PUBLISHER: The Business Research Company | PRODUCT CODE: 1730902
PUBLISHER: The Business Research Company | PRODUCT CODE: 1730902
A hydrogen truck is a heavy-duty vehicle that runs on hydrogen fuel cells, which convert hydrogen gas into electricity to power the truck's electric motor. Emitting only water vapor as a byproduct, this truck produces zero emissions, making it an environmentally friendly alternative to conventional diesel-powered trucks. Hydrogen trucks are viewed as a promising solution for cutting greenhouse gas emissions in the transportation sector, particularly for long-haul freight operations.
The primary types of hydrogen trucks include light-duty, medium-duty, and heavy-duty trucks. Light-duty trucks are smaller vehicles designed for carrying lighter loads, typically ranging from 6,000 to 10,000 pounds. These trucks are commonly used for personal transport, small business deliveries, and utility services. Hydrogen truck ranges are categorized as short-range, medium-range, and long-range, with tank capacities of less than 35 kg, 35-60 kg, and over 50 kg. Motor power classifications include up to 200 kW, 200-400 kW, and above 400 kW. These trucks serve various applications, including logistics, industrial operations, construction, mining, and other sectors.
The hydrogen truck market research report is one of a series of new reports from The Business Research Company that provides hydrogen truck market statistics, including hydrogen truck industry global market size, regional shares, competitors with a hydrogen truck market share, detailed hydrogen truck market segments, market trends and opportunities, and any further data you may need to thrive in the hydrogen truck industry. This hydrogen truck market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The hydrogen truck market size has grown exponentially in recent years. It will grow from $2.61 billion in 2024 to $3.44 billion in 2025 at a compound annual growth rate (CAGR) of 31.8%. The growth observed in the historic period can be attributed to rising fuel prices, increasing government incentives, growing demand for zero-emission transportation, expanding infrastructure development, and the increasing focus on corporate sustainability goals.
The hydrogen truck market size is expected to see exponential growth in the next few years. It will grow to $10.29 billion in 2029 at a compound annual growth rate (CAGR) of 31.5%. The projected growth in the forecast period is expected to be driven by stricter emissions regulations, increased hydrogen production capacity, expanding fleet electrification, rising investments in green hydrogen, and decreasing fuel cell costs. Key trends anticipated during this period include the adoption of fuel cell technology, the expansion of hydrogen refueling stations, the integration of autonomous driving, strategic partnerships for hydrogen ecosystem development, and technological advancements in hydrogen storage.
The rising demand for clean freight transportation is significantly fueling the growth of the hydrogen truck market. Clean freight transportation refers to the use of environmentally friendly methods and technologies for moving goods, aimed at reducing the carbon footprint and harmful emissions associated with traditional diesel-powered freight systems. This includes the use of electric, hydrogen-powered, or hybrid vehicles, as well as alternative fuels such as biofuels or natural gas. As awareness grows about the environmental impacts of carbon emissions and pollution from diesel trucks, there is an increasing shift towards clean freight solutions. Hydrogen trucks, in particular, offer an eco-friendly and efficient alternative, as they are powered by hydrogen fuel cells that emit only water vapor as a byproduct, eliminating harmful greenhouse gases and reducing air pollution. For instance, according to a report by the Environmental Protection Agency (EPA) in April 2024, transportation is the largest contributor to greenhouse gas emissions in the U.S., accounting for 28.4% of total emissions. In 2022, the U.S. emitted approximately 6,343.2 million metric tons of CO2 equivalents, further emphasizing the need for cleaner alternatives in freight transportation. Hydrogen trucks present a promising solution to address these environmental concerns by offering a zero-emission option for long-distance freight transport. Therefore, the increasing demand for clean freight transportation is driving the growth of the hydrogen truck market.
Major companies in the hydrogen truck market are focusing on developing innovative, hydrogen-powered trucks. For example, in February 2025, BMW Group launched its first hydrogen-powered trucks as part of the European H2Haul project. These trucks feature quick refueling capabilities and extended ranges, making them ideal for long-distance transportation. Unlike battery-electric trucks, hydrogen-powered trucks do not rely on an extensive charging network, providing greater flexibility for logistics operations. BMW has deployed two IVECO S-eWay Fuel Cell trucks in Germany as part of a fleet of 16 hydrogen-powered trucks, demonstrating the company's commitment to driving progress in zero-emission freight transport.
In August 2022, Phoenix Motor Inc., a U.S.-based manufacturer specializing in all-electric vehicles, acquired Altergy Systems. This acquisition aims to enhance the development and production of hydrogen fuel cells for vehicles, including hydrogen trucks, thus expanding Phoenix Motor's footprint in the hydrogen fuel cell market. Altergy Systems is known for its expertise in hydrogen fuel cell technology, and this partnership further accelerates the growth of hydrogen-powered vehicles, contributing to the expanding hydrogen truck market.
Major players in the hydrogen truck market are Toyota (GB) PLC, Hyundai Motor Company, Daimler Truck AG, AB Volvo, PACCAR Inc, Cummins Inc, Great Wall Motor Company Ltd, Dongfeng Motor Company, XCMG Group, SANY Group, Beiqi Foton Motor, Renault Trucks Corporate, Xiamen King Long International Trading Co Ltd, Ballard Power Systems, Nikola Corporation, Symbio one, Tevva Motors, H2X Global Limited, Esoro AG, Hyzon Motors Inc.
Asia-Pacific was the largest region in the hydrogen truck market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in hydrogen truck report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the hydrogen truck market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The hydrogen truck market consists of sales of hydrogen-powered semi-trucks, hydrogen refrigerated trucks, and hydrogen-powered pickup trucks. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Hydrogen Truck Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hydrogen truck market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hydrogen truck ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The hydrogen truck market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.