水素トラック市場 – 2035年までの世界予測

Hydrogen Bus & Truck Market - Global Forecast to 2035

水素トラック市場 - 車両タイプ、燃料電池技術、モーター出力(最大200Kw、200-400Kw、400Kw以上)、航続距離(最大300マイル、300-500マイル、500マイル以上)、タンクサイズ、水素タンクの種類、地域別 - 2035年までの世界予測
Hydrogen Truck Market by Vehicle Type, Fuel Cell Technology, Motor Power(Upto 200 Kw, 200-400 Kw, Above 400 Kw), Range( Upto 300 miles, 300-500 miles, Above 500 miles), Tank Size, Type of Hydrogen Tank, and Region - Global Forecast to 2035

商品番号:SMB-65366

出版社MarketsandMarkets
出版年月2024年9月
ページ数342
図表数373
価格タイプシングルユーザライセンス
価格USD 4,950
種別英文調査報告書

世界の水素トラック市場は2024年に19億ドル規模となり、CAGR16.9%で成長し、2035年までに108億ドルに達するとMarketsandMarketsでは予測しています。

「水素トラック市場 – 車両タイプ、燃料電池技術、モーター出力(最大200Kw、200-400Kw、400Kw以上)、航続距離(最大300マイル、300-500マイル、500マイル以上)、タンクサイズ、水素タンクの種類、地域別 – 2035年までの世界予測 – Hydrogen Truck Market by Vehicle Type, Fuel Cell Technology, Motor Power(Upto 200 Kw, 200-400 Kw, Above 400 Kw), Range( Upto 300 miles, 300-500 miles, Above 500 miles), Tank Size, Type of Hydrogen Tank, and Region – Global Forecast to 2035」は水素トラックの世界市場を主要セグメント別に分析・予測したMarketsandMarketsの市場調査報告書です。

調査範囲

  • 市場規模の対象年度
    • 2020-2035年
  • 基準年
    • 2023年
  • 予測対象期間
    • 2024-2035年
  • 予測データ
    • 数量(1000台)
    • 金額 [USドル(100万ドル/10億ドル)」
  • セグメント
    • 車両タイプ
    • 燃料電池技術
    • モーター出力
    • 航続距離
    • 水素タンクの種類
    • タンクの大きさ
    • 地域
  • 地域
    • アジア太平洋地域
    • 欧州
    • 北米
  • 企業
    • Foton International (中国),
    • Yutong Bus Co., Ltd. (中国)
    • Xiamen King Long International Trading Co., Ltd. (中国)
    • Solaris Bus & Coach sp. z o.o. (ポーランド)
    • Hyundai Motor Company (韓国)

Report Overview

The global hydrogen truck market is projected to grow from USD 1.9 billion in 2024 to USD 10.8 billion in 2035, at a CAGR of 16.9%.

Hydrogen trucks presents a significant opportunity for transportation fleet owners to achieve zero-emission transportation with similar operational benefits from conventional diesel vehicles. Government plans and initiatives for hydrogen infrastructure and production, deployment of hydrogen trucks, implementation of fleet decarbonization mandates and rapid setup of hydrogen technology R&D centers in the region due to lower cost are the factors driving the demand for hydrogen trucks. Also, lower TCO of hydrogen trucks as compared to ICE and Battery-electric trucks is increasing the demand for hydrogen truck market.

水素トラック市場 - 2035年までの世界予測
Hydrogen Bus & Truck Market – Global Forecast to 2035

“30-60 kg segment is expected to hold a significant share of hydrogen truck market during the forecast period.”

A medium-sized hydrogen fuel tank that stores between 30 and 60 kilograms of hydrogen are commonly used in standard medium-length buses and medium-duty trucks. They offer a balance between range and payload capacity, making them suitable for a wide variety of transportation needs, including daily commutes and long- distance travel. These tanks are generally used for intercity/transit applications in buses. 30-60 kg tank is preferred over <30kg and >60 kg tank due to its operational efficiency and less refueling time, making it an ideal solution for long-haul transportation. Leading OEMs such as Solaris, Hyundai Motor Company, Foton International, Van Hool, and Mercedes Benz, among others, provide models such as Foton BJ6123FCEVCH, Hyundai UNIVERSE Fuel Cell, Hyundai ELEC CITY Fuel Cell, eCitaro fuel cell, hydrogen buses with fuel tank capacities of 30-60 kg. Trucks usually use these tanks for refuse services as well as long-haul transportation. OEMs such as HYZON Motors, Hyundai Motor Company, Foton International, and Nikola, among others, provide models such as Hymax 24t, Xcient FC, Nikola Tre, HYMAX-500 and QUANTRON FCEV EU Heavy Truck, among others with fuel tank capacity of 30-60 kg.

“200-400 kw to lead the market for hydrogen buses and truck, by motor power”

The 200-400 kW segment has a wide range of applications, including regular city buses and articulated buses utilized on mixed urban and suburban routes and medium-duty trucks that demand more power and speed. Also, 200-400 kW is more prevalent in Transit buses due to its balance between power output and vehicle range.

Hydrogen trucks in North America generally include motors which vary from 200 kW to 400 kW. California transit companies, such as AC Transit and SunLine Transit, are in their early stages of hydrogen bus deployment due to state zero-emission transportation applications. The high cost of hydrogen generation, limited refueling infrastructure, and the necessity for more technology advancements are significant barriers. Leading automakers in Europe, like Solaris and IVECO s.p.a., have started operating hydrogen transit buses in the region. Solaris, for example, delivered 200 hydrogen buses to about 24 European cities in December 2023 and secured additional pre-orders for 600 hydrogen-powered vehicles between 2024 and 2026.

