According to FMI reports, the global hydrogen truck market size is expected to grow by nearly US$ 3.84 Bn by 2023. This is with a substantial and impressive CAGR of 41% expected over the forecast period, which is projected to reach over US$ 119.18 Bn by the year 2033.
Each of these factors is anticipated to have a sizable impact on the market for hydrogen trucks throughout the projected period. This is due to the fact that hydrogen trucks can completely remove all carbon dioxide and other dangerous pollutants from the atmosphere, helping to preserve the environment.
The global market is impacted by a number of variables, including environmental concerns, government initiatives for hydrogen fuel cell infrastructure, a large initial investment in infrastructure, technological breakthroughs, and future possibilities.
The popularity of hydrogen trucks may rise as people become more aware of the negative impacts of traffic congestion, air pollution, and greenhouse gas emissions. This is because they are more environmentally friendly than other types of conventional vehicles.
Key Takeaways from the Hydrogen Trucks Market Study
North America dominates the market for hydrogen trucks.
The hydrogen trucks are expected to increase at a notable CAGR of 41%.
Asia Pacific region is expected to grow at the fastest rate with an increased revenue share.
Hydrogen fuel cell forklifts have become more popular as people increase awareness regarding environmental issues, government initiatives, and increasing concern about cost-effectiveness.
Competitive Landscape for the Hydrogen Trucks Market
Various producers and service providers occupy considerable shares of the global market, including Anglo American Platinum Ltd. and Ares Motor Works. The companies have been successful in acquiring new and long-term contracts from different countries over the years.
Top Global hydrogen truck manufacturers are: ellcentric GmbH & Co. KG, Dongfeng Motor Corporation, Esoro AG, Beiqi Foton Motor, Cummins Inc., H2X Global, Hyundai Motor Company, Hyzon Motors, Jaguar Land Rover Automotive, Kenworth Trucks, Paccar, Nikola Corporation and others, the market is growing and establishing a strong global presence.
Recent Developments in the Hydrogen Trucks Market
Together, Hyzon and ORTEN's complementary product lines, as well as ORTEN's body and powertrain kits, offer customers a complete solution for making their fleets zero-emission. Moreover, ORTEN's management maintains extensive and permanent contact with customers throughout Germany.
An investment of $2.3 million will be made in the Alberta Zero-Emissions Truck Electrification Collaboration (AZTEC) project by the Jr. Minister of natural resources, Seamus O Regan. A consortium of project partners, including the Hydrogen Technology and Energy Corporation, Bison Transport, and Canadian Energy Systems Analysis Research, led this project.
Hydrogen Trucks Market by Category
By Product, the Hydrogen Trucks Market is Segmented as:
Heavy Duty trucks
Medium Duty Trucks
Small Duty Trucks
By Application, the Hydrogen Trucks Market is Segmented as:
Logistics
Municipal
By Range, the Hydrogen Trucks Market is Segmented as:
Above 400 Km
Below 400 Km