Fuel Cell Commercial Vehicle Market Share

Market Share of Fuel Cell Commercial Vehicle Industry

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.

Fuel Cell Commercial Vehicle Market Leaders

1. PACCAR Inc.

2. Nikola Corporation

3. Volkswagen Group (Scania)

4. Zhejiang Geely Holding Group Co., Ltd.

5. Toyota Motor Company

*Disclaimer: Major Players sorted in no particular order