Hydrogen Bus and Truck Market Projected to Exceed $8.9 Billion by 2035

The global market for hydrogen-powered buses and trucks is projected for substantial growth over the next decade. According to MarketsandMarkets™, the market's value is expected to increase from $3.83 billion in 2026 to $8.95 billion by 2035, reflecting a compound annual growth rate (CAGR) of 9.9% during this period.

The expansion is largely driven by the increasing need to decarbonize commercial vehicles. Operational requirements such as long operating ranges and high payload capacities present challenges for battery-electric solutions in specific applications, including long-haul freight, mining operations, and port activities. Hydrogen offers advantages like extended range and faster refueling, making it suitable for these demanding conditions.

India has set a target of having over 1,000 hydrogen-powered trucks and buses in commercial use by 2030 as part of its National Green Hydrogen Mission. The strategy prioritizes medium and heavy-duty commercial vehicles where hydrogen's benefits are most pronounced. Additionally, collaborations in Europe, such as between Toyota and Scania, and Toyota and IVECO, are focused on developing next-generation fuel cell systems and trucks to improve range and durability.

While hydrogen vehicles currently carry a higher total cost than diesel or battery-electric alternatives, their use cases in commercial transport are expanding. Applications demanding ranges exceeding 500 miles, particularly for long-haul freight and intercity buses, are supporting the demand for hydrogen. Despite the nascent stage of the hydrogen vehicle ecosystem, its potential for heavy-duty transport remains significant.