“North America is expected to have significant growth during the forecast period.”

North America has been one of the leading regions in terms of manufacturing of hydrogen vehicles with the help of renowned fuel cell component providers in the US and Canada such as Ballard Power (Canada), Plug Power (US), and Fuel Cell Energy (US). US and Canada have been supporting the growth of FCEVs, especially in the commercial vehicle sector. The governments have supported performance testing for hydrogen vehicles for interstate logistics and buses. The presence of companies like Ballard Power Systems, Hyster-Yale, Plug Power, Cummins, Advent Technologies Holdings, BorgWarner, among others makes the North American market more competitive. Transit agencies in the North America are increasingly adopting hydrogen buses by local OEMs, such as NFI and First Hydrogen, due to their longer operational range, and quick refueling times across diverse climates. Unlike electric buses, which have longer charging times and infrastructure prerequisites, hydrogen buses offer a more scalable and viable solution. Every hydrogen bus deployed in the US could reduce the carbon released into the atmosphere by 100 tons annually and eliminate the need for 9,000 gallons of fuel every year over the vehicle’s life. Compared to ICE Buses, that translates into more than USD 37,000 per year per vehicle savings.

水素トラック市場 - 2035年までの世界予測 region
Hydrogen Bus & Truck Market – region

In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.

  • By Company Type: OEMs – 24%, Tier I – 67%, and Tier II & III- 9%,
  • By Designation: C- Level Executives – 33%, Directors – 52%, and Others – 15%
  • By Region: North America – 26%, Europe – 36%, and Asia Pacific – 38%

The hydrogen truck market is dominated by major players including Foton International (China), Yutong Bus Co., Ltd. (China), Xiamen King Long International Trading Co., Ltd. (China), Solaris Bus & Coach sp. z o.o. (Poland), and Hyundai Motor Company (South Korea). These companies are expanding their operations in green hydrogen infrastructure to strengthen their hydrogen ecosystem.

Research Coverage:

The report covers the hydrogen truck market, in terms of Vehicle Type (Hydrogen Bus, Hydrogen Truck), Fuel Cell Technology (PEMFC, SOFC), Motor Power (Less Than 200 KW, 200 – 400 KW, Above 400 KW), Range (Upto 300 Miles, Between 300 – 500 Miles, Above 500 Miles), Tank Size(<30 kg, 30-60 kg, >60 kg), Type of Hydrogen Tank (Type III, Type IV), and Region (Asia Pacific, Europe, and North America). It covers the competitive landscape and company profiles of the major players in the hydrogen truck market ecosystem.

The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report:

  • The report will help market leaders/new entrants with information on the closest approximations of revenue and volume numbers for the overall hydrogen truck market and its subsegments.
  • This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
  • The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
  • The report also helps stakeholders understand the current and future pricing trends of hydrogen buses and trucks.

The report provides insight on the following pointers:

  • Analysis of key drivers (Fleet Decarbonization Mandates, Faster refueling compared to EVs, Expansion of Hydrogen Refueling Infrastructure, Growing investment in Green Hydrogen production), restraints (High Initial Investment in Hydrogen Refueling Infrastructure, Infrastructure Scalability Issues, Issue with high flammability and detection of fuel leakages), opportunities (Advancements in Fuel Cell Technology, Integration with Renewable Energy Sources, Hydrogen Corridors, Government initiatives promoting hydrogen infrastructure, Development of portable hydrogen refueling stations), and challenges (High Vehicle Cost compared to gasoline/EVs, Hydrogen Storage & Transportation Challenges, Higher operating cost compared to EVs).
  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the hydrogen bus and truck market.
  • Market Development: Comprehensive information about lucrative markets – the report analyses the hydrogen truck market across varied regions.
  • Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the hydrogen truck market.
  • Competitive Assessment: In-depth assessment of market ranking, growth strategies, and service offerings of leading players like Foton International (China), Yutong Bus Co., Ltd. (China), Xiamen King Long International Trading Co., Ltd. (China), Solaris Bus & Coach sp. z o.o. (Poland), and Hyundai Motor Company (South Korea) among others in hydrogen truck market.

Table of Contents

1            INTRODUCTION            26

1.1         STUDY OBJECTIVES      26

1.2         MARKET DEFINITION   27

1.3         STUDY SCOPE  29

1.3.1      MARKET SEGMENTATION         29

1.3.2      INCLUSIONS & EXCLUSIONS     30

1.4         YEARS CONSIDERED     30

1.5         CURRENCY CONSIDERED          31

1.6         UNIT CONSIDERED       31

1.7         STAKEHOLDERS            31

2            RESEARCH METHODOLOGY     32

2.1         RESEARCH DATA           32

2.1.1      SECONDARY DATA       33

2.1.1.1   List of key secondary sources           34

2.1.1.2   Key data from secondary sources     35

2.1.2      PRIMARY DATA 36

2.1.2.1   Primary interview participants         36

2.1.2.2   Key industry insights          37

2.1.2.3   Breakdown of primary interviews     37

2.1.2.4   List of primary participants 38

2.2         MARKET SIZE ESTIMATION METHODOLOGY    38

2.2.1      BOTTOM-UP APPROACH           40

2.2.2      TOP-DOWN APPROACH             41

2.3         MARKET BREAKDOWN AND DATA TRIANGULATION    42

2.4         FACTOR ANALYSIS        44

2.5         RESEARCH ASSUMPTIONS         44

2.6         RESEARCH LIMITATIONS           45

2.7         RISK ANALYSIS 46

3            EXECUTIVE SUMMARY 47

4            PREMIUM INSIGHTS      52

4.1         ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN HYDROGEN BUS & TRUCK MARKET            52

