According to FMI reports, the global hydrogen trucks market is expected to grow by nearly US$ 3.84 Billion by 2023. This is with a substantial and impressive CAGR of 41% expected over the forecast period, projected to reach over US$ 119.18 Billion by 2033.
Each of these factors is anticipated to have a sizable impact on the market for hydrogen trucks throughout the projected period. This is because hydrogen trucks can remove all carbon dioxide and other dangerous pollutants from the atmosphere, helping preserve the environment.
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The global market is impacted by several variables, including environmental concerns, government initiatives for hydrogen fuel cell infrastructure, a large initial investment in infrastructure, technological breakthroughs, and future possibilities.
The popularity of hydrogen trucks may rise as people become more aware of the negative impacts of traffic congestion, air pollution, and greenhouse gas emissions. This is because they are more environmentally friendly than other types of conventional vehicles.
Key Takeaways from the Hydrogen Trucks Market Study
- North America dominates the market for hydrogen trucks.
- The hydrogen trucks are expected to increase at a notable CAGR of 41%.
- The Asia Pacific region is expected to grow fastest with an increased revenue share.
- Hydrogen fuel cell forklifts have become more popular as people increase awareness regarding environmental issues, government initiatives, and increasing concern about cost-effectiveness.
Competitive Landscape for the Hydrogen Trucks Market
Various producers and service providers occupy considerable global market shares, including Anglo American Platinum Ltd. and Ares Motor Works. The companies have successfully acquired new and long-term contracts from different countries over the years.
Leading Market Players of Hydrogen Trucks:
- Cellcentric GmbH & Co. KG
- Dongfeng Motor Corporation
- Esoro AG
- Beiqi Foton Motor
- Cummins Inc.
- H2X Global
- Hyundai Motor Company
- Hyzon Motors
- Jaguar Land Rover Automotive
- Kenworth Trucks
- Paccar
- Nikola Corporation
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Recent Developments in the Hydrogen Trucks Market
- Together, Hyzon and ORTEN’s complementary product lines and ORTEN’s body and powertrain kits offer customers a complete solution for making their fleets zero-emission. Moreover, ORTEN’s management maintains extensive and permanent contact with customers throughout Germany.
- The Jr. Minister of Natural Resources, Seamus O Regan, will make an investment of $2.3 million in the Alberta Zero-Emissions Truck Electrification Collaboration (AZTEC) project. A consortium of project partners, including the Hydrogen Technology and Energy Corporation, Bison Transport, and Canadian Energy Systems Analysis Research, led this project.
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Hydrogen Trucks Market by Category
By Product
- Heavy Duty trucks
- Medium Duty Trucks
- Small Duty Trucks
By Application
- Logistics
- Municipal
By Range
- Above 400 Km
- Below 400 Km
By Region
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
About the Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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