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 expected to have a significant impact on the market for hydrogen trucks over the forecast period. This is because hydrogen trucks can totally eliminate all carbon dioxide and other harmful pollutants from the atmosphere, so aiding in environmental preservation.
Environmental concerns, government initiatives for hydrogen fuel cell infrastructure, a huge initial investment in infrastructure, technological developments, and future potential all have an impact on the global market.
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People’s awareness of the negative effects of traffic congestion, air pollution, and greenhouse gas emissions may increase the popularity of hydrogen trucks. This is due to the fact that they are more environmentally friendly than other conventional automobiles.
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.
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.
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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
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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
By Region, the Hydrogen Trucks Market is Segmented as:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
Author
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.
About Future Market Insights (FMI)
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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