4.2         HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE 52

4.3         HYDROGEN BUS & TRUCK MARKET, BY TYPE OF TANK 53

4.4         HYDROGEN BUS & TRUCK MARKET, BY HYDROGEN TANK SIZE 53

4.5         HYDROGEN BUS & TRUCK MARKET, BY RANGE 54

4.6         HYDROGEN BUS & TRUCK MARKET, BY MOTOR POWER            54

4.7         HYDROGEN BUS & TRUCK MARKET, BY REGION             55

5            MARKET OVERVIEW     56

5.1         INTRODUCTION            56

5.2         IMPACT OF AI/GEN AI ON HYDROGEN BUS & TRUCK MARKET 58

5.3         TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS       58

5.4         MARKET DYNAMICS     59

5.4.1      DRIVERS            60

5.4.1.1   Fleet decarbonization mandates       60

5.4.1.2   Faster refueling than EVs   61

5.4.1.3   Expansion of hydrogen refueling infrastructure            63

5.4.1.4   Growing investment in ‘Green Hydrogen’ production  64

5.4.1.5   Government initiatives promoting fuel cell vehicles     64

5.4.2      RESTRAINTS     65

5.4.2.1   High initial investments in hydrogen refueling infrastructure     65

5.4.2.2   Infrastructure scalability issues        66

5.4.2.3   High flammability and detection of fuel leakages         67

5.4.3      OPPORTUNITIES           68

5.4.3.1   Advancements in fuel cell technology             68

5.4.3.1.1 FCEV commercial freight truck developments             69

5.4.3.2   Development of mobile and community hydrogen fueling systems           69

5.4.3.3   Integration with renewable energy sources     70

5.4.3.4   Deployment of hydrogen corridors  72

5.4.4      CHALLENGES   74

5.4.4.1   High cost compared to gasoline/electric vehicles         74

5.4.4.2   Hydrogen storage and transportation challenges          74

5.4.4.3   Higher operating costs than EVs      75

5.5         PRICING ANALYSIS        77

5.5.1      AVERAGE SELLING PRICE TREND OF KEY PLAYERS FOR HYDROGEN BUSES  77

5.5.2      AVERAGE SELLING PRICE TREND OF KEY OEMS FOR HYDROGEN TRUCKS             78

5.5.3      AVERAGE SELLING PRICE TREND, BY REGION  79

5.6         ECOSYSTEM ANALYSIS 81

5.7         VALUE CHAIN ANALYSIS            84

5.8         CASE STUDY ANALYSIS 85

5.8.1      BALLARD POWER SYSTEMS INTRODUCED ZERO-EMISSION HYDROGEN FUEL CELL BUSES TO REDUCE GREENHOUSE GAS EMISSIONS              85

5.8.2      BALLARD POWER SYSTEMS SUPPLIED FCVELOCITY-9SSL FUEL CELL STACKS TO SHANGHAI RE-FIRE TECHNOLOGY TO ESTABLISH FLEET OF 500 FUEL CELL TRUCKS      85

5.8.3      TRANSPORT FOR LONDON (TFL) INTRODUCED FUEL CELL BUSES TO REDUCE CARBON EMISSIONS BY 2025   86

5.8.4      BALLARD POWER SYSTEM AND VAN HOOL COLLABORATED TO ESTABLISH SUSTAINABLE TRANSPORTATION SOLUTION          87

5.8.5      HALL DECIDED TO INVEST IN NIKOLA TRE FCEVS (FUEL CELL ELECTRIC VEHICLES) TO ELIMINATE USE OF FOSSIL FUEL TRUCKS      87

