Global Hydrogen Fuel Cell Truck (FCT) Market | Size, Share, Trends and Forecast to 2028

Global Hydrogen Fuel Cell Truck (FCT) Market | Size, Share, Trends and Forecast to 2028

The global hydrogen fuel cell trucks market is expected to experience significant growth in the coming years. This growth is being driven by a number of factors, including the implementation of strict emission regulations, rising demand for vehicles using alternative fuels, as well as government regulations and incentives amid energy transition aimed at promoting the adoption of clean technologies.

Hydrogen fuel cell trucks are gaining popularity in the commercial vehicle segment as a clean alternative to traditional diesel trucks. They use hydrogen gas to power an electric motor, emitting only water vapor as a byproduct. This makes them a more environmentally friendly option compared to diesel trucks, which emit greenhouse gases and contribute to greenhouse gas emissions.

A hydrogen fuel cell truck is a heavy-duty work vehicle that can be used for commercial, municipal, military, or private purposes. It can be any size, weight, or purpose, and it uses an all-electric propulsion system with hydrogen fuel cells as its main energy source.

The main advantage of using hydrogen fuel cell technology is that it keeps the air cleaner and lowers potential risks to lung health while still giving heavy duty truck drivers and owners an operational range that is comparable to or better than that of a diesel or compressed natural gas (CNG) truck or bus. Since hydrogen burns cleanly and produces no carbon emissions, it is a good alternative to conventional fuels.

However, high upfront cost of the fuel cell electric vehicle, the lack of a proper hydrogen supply chain, risks associated with hydrogen as fuel, and competition from battery electric trucks and conventional fossil fuel trucks restrain the hydrogen fuel cell truck market growth.

Global Hydrogen Infrastructure Scenario

Major economies in the world have developed their hydrogen roadmaps to build future hydrogen infrastructure such as green hydrogen production facilities, wide hydrogen refuelling stations (HRS) networks for hydrogen fuel cell vehicles, etc.

As part of their hydrogen strategies, Europe, China, and the United states are actively deploying hydrogen fuel cell trucks with the main aim of reaching their emission reduction targets.

In accordance with a long-term plan for the development of the nation's hydrogen industry, China aims to have 50,000 fuel cell vehicles on its roads by 2025.

In order to achieve President Xi Jinping's objectives of having China's carbon dioxide emissions peak before 2030 and reaching net-zero emissions by 2060, the plan, which runs through 2035, positions hydrogen as a crucial component in the country's energy system.

Beijing hopes to have a firm grasp on key technologies by 2025 and start the process of establishing a supply chain. Along with this, China will work to expand the use of hydrogen in buses and freight transport in order to meet its automotive target.

According to European Commission, with the EU’s flagship ‘Fit for 55’ package of climate legislation, around 60,000 hydrogen trucks are expected to be on European roads by 2030.

Major truck manufacturers in the United States have started to work on pilot hydrogen fuel cell heavy duty truck projects.

There are a number of government schemes and initiatives in place around the world to support the development and adoption of hydrogen fuel cell trucks.

In the European Union, the Fuel Cells and Hydrogen Joint Undertaking (FCH JU) is a public-private partnership that supports research and innovation in the field of fuel cells and hydrogen. The organization provides funding for projects that aim to develop and demonstrate innovative technologies related to fuel cells and hydrogen.

In Japan, the Ministry of Economy, Trade, and Industry has implemented a number of measures to support the development of hydrogen fuel cell technologies, including funding for research and development and subsidies for the deployment of fuel cell vehicles.

In the United States, the Department of Energy (DOE) has a number of initiatives in place to support the development of hydrogen fuel cell technologies, including funding for research and development and the deployment of hydrogen vehicles. The DOE also offers financial incentives, such as grants and tax credits, to support the adoption of fuel cell technologies.

Additionally, many local and regional governments around the world have implemented their own incentives and regulations to support the adoption of hydrogen fuel cell trucks, such as subsidies, tax credits, and regulatory standards that favor clean technologies.

Heavy duty fuel cell trucks are expected to dominate the global fuel cell electric vehicle (FCEV) market during the forecast period due to the promising aspects of fuel cell technology in the long-haul heavy-duty vehicle segment compared to the passenger vehicle segment.

Recent Developments

In order to accelerate the usage of green hydrogen, fuel cell manufacturer Plug Power and electric vehicle manufacturer Nikola have signed a supply agreement in Dec 2022.

Nikola and E.ON partner to combine sales of Nikola hydrogen fuel cell trucks with services and hydrogen fueling infrastructure solutions.

Hyundai Motor announced its plans to accelerate the establishment of a hydrogen value chain in line with Israel’s commitment to reduce its carbon emissions; Israel becomes Xcient’s (fuel cell truck of Hyundai Motor company) first Middle East market.

