Hydrogen Truck

Global Hydrogen Truck Market to Reach US$4.4 Billion by 2030

The global market for Hydrogen Truck estimated at US$1.8 Billion in the year 2024, is expected to reach US$4.4 Billion by 2030, growing at a CAGR of 15.5% over the analysis period 2024-2030. Hydrogen Buses, one of the segments analyzed in the report, is expected to record a 14.3% CAGR and reach US$2.9 Billion by the end of the analysis period. Growth in the Hydrogen Trucks segment is estimated at 18.1% CAGR over the analysis period.

The U.S. Market is Estimated at US$502.2 Million While China is Forecast to Grow at 20.4% CAGR

The Hydrogen Truck market in the U.S. is estimated at US$502.2 Million in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$942.1 Million by the year 2030 trailing a CAGR of 20.4% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 11.6% and 13.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 12.3% CAGR.

Global Hydrogen Truck Market – Key Trends & Drivers Summarized

Why Are Hydrogen Trucks Emerging as a Game-Changer in Freight Transportation?

Hydrogen trucks are increasingly being recognized as a viable and sustainable solution for decarbonizing the heavy-duty transportation sector, especially where battery-electric vehicles face limitations in range, weight, and refueling time. These fuel cell electric vehicles (FCEVs) use hydrogen gas to generate electricity onboard, producing only water vapor as an emission. Hydrogen trucks are particularly well-suited for long-haul freight, logistics, and heavy-duty applications due to their fast refueling capabilities (typically under 15 minutes) and extended driving range—often exceeding 600–800 kilometers per fill. As global regulations tighten around carbon emissions, especially in freight-intensive regions like North America, Europe, and East Asia, hydrogen trucks offer an alternative that aligns with zero-emission mandates while preserving operational efficiency. Leading manufacturers such as Toyota, Hyundai, Volvo, and Nikola Motors are investing in hydrogen-powered truck platforms, and several pilot projects are already underway to validate their commercial viability. With freight transport responsible for a significant share of global greenhouse gas emissions, hydrogen trucks are gaining momentum as a key enabler of cleaner logistics networks.

How Are Technological Advances Enhancing the Viability of Hydrogen Trucks?

Technological innovations in hydrogen fuel cell systems, vehicle architecture, and energy management are driving significant improvements in the performance, efficiency, and cost-effectiveness of hydrogen trucks. Next-generation fuel cell stacks are becoming more compact, powerful, and durable, enabling greater energy conversion efficiency and longer vehicle lifespans. Advancements in hydrogen storage—especially high-pressure Type IV composite tanks—are enabling trucks to carry more fuel at reduced weight, enhancing range and payload capacity. Integration of hybrid systems, where fuel cells work in tandem with batteries, is allowing for optimized energy use across various driving conditions, improving energy efficiency and reducing fuel consumption. In addition, vehicle powertrain designs are being optimized to meet the high torque and endurance demands of heavy-duty transport. Automated hydrogen fuel dispensers and digital telematics platforms are improving the refueling and operational efficiency of hydrogen trucks in fleet settings. These technologies are steadily reducing the total cost of ownership (TCO), making hydrogen trucks increasingly competitive with their diesel and electric counterparts in long-distance, high-utilization applications.

What Role Do Policy Incentives and Infrastructure Play in Scaling Hydrogen Truck Deployment?

Government policies, incentives, and infrastructure investment are playing a central role in accelerating the deployment of hydrogen trucks. Regulatory frameworks in regions like the European Union, California, and Japan are mandating the reduction or elimination of emissions from commercial vehicles over the next two decades, creating a favorable environment for zero-emission technologies like hydrogen. Subsidies, tax credits, and grants are being made available for both fleet operators and manufacturers to lower the upfront cost of hydrogen trucks and fuel cell systems. For instance, the U.S. Inflation Reduction Act and EU’s Fit for 55 package include specific support for clean hydrogen and heavy-duty vehicle decarbonization. In parallel, the development of hydrogen refueling infrastructure—especially along key freight corridors and near logistics hubs—is critical. Projects such as the Hydrogen Highways initiative in Europe and the H2@Scale program in the U.S. are working to establish scalable, publicly accessible hydrogen refueling networks tailored for commercial fleets. The coordination of policy, infrastructure rollout, and industry collaboration is essential to overcome the “chicken-and-egg” problem of vehicle and fuel availability, enabling hydrogen trucks to reach mainstream adoption.

What Are the Key Drivers of Growth in the Hydrogen Truck Market?

The growth of the hydrogen truck market is driven by several converging factors: the urgent need to decarbonize freight transport, technological progress in hydrogen systems, regulatory pressure, and the expansion of hydrogen infrastructure. First, the logistics and freight industry is under increasing pressure to cut emissions, and hydrogen offers a practical pathway for heavy-duty, long-range transport—areas where battery-electric vehicles may fall short. Second, rapid advancements in hydrogen fuel cell technology and storage are making hydrogen trucks more efficient, reliable, and cost-competitive. Third, strong policy support through emission mandates, fleet transition goals, and financial incentives is encouraging early adoption by fleet operators and logistics providers. Fourth, the development of hydrogen production and refueling infrastructure—supported by public and private investment—is laying the foundation for widespread use. Lastly, corporate sustainability goals and ESG commitments are driving logistics and retail companies to transition to cleaner fleets, with hydrogen trucks offering a zero-emission solution without compromising range or performance. As these drivers align, hydrogen trucks are poised to play a transformative role in the future of clean, high-performance freight transport worldwide.

SCOPE OF STUDY:

The report analyzes the Hydrogen Truck market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Vehicle Type (Hydrogen Buses, Hydrogen Trucks); Motor Power (Upto 200 Kw, 200-400 Kw, Above 400 Kw); Range (Upto 300 Miles, 300-500 Miles, Above 500 Miles)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 32 Featured) -

• Ballard Power Systems
• Bosch Group
• Cummins Inc.
• Daimler Truck AG
• General Motors Company
• Hino Motors, Ltd.
• Hyundai Motor Company
• Hyzon Motors Inc.
• Isuzu Motors Limited
• IVECO S.p.A.
• Kenworth Truck Company
• MAN Truck & Bus SE
• Navistar International Corporation
• Nikola Corporation
• PACCAR Inc.
• Peterbilt Motors Company
• Renault Trucks
• Scania AB
• Toyota Motor Corporation
• Volvo Group

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

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APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

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CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

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