5.9         KEY OEMS: MNM INSIGHTS       88

5.9.1      FOTON INTERNATIONAL: FCEV STRATEGIES   88

5.9.2      XIAMEN KING LONG INTERNATIONAL TRADING CO., LTD.: FCEV STRATEGIES     89

5.9.3      YUTONG BUS CO., LTD.: FCEV STRATEGIES      90

5.9.4      SOLARIS BUS & COACH SP. Z.O.O.: FCEV STRATEGIES   90

5.9.5      HYUNDAI MOTOR COMPANY: FCEV STRATEGIES          92

5.10       HYDROGEN BUS & TRUCK MARKET: BUSINESS MODELS            94

5.11       HYDROGEN REFUELING STATION SETUP TRENDS, BY REGION: MNM INSIGHTS          95

5.12       COUNTRY-LEVEL TARGETS OF HYDROGEN BUSES/TRUCKS AND REFUELLING STATIONS: MNM INSIGHTS           96

5.13       HYDROGEN COMMERCIAL VEHICLES’ FUEL CAPACITY AND RANGE: MNM INSIGHTS 99

5.14       EXISTING AND UPCOMING HYDROGEN COMMERCIAL VEHICLE MODELS: MNM INSIGHTS          101

5.15       H2ICE BUSES & TRUCKS: MNM INSIGHTS            102

5.16       TRADE ANALYSIS          103

5.16.1    EXPORT SCENARIO       103

5.16.2    IMPORT SCENARIO       105

5.17       TOTAL COST OF OWNERSHIP COMPARISON OF BEV AND FCEV BUSES AND TRUCKS    106

5.18       BILL OF MATERIALS     108

5.18.1    BILL OF MATERIAL COMPARISON BETWEEN FCEV, ICE, AND BEV BUSES  108

5.18.2    BILL OF MATERIAL COMPARISON BETWEEN FCEV, ICE, AND BEV TRUCKS             110

5.19       PATENT ANALYSIS        112

5.19.1    INTRODUCTION            112

5.20       REGULATORY LANDSCAPE       115

5.20.1    REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS, BY REGION   117

5.21       TECHNOLOGY ANALYSIS           121

5.21.1    KEY TECHNOLOGIES    122

5.21.1.1 Solid Oxide Fuel Cell (SOFC)         122

5.21.1.2 Polymer Electrolyte Membrane Fuel Cell (PEMFC)    122

5.21.1.3 Direct Borohydride Fuel Cell (DBFC)           123

5.21.1.4 Packaged fuel cell system module    123

5.21.1.5 Fuel Cell Hybrid Electric Vehicle (FCHEV)   124

5.21.1.6 Hydrogen Internal Combustion Engine (H2ICE)         125

5.21.1.7 Non-precious metal catalyst-based fuel cell    126

5.21.1.8 Carbonate-Superstructured Solid Fuel Cell (CSSFC)   126

5.21.2    COMPLEMENTARY TECHNOLOGIES     126

5.21.2.1 Low carbon hydrogen        126

5.21.2.2 Hydrogenious LOHC (Liquid Organic Hydrogen Carrier)        127

5.21.2.3 Liquefied hydrogen technology        127

5.21.3    ADJACENT TECHNOLOGIES      127

5.21.3.1 Telematics and fleet management systems     127

5.21.3.2 Hydrogen sensor system    128

5.22       KEY CONFERENCES & EVENTS, 2024–2025           128

5.23       KEY STAKEHOLDERS & BUYING CRITERIA          129

5.23.1    KEY STAKEHOLDERS IN BUYING PROCESS         129

5.23.2    BUYING CRITERIA         130

5.24       INVESTMENT & FUNDING SCENARIO    131

5.25       FUNDING, BY VEHICLE TYPE    132

6            HYDROGEN BUS & TRUCK MARKET, BY MOTOR POWER            133

6.1         INTRODUCTION            134

6.2         UP TO 200 KW   135

6.2.1      LAST-MILE DELIVERY SERVICES TO BOOST DEMAND FOR ENGINES WITH POWER RANGE OF UP TO 200 KW              135

6.2.2      UP TO 200 KW: HYDROGEN BUS MODELS          136

6.2.3      UP TO 200 KW: HYDROGEN TRUCK MODELS     136

6.3         200–400 KW       138

6.3.1      GROWING DEMAND FOR TRANSIT BUSES TO DRIVE GROWTH

OF 200–400 KW SEGMENT          138

6.3.2      200–400 KW: HYDROGEN BUS MODELS 138

6.3.3      200–400 KW: HYDROGEN TRUCK MODELS          139

6.4         ABOVE 400 KW  140

6.4.1      INCREASING DEMAND FOR HEAVY-DUTY TRANSPORTATION TO BOOST MARKET            140

6.4.2      ABOVE 400 KW: HYDROGEN BUS MODELS         140

6.4.3      ABOVE 400 KW: HYDROGEN TRUCK MODELS    141

6.5         KEY PRIMARY INSIGHTS             142

7            HYDROGEN BUS & TRUCK MARKET, BY RANGE 143

7.1         INTRODUCTION            144

7.2         UP TO 300 MILES            145

7.2.1      DEMAND FOR EMISSION-FREE INTRACITY TRANSPORTATION AND LAST-MILE DELIVERY TO DRIVE SEGMENT GROWTH   145

7.2.2      UP TO 300 MILES: HYDROGEN BUS MODELS     146

7.2.3      UP TO 300 MILES: HYDROGEN TRUCK MODELS 146

7.3         300–500 MILES  148

7.3.1      DEMAND FOR FIELD SERVICES AND TRANSIT OPERATIONS TO DRIVE SEGMENT’S GROWTH   148

7.3.2      300–500 MILES: HYDROGEN BUS MODELS          148

7.3.3      300–500 MILES: HYDROGEN TRUCK MODELS     149

7.4         ABOVE 500 MILES          150

7.4.1      INCREASING NEED FOR LONG-HAUL, HEAVY-DUTY TRANSPORTATION TO DRIVE MARKET 150

7.4.2      ABOVE 500 MILES: HYDROGEN BUS MODELS    151

7.4.3      ABOVE 500 MILES: HYDROGEN TRUCK MODELS             151

7.5         KEY PRIMARY INSIGHTS             152

8            HYDROGEN BUS & TRUCK MARKET, BY HYDROGEN TANK SIZE 153

8.1         INTRODUCTION            154

