According to a new report published by Allied Market Research, titled, โHydrogen Fuel Cell Truck Market,โ The hydrogen fuel cell truck market was valued at $0.18 billion in 2022, and is estimated to reach $3.7 billion by 2032, growing at a CAGR of 36% from 2023 to 2032.
Asia-Pacific dominates the market, in terms of revenue, followed by Europe, North America, and LAMEA. In addition, Europe is expected to grow at the highest growth rate over the forecast period, owing to the rising number of environmental regulations being implemented around the world.
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Hydrogen fuel cell technology has been gaining momentum in the transportation industry due to its many advantages over conventional fuel sources, such as gasoline and diesel. One of the main benefits of hydrogen fuel cell vehicles is their longer driving range, which has led to an increase in their sales in recent years.
Hydrogen fuel cell vehicles can travel longer distances on a single tank of fuel compared to electric vehicles (EVs) and conventional gasoline or diesel-powered vehicles. For example, a typical hydrogen fuel cell vehicle can travel between 300 to 400 miles on a single tank of hydrogen, while a typical EV can travel between 100 and 200 miles on a single charge. This longer driving range makes hydrogen fuel cell vehicles more practical for long-distance driving and reduces the need for frequent refueling or recharging.
The longer driving range of hydrogen fuel cell vehicles is made possible by the high energy density of hydrogen, which means that a relatively small amount of hydrogen can store a large amount of energy. This allows hydrogen fuel cell vehicles to store more energy in a smaller space compared to battery powered EVs, which require large and heavy battery packs to achieve a similar driving range.
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The longer driving range of hydrogen fuel cell vehicles is particularly important for commercial vehicles, such as trucks and buses, which often travel long distances on a daily basis. Hydrogen fuel cell trucks and buses have been gaining traction in the commercial transportation industry due to their longer driving range and their ability to refuel quickly, which allows them to stay on the road for longer periods of time.
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By truck type, the light duty truck segment is projected to dominate the global hydrogen fuel cell truck market in terms of growth rate.
By range, the above 400 km segment is projected to dominate the global hydrogen fuel cell truck market in terms of growth rate.
By power output, the below 150 KW segment is projected to dominate the global hydrogen fuel cell truck market in terms of growth rate.
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The key players operating in the hydrogen fuel cell truck market are Dongfeng Motor Company, ESORO AG, Hyundai Motor Company, Hyzon Motors, Kenworth Truck Company, Nikola Corporation, Renault Trucks, SANY Group, XCMG Group, and Xiamen King Long International Trading Co. Ltd.
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