Hydrogen Trucks Market Size to Cross USD 118.1 Bn by 2032

Published Date : 17 May 2024

The global hydrogen trucks market size surpassed USD 5.23 billion in 2023 and is estimated to cross around USD 118.1 billion by 2032, poised to grow at a CAGR of 41.38% from 2023 to 2032.

Hydrogen Trucks Market Size and Growth rate From 2023 to 2032

The hydrogen trucks market is likely to expand in the upcoming years with rising investment from vehicle manufacturers and commercial fleets in hydrogen-powered trucks across the globe. Alongside this, the technological advancement in hydrogen cells to mitigate C02 emissions is observed to fuel the market’s expansion.

Market Overview

The hydrogen trucks market is a subcategory of the automotive industry involved in the production, commercialization, and maintenance of trucks that utilize non-traditional energy sources. A hydrogen truck is a heavy-duty vehicle that is powered by an all-electric propulsion system that uses hydrogen fuel cells as its primary energy source. These vehicles are powered by hydrogen fuel cells that do not release exhaust gas or other pollutants that cause emissions. The automotive sector is a major contributor to air pollution due to the partial burning of fossil fuel-powered vehicles. Thus, growing environmental concern promotes the adoption of hydrogen trucks.

Infrastructural development in the hydrogen trucks industry to fuel the market’s growth

The global hydrogen trucks market is likely to grow with the emergence of several technologies. The rising sales of hydrogen fuel cell trucks due to the growth of hydrogen fueling infrastructure are mainly driven by advancements in electrolysis technology that is used to produce hydrogen; in addition, the development of hydrogen storage technology to transport and store hydrogen also impacts the market growth positively.

Advancements in hydrogen fuelling infrastructure have been initiated by partnership programs between private companies, government agencies, and research institutions. For instance, in the U.S.A., the Department of Energy (DOE) partnered with automotive companies such as Honda and General Motors to develop new hydrogen fuel cell vehicles along with the development of hydrogen-filling infrastructure. Also, in Europe, the European Commission (EC) funded several research projects engaged in the research and development of hydrogen fuelling infrastructure. Thus, several partnerships among public entities and private bodies are likely to boost the growth of the hydrogen trucks market.

However, the higher production cost involved in the manufacturing process of hydrogen engines compared to traditional fuel engines is observed to act as a major hindering factor for the market. Hydrogen truck companies are often focused on maximizing their profits, which in turn increases the overall cost of the vehicles, which can be a significant barrier in the market.

Hydrogen Trucks Market Report Scope

Report Coverage Details
Market Revenue in 2023 USD 5.23 Billion
Projected Forecast Revenue by 2032 USD 118.1 Billion
Growth Rate from 2023 to 2032 CAGR of 41.38%
Largest Market North America
Base Year 2022
Forecast Period 2023 to 2032
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Top Companies in the Hydrogen Trucks Market

  • Toyota Motor
  • Plug Power Inc.
  • SAIC
  • Hyundai Motor Company
  • Cummins Inc.
  • Nikola Corporation
  • IVECO S.p.A
  • Ballard Power Systems
  • Hino Motors, Ltd
  • Scania

Recent Development by Hyundai Motor Company

  • In May 2024, Hyundai Motor Company launched a Class 8 hydrogen-powered fuel cell electric truck under the NorCAL ZERO Project. This launch aimed at utilizing hydrogen fuel cell technology to facilitate zero-emission freight transportation in the areas of California’s Central Valley and the San Francisco Bay.

Recent Development by Ballard Power Systems

  • In November 2023, Ballard Power Systems and Hexagon Purus worked together. The creation of Class 6 and 7 fuel-cell electric trucks was the goal of this partnership. This vehicle is propelled by Ballard's fuel cell module and hydrogen storage technologies in addition to Hexagon Purus' turnkey electric powertrain. Compared to traditional trucks, this innovative vehicle will have a range of more than 400 miles and require less time to refuel.

Regional Insights

Asia Pacific is estimated to be the fastest-growing region during the forecast period. The governments of countries such as Japan, Korea, India, and China are engaged in launching initiatives to support hydrogen fuel in trucks and buses, along with the development of hydrogen refueling stations that are likely to boost the market growth in this region.

  • For instance, in February 2024, the government of India launched a pilot project for using hydrogen trucks and buses. This project will be implemented by the Ministry of Road Transport and Highways (MoRTH) and other nominated agencies and has a total budget of Rs 4.96 billion up to the financial year 2025-26. The market is also driven by numerous product launches and other strategies by several market players operating in the industry.
  • For instance, in October 2023, Isuzu and Honda Motors launched their co-developed hydrogen cell heavy-duty truck at the Japan Mobility Show 2023. This truck was named the 'Giga Fuel Cell' with 56kg hydrogen capacity and is powered by a lithium-ion battery pack and 103kW (x4) solid polymer fuel-cell stacks manufactured by Honda.

North America dominated the global hydrogen trucks market in 2023. The market is mainly driven by the rising demand for hydrogen trucks from the logistics sector. Also, the presence of market players such as Cummins Plug, Power Inc., and others has also driven the growth of the market. Moreover, several product launches, joint ventures, and business expansions by market players are also driving the growth of the market. The U.S. has shown notable growth in the market within North America. It is simple to blame the increase in demand for hydrogen trucks on modern technology and growing public awareness of carbon emissions. Additionally, in order to improve their market position, a number of truck manufacturers are implementing partnerships and alliances. Also, the rising trend of captive trucking in mining and ports in the U.S., along with the growing demand for heavy machinery in the forestry sectors and construction, creates growth opportunities for hydrogen vehicles in the upcoming years. FCEVs are also estimated to contribute up to 10 % of commercial fleets and truck sales in 2030 and 35 % by 2050.

  • For instance, in February 2024, Hyzon Motors joined hands with New Way trucks. This joint venture aimed to develop a fuel cell-powered vehicle for the North American region.
  • According to a study on the Road map to the USA's Hydrogen economy, 8 million FCEVs will be sold in 2050. These FCEVs consist of 7 million light-duty passenger vehicles, ½ million trucks, and 100,000 material-handling vehicles. Thus, FCEVs would help in reducing carbon emissions by 30%.

Market Potential and Growth Opportunity

New technologies in hydrogen-fuel cells

The automotive industry has changed rapidly in recent times. Due to advancements in science and technologies in the automobile sector, automotive companies have started investing in the development of emission-free vehicle engines to lower pollution levels and provide higher efficiency than traditional engines. The use of hybrid engines is increasing rapidly, and people tend to adapt to electric and hydrogen-based engines in vehicles. The development of technologies such as Proton Exchange Membrane (PEM) and Electrochemical–Thermally Activated Cycle (E-TAC) in hydrogen fuel cells is expected to create growth opportunities in the future.

Hydrogen Trucks Market News

  • In March 2024, Cummins joined hands with Tata Motors. This joint venture aimed at designing and developing commercial vehicles with zero-emission propulsion technology solutions in India.
  • In February 2024, Nikola Corporation announced the launch of a hydrogen refuelling station. This launch was done in southern California and aimed at providing fast filling of hydrogen in hydrogen trucks and cars.
  • In May 2023, Toyota collaborated with VDL Groep. Through this collaboration, Toyota aimed to lessen carbon emissions in European logistics sectors by providing its hydrogen fuel cell technology to VDL Groep’s heavy-duty trucks.

Market Segmentation

By Product

  • Heavy Duty trucks
  • Medium Duty Trucks
  • Small Duty Trucks

By Application

  • Logistics 
  • Municipal

By Range

  • Above 400 Km
  • Below 400 Km

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