8.2         < 30 KG 156

8.2.1      DEMAND FOR LAST-MILE DELIVERY SERVICES AND SHORT-RANGE H2 BUSES TO BOOST MARKET        156

8.2.2      < 30 KG: HYDROGEN BUS AND TRUCK MODELS             156

8.3         30–60 KG            157

8.3.1      GROWING DEMAND FOR LONG-HAUL TRANSPORTATION TO SPUR MARKET GROWTH        157

8.3.2      30–60 KG: HYDROGEN BUS AND TRUCK MODELS           158

8.4         > 60 KG 160

8.4.1      INCREASING DEMAND FOR HEAVY-DUTY TRANSPORTATION TO BOOST GROWTH           160

8.4.2      > 60 KG: HYDROGEN BUS AND TRUCK MODELS             160

8.5         KEY PRIMARY INSIGHTS             161

9            HYDROGEN BUS & TRUCK MARKET, BY TYPE OF TANK 162

9.1         INTRODUCTION            163

9.1.1      HYDROGEN TANK TYPE CLASSIFICATION FOR AUTOMOTIVE APPLICATION  163

9.2         TYPE III              165

9.2.1      TYPE III TANKS CAN WITHSTAND HIGHER INTERNAL PRESSURE THAN OTHER TANKS 165

9.2.2      HYDROGEN BUSES WITH TYPE III HYDROGEN TANKS  166

9.2.3      HYDROGEN TRUCKS WITH TYPE III HYDROGEN TANKS             166

9.3         TYPE IV              167

9.3.1      NEED FOR HIGH-PRESSURE STORAGE OF HYDROGEN TO BOOST DEMAND FOR TYPE IV TANKS  167

9.3.2      HYDROGEN BUSES WITH TYPE IV HYDROGEN TANKS  168

9.3.3      HYDROGEN TRUCKS WITH TYPE IV HYDROGEN TANKS             169

9.4         KEY PRIMARY INSIGHTS             171

10          HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE 172

10.1       INTRODUCTION            173

10.2       HYDROGEN BUSES        175

10.2.1    GOVERNMENT INITIATIVES TO BOOST DEMAND FOR HYDROGEN BUSES  175

10.2.2    MINIBUSES/SHUTTLES 177

10.2.2.1 HYDROGEN MINIBUS/SHUTTLE MODELS          177

10.2.3    CITY/TRANSIT BUSES   177

10.2.3.1 Hydrogen city/transit bus models    178

10.3       HYDROGEN TRUCKS    179

10.3.1    GROWING DEMAND FOR LONG-HAUL TRANSPORTATION TO DRIVE HYDROGEN TRUCKS MARKET  179

10.3.2    MEDIUM-DUTY TRUCKS            181

10.3.2.1 Hydrogen medium-duty truck models            181

10.3.3    HEAVY-DUTY TRUCKS 181

10.3.3.1 Hydrogen heavy-duty truck models  182

10.4       KEY PRIMARY INSIGHTS             183

11          HYDROGEN BUS & TRUCK MARKET, BY REGION             184

11.1       INTRODUCTION            185

11.2       ASIA PACIFIC    190

11.2.1    MACROECONOMIC OUTLOOK 193

11.2.2    CHINA  196

11.2.2.1 Rising investments in clean and renewable energy to drive growth           196

11.2.3    JAPAN  199

11.2.3.1 Increasing demand for hydrogen infrastructure to boost market 199

11.2.4    SOUTH KOREA 201

11.2.4.1 Push by local OEMs like Hyundai to encourage market demand and expansion              201

11.2.5    INDIA   203

11.2.5.1 Initiatives by government to promote ‘Green Transportation’ to drive growth              203

11.3       EUROPE             205

11.3.1    MACROECONOMIC OUTLOOK 211

11.3.2    FRANCE             214

11.3.2.1 Presence of major hydrogen-powered fleets to spur demand      214

11.3.3    GERMANY         215

11.3.3.1 Developments in hydrogen infrastructure to boost growth         215

11.3.4    ITALY   217

11.3.4.1 Shift toward hydrogen-powered vehicles to drive market            217

11.3.5    SPAIN   219

11.3.5.1 Strategic partnerships and investments to drive production of hydrogen-powered vehicles  219

11.3.6    UK         220

11.3.6.1 Demand for zero-emission vehicles to drive market     220

11.4       NORTH AMERICA          222

11.4.1    MACROECONOMIC OUTLOOK 225

11.4.2    CANADA            228

11.4.2.1 Demand for fleet decarbonization to propel growth     228

11.4.3    US         229

11.4.3.1 Increasing deployment of hydrogen buses to spur popularity of hydrogen-powered vehicles  229

12          COMPETITIVE LANDSCAPE       232

12.1       OVERVIEW        232

12.2       KEY PLAYER STRATEGIES/RIGHT TO WIN          232

12.3       MARKET SHARE ANALYSIS, 2023             234

12.4       REVENUE ANALYSIS      236

12.5       COMPANY VALUATION AND FINANCIAL METRICS        237

12.6       BRAND/PRODUCT COMPARISON          238

12.7       COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023   239

12.7.1    STARS  239

12.7.2    EMERGING LEADERS    239

12.7.3    PERVASIVE PLAYERS     239

12.7.4    PARTICIPANTS 239

12.7.5    COMPANY FOOTPRINT: KEY PLAYERS, 2023      241

12.8       COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023          243

12.8.1    PROGRESSIVE COMPANIES       243

12.8.2    RESPONSIVE COMPANIES          243

12.8.3    DYNAMIC COMPANIES 243

12.8.4    STARTING BLOCKS       243

12.8.5    COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023             245

