The Business Research Company’s report on the Hydrogen Truck Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the hydrogen truck market’s growth in recent years?
The rising demand for clean freight transportation is expected to drive the growth of the hydrogen truck market going forward. Clean freight transportation refers to the use of environmentally friendly methods and technologies for moving goods, aiming to reduce the carbon footprint and harmful emissions associated with traditional freight systems. It includes electric, hydrogen-powered, or hybrid vehicles, as well as the use of alternative fuels such as biofuels or natural gas. The demand for clean freight transportation is increasing due to growing awareness about the harmful effects of carbon emissions and environmental pollution caused by diesel-powered trucks. Hydrogen trucks help meet the demand for clean freight transportation by providing an eco-friendly, efficient alternative to traditional diesel-powered trucks. Powered by hydrogen fuel cells, these trucks emit only water vapor as a byproduct, eliminating harmful greenhouse gas emissions and reducing air pollution. For instance, in April 2024, according to a report published by the Environmental Protection Agency (EPA), a US-based independent agency, in 2022, the United States emitted approximately 6,343.2 million metric tons (14.0 trillion pounds) of carbon dioxide equivalents in greenhouse gases, in which the transportation sector contributes the most, accounting for 28.4% of total emissions each year. Therefore, the rising demand for clean freight transportation is driving the growth of the hydrogen truck market.
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How does the future projection of the hydrogen truck market size compare to its historical growth?
The hydrogen truck market size has grown exponentially in recent years. It will grow from $2.61 billion in 2024 to $3.44 billion in 2025 at a compound annual growth rate (CAGR) of 31.8%. The growth in the historic period can be attributed to rising fuel prices, increasing government incentives, growing demand for zero-emission transport, increasing infrastructure development, and growing corporate sustainability goals.
The hydrogen truck market size is expected to see exponential growth in the next few years. It will grow to $10.29 billion in 2029 at a compound annual growth rate (CAGR) of 31.5%. The growth in the forecast period can be attributed to growing stricter emissions regulations, increasing hydrogen production capacity, growing fleet electrification, rising investment in green hydrogen, and rising cost reduction in fuel cells. Major trends in the forecast period include adoption of fuel cell technology, expansion of hydrogen refueling stations, integration of autonomous driving, partnerships for hydrogen ecosystem development, and technological advancements in hydrogen storage.
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Which key players are shaping the future of the hydrogen truck market?
Major companies operating in the hydrogen truck market are Toyota (GB) PLC, Hyundai Motor Company, Daimler Truck AG, AB Volvo, PACCAR Inc, Cummins Inc, Great Wall Motor Company Ltd, Dongfeng Motor Company, XCMG Group, SANY Group, Beiqi Foton Motor, Renault Trucks Corporate, Xiamen King Long International Trading Co Ltd, Ballard Power Systems, Nikola Corporation, Symbio one, Tevva Motors, H2X Global Limited, Esoro AG, Hyzon Motors Inc
What trends will propel the growth and evolution of the hydrogen truck market?
Major companies operating in the hydrogen truck market are focusing on developing innovative products, such as innovative fuel-based trucks, to enhance sustainability in freight transport. These trucks are equipped with zero-emission fuel cell technology and are designed to reduce carbon footprints while maintaining efficiency in logistics operations. For instance, in February 2025, the BMW Group, a Germany-based automotive manufacturer, launched its first hydrogen-powered trucks for regular operations under the European H2Haul project. The trucks feature quick refueling and extended range, making them a valuable complement to E-trucks for long-distance transportation. Unlike battery-electric trucks, hydrogen-powered trucks operate without an extensive charging network, providing enhanced logistical flexibility. BMW has deployed two IVECO S-eWay Fuel Cell trucks in Germany as part of a 16-truck European fleet supported by the clean hydrogen partnership to drive progress in zero-emission freight transport.
Which regions are expected to become dominant players in the hydrogen truck market?
Asia-Pacific was the largest region in the hydrogen truck market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the hydrogen truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What are the emerging key segments in the hydrogen truck market, and how are they evolving?
The hydrogen truck market covered in this report is segmented –
1) By Type: Light-Duty Trucks, Medium-Duty Trucks, Heavy-Duty Trucks
2) By Range: Short-Range, Medium-Range, Long-Range
3) By Hydrogen Tank Size: < 35 Kg, 35–60 Kg, > 50 Kg
4) By Motor Power: Up to 200 kW, 200–400 kW, Above 400 kW
5) By Application: Logistics, Industrial, Construction, Mining, Other Applications
Subsegments:
1) By Light-Duty Trucks: Pickup Trucks, Small Delivery Trucks, Utility Trucks
2) By Medium-Duty Trucks: Box Trucks, Refrigerated Trucks, Flatbed Trucks
3) By Heavy-Duty Trucks: Long-Haul Trucks, Dump Trucks, Tow Trucks
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What defines the structure and scope of the hydrogen truck market?
A hydrogen truck is a heavy-duty vehicle powered by hydrogen fuel cells, which convert hydrogen gas into electricity to drive the truck’s electric motor. This truck produces zero emissions, emitting only water vapor as a byproduct, making it an environmentally friendly alternative to traditional diesel-powered trucks. Hydrogen trucks are considered a promising solution for reducing greenhouse gas emissions in the transportation sector, particularly for long-haul freight.
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