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

Key Developments

• In April 2024, MAN Truck & Bus, a leading commercial vehicle manufacturer based in Germany, announced plans to be the first European truck producer to launch a small series with a hydrogen combustion engine. The initially planned small series of around 200 units of the "MAN hTGX" will be delivered to customers in Germany, the Netherlands, Norway, Iceland, and selected non-European countries as early as 2025. The MAN hTGX offers an alternative zero-emission drive variant for special applications such as transporting heavy goods like construction materials, tanks, or timber. It can also serve as an environment-friendly alternative to battery-electric trucks in areas with insufficient charging infrastructure or markets where sufficient hydrogen is already available.
• In February 2024, Hyzon Motors Inc., a leading developer of hydrogen fuel cell technology and global supplier of zero-emission heavy-duty fuel cell electric vehicles, partnered with New Way Trucks, the largest privately-held refuse equipment manufacturer in North America. The objective of this collaboration is to create a fuel cell-powered refuse vehicle tailored for the North American market.
• In December 2023, Hybot, a two-year-old China-based start-up and hydrogen fuel cell commercial vehicle maker based in Guangzhou, unveiled the world's first gaseous-hydrogen-powered heavy-duty truck with a range exceeding 1,000 km. Hybot's H49 model, which features a futuristic design, can transport a full cargo load of 49 tonnes while weighing less than 9 tonnes and consuming only 8 kg of hydrogen per 100 km, thanks to its innovative fuel cell system that is 20% more efficient than rival technologies.
• In January 2023, Triton Electric Vehicle, a leading clean energy-driven advanced mobility company based in New Jersey, announced the launch of hydrogen-powered trucks at its manufacturing facility in Bhuj, Gujarat. These trucks are hybrid heavy vehicles designed for both Indian roadways and international markets.