Hydrogen Truck Market worth $10.8 billion in 2035, Globally, at a CAGR of 16.9%, says MarketsandMarkets™

/EIN News/ -- Delray Beach, FL, Sept. 20, 2024 (GLOBE NEWSWIRE) -- Hydrogen Truck Market is projected to grow from USD 1.9 billion in 2024 to USD 10.8 billion in 2035, at a CAGR of 16.9%, as per the recent study by MarketsandMarkets™.  Hydrogen Truck market is growing due to expansion in hydrogen refuelling infrastructure and advancements in fuel cell technology, R&D in liquid hydrogen technology, along with rising consumer interest in zero-emission vehicles. Also, the shift towards hydrogen technology integration in trucks and buses by leading OEMs and technology provider companies is boosting the adoption of hydrogen-powered vehicles.

Browse in-depth TOC on “Hydrogen Truck Market”

110 - Tables
55 - Figures
250 – Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=228367585     

List of Key Players in Hydrogen Truck Market:

• Foton International (China)
• Yutong Bus Co., Ltd. (China)
• Xiamen King Long International Trading Co., Ltd. (China)
• Solaris Bus & Coach sp. z o.o. (Poland)
• Hyundai Motor Company (South Korea)

Drivers, Opportunities and Challenges in Hydrogen Truck Market:

1. Driver: Efficiency of hydrogen-powered vehicles
2. Restraint: Infrastructure scalability issues
3. Opportunity: Development of mobile and community hydrogen fuelling systems
4. Challenge: Storage and transportation of hydrogen

Key Findings of the Study:

1. By tank size, the > 60 kg segment is projected to account for the largest share of the hydrogen truck market during the forecast period.
2. By fuel cell technology, the PEMFC segment is projected to lead the hydrogen truck market during the forecast period
3. Asia Pacific is projected to be the largest market during the forecast period

Get Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=228367585   

Hydrogen Truck segment is estimated to hold the larger share during the forecast period.

Heavy-duty trucks powered by hydrogen fuel cells are emerging as the best alternative to diesel for long-haul transport, offering similar range and refueling times. The Asia-Pacific region leads the global hydrogen truck segment, with China and Japan pushing adoption for long-haul and last-mile deliveries. And, China is playing a significant role in this growth by providing government subsidies and deployment of hydrogen-powered trucks in its provinces. Leading OEMs in Europe, such as Solaris and Daimler Truck AG, are increasing their focus on hydrogen-powered vehicles as the hydrogen truck market grows. For instance, Solaris has an 82% market share in Europe, implying widespread use of hydrogen trucks.

Apart from fuel cells, hydrogen internal combustion engines (ICEs) are also being tested, however, they are still in their primitive phases of research and are not as efficient as fuel cells for long-distance travel. The future of hydrogen-powered trucks depends mainly on the expansion of hydrogen infrastructure and production, as well as the integration of autonomous driving technology.

Type IV segment is estimated to hold the largest share by type of hydrogen tank, in the hydrogen truck market during the forecast period.

Type IV hydrogen tanks include a non-metallic inner liner made of composite materials that is enclosed by an outer wrapping made of carbon fiber and other interwoven thermoplastic polymers. These tanks weigh up to 70% less than type I tanks, making them particularly appealing for situations where hydrogen must be kept at high pressures (such as 700 bar) while keeping system weight to a minimum. This is applicable to a wide range of automotive and aeronautical applications.

Due to their lightweight design and greater durability, Type IV hydrogen tanks play an important role for the advancement of hydrogen technology. Type IV tanks perform many purposes as Type III tanks in transportation and vehicles. However, these are the tanks to choose from when a lighter weight is required. Furthermore, composite tanks are more durable and appropriate for hydrogen storage in transportation. As hydrogen consumption rises, Type IV tanks are well adapted to meet high-consumption applications' increasing demands. OEMs such as HYZON Motors and Hyundai Motor Company, among others, are collaborating with Type IV Hydrogen Tank providers such as Iljin Hysolus, Hexagon Purus, and NPROXX to equip their vehicles with Type IV tanks. For example, in October 2021, Iljin Hysolus partnered with Hyzon Motors to install Type 4 hydrogen tanks into Hyzon's hydrogen trucks. This partnership will employ the tanks' lightweight, high-strength composite design to improve performance and efficiency in heavy-duty applications.

