Rapid Expansion of Global Hydrogen Trucks Market: Driving Forces and Key Market Takeaways
Key Ideas
  • The hydrogen trucks market is projected to increase from 4.98 billion dollars in 2024 to 62.45 billion dollars by 2031, driven by environmental concerns and government initiatives for clean fuel vehicles.
  • Heavy-duty truck manufacturers like Toyota and Hyundai are launching hydrogen-powered Class 8 trucks, with a shift towards hydrogen due to range and refueling capabilities.
  • Development of hydrogen infrastructure by companies like Shell and Air Liquide along freight corridors is encouraging the adoption of hydrogen trucks and buses.
  • Hydrogen is increasingly being used for power generation in off-grid locations, providing reliable and emissions-free energy, supplementing renewable sources and meeting strict emission norms.
The global Hydrogen Trucks Market, valued at 4.98 billion dollars in 2024, is predicted to reach 62.45 billion dollars by 2031, according to Coherent Market Insights. The market growth is attributed to the demand for clean fuel vehicles and the reduction of carbon emissions from diesel trucks. Leading automakers investing in fuel cell and hydrogen refueling station technologies contribute to this growth. The article highlights the shift of heavy-duty trucks towards hydrogen for long range and quick refueling capabilities. Companies like Toyota, Kenworth, and Hyundai are launching hydrogen-powered Class 8 trucks, and investments in hydrogen refueling stations by Shell and Air Liquide are promoting the adoption of hydrogen trucks. The development of green hydrogen production using renewable energy is also on the rise, aiding in decarbonizing the transportation industry. The article emphasizes the benefits of hydrogen in power generation, especially in off-grid locations, providing reliable and emissions-free energy while meeting strict emission norms. Key market takeaways include the anticipated CAGR of 43.5% for the hydrogen trucks market, with the reciprocating engines segment expected to dominate due to higher power output. North America is projected to lead the market, driven by supportive government policies and heavy investments in hydrogen infrastructure. Key players in the market include AGCO Corporation, Ballard Power Systems, BMW Group, and Honda Motor Co., among others. Overall, the sentiment towards hydrogen in the article is positive, focusing on its role in reducing carbon emissions, driving market growth, and meeting environmental goals.
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