Global Hydrogen Truck Market to Surge to USD 171,050 Million by 2034 with a 41.2% CAGR | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
11 min read
Future Market Insights Global and Consulting Pvt. Ltd.
The Asia Pacific hydrogen trucks market is set for rapid growth, driven by advancements in electric and fuel cell truck technologies, increased goods transportation, and strong government support. Focus on zero emissions, reduced noise pollution, and infrastructure development further boosts market expansion.
NEWARK, Del, Oct. 15, 2024 (GLOBE NEWSWIRE) -- According to FMI reports, the global hydrogen truck market is projected to grow by nearly USD 5,429.7 million by 2024, with an impressive CAGR of 41.2% over the forecast period, reaching over USD 171,050 million by 2034.
The key factors that impact the growth of the global market include a surge in environmental concerns, an increase in government initiatives for the development of hydrogen fuel cell infrastructure, the high initial investment in infrastructure, technological advancement, and future potential. The key advantages of hydrogen trucks are that they include technologies such as quick fill-up times like gasoline and a long driving range on a single tank.
Almost all trucks run on diesel engines, and these hard-working trucks deliver food and goods to small stores, retail stores, supermarkets, and distribution centers around the clock, making them the backbone of the industry. By switching to hydrogen, articulated and long-haul trucks can run for more than 1000 km on a single tank, eliminating harmful emissions.
A hydrogen truck is capable of removing all carbon dioxide and harmful pollutants from the atmosphere, which helps in saving the environment. In the forecast period, each of these factors is anticipated to have a significant impact on the hydrogen trucks market.
Hydrogen fuel cell trucks utilize a hydrogen fuel cell to power their onboard electric motor. To generate electricity, a hydrogen fuel cell uses hydrogen. Hydrogen fuel cell trucks can reduce transportation-related emissions significantly. In comparison with vehicles powered by diesel and gasoline, this vehicle emits no greenhouse gases (GHG).
Currently, the market for FCH (fuel cell and hydrogen) technology is in its nascent phase and needs further development before it can reach its full potential. Fuel cell and hydrogen technology are highly promising zero-emission powertrain alternatives for the heavy-duty trucking industry.
"The hydrogen truck market is gaining momentum as industries shift towards cleaner and more sustainable transportation solutions. Hydrogen-powered trucks offer zero emissions and extended driving ranges, making them an attractive alternative to traditional diesel vehicles. With increasing government support and advancements in hydrogen infrastructure, the market is expected to witness strong growth in the coming years."- follows Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
Key Highlights from the Hydrogen Trucks Market Study:
North America leads the hydrogen truck market.
The market is expected to grow at a remarkable CAGR of 41.2%.
The Asia Pacific region is forecasted to see the fastest growth and increased revenue share.
Hydrogen fuel cell forklifts are becoming more popular due to heightened awareness of environmental concerns, government support, and cost-effectiveness.
Market Value CAGR of Hydrogen Truck Market:
Countries
CAGR 2024 to 2034
India
41.50%
France
41.10%
Spain
40.90%
Italy
40.70%
Canada
40.70%
Environmental Concerns are on the Rise
Several technologies are being launched in the market that supports the eco-friendly concept of sustainability due to increased concern about environmental degradation and natural resource depletion.
Moreover, the increase in awareness of the detrimental effects of air pollution and the increasing levels of traffic and greenhouse gas emissions may drive the adoption of hydrogen trucks because they are more eco-friendly than other conventional vehicles.
By 2050, the Global Hydrogen Council estimates that 30 million additional jobs will be created as a result of hydrogen, not only providing environmental benefits but also economic benefits. In the case hydrogen becomes a global energy source and can provide up to 18% of the world's energy needs, the application of hydrogen technology is estimated to generate a yearly income of US$ 2,000 billion.
Prominent Drivers of the Hydrogen Trucks Market:
Environmental Benefits: Hydrogen trucks emit zero carbon dioxide, making them a key solution to reducing air pollution and combating climate change.
Government Initiatives and Policies: Supportive policies and funding for hydrogen fuel cell infrastructure are pushing market growth, particularly in regions committed to reducing emissions.
Technological Advancements: Ongoing research and development in hydrogen fuel cells are improving the efficiency and lowering the costs of these vehicles, making them more attractive.
Growing Demand for Green Transport Solutions: Rising awareness of climate change and air quality issues is driving demand for cleaner, more sustainable transportation options, including hydrogen-powered trucks.
Fuel-efficient, High-performance, and Low-emission Vehicles are in High Demand
As a fossil fuel, gasoline is not a renewable source of energy and is expected to be exhausted shortly. It is crucial to develop and use alternative sources of fuel to support sustainable development. A hydrogen fuel cell vehicle, or electric vehicle, does not use gasoline and is more economical than a conventional vehicle.
In contrast, gas-powered vehicles only manage to convert about 17% to 21% of the energy stored in gasoline to power the wheels. Electric vehicles convert over 50% of the electricity from the grid to power at the wheels.
