 fuelling network.
Hydrogen Trucks Market Report Scope
|
Report Coverage |
Details |
|
Market Size in 2023 |
USD 4.5 Billion |
|
Market Size by 2032 |
USD 100.49 Billion |
|
Growth Rate From 2023 to 2032 |
CAGR of 41.2% |
|
Base Year |
2022 |
|
Forecast Period |
2023 to 2032 |
|
Segments Covered |
BY Product, BY Application, By Range |
|
Market Analysis (Terms Used) |
Value (US$ Million/Billion) or (Volume/Units) |
|
Regional Scope |
North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
|
Key Companies Profiled |
Nikola, Daimler trucks, Cummins, Hyzonmotors, Toyota, Volvo, Honda motors, Hyundai motors, SAIC, JMCH and Others. |
Key Drivers of Global Hydrogen Trucks Market
Various regulations and policies enacted in North America, Europe, and East Asia are likely to drive the market for hydrogen trucks across the globe. The industry is particularly interested in making the shift to zero-emission heavy-duty diesel vehicles, as diesel trucks are the largest contributors to carbon emissions on highways, which is a significant driver of the global hydrogen trucks market.
Increase in number of Europe-based FCH heavy-duty truck trials and demonstration projects in an effort to level up with U.S. is also likely to boost the hydrogen trucks market
FCEVs are less sensitive to cold temperatures than battery electric vehicles, and the refuelling time of hydrogen is significantly shorter than battery electric vehicle charging time. Therefore, the demand for adoption of hydrogen fuel cell trucks is increasing substantially.
These trucks offer two significant advantages over battery-electric trucks. Firstly, these vehicles are lighter than battery-electric vehicles, making them better suited for carrying heavy cargo. Secondly, these trucks travel much longer distances than battery-electric vehicles, making them well equipped for long-haul transportation, which is expected to increase the demand for hydrogen trucks during the forecast period.
Hydrogen promises not just environmental benefits but also economic benefits. The Global Hydrogen Council estimates that 30 million additional jobs would be created by 2050. If hydrogen takes off as an energy source globally and can provide up to 18% of the world's energy needs, the application of hydrogen technology is estimated to produce yearly earnings in the order of US$ 2,000 Bn.
Restraints of Global Hydrogen Trucks Market
Insufficient government policies in developing countries and a lack of essential infrastructure are major factors hampering the global hydrogen truck market
Cost, performance, and durability are still key challenges in the fuel cell industry and are posing challenges to the hydrogen truck market
Opportunities in Global Hydrogen Trucks Market
The U.S. Department of Energy (DOE) is working hand-in-hand with its national laboratories, universities, and industry partners to surmount critical technical barriers in the development of hydrogen fuel cell technology. Infrastructure development can help ensure a rapid increase in adoption of hydrogen trucking in Phase 2. It is expected that a capital subsidy for both vehicles and the required supporting infrastructure would be required as in Phase 1 market.
The hydrogen fuel cell is expected to play a complementary role to renewables. Increase in investments in R&D should continue to improve the durability of certain components, e.g., hydrogen blower. Identification of business models or niche markets for early deployment is likely to provide an opportunity for new entrants.
Regional Outlook of Global Hydrogen Trucks Market
North America is expected to lead the global hydrogen truck market followed by Europe. Regional activities, such as the California action plan for trucks and increase in activities in Quebec, are likely to boost the hydrogen truck market in the region. Considering pollution and environmental issues, strong emphasis on use of hydrogen vehicles owing to its long freight transportation requirements is estimated to drive the market in these regions. Furthermore, soaring demand for transportation and government’s aim to cut-off emissions by 55% in commercial transport have prompted them to support and establish policies regarding the development and establishment of hydrogen-based infrastructure. H2 strategies, such as plans in Germany and regional H2 supply networks, are estimated to drive the market in Europe. Strong political and industrial support in East Asia (Japan, South Korea) is expected to propel the hydrogen truck market in Asia.
Some of the prominent players in the Hydrogen Trucks 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 Hydrogen Trucks market.
