Hydrogen Trucks Market Size to Hit $62.45 Billion, Globally, by 2031 Growing at 43.5% CAGR: Exclusive Report by Coherent Market Insights
Burlingame, Oct. 16, 2024 (GLOBE NEWSWIRE) -- The global Hydrogen Trucks Market, valued at 4.98 billion dollars in 2024, is on a trajectory of rapid expansion, with projections indicating it will soar to 62.45 billion dollars by 2031, as per a recent report by Coherent Market Insights. Increasing investments by leading automakers in fuel cell and hydrogen refueling station technologies are also contributing to the market growth. Growing environmental concerns around reducing carbon footprint from diesel trucks are further fueling the demand for clean fuel alternatives like hydrogen trucks. Stringent emission regulations on commercial vehicles will further drive their adoption.
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Market Dynamics
The growth of the hydrogen trucks market is majorly driven by the growing demand for clean fuel vehicles. Hydrogen fuel cell vehicles generate electricity to power an electric motor and the only emission is water. Thus, hydrogen trucks help reduce carbon emissions significantly. Furthermore, various government policies and initiatives promoting adoption of zero-emission vehicles are also boosting the hydrogen trucks market growth. For instance, California aims to have a hydrogen refueling network along major highway routes by 2025. Moreover, rapid technological advancements in fuel cell systems are making hydrogen trucks more efficient and cost-effective compared to traditional diesel trucks.
Market Trends
Heavy-duty trucks are gradually shifting towards hydrogen due to their long range and quick refueling capabilities. Leading heavy-duty truck manufacturers such as Toyota, Kenworth, Hyundai are launching hydrogen-powered Class 8 trucks for heavy-haul transportation and logistics applications. Furthermore, the trend of hydrogen infrastructure development is gaining momentum. Large companies such as Shell, Air Liquide, and Iwatani are making investments in building hydrogen refueling stations along freight corridors, which will encourage the adoption of hydrogen trucks. The development of green hydrogen production using renewable energy is another emerging trend, which will help decarbonize the transportation industry and meet sustainability goals of corporates and cities.
Hydrogen Trucks Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $4.98 billion |
| Estimated Value by 2031 | $62.45 billion |
| Growth Rate | Poised to grow at a CAGR of 43.5% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, By Tonnage, By Application |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Rising concerns over environmental impacts of transportation • Rising demand for clean freight transportation |
| Restraints & Challenges | • High investment and infrastructure costs • Limited hydrogen refueling infrastructure |
The heavy commercial vehicles segment including buses, trucks and heavy machinery have traditionally relied on diesel engines. However, with stringent emission norms and push for adopting cleaner fuels, many OEMs are now developing hydrogen fueled engines and fuel cells for these heavy duty applications. The zero emission properties and high energy density of hydrogen makes it well suited for applications requiring high power output and long operating hours like long haul trucks, buses etc. Many countries are also providing purchase incentives and setting up hydrogen refueling infrastructure to encourage the uptake of hydrogen trucks and buses.
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Reliable and emissions-free power generation is a major requirement of the power sector worldwide. Hydrogen can effectively meet this demand. It can be used in fuel cells or internal combustion engines for decentralized power generation especially in off-grid locations. It also allows for energy storage at large scale. Many utility companies and independent power producers are investing in hydrogen powered generators to supplement intermittent renewable energy and provide backup during emergencies. They help eliminate reliance on diesel while meeting the strict emission norms.
Key Market Takeaways
The global hydrogen trucks market is anticipated to witness a CAGR of 43.5% during the forecast period 2024-2031, owing to growing environmental regulations and push for decarbonization of transportation and power sectors.
On the basis of engine type, reciprocating engines segment is expected to hold a dominant position over the forecast period, owing to their higher power output and efficiency compared to rotary engines.
On the basis of power output, less than 500 KW segment is expected to hold the largest share due to widespread application in light commercial vehicles, buses and stationary power generators.
By application, power generation segment will see highest growth driven by increasing use of hydrogen powered generators for reliable off-grid and backup power supply.
Regionally, North America is expected to dominate the global market during the forecast period due to supportive government policies and heavy investments by key players for development of hydrogen infrastructure in the region.
Key players operating in the global hydrogen trucks market include AGCO Corporation, Ballard Power Systems Inc. BMW Group, Caterpillar Incorporated, Cummins Inc., Ford Motor Company, General Motors Company, Honda Motor Co., Ltd., JCB, Jaguar Land Rover Automotive Plc., Mazda Motor Corporation, and MAN Energy Solutions among others. The market is anticipated to witness increasing competition between these players to capitalize on the growing demand,
Hydrogen Trucks Industry News
In April 2021, Toyota Motor Corporation, announced the development of a hydrogen combustions engine specifically designed for sports cars.
In April 2021, Alstom, strengthened its hydrogen capabilities by acquiring Helion Hydrogen Power.
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Detailed Segmentation:
By Product Type
- Fuel Cell Electric Trucks
- Hydrogen Internal Combustion Engine Trucks
By Tonnage
- Light-Duty Hydrogen Trucks (< 7.5 tons)
- Medium-Duty Hydrogen Trucks (7.5 - 16 tons)
- Heavy-Duty Hydrogen Trucks (16 tons)
By Application
- Long-Haul Transportation
- Last-Mile Delivery
- Refuse Collection
- Others (Mining, Construction, etc.)
By Region
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
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