Hydrogen Truck Market to Grow at 33.4% CAGR by 2030

"Rising Demand for Zero-Emission Long-Haul Solutions and Supportive Government Policies Drive Growth in Hydrogen Truck Market"

Boston, Sept. 29, 2025 (GLOBE NEWSWIRE) -- According to the latest study from BCC Research, “Global Market for Hydrogen Trucks” is projected to reach $16.2 billion in 2030, at a CAGR of 33.4% through the forecast period of 2025-2030.

This report analyzes the global hydrogen truck market, which is segmented by product type, fuel cell technology, driving range, motor power, and application. It analyzes the technological innovations, regulatory landscape, competitive environment, and economic factors influencing market growth. A patent analysis highlights trends in innovation, while company profiles provide insights into the strategies of leading market players. The report also includes a regional breakdown for North America, Europe, Asia-Pacific, and the Rest of the World (including South America, the Middle East, and Africa), examining current and future demand drivers.

This report is especially relevant now due to the accelerating global shift to emission-free transportation. Hydrogen-powered trucks are becoming a viable solution for sustainable logistics, offering advantages such as longer driving ranges, fewer refueling stops, and high energy efficiency. These features make them suited for integration into existing fleet operations. Additionally, increasing investments in hydrogen production and supportive government policies and incentives are fueling market growth. As the demand for clean energy solutions rises, hydrogen trucks are emerging as a major component in the future of green mobility.

The factors driving the market’s growth include:

Increasing Demand for Fuel-Cell Vehicles: The global push for cleaner transportation has led to rising interest in fuel-cell vehicles, including hydrogen trucks. These vehicles offer fast refueling, long driving ranges, and zero emissions, making them ideal for commercial and long-haul applications.

Focus on Reduction of Carbon Emissions: Hydrogen trucks help reduce greenhouse gas emissions by replacing diesel-powered vehicles. As countries and companies aim for carbon neutrality, hydrogen technology is seen as a key solution for decarbonizing the transport sector.

Supportive Government Regulations and Policies: Governments worldwide are encouraging hydrogen adoption through subsidies, tax incentives, and investments in infrastructure. These policies create a favorable environment for manufacturers and fleet operators to transition to hydrogen-powered trucks.

Technological Advances in Fuel Cell Technology: Innovations in fuel cell systems have improved efficiency, reduced costs, and enhanced durability. These advancs make hydrogen trucks more viable and more competitive, accelerating their integration into mainstream transportation.

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Report Synopsis

Interesting fact:

• Many hydrogen truck manufacturers are turning to partnerships to enter the emerging market. This strategy enables a company to gain a competitive edge by collaborating with technology providers to increase its business reach and deliver a clean transportation solution. For instance, in May 2025, Toyota and China-based truck market Sinotruk entered a strategic cooperation agreement to develop hydrogen fuel cell technology and zero-carbon logistics solutions in China.

• Heavy-duty trucks accounted for 48.2% of the market in 2024. The growth of the heavy-duty truck segment is primarily attributed to the growing demand for long-haul, high-capacity vehicles with low emissions. Also, these trucks are used in various industrial applications such as construction, logistics, and mining, in which large volumes of cargo, equipment, and raw materials need to be transported.

Emerging startups:

• Hyzon: Hyzon was founded in 2020. The company received the first contract for a hydrogen-powered fuel cell electric refuse truck in North America from GreenWaste, a recycling and waste diversion company.

• HVS (Hydrogen Vehicle Systems): HVS was established in 2017. The company entered a strategic collaboration in June 2024 with Edwin C Farrall Transport Ltd. (Farrall’s Group) to explore the integration of hydrogen fuel cell HGVs into Farrall’s fleet.

• DeepWay Technology Co. Ltd.: DeepWay Technology has started building a new truck plant in Huzhou, china with a production capacity of 50,000 smart electric trucks per year. The company was founded in 2020.

The report addresses the following questions:

1. What are the projected size and growth rate of the market?

• The projected market size in 2030 is $16.2 billion, and the market is expected to grow at a CAGR of 33.4% through the forecast period.

2. What factors are driving the growth of the market?

• The factors driving the market’s growth are increasing demand for fuel cell vehicles and growing awareness of the need to reduce carbon emissions.

3. Which market segments are covered in the report?

• The study segments the market by product, fuel cell technology, range, motor power, and application.

4. Which product type will be dominant through 2030?

• The heavy-duty trucks segment will dominate the market through 2030.

5. Which region has the largest market share?

• The Asia-Pacific region holds the largest share of the global market.

6. What are the challenges and opportunities of the market?

• High initial investment and infrastructure costs and insufficient hydrogen refueling stations are the primary challenges/restraints in the market. Supportive government regulations and policies, and technological advancements in fuel cell technology are creating major opportunities in the market.

Market leaders include:

• AB VOLVO (VOLVO TRUCKS)
• DAIMLER TRUCK AG
• FOTON INTERNATIONAL
• HONDA MOTOR CO. LTD.
• HYDROGEN VEHICLE SYSTEMS LTD
• HYUNDAI MOTOR CO.
• PACCAR INC.
• SCANIA
• TOYOTA MOTOR CORP.

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