The global hydrogen truck market size was estimated at USD 4.3 billion in 2024 and is projected to reach USD 15.10 billion by 2030, growing at a CAGR of 23.9% from 2025 to 2030. This significant expansion is largely driven by increasingly stringent emissions regulations being enacted by governments and regulatory bodies worldwide, aiming to address climate change and substantially reduce greenhouse gas (GHG) emissions from the transportation sector.

Conventional diesel-powered trucks have long been identified as major contributors to air pollution, emitting high levels of nitrogen oxides, particulate matter, and carbon dioxide, all of which negatively impact air quality and contribute to global warming. To mitigate these effects, policymakers are actively encouraging the transition to cleaner and more sustainable alternatives. Hydrogen trucks, which emit only water vapor as a byproduct during operation, are emerging as one of the most promising solutions to meet these strict environmental regulations and reduce the overall carbon footprint of freight transportation.

Moreover, the broader global emphasis on sustainability is motivating businesses across the logistics and transportation industries to adopt greener vehicle options. Fleet operators and logistics companies are increasingly incorporating environmental, social, and governance (ESG) principles into their operations, seeking to reduce their environmental impact while maintaining high efficiency and reliability. Hydrogen trucks, with their zero-emission profiles and comparable performance to traditional vehicles, present an attractive option for these companies. This growing demand for eco-friendly transportation solutions is playing a pivotal role in driving investments not only in hydrogen truck technologies but also in the development of supporting infrastructure such as fueling stations.

Key Market Trends & Insights:

• In 2024, the Asia Pacific hydrogen truck industry took a leading position globally, capturing a substantial 41.9% share of the total market revenue. This dominance highlights the region’s strong focus on hydrogen-powered transportation as part of its broader energy transition strategy. Within the Asia Pacific, China’s hydrogen truck market stands out as a key driver of growth. The government’s active integration of hydrogen initiatives into its wider energy and environmental policies is fueling rapid development and adoption of hydrogen trucks across the country, positioning China as a significant player in the global hydrogen mobility landscape.

• When examining the market by vehicle type, the heavy-duty trucks segment was the front-runner, commanding the largest share of 50.22% of global revenue in 2024. Heavy-duty trucks are a crucial category due to their substantial contribution to freight transportation and their high emissions from traditional fuel sources. The shift towards hydrogen-powered heavy-duty trucks is being propelled by their potential to deliver powerful, zero-emission alternatives suitable for long-haul logistics and heavy industrial use.

• Looking at fuel cell technology, the Proton Exchange Membrane Fuel Cell (PEMFC) segment dominated the market in 2024 in terms of revenue share. PEMFC technology is favored due to its efficiency, scalability, and suitability for automotive applications, including hydrogen trucks, making it a critical component in the commercialization of fuel cell vehicles.

• Finally, considering motor power ratings, the segment representing trucks with motor power of up to 200 kW is expected to experience significant growth during the forecast period. This growth is driven by increasing demand for medium-power hydrogen trucks, which strike a balance between performance and cost-effectiveness, catering to a wide range of commercial transportation needs.

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Market Size & Forecast:

• 2024 Market Size: USD 4.3 Billion

• 2030 Projected Market Size: USD 15.10 Billion

• CAGR (2025-2030): 23.9%

• Asia Pacific: Largest market in 2024

Key Companies & Market Share Insights:

The hydrogen truck market is currently characterized by a consolidated structure, with a relatively small number of major players holding significant market shares. The industry is in a growth phase, and as it progresses, competition among companies is expected to intensify substantially over the forecast period. To establish and strengthen their positions in this evolving market, leading players are actively employing a variety of strategic approaches. These include forming partnerships and strategic joint ventures, engaging in mergers and acquisitions, and pursuing geographical expansion to tap into emerging markets worldwide.

In addition to these business maneuvers, companies are placing a strong emphasis on research and development (R&D) to drive innovation focused on enhancing the performance, efficiency, and cost-effectiveness of hydrogen trucks. Key areas of innovation include improvements in fuel storage technologies, advancements in fuel cell systems, and the use of lightweight materials to increase vehicle efficiency and range. As the market matures, the entry of new competitors is anticipated to fuel even greater innovation, contribute to cost reductions, and broaden the overall adoption of hydrogen trucks across the global transportation sector.

Among the prominent market participants, Hyundai Motor Company, a South Korean multinational automotive manufacturer headquartered in Seoul, plays a significant role. Hyundai’s product portfolio spans passenger vehicles, commercial trucks, and cutting-edge green technologies, including both electric and hydrogen-powered options. One of the company’s landmark achievements is the Hyundai XCIENT Fuel Cell, recognized as the world’s first mass-produced hydrogen-powered heavy-duty truck. This model provides a driving range of up to 400 kilometers (248 miles) on a single refueling, making it well-suited for both regional distribution and long-haul logistics operations.

On the other side of the globe, Nikola Corporation, an American company, specializes in hydrogen-powered trucks, electric vehicles (EVs), and associated energy infrastructure. Nikola designs and manufactures Class 8 trucks powered by hydrogen fuel cells and battery-electric systems, targeting the regional and long-haul freight markets. These vehicles are engineered to significantly reduce carbon emissions while enhancing operational efficiency and lowering the total cost of ownership for fleet operators. Nikola’s innovations reflect a growing commitment within the industry to address environmental challenges while delivering economic benefits to logistics and transportation companies.

Key Players

• Hyundai Motor Company

• Nikola Corporation

• Daimler Truck AG (Mercedes-Benz Group AG)

• Volvo Group

• TRATON GROUP (MAN Truck & Bus SE)

• Scania

• PACCAR Holding B.V. (DAF)

• Dongfeng Motor Corporation

• Foton International

• Yutong International Holding Co., Ltd.

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Conclusion:

The hydrogen truck market is experiencing rapid growth, driven by stringent emissions regulations and a global push toward sustainable transportation solutions. Governments worldwide are implementing policies that encourage the adoption of zero-emission vehicles, positioning hydrogen trucks as a viable alternative to traditional diesel-powered trucks. This regulatory support, combined with advancements in hydrogen fuel cell technology, is enhancing the performance and cost-effectiveness of hydrogen trucks, making them increasingly attractive to fleet operators and logistics companies. As the market matures, competition is intensifying, with companies investing in research and development to innovate and meet the growing demand for cleaner transportation options.