Hydrogen Truck Market to Reach US$ 25.8 Bn by 2032, Growing at 29.5% CAGR | Persistence Market Research

The global hydrogen truck market is witnessing a significant shift as governments and industries focus on decarbonizing heavy transport. According to Persistence Market Research, the market is projected to grow from US$ 4.2 Bn in 2025 to US$ 25.8 Bn by 2032, reflecting a robust CAGR of 29.5% during the forecast period. This growth is driven by advancements in hydrogen fuel cell technology, rising adoption of zero-emission transport, and increasing investments in hydrogen refueling infrastructure. The demand for hydrogen-powered trucks is particularly strong in logistics, mining, and long-haul applications where battery-electric vehicles face range and charging limitations.

Hydrogen trucks are rapidly gaining acceptance due to their ability to provide longer driving ranges and faster refueling compared to battery electric trucks. The leading segment in the market is projected to be heavy-duty hydrogen trucks, as they cater to long-haul transport needs where efficiency and uptime are critical. Geographically, Europe is expected to lead the market during the forecast period, supported by strict emission reduction policies, heavy investments in hydrogen corridors, and regional initiatives such as the European Hydrogen Backbone project. North America and Asia-Pacific will also see significant growth due to government incentives and private sector commitments toward clean mobility.

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Key Highlights from the Report

➤ The global hydrogen truck market will expand from US$ 4.2 Bn in 2025 to US$ 25.8 Bn by 2032.
➤ The market is forecast to register a CAGR of 29.5% from 2025 to 2032.
➤ Heavy-duty hydrogen trucks will emerge as the leading product segment due to long-range efficiency.
➤ Europe is anticipated to dominate the market owing to strong policy support and infrastructure growth.
➤ Logistics and long-haul transport sectors will be major demand drivers for hydrogen trucks.
➤ Increasing investments in hydrogen production and refueling stations will accelerate adoption globally.

Market Segmentation

The hydrogen truck market can be segmented by product type, with light-duty, medium-duty, and heavy-duty trucks forming the key categories. Among these, heavy-duty trucks are anticipated to dominate due to their suitability for long-haul and freight transport. Light-duty hydrogen trucks, while still at a nascent stage, are gradually gaining traction for urban logistics where zero-emission requirements are becoming stricter. Medium-duty trucks serve a critical role in regional distribution and are expected to expand in adoption as fleets seek greener alternatives for urban-to-suburban deliveries. The balance across these categories reflects how hydrogen mobility solutions are addressing diverse industry requirements.

Segmentation by end-use highlights commercial fleet operators, logistics companies, and municipal applications as primary demand centers. Logistics and e-commerce growth are boosting adoption of hydrogen-powered fleets for regional and cross-border transportation. Municipalities, particularly in regions with net-zero targets, are integrating hydrogen trucks into waste management and public service fleets. Industrial operations in mining and construction are also increasingly looking at hydrogen solutions due to their operational flexibility and high energy demands. This segmentation underscores how hydrogen trucks are not limited to one sector but are addressing needs across multiple domains.

Regional Insights

Europe is emerging as the frontrunner in the global hydrogen truck market. Strong policy frameworks, including the European Union's climate targets and investments in hydrogen corridors, are fueling adoption across major economies such as Germany, France, and the Netherlands. Regional collaboration on hydrogen infrastructure is making cross-border hydrogen transport viable, further boosting demand. Fleet electrification commitments by European logistics companies are also expected to accelerate uptake during the forecast period.

In contrast, Asia-Pacific is experiencing rapid development in hydrogen truck adoption, led by countries such as China, Japan, and South Korea. Government-backed hydrogen strategies, large-scale hydrogen production projects, and strong automotive industry investments are ensuring significant progress in this region. North America, especially the United States, is also gaining momentum due to state-level incentives, California's hydrogen policies, and growing partnerships between OEMs and clean energy providers.

Market Drivers

One of the strongest drivers of the hydrogen truck market is the global push toward zero-emission transportation. Governments across the world are implementing stringent emission regulations, carbon neutrality goals, and incentives to accelerate adoption of clean mobility. Hydrogen trucks are gaining preference in heavy-duty transport where battery-electric alternatives face challenges with range, weight, and long charging times. Their ability to refuel quickly and travel long distances makes them highly suitable for freight and logistics applications.

