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Major players operating in the market are:
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.
Major players operating in the market are:
Toyota, PACCAR, Hyundai Motor, Scania, Volvo, Nicola, and Foton Motor
The global fuel cell commercial vehicle market was valued at USD 2.5 billion in 2023 and is estimated to register over 31.4% between 2024 and 2032 as governments globally are enforcing stricter emissions standards to reduce greenhouse gases and air pollution.
Asia Pacific fuel cell commercial vehicle industry held 54% share in 2023 owing to the rapid expansion of hydrogen infrastructure.
The light commercial vehicles segment in the fuel cell commercial vehicle market held approximately USD 1.4 billion in 2023 due to expanding hydrogen refueling networks.