The global hydrogen truck market size was estimated at USD 4.3 billion in 2024 and is projected to reach USD 15.10 billion by 2030, growing at a CAGR of 23.9% from 2025 to 2030. Governments and regulatory bodies globally are implementing stringent emissions standards to combat climate change and reduce greenhouse gas (GHG) emissions.

Key Market Trends & Insights

The Asia Pacific hydrogen trucks industry dominated and accounted for 41.9% share of the global revenue in 2024.

China hydrogen trucks industry is driven by the integration of hydrogen in broader energy and environmental policies by the Government of China.

By vehicle, the heavy-duty trucks segment led the market with a global revenue share of 50.22% in 2024.

By fuel cell technology, the PEMFC segment dominated the market in 2024 in terms of market share.

By motor power, the upto 200 kW segment is anticipated to witness significant growth over the forecast period.

Market Size & Forecast

2024 Market Size: USD 4.3 Billion

2030 Projected Market Size: USD 15.10 Billion

CAGR (2025-2030): 23.9%

Asia Pacific: Largest market in 2024

Traditional diesel-powered trucks are significant contributors to air pollution, prompting policymakers to promote the adoption of cleaner alternatives. Hydrogen trucks, which produce only water vapor as a byproduct, are emerging as a key solution to meet these regulatory requirements. This regulatory push is a critical factor driving investments in hydrogen truck technology and infrastructure.

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In addition, the global push towards sustainability is driving businesses to adopt greener transportation solutions. Fleet operators and logistics companies are increasingly prioritizing vehicles that align with their environmental, social, and governance (ESG) goals. Hydrogen trucks offer a zero-emission alternative that meets these objectives, making them an attractive option for companies seeking to reduce their carbon footprint while maintaining operational efficiency.

Regional Insights

The North America hydrogen trucks market is witnessing growth due to several key drivers, which include policy initiatives, environmental concerns, advancements in hydrogen technology, and growing interest from the logistics sector. For instance, in May 2025, Cummins Inc., one of the leading engine manufacturers, announced plans to invest over USD 1 billion across its U.S. engine manufacturing network to support the transition to hydrogen fuel. This investment will upgrade facilities in Indiana, North Carolina, and New York to produce the industry's first fuel-agnostic engine platforms capable of operating on various low-carbon and zero-carbon fuels.

Key Hydrogen Truck Companies:

The following are the leading companies in the hydrogen truck market. These companies collectively hold the largest market share and dictate industry trends.

Hyundai Motor Company

Nikola Corporation

Daimler Truck AG (Mercedes-Benz Group AG)

Volvo Group

TRATON GROUP (MAN Truck & Bus SE)

Scania

PACCAR Holding B.V. (DAF)

Dongfeng Motor Corporation

Foton International

Yutong International Holding Co., Ltd.