HYDROGEN TRUCKS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

One of the main challenges faced by the global hydrogen trucks market is the high investment and infrastructure costs associated with it. Setting up hydrogen refueling stations requires huge capital investments since the entire refueling infrastructure needs to be built from the ground up. Additionally, the production of hydrogen also has significant energy requirements. Transporting and storing hydrogen poses technical challenges as well since it is less energy dense than conventional fuels and needs high-pressure tanks for storage. These challenges significantly increase the initial costs of operating a fleet of hydrogen trucks compared to conventional diesel trucks. High vehicle costs are another barrier since the price of current hydrogen trucks is nearly double that of diesel trucks. While the total cost of ownership may be lower in the long run due to cheaper fuel costs, the higher initial investments pose a major hurdle for widespread market adoption of hydrogen trucks.

Market Opportunities: Growing Support from Government Policies and Subsidies

The growing support from government policies and subsidies presents a major opportunity for the hydrogen trucks market to drive widespread adoption. Many countries and states are supporting the transition to zero-emission trucks through incentives, tax exemptions, and investments in refueling infrastructure. Growing awareness about environmental pollution is also driving more companies to explore hydrogen trucks to reduce carbon footprints. Such supportive government policies and initiatives are expected to boost demand and help lower costs through economies of scale. This will, in turn, attract more fleet owners and private companies to adopt hydrogen trucks.