Rapid Growth Forecasted for Hydrogen Truck Market by 2035
Key Ideas
  • Hydrogen Truck Market is projected to grow from USD 1.9 billion in 2024 to USD 10.8 billion in 2035, with a CAGR of 16.9% due to the expansion in hydrogen refueling infrastructure and advancements in fuel cell technology.
  • Heavy-duty trucks powered by hydrogen fuel cells are seen as the best alternative to diesel for long-haul transport, with the Asia-Pacific region leading the global adoption, especially in China and Japan.
  • Type IV hydrogen tanks, known for their lightweight design and durability, are estimated to dominate the market, with OEMs like HYZON Motors and Hyundai Motor Company collaborating with Type IV tank providers for their vehicles.
  • Europe is expected to be the fastest-growing segment in the hydrogen truck market by 2035, with Germany leading the way in adoption, investment in green hydrogen infrastructure, and development of hydrogen vehicles.
The Hydrogen Truck Market is anticipated to experience substantial growth from USD 1.9 billion in 2024 to USD 10.8 billion in 2035, with a notable CAGR of 16.9%. Factors driving this surge include the expansion of hydrogen refueling infrastructure, advancements in fuel cell technology, R&D in liquid hydrogen technology, and increasing consumer interest in zero-emission vehicles. The integration of hydrogen technology in trucks and buses by major OEMs and technology providers is also playing a significant role in boosting the adoption of hydrogen-powered vehicles. Heavy-duty trucks utilizing hydrogen fuel cells are being recognized as a preferable alternative to diesel for long-haul transportation, offering similar range and refueling times. The Asia-Pacific region, particularly China and Japan, stands out in the global hydrogen truck segment, with China leading through government subsidies and deployment of hydrogen-powered trucks. In Europe, leading OEMs like Solaris and Daimler Truck AG are increasing their focus on hydrogen-powered vehicles, with Solaris holding a substantial market share. Type IV hydrogen tanks are poised to dominate the market due to their lightweight design and durability, with OEMs like HYZON Motors and Hyundai Motor Company partnering with Type IV tank providers to equip their vehicles. Europe is expected to witness rapid growth in the hydrogen truck market, propelled by Germany's leadership in hydrogen vehicle adoption and infrastructure development. Countries like France, Italy, and the UK are also actively promoting zero-emission vehicles and building hydrogen refueling infrastructure for a sustainable future.
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