Hydrogen Trucks Market Competitive Landscape & Future Outlook

Hydrogen Trucks Market Strategic Growth, Innovation & Investment Trends

The hydrogen trucks market size is expected to rise from USD 7.18 billion in 2025 to USD 186.88 billion by 2034, growing at a CAGR of 43.54%.

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Introduction

The hydrogen trucks market is a crucial branch of the automotive and transportation industry. This industry deals in manufacturing and distribution of hydrogen-powered trucks in different parts of the world. There are several types of products available in the market consisting of fuel cell electric trucks and hydrogen internal combustion engine trucks. These trucks finds application in several sectors including long-haul transportation, last-mile delivery, refuse collection, mining, construction and some others. The rising prices of fossil fuels in different parts of the world has contributed to the industrial expansion. This market is projected to rise significantly with the growth in the hydrogen vehicle sector.

• According to the U.S. Energy Information Administration, the prices of diesel in U.S. during January 2024 was US$ 3.867 that increased to US$ 4.015 in April 2024.

Highlights of the Hydrogen Trucks Market

• North America dominated the hydrogen trucks market due to the presence of several truck companies such as Freightliner, Kenworth, Peterbilt and some others.
• Europe is expected to grow with the highest CAGR due to the rising demand for hydrogen trucks from the e-commerce sector.
• The fuel cell electric trucks segment held the largest share of the market due to the growing emphasis on reducing emission.
• The long-haul transportation segment led the market due to increasing focus on sustainable logistics.

Stats and Figures

• According to the Federal Reserve Bank of ST.Louis, in January 2025, the prices of diesel is US$ 3.659 per/gallon.
• According to the IEA, the global energy-related CO2 emissions grew by 1.1% in 2023 and is expected to reach a new record high of 37.4 billion tons (Gt).
• According to the Clean Energy Ministerial, the government of Uruguay, and Wales set an interim goal of 30% zero-emission vehicle sales by 2030. 

Industry Leader Announcement

In May 2024, Jan Hjelmgren, the Head of Product Management and Quality, Volvo Trucks made an announcement stating that, “Trucks where the traditional internal combustion engine remains but runs on hydrogen will have the same performance and reliability as our diesel trucks, but with the added benefit of potentially net zero CO2 emissions well-to-wheel. They will be a valuable complement to our battery electric trucks, which have been on the market for several years.”

Competitive Landscape

The hydrogen trucks market is a consolidated industry with the presence of numerous dominant players. Some of the prominent market players in this industry consists of Daimler trucks; Cummins, Hyzonmotors, Toyota, Volvo, Honda motors, Hyundai motors and SAIC. These market players are constantly engaged in developing advanced hydrogen trucks for the people across the world.

• According to the annual report of Daimler Truck, 520291 zero-emission vehicles were sold in 2022 which increased to 526053 in 2023.

Segments Covered in the Report

By Product

• Heavy Duty trucks
• Medium Duty Trucks
• Small Duty Trucks

By Application

• Logistics
• Municipal

By Range

• Above 400 Km
• Below 400 Km

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)