The global hydrogen truck market size is projected to grow from USD 1.93 billion in 2024 to USD 10.79 billion by 2035 at a CAGR of 16.9% during the forecast period. The hydrogen truck market growth can be attributed to the regulatory backing and government initiatives to develop and deploy hydrogen-powered vehicles in the global market. Also, the expansion of hydrogen refuelling infrastructure and green hydrogen hubs is strengthening the ecosystem for hydrogen buses & hydrogen trucks. The developments in hydrogen fuel cell technology, such as increased efficiency and commercial viability of new applications such as H2ICE, hydrogen swappable vehicles.
The above 400 kW segment includes hydrogen trucks from heavy-duty applications like long-haul trucks and high-performance buses. These vehicles’ increased motor power enables them to transport huge loads over long distances while operating efficiently in difficult terrains such as steep slopes. These vehicles are marketed as high-end products prioritizing performance, dependability, and the capacity to withstand difficult operational circumstances. Heavy-duty trucks often need motors rated between 400 and 500 kW. OEMs, such as Nikola and Toyota, provide hydrogen-powered trucks with motors exceeding 400 kW. For example, the Nikola Tre and Toyota Hino trucks are powered by 750 and 450 KW, respectively. Because of its fast-refuelling time and long-range, hydrogen fuel cell technology is considered a long-haul trucking solution. North American initiatives are aimed at developing hydrogen corridors to adopt these vehicles.
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The demand for hydrogen-powered trucks and vehicles with a range of more than 500 miles is increasing as long-haul and heavy-duty transportation demands require longer range and operating efficiency. These hydrogen-powered commercial vehicles are utilized for cross-border freight, and long-distance intercity buses. Due to advancements in hydrogen storage and fuel cells, hydrogen buses and trucks can travel more than 500 miles while remaining highly efficient and durable. High-pressure hydrogen tanks and more efficient fuel cells allow these vehicles to store and use more hydrogen, extending their operational range. Wrightbus (UK) offers hydrogen-powered buses with a range of more than 500 miles. Furthermore, FAW Jiefang Automobile Co., Ltd. (China), Mercedes-Benz (Germany), and Nikola Corporation (United States) provide hydrogen-powered trucks with a range of more than 500 miles. For instance, in March 2024, Nikola Corporation (US) supplied 50 Nikola hydrogen fuel cell trucks to IMC Logistics. These trucks include innovative technology for an 805 km (500 mile) range and quick recharging, strengthening IMC’s development into eco-friendly transportation in the US.
Based on the region, Asia-Pacific dominated the Charging as a Service market due to rapid EV adoption, strong government support, and significant investments in charging infrastructure. China, Japan, and India played key roles in expanding CaaS solutions through national policies promoting EV charging networks, battery swapping, and renewable energy integration. China’s New Energy Vehicle (NEV) policy, India’s Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) initiative, and Japan’s subsidy programs for fast chargers accelerated the development of charging infrastructure. The growing use of electric buses, taxis, and two-wheelers further increased the demand for subscription-based charging services.
Public-private partnerships, corporate and fleet electrification, and regulatory improvements all contribute to the region’s market expansion. To boost infrastructure efficiency and attract private investment, governments have implemented uniform charging rules and incentives. Leading initiatives to extend charging networks and guarantee compatibility across various EV models are being carried out by China’s State Grid Corporation and Southern Power Grid, India’s National Highways Authority of India (NHAI), and Japan’s CHAdeMO Association. Companies such as NIO, BYD, Tata Power, and Panasonic are integrating smart charging solutions, dynamic pricing, and AI-driven energy management to enhance service efficiency. Technological advancements such as ultra-fast charging, vehicle-to-grid (V2G) solutions, and battery swapping are shaping the future of CaaS. China has developed an extensive battery-swapping network, with NIO deploying thousands of automated swap stations. India’s Reliance BP Mobility and Tata Power are actively expanding their charging infrastructure to meet the growing demand. Japan continues to refine fast-charging standards through CHAdeMO to improve system interoperability.
The expansion of EV-sharing platforms and logistics companies using CaaS for last-mile delivery is driving further market adoption. AI and IoT technologies are optimizing charging schedules, reducing grid strain, and lowering operational costs. Smart charging hubs in urban centers and along highways are facilitating seamless access to charging services. Asia-Pacific continues to lead the Charging as a Service industry, establishing a global standard for effective and sustainable EV infrastructure due to robust government support, advancements in technology, and rising EV adoption.
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