Hydrogen Truck Market Size worth $10.8 billion in 2035, at a CAGR of 16.9%

Hydrogen Truck Market by Vehicle Type, Fuel Cell Technology, Motor Power(Upto 200 Kw, 200-400 Kw, Above 400 Kw), Range( Upto 300 miles, 300-500 miles, Above 500 miles), Tank Size, Type of Hydrogen Tank, and Region - Global Forecast to 2035
The global hydrogen truck market [https://www.marketsandmarkets.com/Market-Reports/hydrogen-truck-market-228367585.html?utm_source=abnewswire.com&utm_medium=referral&utm_campaign=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%.

Hydrogen Truck market is growing due to expansion in hydrogen refueling infrastructure and advancements in fuel cell technology, R&D in 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.

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 refueling 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.

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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 Hydrogene Mobilite" 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.

Key Players

The major players in the hydrogen bus and truck market include 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). These companies offer hydrogen buses and trucks and have strong global distribution networks and are focussing on developing long-range vehicles. For instance, in May 2023, Hyundai Motor launched the commercialized XCIENT Fuel Cell tractor for the North American market at the ACT Expo. The Tractor, which includes a 6x4 configuration with two 90 kW hydrogen fuel cell systems, a 350 kW e-motor, and a driving range of more than 450 miles per charge. Companies are also actively collaborating and partnering with other hydrogen infrastructure providers and OEMs, to expand its global presence and enhance hydrogen technology integration. For instance, in July 2024, Foton International and DEC Hydrogen signed a deal to develop and market hydrogen fuel cell trucks, focusing on the Beijing-Tianjin-Hebei region and Sichuan province. They will also set up joint R&D centers to advance hydrogen commercial vehicles and technology.

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