Press release
Hydrogen Truck Market Anticipated to Hit USD 35,384.62 Million by 2034, Exhibiting a CAGR of 23.6%
The global hydrogen truck market is anticipated to grow significantly, according to the newly published research report by Polaris Market Research. The market was valued at USD 4,287.38 million in 2024 and is projected to grow to USD 35,384.62 million by 2034. This growth signifies a robust compound annual growth rate (CAGR) of 23.6% over the forecast period, 2025-2034.
Market Scenario
Trucks that operate on green hydrogen rather than fossil fuel offer one way to decarbonize transport. Hydrogens trucks will be particularly appropriate over prolonged distances in regions where there is restricted charging framework or time for recharging of batteries. Trucks where the conventional internal combustion engine stays but operates on hydrogen have similar performance and dependability as the diesel trucks, but with the added advantage of net zero emission heavy-duty vehicles.
The hydrogen power combustion engines use high pressure direct injection (HPDI), a technology where a small quantity of ignition fuel is introduced with high pressure to sanction compression ignition prior to hydrogen being added. The benefits of this technology involve high energy efficiency with less fuel intake and increased engine power.
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Market Drivers
Growing Government Incentives: Government stimulus and financing are key drivers for the market growth. For instance, the US Department of Energy grants up to USD 0.2 million for R&D in hydrogen and fuel cell vehicle technologies, electric vehicle (EV) chargers, EV batteries, and biodiesel inventions. Increased investment in the hydrogen infrastructure, such as refueling stations, along with improvements in the accessibility and feasibility of hydrogen-powered trucks, is driving the expansion of the hydrogen truck market.
Technological Progressions: Progression in hydrogen fuel cell technology is playing an important part in the rising market demand. Ongoing inventions are improving the efficacy of fuel cells, permitting hydrogen trucks to have prolonged ranges and faster refuelling times as compared to previous models.
Major Market Players
The competitive landscape of the market is fragmented. Some of the key players in the market are:
• Daimler Truck AG (Mercedes-Benz Group AG)
• Dongfeng Motor Corporation
• Foton International
• Hyundai Motor Company
• Nikola Corporation
• PACCAR Holding B.V. (DAF)
• Scania
• TRATON GROUP (MAN Truck & Bus SE)
• Volvo Group
• Yutong International Holding Co., Ltd.
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Hydrogen Truck Market Report Highlights
• In terms of vehicle, the heavy-duty trucks segment accounted for the largest market share in 2024 due to the increasing demand for fuel-efficient, long-range transportation solutions for large freight and logistics operations.
• Based on application, the logistics segment accounted for the largest market share in 2024 due to the growing adoption of zero-emission solutions in supply chains to meet sustainability goals and reduce transportation costs.
• In 2024, North America accounted for the largest hydrogen truck market share due to substantial government incentives, advanced hydrogen infrastructure, and high demand for emission-free transport in the region.
• Asia Pacific is expected to witness the highest CAGR over the forecast period due to rapid industrialization, government push for green technologies, and increasing investments in hydrogen infrastructure across key markets.
Market Segments
The hydrogen truck market is segmented into vehicle, fuel cell technology, range, motor power, application, and region.
Based on vehicle, the heavy-duty trucks segment held the largest share of the market in 2024 due to growing demand for long haul hydrogen trucks and high-potential vehicles with lesser emissions.
Based on the application, the logistics and transport segment dominated the market in 2024 due to the growing requirement for cleaner, more productive transportation alternatives in supply chains.
Hydrogen Truck Market, Vehicle Outlook (Revenue, USD Million, 2020-2034)
• Heavy-Duty Trucks
• Medium-Duty Trucks
• Small-Duty Trucks
Hydrogen Truck Market, Fuel Cell Technology Outlook (Revenue, USD Million, 2020-2034)
• PEMFC
• SOFC
Hydrogen Truck Market, Range Outlook (Revenue, USD Million, 2020-2034)
• Upto 300 miles
• 300-500 miles
• Above 500 miles
Hydrogen Truck Market, Motor Power Outlook (Revenue, USD Million, 2020-2034)
• Upto 200 Kw
• 200-400 Kw
• Above 400 Kw
Hydrogen Truck Market, Application Outlook (Revenue, USD Million, 2020-2034)
• Logistics and Transport
• Municipal
• Construction
• Others
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Regional Analysis
• North America
o US
o Canada
• Europe
o Germany
o France
o UK
o Italy
o Spain
o Netherlands
o Russia
o Rest of Europe
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About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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