Hydrogen Trucks Market to expand at a notable 41% CAGR aiming for USD 119.18 Billion by 2033
Hydrogen Trucks Market to expand at a notable 41% CAGR aiming for USD 119.18 Billion by 2033
Blog Article
The global Hydrogen Truck Market is expected to grow by nearly USD 3.84 Billion by 2023. This is with a substantial and impressive CAGR of 41% expected over the forecast period, which is projected to reach over USD 119.18 Billion by the year 2033.
It is expected that, in the forecast period, each of these factors is expected to have a significant impact on the hydrogen trucks market. This is because hydrogen trucks are capable of removing all carbon dioxide and harmful pollutants from the atmosphere, which assists in saving the environment.
In addition to environmental concerns, government initiatives for hydrogen fuel cell infrastructure, a high initial investment in infrastructure, technological advancements, and future potential, the global market is impacted by several factors.
Gain expert insights and supercharge your growth strategies. Request our market overview sample now: https://www.futuremarketinsights.com/reports/sample/rep-gb-15986
As awareness increases the effects of air pollution and traffic levels as well as greenhouse gas emissions, hydrogen trucks may become more popular because they are more eco-friendly than other 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%.
Asia Pacific region is expected to grow at the fastest rate 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 shares of the global market, including Anglo American Platinum Ltd. and Ares Motor Works. The companies have been successful in acquiring new and long-term contracts from different countries over the years.
Key players operating the global hydrogen trucks market include
- Cellcentric GmbH & Co. KG
- Dongfeng Motor Corporation
- Esoro AG
- Anglo American Platinum Ltd.
- Ares Motor Works
- Beiqi Foton Motor
- Cummins Inc.
- H2X Global
- Hyundai Motor Company
- Hyzon Motors
- Jaguar Land Rover Automotive
- Kenworth Trucks
- Paccar
- Nikola Corporation
- Renault
- Great Wall Motor Company Ltd.
- Grove Hydrogen Automotive
- Stellantis N.V.
- Toyota
- Transpower
- UPS
- US Hybrid Inc.
- Volkswagen/Scania
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
Recent Developments in the Hydrogen Trucks Market
- Together, Hyzon and ORTEN's complementary product lines, as well as 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.
- An investment of USD 2.3 million will be made in the Alberta Zero-Emissions Truck Electrification Collaboration (AZTEC) project by the Jr. Minister of natural resources, Seamus O Regan. A consortium of project partners, including the Hydrogen Technology and Energy Corporation, Bison Transport, and Canadian Energy Systems Analysis Research, led this project.