New York, United States , June 27, 2024 (GLOBE NEWSWIRE) -- The Global Hydrogen Trucks Market Size is to Grow from USD 3.54 Billion in 2023 to USD 115.6 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 41.71% during the projected period.
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A hydrogen truck is a heavy-duty vehicle that runs solely on electricity. Its main energy source is hydrogen fuel cells. These cars run on hydrogen fuel cells, which do not release any emissions or exhaust. Due to the incomplete combustion of cars that run on fossil fuels, the automotive industry is a significant source of air pollution. Thus, the usage of hydrogen trucks is encouraged by growing environmental consciousness. A hydrogen fuel cell powers the onboard electric motor in hydrogen fuel cell trucks. Hydrogen is used in a hydrogen fuel cell to generate energy. Transportation-related emissions may be greatly reduced by trucks that run on hydrogen fuel cells. Additionally, one of the main motivators is the rapidly rising mass urban transportation market, where hydrogen trucks present a workable answer to the expanding demand for economical and ecologically responsible freight transportation inside metropolitan areas. In addition, the global application of stringent emission regulations and standards is accelerating the use of hydrogen trucks as a clean energy substitute for conventional diesel-powered automobiles. Furthermore, there is a growing demand for alternative fuel vehicles as hydrogen trucks, which only produce water vapor as exhaust and improve air quality, as concerns about air pollution and climate change intensify.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the “Global Hydrogen Trucks Market Size, Share, and COVID-19 Impact Analysis, By Product (Heavy Duty Trucks, Medium Duty Trucks, and Small Duty Trucks), By Range (Above 400 Km and Below 400 Km), By Application (Logistics and Municipal), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The heavy duty trucks segment is anticipated to dominate the global hydrogen trucks market during the projected timeframe.
Based on the product, the global hydrogen trucks market is divided into Heavy duty trucks, medium duty trucks, and small duty trucks. Among these, the heavy duty trucks segment is anticipated to dominate the global hydrogen trucks market during the projected timeframe. Their increased load capacities and extended working ranges make them suited for commercial applications.
The above 400 Km segment anticipated for the highest revenue share of the global hydrogen trucks market during the projected timeframe.
Based on the range, the global hydrogen trucks market is divided into above 400 km and below 400 km. Among these, the above 400 Km segment anticipated for the highest revenue share of the global hydrogen trucks market during the projected timeframe. Growing demand for hydrogen trucks due to its suitability for long-distance transportation in the global market
The logistics segment is anticipated to hold the largest share of the global hydrogen trucks market during the projected timeframe.
Based on the application, the global hydrogen trucks market is divided into logistics and municipal. Among these, the logistics segment is anticipated to hold the largest share of the global hydrogen trucks market during the projected timeframe. As the demand for sustainable logistics operations grows, hydrogen vehicles provide an efficient and environmentally friendly solution for freight transportation.
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North America is expected to hold the largest market share in the global hydrogen trucks market over the forecast period.
North America is expected to hold the largest market share in the global hydrogen trucks market over the forecast period. The market has grown as a result of the transportation sector's growing requirement for hydrogen trucks as well as the existence of major players including Power Inc. and Cummins Plug. Several collaborations, new debuts, and company expansions by industry participants have also aided in the market's expansion. The market in North America has grown significantly in the United States. It is simple to attribute contemporary technology and growing public awareness of carbon emissions to the surge in demand for hydrogen trucks. Furthermore, several truck manufacturers are forging alliances and partnerships to bolster their market positions.
Asia Pacific is expected to grow at the fastest pace in the global hydrogen trucks market during the forecast period. The Asia Pacific region is expected to grow at the fastest rate and earn a larger percentage of income due to the increased transportation of commodities and the development of new technologies including fuel cells and electric vehicles. The government's encouragement of the growth of the electric and fuel cell industries, with a focus on zero emissions and minimal noise pollution, as well as the development of infrastructure, are other factors propelling the hydrogen truck market in the Asia Pacific region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Hydrogen Trucks Market are Dongfeng Motor Company, ESORO AG, Hyundai Motor Company, Hyzon Motors, Kenworth Truck Company, Nikola Corporation, Renault Trucks, SANY Group, XCMG Group, Xiamen King Long International Trading Co., Ltd., Toyota Kirloskar Motor, cellcentric, Cummins Inc., Ballard Power Systems.
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Recent Developments
- In February 2024, Hyzon Motors and New Way Trucks collaborated. The goal of this joint venture was to develop a car driven by fuel cells for the North American market.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Hydrogen Trucks Market based on the below-mentioned segments:
Global Hydrogen Trucks Market, By Product
- Heavy Duty Trucks
- Medium Duty Trucks
- Small Duty Trucks
Global Hydrogen Trucks Market, By Range
- Above 400 Km
- Below 400 Km
Global Hydrogen Trucks Market, By Application
- Logistics
- Municipal
Global Hydrogen Trucks Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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