12.9       COMPETITIVE SCENARIO          246

12.9.1    PRODUCT LAUNCHES  246

12.9.2    DEALS  248

12.9.3    EXPANSION      250

12.9.4    OTHER DEVELOPMENTS           252

13          COMPANY PROFILES    257

13.1       KEY PLAYERS   257

13.1.1    FOTON INTERNATIONAL          257

13.1.1.1 Business overview 257

13.1.1.2 Products/Solutions offered 258

13.1.1.3 Recent developments         260

13.1.1.4 MnM view           264

13.1.1.4.1            Right to win         264

13.1.1.4.2            Strategic choices  264

13.1.1.4.3            Weaknesses & competitive threats   264

13.1.2    YUTONG BUS CO., LTD.             265

13.1.2.1 Business overview 265

13.1.2.2 Products/Solutions offered 266

13.1.2.3 Recent developments         267

13.1.2.4 MnM view           269

13.1.2.4.1            Right to win         269

13.1.2.4.2            Strategic choices  269

13.1.2.4.3            Weaknesses & competitive threats   269

13.1.3    XIAMEN KING LONG INTERNATIONAL TRADING CO., LTD. (KING LONG) 270

13.1.3.1 Business overview 270

13.1.3.2 Products/Solutions offered 271

13.1.3.3 Recent developments         273

13.1.3.4 MnM view           274

13.1.3.4.1            Right to win         274

13.1.3.4.2            Strategic choices  274

13.1.3.4.3            Weaknesses & competitive threats   274

13.1.4    SOLARIS BUS & COACH SP. Z O.O.           275

13.1.4.1 Business overview 275

13.1.4.2 Products/Services offered  276

13.1.4.3 Recent developments         276

13.1.4.4 MnM view           279

13.1.4.4.1            Right to win         279

13.1.4.4.2            Strategic choices  279

13.1.4.4.3            Weaknesses & competitive threats   279

13.1.5    HYUNDAI MOTOR COMPANY   280

13.1.5.1 Business overview 280

13.1.5.2 Products/Solutions offered 281

13.1.5.3 Recent developments         282

13.1.5.4 MnM view           283

13.1.5.4.1            Right to win         283

13.1.5.4.2            Strategic choices  283

13.1.5.4.3            Weaknesses & competitive threats   283

13.1.6    ANHUI ANKAI AUTOMOBILE CO., LTD  284

13.1.6.1 Business overview 284

13.1.6.2 Products/Solutions offered 285

13.1.6.3 Recent developments         286

13.1.7    NIKOLA CORPORATION             287

13.1.7.1 Business overview 287

13.1.7.2 Products/Solutions offered 288

13.1.7.3 Recent developments         289

13.1.8    TOYOTA MOTOR CORPORATION          291

13.1.8.1 Business overview 291

13.1.8.2 Products/Solutions offered 292

13.1.8.3 Recent developments         293

13.1.9    VDL GROEP      295

13.1.9.1 Business overview 295

13.1.9.2 Products/Solutions offered 296

13.1.9.3 Recent developments         297

13.1.10  NFI GROUP       299

13.1.10.1             Business overview 299

13.1.10.2             Products/Solutions offered 300

13.1.10.3             Recent developments         301

13.1.11  ZHONGTONG BUS HOLDING CO., LTD. 303

13.1.11.1             Business overview 303

13.1.11.2             Products/Solutions offered 304

13.1.11.3             Recent developments         305

13.1.12  DAIMLER TRUCK AG     306

13.1.12.1             Business overview 306

13.1.12.2             Products/Solutions offered 308

13.1.12.3             Recent developments         309

13.1.13  IVECO S.P.A       311

13.1.13.1             Business overview 311

13.1.13.2             Products/Solutions offered 312

13.1.13.3             Recent developments         313

13.2       OTHER PLAYERS           315

13.2.1    SAIC-IVECO HONGYAN COMMERCIAL VEHICLE CO., LTD.         315

13.2.2    SINOTRUK (CNHTC)     316

13.2.3    DAYUN AUTO   317

13.2.4    DONGFENG MOTOR COMPANY             318

13.2.5    ZHEJIANG GEELY HOLDING GROUP      319

13.2.6    CHARIOT MOTORS        320

13.2.7    OTOKAR            321

13.2.8    KARSAN             322

13.2.9    RAMPINI CARLO S.P.A.  323

13.2.10  FIRST HYDROGEN         324

13.2.11  TEVVA 325

13.2.12  SANY GROUP    326

13.2.13  PACCAR INC.     327

13.2.14  WRIGHTBUS     328

13.2.15  HYZON 329

13.2.16  QINGLING ISUZU MOTORS IMPORT&EXPORT CO., LTD.            330

13.2.17  FAW JIEFANG AUTOMOTIVE CO., LTD. 331

13.2.18  AB VOLVO         332

14          RECOMMENDATIONS BY MARKETSANDMARKETS         333

14.1       URBAN TRANSIT HYDROGEN BUSES TO GAIN TRACTION IN EUROPE              333

14.2       HYDROGEN TRUCKS FOR LONG-HAUL TRANSPORTATION       333

14.2.1    POTENTIAL OF HYDROGEN FUEL CELL TRUCKS IN NORTH AMERICA              333

14.3       CHINA TO BE MOST LUCRATIVE HYDROGEN BUS & TRUCK MARKET IN SHORT TERM             334

14.4       CONCLUSION   334

15          APPENDIX         335

