According to FMI reports, the global hydrogen trucks market is expected to grow by nearly US$ 3.84 Billion 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 Billion 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.
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Several laws and policies passed in North America, Europe, and East Asia are anticipated to lead to an increase in the use of hydrogen trucks all over the world. The heavy-duty diesel vehicles, which are the biggest emitters of greenhouse gases on highways, are of special interest to the industry and are what are driving the global market for hydrogen trucks.
Because it is a fossil fuel, gasoline is not a sustainable energy source and will soon run out. To promote sustainable growth, it is imperative to create and utilise alternative fuel sources. Electric or hydrogen fuel cell vehicles use no petroleum and are more cost-effective than standard vehicles.
In comparison, only about 17% to 21% of the energy stored in gasoline can be used to propel a gas-powered vehicle’s wheels. Over 50% of the electricity from the grid is converted into power for the wheels by electric cars.
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.
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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.
Cellcentric 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
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By Range, the Hydrogen Trucks Market is Segmented as:
- Above 400 Km
- Below 400 Km
By Region, the Hydrogen Trucks Market is Segmented as:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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