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The mounting pressure on European nations to reduce emissions resulting in governments actively promoting hydrogen-based technologies in the transportation sector, coupled with the advantages offered by the hydrogen fuel cell technology for long haul trucks over conventional diesel trucks are some of the major drivers of the Europe hydrogen fuel cell trucks market.
The EU countries are setting ambitious emission reduction targets to achieve their carbon neutrality objectives by the middle of the century and every sector is undergoing energy transition and transportation is no exception.
The road freight activity in Europe is expected to grow continuously through 2050, offsetting the expected CO2 reduction benefits mandated by heavy duty vehicles (HDV) CO2 standards in the European Union (EU).
In order to make the transition to a low and eventually zero-carbon economy, a change from HDV technologies with no emissions to internal combustion engines is required. Fuel cell trucks are a decarbonization option that are being viewed by the EU nations to achieve these goals.
However, the high upfront cost of hydrogen vehicles, lack of proper hydrogen infrastructure and competition from other alternative technologies such as the battery electric vehicles (BEV) market are some of the factors restraining the European hydrogen fuel cell truck market growth.
According to a 2020 study commissioned by the EU’s public-private partnership, the Fuel Cell and Hydrogen Joint Undertaking (FCH JU), fuel-cell hydrogen trucks can become cost-competitive by 2028 if hydrogen fuel cost drops to EUR 6/kg.
The International Council on Clean Transportation (ICCT) Europe states that Fuel cell long-haul trucks can narrow down the TCO gap (Total Cost of Ownership) with their diesel counterparts by 2030 in Europe if the at-the-pump green hydrogen fuel price is around EUR 4 per kilo.
There are hydrogen fuel subsidies offered in some European countries. These subsidies are generally provided to encourage the use of hydrogen fuel and the development of hydrogen fuel infrastructure.
For instance, the French government is providing truck owners with incentives of up to EUR 50,000 as part of its climate change strategy so they can convert typical commercial freight vehicles to electric power. A new electric and/or hydrogen truck, bus, or coach is also available for purchase or leasing (for a minimum of two years) for EUR 50,000.
The European Union is also taking proactive steps to develop hydrogen infrastructure amid the energy security issues of the region. By 2030, the EU seeks to produce 10 million tonnes of clean hydrogen and import 10 million tonnes of it into the EU, significantly advancing European objectives for clean hydrogen as a significant energy carrier to replace imports of fossil fuels from Russia.
Despite the government supporting hydrogen mobility and the fact that numerous truck manufacturers have announced and introduced numerous BET (battery electric trucks) and FCET (fuel cell electric trucks) models, there is still a great deal of uncertainty about the economic viability of these alternative technologies.
Some automobile manufacturers have already launched their hydrogen fuel cell truck models in Europe. At the same time, some of the other manufacturers are in the planning and testing phases.
Hyundai motor group and Hyzon motors have already started rolling out their hydrogen fuel cell trucks in Europe. Switzerland received the first 10 Hyundai Xcient fuel cell trucks in 2020. The Hyundai Xcient fuel cell truck is the first fuel-cell electric truck to be mass-produced.
In 2021, the American company Hyzon Motors introduced its hydrogen-powered heavy duty truck to Europe. Hyzon has also joined the Hydrogen Europ European business alliance, which aims to install 100,000 hydrogen trucks by 2030. By 2025, Hyzon promises to provide 1,000 hydrogen trucks and 25 refuelling stations.
While the more established manufacturers are currently in the testing and communication stages, Mercedes-Benz Trucks is getting ready to launch its GenH2 Truck, which will have a 1,000 km range. It is scheduled for 2028. Since liquid hydrogen has a much higher energy density than hydrogen in gaseous form, the manufacturer has opted to use it.
Overall, the fuel-cell trucks are expected to dominate the fuel-cell electric vehicles (FCEV) market in the region due to the promising aspects of the fuel cell technology in the long haul heavy duty segment and government support in the region.
The new report from Blackridge Research on Europe Hydrogen Fuel Cell Trucks Market comprehensively analyses the hydrogen fuel cell truck Market and provides deep insight into the current and future state of the industry.
The study examines the drivers, restraints, and regional trends influencing Europe Hydrogen Fuel Cell Trucks Market demand and growth.
The report also addresses present and future market opportunities, market trends, developments, and the impact of Covid-19 on the Europe Hydrogen Trucks Market, important commercial developments, trends, regions, and segments poised for the fastest growth, competitive landscape, and market share of key players.
Further, the report will also provide Europe Hydrogen Fuel Cell Trucks Market size, demand forecast, and growth rates.
The study covers all the major underlying forces that help the market develop and grow and the factors that constrain the growth.
The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.
Each factor's respective impact in the near, medium and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.
This report discusses the overview of the market, the latest updates, important commercial developments and structural trends, and government policies and regulations.
This section provides an assessment of COVID-19 impact on Europe Hydrogen Fuel Cell Trucks Market demand.
The report provides Europe Hydrogen Fuel Cell Truck Market size and demand forecast until 2028, including year-on-year (YoY) growth rates and CAGR.
The report examines the critical elements of the Europe Hydrogen Fuel Cell Truck industry supply chain, its structure, and the participants.
Using Porter's five forces framework, the report covers the assessment of the Europe Hydrogen Fuel Cell Truck industry's state of competition and profitability.
The report dissects the Europe Hydrogen Fuel Cell Trucks Market into various segments. A detailed summary of the current scenario, recent developments, and market outlook will be provided for each segment.
Further, market size and demand forecasts will be presented along with various drivers and barriers for individual market segments.
Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for "bespoke" market segmentation to better align the research report with your requirements.
The report covers detailed profiles of major countries across Europe. Each country's analysis covers the current market scenario, market drivers, government policies & regulations, and market outlook.
In addition, market size, demand forecast, and growth rates will be provided for all major countries in Europe.
This report presents detailed profiles of Key companies in the Europe Hydrogen Fuel Cell Truck industry such as Hyundai Motor Company, Daimler Truck AG, Volvo Trucks, etc. Generally, each company profile includes - an overview of the company, relevant products and services, a financial overview, and recent developments.
The report provides a comprehensive list of notable companies in the market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.
The study also discusses the strategies adopted by leading players in the industry.
Executive Summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.
The report begins with an Executive Summary chapter and ends with Conclusions and Recommendations.
Get a free sample copy of the Europe Hydrogen Fuel Cell Trucks Market report by clicking the "Download a Free Sample Now!" button at the top of the page.
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1. Executive Summary
2. Research Scope and Methodology
3. Market Analysis
4. Industry Analysis
5. Market Segmentation & Forecast
6. Regional Market Analysis
7. Key Company Profiles
8. Competitive Landscape
9. Conclusions and Recommendations
List of Tables & Figures
Abbreviations
Additional Notes
Disclaimer
Report - Europe Hydrogen Fuel Cell Trucks (FCT) Market Outlook to 2028.pdf
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