Hydrogen Truck Market Worth $10.8 Billion In 2035 Marketsandmarkets

(MENAFN- PR Newswire) Germany is a leader in terms of the adoption of hydrogen-powered vehicles and the development of hydrogen infrastructure. As of December 2023, Germany had 158 operational hydrogen refueling stations. Moreover, local OEMs such as Daimler Truck AG, BMW, and Paul Nutzfahrzeuge GmbH have started emphasizing the development of hydrogen vehicles. For instance, in August 2023, Paul Nutzfahrzeuge GmbH launched the Paul Hydrogen Power Truck which based on Mercedes-Benz Atego. It is part of the Shell's Hydrogen Pay-Per-Use model and is serviced exclusively at the Daimler Truck AG workshop in Frechen. The trucks are produced in Vilshofen, Southern Germany, and are used for distribution and line hauls at DHL Freight and Post & Parcel Germany facilities in Cologne.

France, Italy and the UK also have a significant hydrogen-powered bus and truck market. The governments are actively promoting
the development of zero-emission vehicles. Moreover, these countries have built hydrogen refueling infrastructure and are on their way to creating a zero-emission future. Italy will have the rapid growth due to the government's support for hydrogen buses and trucks in the country and
the presence of many European OEMs in this market. Successful pilot projects and the installation of refueling infrastructure, together with public-private partnerships, are boosting the adoption of hydrogen buses and trucks in these countries. For instance, in July 2024, Axpo Group plans to invest in the "Arve Hydrogène Mobilité" project in France's Arve Valley to establish a hydrogen production and infrastructure. The venture will build a hydrogen refueling station that will open in early 2025, as well as an electrolyser capable of producing up to 5 MW by 2030. This project comprises various local partners and contributes to Axpo's overall hydrogen activities in Europe.

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Hydrogen Truck Market Dynamics:

Drivers:

• Efficiency of hydrogen-powered vehicles

Restraints:

• Infrastructure scalability issues

Opportunities:

• Development of mobile and community hydrogen
  fuelling systems

Challenge:

• Storage and transportation of hydrogen

Key Market Players Hydrogen Truck Industry :

Prominent players in the Hydrogen Truck Market include as Foton International (China), Yutong Bus Co., Ltd. (China), Xiamen King Long International Trading Co., Ltd. (China), Solaris Bus & Coach sp. z o.o. (Poland), and Hyundai Motor Company (South Korea).

The break-down of primary participants is as mentioned below:

• By Company Type: OEMs - 24%, Tier I - 67%, and Tier II & III- 9%,
• By Designation: C- Level Executives - 33%, Directors - 52%, and Others - 15%
• By Region: North America - 26%, Europe - 36%, and Asia Pacific - 38%

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Hydrogen Truck Industry Recent Developments:

• In July 2024, Foton International (China) expanded its global presence by signing a strategic partnership with INDOMOBIL (Indonesia). Through this partnership, Foton would develop its domestic manufacturing and distribution activities and demonstrate its strategic decision to expand in emerging markets.
• In July 2024, Foton International (China) and DEC Hydrogen signed a cooperation agreement to develop and promote hydrogen fuel cell trucks, focusing on the Beijing-Tianjin-Hebei region and Sichuan province. The companies plan to manufacture hydrogen-powered, heavy-duty trucks at their jointly established R&D centers in China.
• In March 2024, Refire Technology (China) delivered fuel cells for 50 hydrogen trucks to Yutong Bus Co., Ltd. (China). Through this development, Refire Technology made its first step into heavy-duty vehicle electrification in China. This development followed Refire's previous deliveries of fuel cells in Germany. The strategy highlighted Refire's global commitment to advancing hydrogen mobility solutions.

Hydrogen Truck Market Size - Key Benefits of Buying the Report:

• The report will help market leaders/new entrants with information on the closest approximations of revenue and volume numbers for the overall hydrogen truck market and its subsegments.
• This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
• The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
• The report also helps stakeholders understand the current and future pricing trends of hydrogen buses and trucks.

This report provides insights on:

• Analysis of key drivers (Fleet Decarbonization Mandates, Faster refueling compared to EVs, Expansion of Hydrogen Refueling Infrastructure, Growing investment in Green Hydrogen production), restraints (High Initial Investment in Hydrogen Refueling Infrastructure, Infrastructure Scalability Issues, Issue with high flammability and detection of fuel leakages), opportunities (Advancements in Fuel Cell Technology, Integration with Renewable Energy Sources, Hydrogen Corridors, Government initiatives promoting hydrogen infrastructure, Development of portable hydrogen refueling stations), and challenges (High Vehicle Cost compared to gasoline/EVs, Hydrogen Storage & Transportation Challenges, Higher operating cost compared to EVs).
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the hydrogen bus and truck market.
• Market Development: Comprehensive information about lucrative markets - the report analyses the hydrogen truck market across varied regions.
• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the hydrogen truck market.
• Competitive Assessment:
  In-depth assessment of market ranking, growth strategies, and service offerings of leading players like Foton International (China), Yutong Bus Co., Ltd. (China), Xiamen King Long International Trading Co., Ltd. (China), Solaris Bus & Coach sp. z o.o. (Poland), and Hyundai Motor Company (South Korea) among others in hydrogen truck market.

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Electric Commercial Vehicle Market
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Hydrogen Fuel Cell Vehicle Market
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