How big is the Fuel Cell Commercial Vehicle Market?

The Fuel Cell Commercial Vehicle Market size is expected to reach USD 1.41 billion in 2024 and grow at a CAGR of 32.82% to reach USD 5.82 billion by 2029. Read More

What is the current Fuel Cell Commercial Vehicle Market size?

In 2024, the Fuel Cell Commercial Vehicle Market size is expected to reach USD 1.41 billion. Read More

Who are the key players in Fuel Cell Commercial Vehicle Market?

PACCAR Inc., Nikola Corporation, Volkswagen Group (Scania), Zhejiang Geely Holding Group Co., Ltd. and Toyota Motor Company are the major companies operating in the Fuel Cell Commercial Vehicle Market. Read More

Which is the fastest growing region in Fuel Cell Commercial Vehicle Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Fuel Cell Commercial Vehicle Market?

In 2024, the Asia-Pacific accounts for the largest market share in Fuel Cell Commercial Vehicle Market. Read More

What years does this Fuel Cell Commercial Vehicle Market cover, and what was the market size in 2023?

In 2023, the Fuel Cell Commercial Vehicle Market size was estimated at USD 0.95 billion. The report covers the Fuel Cell Commercial Vehicle Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Fuel Cell Commercial Vehicle Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Fuel Cell Commercial Vehicle Market

Fuel Cell Commercial Vehicle Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Fuel Cell Commercial Vehicle Market Report is Segmented by Vehicle Type (Trucks, Buses, Vans, and Other Vehicle Types (Pickup Trucks, Etc. )), Power Range (below 100 KW, 100kw - 200 KW, and Above 200 KW), and Geography (North America, Europe, Asia-Pacific, and the Rest of the World). The Report Offers Market Size and Forecasts for all the Above Segments in Value (USD) and Volume (Units).

Fuel Cell Commercial Vehicle Industry Overview

The fuel cell commercial vehicle market is fragmented and highly competitive due to the presence of several manufacturers of different capabilities and sizes, including major automakers like Scania, Toyota, etc., and relative entrants to this market segment, including companies like Nikola Motors. Some of the major players include PACCAR Inc., Volkswagen Group, Zhejiang Geely Holding Group Co. Ltd, Honda Motor Company, Mercedes-Benz Group AG, and Hyundai Motor, among others. These players actively seek to engage in partnerships and collaborations with commercial vehicle fleet operators and governments worldwide to market their products and ensure a constant business flow.

In November 2023, Pure Hydrogen, a company positioning itself as a supplier of both hydrogen-powered vehicles and hydrogen itself, showcased its 220 kW Taurus hydrogen fuel cell truck at Brisbane’s Truck Show. Further, the company stated that the newly designed truck is capable of handling loads of up to 70 tons and possesses a range of 400-600 km.
In September 2023, Tata Motors announced the delivery of two of its flagship hydrogen fuel cell-powered (FCEV) buses to Indian Oil Corporation Ltd (IOCL), one of the largest petroleum companies in India. The delivery is part of a tender that Tata Motors won in June 2021 to provide 15 FCEV buses. The scope included evaluating the potential of hydrogen-based PEM fuel-cell technology in India.

The market is anticipated to witness the launch of various advanced fuel cell technologies, especially for trucks and buses, as these players try to gain a competitive edge in the industry.