15.1       KEY INSIGHTS BY INDUSTRY EXPERTS 335

15.2       DISCUSSION GUIDE      335

15.3       KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL             338

15.4       CUSTOMIZATION OPTIONS      340

15.4.1    HYDROGEN BUS & TRUCK MARKET, BY VEHICLE CLASS AT REGIONAL LEVEL  340

15.4.2    HYDROGEN BUS & TRUCK MARKET, ADDITIONAL COUNTRIES (UP TO THREE) 340

15.4.3    PROFILING OF ADDITIONAL MARKET PLAYERS (UP TO THREE)              340

15.5       RELATED REPORTS       340

15.6       AUTHOR DETAILS         341

LIST OF TABLES

TABLE 1             HYDROGEN BUS & TRUCK MARKET DEFINITION, BY MOTOR POWER 27

TABLE 2             HYDROGEN BUS & TRUCK MARKET DEFINITION, BY VEHICLE TYPE    28

TABLE 3             HYDROGEN BUS & TRUCK MARKET DEFINITION, BY RANGE              28

TABLE 4             HYDROGEN BUS & TRUCK MARKET DEFINITION, BY TYPE OF TANK   28

TABLE 5             HYDROGEN BUS & TRUCK MARKET DEFINITION, BY HYDROGEN TANK SIZE 29

TABLE 6             INCLUSIONS & EXCLUSIONS     30

TABLE 7             USD EXCHANGE RATES, 2019–2023         31

TABLE 8             FLEET PLANNING COMPARISON: ELECTRIC FLEET PLANNING VS. HYDROGEN FLEET PLANNING VS. ICE FLEET PLANNING     60

TABLE 9             COMPARISON OF TRUCKS: BEV, PHEV, FCEV, AND HEV CHARGING/REFUELING             61

TABLE 10           COMPARISON OF TRUCKS: FCEV HYDROGEN VS. BEV CHARGING/FUELING   62

TABLE 11           COMPARISON OF BUSES: FCEV HYDROGEN VS. BEV CHARGING/FUELING   62

TABLE 12           COMPARISON OF BUSES: FCEV HYDROGEN VS. BEV CHARGING/FUELING   68

TABLE 13           FCEV TRUCK COMPARISON       69

TABLE 14           FCEV BUS COMPARISON            69

TABLE 15           HYDROGEN BUS & TRUCK MARKET DYNAMICS: IMPACT ANALYSIS          76

TABLE 16           AVERAGE SELLING PRICES OF KEY PLAYERS FOR HYDROGEN BUSES,

2020–2023 (USD THOUSAND)     77

TABLE 17           AVERAGE SELLING PRICES OF KEY OEMS FOR HYDROGEN TRUCKS,

2020–2023 (USD THOUSAND)     78

TABLE 18           AVERAGE SELLING PRICES OF HYDROGEN BUSES,

BY REGION, 2020–2023 (USD THOUSAND)           79

TABLE 19           AVERAGE SELLING PRICES OF HYDROGEN TRUCKS,

BY REGION, 2020–2023 (USD THOUSAND)           80

TABLE 20           ROLE OF PLAYERS IN ECOSYSTEM         82

TABLE 21           FOTON INTERNATIONAL: FCEV STRATEGIES   88

TABLE 22           XIAMEN KING LONG INTERNATIONAL TRADING CO., LTD.: FCEV STRATEGIES         89

TABLE 23           YUTONG BUS CO., LTD.: FCEV STRATEGIES      90

TABLE 24           SOLARIS BUS & COACH SP. Z.O.O.: FCEV STRATEGIES   90

TABLE 25           HYUNDAI MOTOR COMPANY: FCEV STRATEGIES          92

TABLE 26           HYDROGEN BUS & TRUCK MARKET: BUSINESS MODELS              94

TABLE 27           US: FUEL CELL ELECTRIC BUS PROJECTS           97

TABLE 28           FUEL CELL BUS DEVELOPMENT AND DEPLOYMENT ANNOUNCEMENT         98

TABLE 29           HYDROGEN TRUCKS: EXISTING AND UPCOMING FCEV MODELS            101

TABLE 30           HYDROGEN BUSES: EXISTING AND UPCOMING FCEV MODELS              101

TABLE 31           EXISTING AND UPCOMING H2ICE MODELS       103

TABLE 32           EXPORT DATA FOR HS CODE: 8702, BY COUNTRY, 2020–2023 (USD MILLION) 104

TABLE 33           EXPORT DATA FOR HS CODE: 8703, BY COUNTRY, 2020–2023 (USD MILLION) 104

TABLE 34           IMPORT DATA FOR HS CODE: 8702, BY COUNTRY, 2020–2023 (USD MILLION) 105

TABLE 35           IMPORT DATA FOR HS CODE: 8703, BY COUNTRY, 2020–2023 (USD MILLION) 105

TABLE 36           BILL OF MATERIAL COMPARISON BETWEEN FCEV, ICE,

AND BEV BUSES (USD THOUSAND)       109

TABLE 37           BILL OF MATERIAL COMPARISON BETWEEN FCEV, ICE,

AND BEV TRUCKS (USD THOUSAND)    111

TABLE 38           LIST OF PATENTS GRANTED IN HYDROGEN BUS & TRUCK MARKET, 2021–2024       113

TABLE 39           NORTH AMERICA: POLICIES AND INITIATIVES SUPPORTING HYDROGEN-POWERED VEHICLES AND INFRASTRUCTURE        115

TABLE 40           EUROPE: POLICIES AND INITIATIVES SUPPORTING HYDROGEN-POWERED VEHICLES AND INFRASTRUCTURE        116

TABLE 41           ASIA PACIFIC: POLICIES AND INITIATIVES SUPPORTING HYDROGEN-POWERED VEHICLES AND INFRASTRUCTURE        116

TABLE 42           NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS 117

TABLE 43           EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS 119

TABLE 44           ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS 120

TABLE 45           COMPARISON OF H2ICE AND FCEV       125

TABLE 46           LIST OF CONFERENCES & EVENTS, 2024–2025    128

TABLE 47           INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS OF HYDROGEN BUSES