By Product
By Application
By Range
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 Hydrogen Trucks Market
5.1. COVID-19 Landscape: Hydrogen Trucks 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 Hydrogen Trucks Market, By January
8.1. Hydrogen Trucks Market, by January, 2022-2032
8.1.1 Heavy Duty trucks
8.1.1.1. Market Revenue and Forecast (2022-2032)
8.1.2. Medium Duty Trucks
8.1.2.1. Market Revenue and Forecast (2022-2032)
8.1.3. Small Duty Trucks
8.1.3.1. Market Revenue and Forecast (2022-2032)
Chapter 9. Global Hydrogen Trucks Market, By Application
9.1. Hydrogen Trucks Market, by Application, 2022-2032
9.1.1. Logistics
9.1.1.1. Market Revenue and Forecast (2022-2032)
9.1.2. Municipal
9.1.2.1. Market Revenue and Forecast (2022-2032)
Chapter 10. Global Hydrogen Trucks Market, By Range
10.1. Hydrogen Trucks Market, by Range, 2022-2032
10.1.1. Above 400 Km
10.1.1.1. Market Revenue and Forecast (2022-2032)
10.1.2. Below 400 Km
10.1.2.1. Market Revenue and Forecast (2022-2032)
Chapter 11. Global Hydrogen Trucks Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by January (2022-2032)
11.1.2. Market Revenue and Forecast, by Application (2022-2032)
11.1.3. Market Revenue and Forecast, by Range (2022-2032)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by January (2022-2032)
11.1.4.2. Market Revenue and Forecast, by Application (2022-2032)
11.1.4.3. Market Revenue and Forecast, by Range (2022-2032)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by January (2022-2032)
11.1.5.2. Market Revenue and Forecast, by Application (2022-2032)
11.1.5.3. Market Revenue and Forecast, by Range (2022-2032)
11.2. Europe
11.2.1. Market Revenue and Forecast, by January (2022-2032)
11.2.2. Market Revenue and Forecast, by Application (2022-2032)
11.2.3. Market Revenue and Forecast, by Range (2022-2032)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by January (2022-2032)
11.2.4.2. Market Revenue and Forecast, by Application (2022-2032)
11.2.4.3. Market Revenue and Forecast, by Range (2022-2032)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by January (2022-2032)
11.2.5.2. Market Revenue and Forecast, by Application (2022-2032)
11.2.5.3. Market Revenue and Forecast, by Range (2022-2032)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by January (2022-2032)
11.2.6.2. Market Revenue and Forecast, by Application (2022-2032)
11.2.6.3. Market Revenue and Forecast, by Range (2022-2032)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by January (2022-2032)
11.2.7.2. Market Revenue and Forecast, by Application (2022-2032)
11.2.7.3. Market Revenue and Forecast, by Range (2022-2032)
11.3. APAC
11.3.1. Market Revenue and Forecast, by January (2022-2032)
11.3.2. Market Revenue and Forecast, by Application (2022-2032)
11.3.3. Market Revenue and Forecast, by Range (2022-2032)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by January (2022-2032)
11.3.4.2. Market Revenue and Forecast, by Application (2022-2032)
11.3.4.3. Market Revenue and Forecast, by Range (2022-2032)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by January (2022-2032)
11.3.5.2. Market Revenue and Forecast, by Application (2022-2032)
11.3.5.3. Market Revenue and Forecast, by Range (2022-2032)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by January (2022-2032)
11.3.6.2. Market Revenue and Forecast, by Application (2022-2032)
11.3.6.3. Market Revenue and Forecast, by Range (2022-2032)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by January (2022-2032)
11.3.7.2. Market Revenue and Forecast, by Application (2022-2032)
11.3.7.3. Market Revenue and Forecast, by Range (2022-2032)
11.4. MEA
11.4.1. Market Revenue and Forecast, by January (2022-2032)
11.4.2. Market Revenue and Forecast, by Application (2022-2032)
11.4.3. Market Revenue and Forecast, by Range (2022-2032)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by January (2022-2032)
11.4.4.2. Market Revenue and Forecast, by Application (2022-2032)
11.4.4.3. Market Revenue and Forecast, by Range (2022-2032)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by January (2022-2032)
11.4.5.2. Market Revenue and Forecast, by Application (2022-2032)
11.4.5.3. Market Revenue and Forecast, by Range (2022-2032)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by January (2022-2032)
11.4.6.2. Market Revenue and Forecast, by Application (2022-2032)
11.4.6.3. Market Revenue and Forecast, by Range (2022-2032)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by January (2022-2032)
11.4.7.2. Market Revenue and Forecast, by Application (2022-2032)
11.4.7.3. Market Revenue and Forecast, by Range (2022-2032)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by January (2022-2032)
11.5.2. Market Revenue and Forecast, by Application (2022-2032)
11.5.3. Market Revenue and Forecast, by Range (2022-2032)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by January (2022-2032)
11.5.4.2. Market Revenue and Forecast, by Application (2022-2032)
11.5.4.3. Market Revenue and Forecast, by Range (2022-2032)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by January (2022-2032)
11.5.5.2. Market Revenue and Forecast, by Application (2022-2032)
11.5.5.3. Market Revenue and Forecast, by Range (2022-2032)
Chapter 12. Company Profiles
12.1. Nikola
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Daimler trucks
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Cummins
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Hyzonmotors
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Toyota
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Volvo
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Honda motors
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Hyundai motors
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. SAIC
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. JMCH
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