“Europe is expected to be the fastest growing segment in the hydrogen truck market by 2035.”

The European hydrogen truck market is estimated to grow rapidly during the forecast period. Germany is projected to be Europe's largest hydrogen truck market. The growth in the European market can be attributed to increasing government investment in development and expansion of green hydrogen infrastructure, and the growing adoption of hydrogen buses in public and shared transportation.

Germany is a leader in terms of the adoption of hydrogen-powered vehicles and the development of hydrogen infrastructure. As of December 2023, Germany had 158 operational hydrogen refueling stations. Moreover, local OEMs such as Daimler Truck AG, BMW, and Paul Nutzfahrzeuge GmbH have started emphasizing the development of hydrogen vehicles. For instance, in August 2023, Paul Nutzfahrzeuge GmbH launched the Paul Hydrogen Power Truck which based on Mercedes-Benz Atego. It is part of the Shell's Hydrogen Pay-Per-Use model and is serviced exclusively at the Daimler Truck AG Workshop in Frechen. The trucks are produced in Vilshofen, Southern Germany, and are used for distribution and line hauls at DHL Freight and Post & Parcel Germany facilities in Cologne.

France, Italy and the UK also have a significant hydrogen-powered bus and truck market. The governments are actively promoting the development of zero-emission vehicles. Moreover, these countries have built hydrogen refueling infrastructure and are on their way to creating a zero-emission future. Italy will have the rapid growth due to the government's support for hydrogen buses and trucks in the country and the presence of many European OEMs in this market. Successful pilot projects and the installation of refueling infrastructure, together with public-private partnerships, are boosting the adoption of hydrogen buses and trucks in these countries. For instance, in July 2024, Axpo Group plans to invest in the "Arve Hydrogène Mobilité" project in France's Arve Valley to establish a hydrogen production and infrastructure. The venture will build a hydrogen refueling station that will open in early 2025, as well as an electrolyser capable of producing up to 5 MW by 2030. This project comprises various local partners and contributes to Axpo's overall hydrogen activities in Europe.

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=228367585   

Recent Developments:

• In July 2024, Foton International (China) expanded its global presence by signing a strategic partnership with INDOMOBIL (Indonesia). Through this partnership, Foton would develop its domestic manufacturing and distribution activities and demonstrate its strategic decision to expand in emerging markets.
• In July 2024, Foton International (China) and DEC Hydrogen signed a cooperation agreement to develop and promote hydrogen fuel cell trucks, focusing on the Beijing-Tianjin-Hebei region and Sichuan province. The companies plan to manufacture hydrogen-powered, heavy-duty trucks at their jointly established R&D centers in China.
• In March 2024, Refire Technology (China) delivered fuel cells for 50 hydrogen trucks to Yutong Bus Co., Ltd. (China). Through this development, Refire Technology made its first step into heavy-duty vehicle electrification in China. This development followed Refire’s previous deliveries of fuel cells in Germany. The strategy highlighted Refire’s global commitment to advancing hydrogen mobility solutions.

Related Reports:

1. Electric Truck Market
2. Electric Commercial Vehicle Market
3. Electric Vehicle Market

About MarketsandMarkets™
                     
                    MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. 
                    
                    MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
                    
                    Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
                    
                    The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
                    
                    Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
                    
                    To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. 
                    
                    Contact:
                    Mr. Rohan Salgarkar
                    MarketsandMarkets Inc.
                    1615 South Congress Ave.
                    Suite 103, Delray Beach, FL 33445
                    Email: sales@marketsandmarkets.com
                    Visit Our Website: https://www.marketsandmarkets.com/