The hydrogen truck industry is set to expand significantly, projected to grow from USD 1.9 billion in 2024 to USD 10.8 billion by 2035. This represents a compound annual growth rate of 16.9%. The industry’s growth is primarily driven by supportive regulations and government actions promoting hydrogen vehicles. Another factor is the growing hydrogen refueling infrastructure and green hydrogen hubs, which bolster the market for hydrogen buses and trucks.
Hydrogen Trucks on the Rise
The hydrogen truck segment, which has over 400 kW power, is gaining traction, especially in heavy-duty applications such as long-haul trucking and high-performance buses. These trucks are particularly efficient in challenging terrains, making them suitable for transporting heavy loads over long distances. Vehicle manufacturers like Nikola and Toyota are leading the production of these high-powered hydrogen trucks. For example, Nikola Tre offers 750 kW, while Toyota Hino trucks offer 450 kW. The rapid refueling time and extended range of hydrogen fuel cells make them ideal for long-haul trucking solutions. In North America, there is a focus on developing hydrogen corridors to support these vehicles.
Demand for Long-Range Hydrogen Vehicles
Long-haul and heavy-duty transportation requires vehicles that can cover over 500 miles. Hydrogen trucks and buses have become increasingly popular due to their extended range and efficiency. Hydrogen storage and fuel cell advances now allow these vehicles to travel long distances more efficiently. Companies such as Wrightbus, FAW Jiefang, Mercedes-Benz, and Nikola are developing hydrogen-powered vehicles with remarkable range capabilities. For instance, Nikola Corporation delivered 50 hydrogen trucks to IMC Logistics, featuring an 805 km range and fast recharging times.
Asia Pacific Leads Hydrogen Truck Market
Asia Pacific is anticipated to be the largest market for hydrogen trucks, with countries like China, South Korea, and Japan at the forefront. This growth is due to rising hydrogen vehicle adoption and refueling infrastructure development. China has the most hydrogen refueling stations globally, closely followed by Japan. Regional governments actively promote hydrogen fuel cell technology, supporting major manufacturers such as Foton International, Yutong Bus, and Hyundai. The infrastructure developments and increasing demand for green hydrogen present vast opportunities for innovation in the hydrogen truck market.