Growing investments in hydrogen production and refueling infrastructure are further fueling demand. Both public and private sectors are channeling funds into creating a reliable hydrogen ecosystem. Initiatives such as Europe's Hydrogen Backbone and the U.S. Department of Energy's Hydrogen Shot are paving the way for cost reductions and improved supply chain availability. These developments, coupled with declining costs of fuel cells and hydrogen storage systems, are making hydrogen trucks more commercially viable.

The rising participation of OEMs and logistics giants is another driver for the market. Companies such as Toyota, Hyundai, Daimler, and Nikola are already advancing product portfolios, while logistics firms are committing to hydrogen fleets. Strategic collaborations, pilot projects, and pre-orders from major companies are translating into stronger commercialization prospects. This synergy between automotive manufacturers and end-users is accelerating hydrogen truck market penetration globally.

Market Restraints

Despite promising growth, the hydrogen truck market faces significant challenges. One of the biggest hurdles is the lack of sufficient hydrogen refueling infrastructure, particularly in emerging economies. Building a nationwide or cross-border hydrogen network requires massive investments, coordination among stakeholders, and time, slowing the pace of adoption in certain regions.

High production and operational costs of hydrogen trucks also act as a restraint. Although costs are expected to decline with economies of scale and technology advancements, current fuel cell systems, hydrogen tanks, and refueling stations remain expensive compared to conventional and electric alternatives. This makes initial fleet investments higher, limiting adoption among cost-sensitive operators.

Another restraint lies in hydrogen production itself. Currently, a large portion of hydrogen is produced through fossil fuels, which undermines its green credentials. Transitioning to green hydrogen produced through renewable energy sources will require large-scale investments and capacity expansions. Until green hydrogen becomes widely available and cost-competitive, market adoption could remain constrained.

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Market Opportunities

While restraints exist, the hydrogen truck market presents ample opportunities for growth. A major opportunity lies in the expansion of green hydrogen production, supported by falling renewable energy costs and global decarbonization targets. Countries investing heavily in solar, wind, and electrolysis technologies will be able to scale up green hydrogen production, making fuel more accessible and affordable for transportation.

Another key opportunity is the rising interest from logistics and freight operators. With sustainability commitments becoming central to corporate strategies, many companies are prioritizing hydrogen-powered fleets for long-haul operations. Partnerships between hydrogen producers, fuel cell manufacturers, and logistics companies will drive demand and expand commercial use cases.

Furthermore, government-led hydrogen roadmaps are creating favorable conditions for rapid adoption. Policies that provide subsidies, tax incentives, and carbon credits for hydrogen-powered vehicles will not only attract investments but also reduce the payback period for operators. Pilot projects in mining, construction, and waste management sectors provide further opportunities for scaling applications beyond logistics, diversifying market revenue streams.

Frequently Asked Questions (FAQs)

➤ How Big is the Hydrogen Truck Market in 2025 and 2032?
➤ Who are the Key Players in the Global Hydrogen Truck Market?
➤ What is the Projected Growth Rate of the Hydrogen Truck Market?
➤ What is the Market Forecast for Hydrogen Trucks by 2032?
➤ Which Region is Estimated to Dominate the Hydrogen Truck Industry through the Forecast Period?

Company Insights

Key players operating in the global hydrogen truck market include:

• Hyundai Motor Company
• Nikola Corporation
• Daimler Truck AG (Mercedes-Benz Group AG)
• Volvo Group
• TRATON GROUP (MAN Truck & Bus SE)
• Scania
• PACCAR Holding B.V. (DAF)
• Dongfeng Motor Corporation
• Foton International
• Yutong International Holding Co., Ltd

Recent Developments

• Daimler Truck AG and Volvo Group expanded their fuel cell joint venture to accelerate commercialization of hydrogen-powered heavy-duty vehicles across Europe.
• Hyundai Motor Company launched an upgraded version of its XCIENT Fuel Cell truck with improved range and performance for European and Asian markets.

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