Fuel Cell Commercial Vehicle Market Share

Fuel Cell Commercial Vehicle Market Share

Major players operating in the market are:

• Toyota
• PACCAR
• Hyundai Motor
• Scania
• Volvo
• Nicola
• Foton Motor

Toyota and Volvo are the prominent players in the market holding approximately 17% of the market share. Toyota introduced the Toyota Mirai, one of the first commercially available fuel cell vehicles. Leveraging its early market entry, Toyota aims to dominate fuel cell technology and infrastructure. The company partners with various stakeholders, including governments, automotive manufacturers, and hydrogen infrastructure firms. Notable collaborations include partnerships with Hino Motors for fuel cell trucks and Air Liquide for hydrogen refueling infrastructure.

Volvo is integrating fuel cell technology into its commercial vehicle lineup, focusing on trucks and buses. The company is committed to using fuel cells for long-haul and heavy-duty applications, offering longer ranges and faster refueling compared to battery-electric solutions. Volvo collaborates with partners to develop and commercialize fuel cell technology. For instance, Volvo and Daimler Truck have formed a joint venture, Celltech, to develop fuel cell systems for commercial vehicles, aiming to accelerate technological advancements and reduce costs.

Fuel Cell Commercial Vehicle Market Companies

Major players operating in the market are:

• Toyota
• PACCAR
• Hyundai Motor
• Scania
• Volvo
• Nicola
• Foton Motor