Vehicles powered by hydrogen fuel cells are more efficient than vehicles powered by internal combustion engines and hybrid vehicles, with an efficiency rating of 60-70%. Increasing petrol and diesel prices have increased the demand for fuel-efficient vehicles.
Companies have also become more inclined to gain maximum profit from fossil fuel reserves as a result of depleting fossil fuel reserves. As a result, these factors spur demand for advanced fuel-efficiency technologies, such as hydrogen trucks.
Challenges Faced by Hydrogen Trucks Market:
High Initial Investment: The cost of building hydrogen fuel cell infrastructure, including refueling stations, remains a major barrier to widespread adoption.
Limited Refueling Infrastructure: A lack of hydrogen refueling stations globally limits the convenience and scalability of hydrogen trucks.
Technological and Safety Concerns: Hydrogen fuel cell technology is still evolving, with concerns over safety, durability, and energy efficiency compared to battery-electric vehicles.
Competition from Battery-Electric Vehicles: Hydrogen trucks face competition from battery-electric trucks, which are advancing rapidly in terms of technology, infrastructure, and cost-efficiency.
Regional Outlook of Hydrogen Trucks Market:
North America holds a dominant position in the hydrogen truck market, driven by government incentives, increasing adoption of clean energy solutions, and well-established infrastructure for hydrogen fuel cells.
Asia Pacific is expected to grow at the fastest rate, with countries like China, Japan, and South Korea investing heavily in hydrogen technology and infrastructure to meet emission reduction goals.
Europe is also witnessing significant growth, supported by strong environmental regulations and investments in green mobility initiatives.
Leading Hydrogen Truck Manufacturers
Cellcentric GmbH & Co. KG
Dongfeng Motor Corporation
Esoro AG
Ares Motor Works
Beiqi Foton Motor
H2X Global
Hyundai Motor Company
Hyzon Motors
Jaguar Land Rover Automotive
Kenworth Trucks
Paccar
Nikola Corporation
Renault Trucks
Great Wall Motor Company Ltd.
Grove Hydrogen Automotive
Stellantis N.V.
Toyota
Transpower
US Hybrid Inc.
Volkswagen/Scania
XCMG Group
Xiamen King Long International Trading Co., Ltd.
Ballard Power Systems
Daimler Trucks
Volvo
Honda Motors
BMW
ITM Power
Linde plc
Nel Hydrogen
Plug Power Inc.
Key Segments of Market Report
By Vehicle:
In terms of vehicles, the industry is segregated into heavy-duty trucks, medium-duty trucks, and small-duty trucks.
By Range:
Above 400 Km and below 400 Km are the two ranges available worldwide.
By Hydrogen Tank Type:
Type III and Type IV are the two Types available worldwide.
By Application:
Logistics and municipal are the two key applications.
By Region:
The market is spread across North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, the Middle East and Africa, and Oceania.
German translation
Berichten von FMI zufolge wird der globale Markt für Wasserstoff-Lkw bis 2024 voraussichtlich um fast 5.429,7 Millionen US-Dollar wachsen , mit einer beeindruckenden durchschnittlichen jährlichen Wachstumsrate von 41,2 % über den Prognosezeitraum, und bis 2034 einen Wert von über 171.050 Millionen US-Dollar erreichen .
Dieses Wachstum wird von mehreren Schlüsselfaktoren vorangetrieben, darunter die Fähigkeit von Wasserstoff-LKWs, Kohlendioxid und Schadstoffe zu eliminieren und so zum Umweltschutz beizutragen. Neben den Umweltvorteilen wird der Markt von staatlichen Initiativen zur Förderung der Wasserstoff-Brennstoffzellen-Infrastruktur, den erforderlichen hohen Anfangsinvestitionen, technologischen Fortschritten und dem Zukunftspotenzial dieser Technologie beeinflusst.
Angesichts des zunehmenden Bewusstseins für Luftverschmutzung, Verkehr und Treibhausgasemissionen ist zu erwarten, dass Wasserstoff-Lkw an Popularität gewinnen werden, da sie umweltfreundlicher als herkömmliche Fahrzeuge sind.
Wichtige Highlights der Marktstudie zu Wasserstoff-LKWs:
Nordamerika ist Marktführer auf dem Markt für Wasserstoff-Lkw.
Es wird erwartet, dass der Markt mit einer bemerkenswerten durchschnittlichen jährlichen Wachstumsrate von 41,2% wächst.
Für die Region Asien-Pazifik werden das stärkste Wachstum und der größte Umsatzanteil prognostiziert.
Aufgrund des gestiegenen Umweltbewusstseins, staatlicher Förderung und Kosteneffizienz erfreuen sich Gabelstapler mit Wasserstoff-Brennstoffzellen immer größerer Beliebtheit.
