Delray Beach, FL, Sept. 20, 2024 (GLOBE NEWSWIRE) -- Hydrogen Truck Market is projected to grow from USD 1.9 billion in 2024 to USD 10.8 billion in 2035, at a CAGR of 16.9%, as per the recent study by Markets and Markets™.
Hydrogen Truck market is growing due to expansion in hydrogen refuelling infrastructure and advancements in fuel cell technology, R&D in liquid hydrogen technology, along with rising consumer interest in zero-emission vehicles. Also, the shift towards hydrogen technology integration in trucks and buses by leading OEMs and technology provider companies is boosting the adoption of hydrogen-powered vehicles.
Heavy-duty trucks powered by hydrogen fuel cells are emerging as the best alternative to diesel for long-haul transport, offering similar range and refueling times. The Asia-Pacific region leads the global hydrogen truck segment, with China and Japan pushing adoption for long-haul and last-mile deliveries. And, China is playing a significant role in this growth by providing government subsidies and deployment of hydrogen-powered trucks in its provinces.
Leading OEMs in Europe, such as Solaris and Daimler Truck AG, are increasing their focus on hydrogen-powered vehicles as the hydrogen truck market grows. For instance, Solaris has an 82% market share in Europe, implying widespread use of hydrogen trucks.
The future of hydrogen-powered trucks depends mainly on the expansion of hydrogen infrastructure and production, as well as the integration of autonomous driving technology.
Type IV hydrogen tanks include a non-metallic inner liner made of composite materials that is enclosed by an outer wrapping made of carbon fiber and other interwoven thermoplastic polymers. These tanks weigh up to 70% less than type I tanks, making them particularly appealing for situations where hydrogen must be kept at high pressures (such as 700 bar) while keeping system weight to a minimum.
Due to their lightweight design and greater durability, Type IV hydrogen tanks play an important role for the advancement of hydrogen technology. Type IV tanks perform many purposes as Type III tanks in transportation and vehicles.
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.