To hasten the adoption of fuel cell trucks, Ballard Power System announced in September 2022 a minority ownership investment in Quantron AG, a global integrator of electric vehicles. Under the provisions of a Joint Development Agreement, Quantron will use the investment funds from Ballard as part of its fundraising round, which could total up to EUR 50 million, to develop its truck fuel cell vehicle platforms. Ballard will be Quantron's exclusive source of fuel cells for these platforms.

A multi-year fuel cell supply contract between Loop Energy and Tevva Motors Ltd (Tevva) has been inked. The contract comprises delivery commitments totaling more than USD 12 million through 2023. Tevva intends to integrate Loop Energy's fuel cell units into its manufacturing process when it increases production of its hydrogen-electric trucks to fulfill demand in 2023.

Air Products, a leading company in the supply and transport of hydrogen, and Cummins Inc., a global power and hydrogen technologies leader, jointly announced the signing of a memorandum of understanding to work together to accelerate the integration of hydrogen fuel cell trucks in the Americas, Europe and Asia.

In April 2022, California Energy Commission (CEC) selected Symbio, Michelin, Faurecia, GTI and other industry partners to develop and demonstrate a hydrogen-fueled, regional-haul Class 8 truck, as major contributors to a state-supported hydrogen mobility project.

In order to speed up the deployment of hydrogen-based fuel cells for long-haul trucks and beyond, Daimler Truck AG and Volvo Group formally unveiled their innovative roadmap for the new fuel-cell joint venture Cellcentric in April 2021.

The new report from Blackridge Research on Global Hydrogen Fuel Cell Truck Market comprehensively analyses the hydrogen fuel cell truck Market and provides deep insight into the current and future state of the industry.

The study examines the drivers, restraints, and regional trends influencing Global Hydrogen Fuel Cell Trucks Market demand and growth.

The report also addresses present and future market opportunities, market trends, developments, and the impact of Covid-19 on the Global Hydrogen Fuel Cell Trucks Market, important commercial developments, trends, regions, and segments poised for the fastest growth, competitive landscape, and market share of key players.

Further, the report will also provide Global Hydrogen Fuel Cell Trucks Market size, demand forecast, and growth rates.

What Do We Cover in the Report?

Global Hydrogen Fuel Cell Trucks Market Drivers & Restraints

The study covers all the major underlying forces that help the market develop and grow and the factors that constrain the growth.

The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.

Each factor's respective impact in the near, medium and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.

Global Hydrogen Fuel Cell Truck Market Analysis

This report discusses the overview of the market, the latest updates, important commercial developments and structural trends, and government policies and regulations.

This section provides an assessment of COVID-19 impact on Global Hydrogen Trucks Market demand.

Global Hydrogen Fuel Cell Truck Market Market Size and Demand Forecast

The report provides Global Market size and demand forecast until 2028, including year-on-year (YoY) growth rates and CAGR.

Global Hydrogen Fuel Cell Truck Market Industry Analysis

The report examines the critical elements of the Global Hydrogen Fuel Cell Truck industry supply chain, its structure, and the participants

Using Porter's five forces framework, the report covers the assessment of the Global Hydrogen Fuel Cell Truck industry's state of competition and profitability.

Global Hydrogen Fuel Cell Truck Market Segmentation & Forecast

The report dissects the Global Hydrogen Fuel Cell Truck Market into segments based on vehicle type (light duty trucks, medium duty trucks, heavy duty trucks). A detailed summary of the current scenario, recent developments, and market outlook will be provided for each segment.

Further, market size and demand forecasts will be presented along with various drivers and barriers for individual market segments.

Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for "bespoke" market segmentation to better align the research report with your requirements.

Regional Market Analysis

The report covers detailed profiles of major countries across the world. Each country's analysis covers the current market scenario, market drivers, government policies & regulations, and market outlook.

In addition, market size, demand forecast, and growth rates will be provided for all regions.

Following are the notable countries covered under each region.

North America - United States, Canada, Mexico, and the Rest of North America

South America - Argentina, Chile, and the Rest of South America

Europe - Germany, France, United Kingdom (UK), Russia, and the Rest of Europe

Asia-Pacific - China, India, Japan, South Korea, Australia, Rest of APAC

Middle-East & Africa - Saudi Arabia, Brazil, Nigeria, South Africa, and other countries

Key Company Profiles

This report presents detailed profiles of Key companies in the Global Hydrogen Fuel Cell Truck industry such as Nikola Corporation, Hyzon Motors Inc, Hyundai Motor Company, etc.

Generally, each company profile includes - an overview of the company, relevant products and services, a financial overview, and recent developments.

Competitive Landscape

The report provides a comprehensive list of notable companies in the market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.

The study also discusses the strategies adopted by leading players in the industry.

Executive Summary

Executive Summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.

The report begins with an Executive Summary chapter and ends with Conclusions and Recommendations.

Also, check our latest regional reports on:

United States Hydrogen Fuel Cell Truck (FCT) Market

China Hydrogen Fuel Cell Truck (FCT) Market

Europe Hydrogen Fuel Cell Truck (FCT) Market
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