„Der Markt für Wasserstoff-Lkw gewinnt an Dynamik, da die Industrie auf sauberere und nachhaltigere Transportlösungen umsteigt. Wasserstoffbetriebene Lkw bieten null Emissionen und längere Reichweiten, was sie zu einer attraktiven Alternative zu herkömmlichen Dieselfahrzeugen macht. Angesichts der zunehmenden staatlichen Unterstützung und der Fortschritte bei der Wasserstoffinfrastruktur wird erwartet, dass der Markt in den kommenden Jahren ein starkes Wachstum verzeichnen wird.“
Wichtige Treiber des Wasserstoff-LKW-Marktes:
Vorteile für die Umwelt : Wasserstoff-Lkw stoßen kein Kohlendioxid aus und sind daher eine wichtige Lösung zur Reduzierung der Luftverschmutzung und zur Bekämpfung des Klimawandels.
Regierungsinitiativen und -richtlinien : Unterstützende Richtlinien und Finanzmittel für die Infrastruktur für Wasserstoff-Brennstoffzellen treiben das Marktwachstum voran, insbesondere in Regionen, die sich zur Emissionsreduzierung verpflichtet haben.
Technologischer Fortschritt : Laufende Forschung und Entwicklung im Bereich Wasserstoff-Brennstoffzellen verbessern die Effizienz und senken die Kosten dieser Fahrzeuge, was sie attraktiver macht.
Wachsende Nachfrage nach umweltfreundlichen Transportlösungen : Das zunehmende Bewusstsein für den Klimawandel und die Luftqualität führt zu einer Nachfrage nach saubereren, nachhaltigeren Transportoptionen, darunter auch wasserstoffbetriebene Lkw.
Herausforderungen für den Markt für Wasserstoff-LKW:
Hohe Anfangsinvestition : Die Kosten für den Aufbau einer Infrastruktur für Wasserstoff-Brennstoffzellen, einschließlich Tankstellen, bleiben nach wie vor ein großes Hindernis für eine breite Einführung.
Begrenzte Tankinfrastruktur : Der weltweite Mangel an Wasserstofftankstellen schränkt den Komfort und die Skalierbarkeit von Wasserstoff-Lkw ein.
Technologische und sicherheitsbezogene Bedenken : Die Wasserstoff-Brennstoffzellentechnologie befindet sich noch immer in der Entwicklung. Es bestehen Bedenken hinsichtlich Sicherheit, Haltbarkeit und Energieeffizienz im Vergleich zu batteriebetriebenen Elektrofahrzeugen.
Konkurrenz durch batteriebetriebene Elektrofahrzeuge : Wasserstoffbetriebene Lkw stehen in Konkurrenz zu batteriebetriebenen Elektrofahrzeugen, die sich hinsichtlich Technologie, Infrastruktur und Kosteneffizienz rasant weiterentwickeln.
Regionaler Ausblick für den Markt für Wasserstoff-LKW:
Nordamerika nimmt auf dem Markt für Wasserstoff-Lkw eine beherrschende Stellung ein. Grund dafür sind staatliche Anreize, die zunehmende Nutzung sauberer Energielösungen und eine gut ausgebaute Infrastruktur für Wasserstoff-Brennstoffzellen.
Im asiatisch-pazifischen Raum dürfte das stärkste Wachstum zu verzeichnen sein, da hier Länder wie China, Japan und Südkorea massiv in Wasserstofftechnologie und -infrastruktur investieren, um ihre Emissionsreduktionsziele zu erreichen.
Auch in Europa ist ein deutliches Wachstum zu verzeichnen, das durch strenge Umweltschutzbestimmungen und Investitionen in Initiativen für grüne Mobilität unterstützt wird.
Führende Hersteller von Wasserstoff-LKW
Cellcentric GmbH & Co. KG
Dongfeng Motor Corporation
ESORO AG
Ares Motor Works
Beiqi Foton Motor
H2X Global
Hyundai Motor Company
Hyzon Motors
Jaguar Land Rover Automotive
Kenworth LKW
Paccar
Nikola Corporation
Renault Trucks
Great Wall Motor Company Ltd.
Grove Wasserstoff-Automobile
Stellantis NV
Toyota
Transpower
US Hybrid Inc.
Volkswagen/Scania
XCMG-Gruppe
Xiamen King Long Internationaler Handel Co., Ltd.
Ballard-Energiesysteme
Daimler Trucks
Volvo
Honda Motors
BMW
ITM-Leistung
Linde plc
Nel Wasserstoff
Plug Power Inc.
Wichtige Segmente des Marktberichts
Mit dem Fahrzeug:
Hinsichtlich der Fahrzeuge ist die Branche in Schwerlast-Lkw, Mittellast-Lkw und Kleinlast-Lkw unterteilt.
Nach Bereich:
Über 400 km und unter 400 km sind die beiden weltweit verfügbaren Reichweiten.
Nach Wasserstofftanktyp:
Typ III und Typ IV sind die beiden weltweit verfügbaren Typen.
Nach Anwendung:
Logistik und Kommunaltechnik sind die beiden wichtigsten Anwendungsgebiete.
Nach Region:
Der Markt erstreckt sich über Nordamerika, Lateinamerika, Westeuropa, Osteuropa, Ostasien, Südasien und Pazifik, den Nahen Osten und Afrika sowie Ozeanien.
Author by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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