AND TRUCKS (%)           129

TABLE 48           KEY BUYING CRITERIA FOR HYDROGEN BUSES AND TRUCKS, BY VEHICLE TYPE         130

TABLE 49           LIST OF FUNDING MADE BY PLAYERS, 2021−2022          132

TABLE 50           HYDROGEN BUS & TRUCK MARKET, BY MOTOR POWER, 2020–2023 (UNITS)     135

TABLE 51           HYDROGEN BUS & TRUCK MARKET, BY MOTOR POWER, 2024–2030 (UNITS)     135

TABLE 52           HYDROGEN BUS & TRUCK MARKET, BY MOTOR POWER, 2031–2035 (UNITS)     135

TABLE 53           UP TO 200 KW: HYDROGEN BUS MODELS          136

TABLE 54           UP TO 200 KW: HYDROGEN TRUCK MODELS     136

TABLE 55           UP TO 200 KW: HYDROGEN BUS & TRUCK MARKET,

BY REGION, 2020–2023 (UNITS) 137

TABLE 56           UP TO 200 KW: HYDROGEN BUS & TRUCK MARKET,

BY REGION, 2024–2030 (UNITS) 137

TABLE 57           UP TO 200 KW: HYDROGEN BUS & TRUCK MARKET,

BY REGION, 2031–2035 (UNITS) 137

TABLE 58           200–400 KW: HYDROGEN BUS MODELS 138

TABLE 59           200–400 KW: HYDROGEN TRUCK MODELS          139

TABLE 60           200–400 KW: HYDROGEN BUS & TRUCK MARKET,

BY REGION, 2020–2023 (UNITS) 139

TABLE 61           200–400 KW: HYDROGEN BUS & TRUCK MARKET,

BY REGION, 2024–2030 (UNITS) 139

TABLE 62           200–400 KW: HYDROGEN BUS & TRUCK MARKET,

BY REGION, 2031–2035 (UNITS) 140

TABLE 63           ABOVE 400 KW: HYDROGEN BUS MODELS         140

TABLE 64           ABOVE 400 KW: HYDROGEN TRUCK MODELS    141

TABLE 65           ABOVE 400 KW: HYDROGEN BUS & TRUCK MARKET,

BY REGION, 2020–2023 (UNITS) 141

TABLE 66           ABOVE 400 KW: HYDROGEN BUS & TRUCK MARKET,

BY REGION, 2024–2030 (UNITS) 141

TABLE 67           ABOVE 400 KW: HYDROGEN BUS & TRUCK MARKET,

BY REGION, 2031–2035 (UNITS) 141

TABLE 68           HYDROGEN BUS & TRUCK MARKET, BY RANGE, 2020–2023 (UNITS)             144

TABLE 69           HYDROGEN BUS & TRUCK MARKET, BY RANGE, 2024–2030 (UNITS)             144

TABLE 70           HYDROGEN BUS & TRUCK MARKET, BY RANGE, 2031–2035 (UNITS)             145

TABLE 71           UP TO 300 MILES: HYDROGEN BUS MODELS     146

TABLE 72           UP TO 300 MILES: HYDROGEN TRUCK MODELS 146

TABLE 73           UP TO 300 MILES: HYDROGEN BUS & TRUCK MARKET,

BY COUNTRY, 2020–2023 (UNITS)           147

TABLE 74           UP TO 300 MILES: HYDROGEN BUS & TRUCK MARKET,

BY COUNTRY, 2024–2030 (UNITS)           147

TABLE 75           UP TO 300 MILES: HYDROGEN BUS & TRUCK MARKET,

BY COUNTRY, 2031–2035 (UNITS)           147

TABLE 76           300–500 MILES: HYDROGEN BUS MODELS          148

TABLE 77           300–500 MILES: HYDROGEN TRUCK MODELS     149

TABLE 78           300–500 MILES: HYDROGEN BUS & TRUCK MARKET,

BY COUNTRY, 2020–2023 (UNITS)           149

TABLE 79           300–500 MILES: HYDROGEN BUS & TRUCK MARKET,

BY COUNTRY, 2024–2030 (UNITS)           149

TABLE 80           300–500 MILES: HYDROGEN BUS & TRUCK MARKET,

BY COUNTRY, 2031–2035 (UNITS)           150

TABLE 81           ABOVE 500 MILES: HYDROGEN BUS MODELS    151

TABLE 82           ABOVE 500 MILES: HYDROGEN TRUCK MODELS             151

TABLE 83           ABOVE 500 MILES: HYDROGEN BUS & TRUCK MARKET,

BY COUNTRY, 2020–2023 (UNITS)           151

TABLE 84           ABOVE 500 MILES: HYDROGEN BUS & TRUCK MARKET,

BY COUNTRY, 2024–2030 (UNITS)           151

TABLE 85           ABOVE 500 MILES: HYDROGEN BUS & TRUCK MARKET,

BY COUNTRY, 2031–2035 (UNITS)           152

TABLE 86           HYDROGEN BUS & TRUCK MARKET,

BY HYDROGEN TANK SIZE, 2020–2023 (UNITS)  155

TABLE 87           HYDROGEN BUS & TRUCK MARKET,

BY HYDROGEN TANK SIZE, 2024–2030 (UNITS)  155

TABLE 88           HYDROGEN BUS & TRUCK MARKET,

BY HYDROGEN TANK SIZE, 2031–2035 (UNITS)  156

TABLE 89           < 30 KG: HYDROGEN BUS AND TRUCK MODELS             156

TABLE 90           < 30 KG: HYDROGEN BUS & TRUCK MARKET, BY REGION, 2020–2023 (UNITS)     157

TABLE 91           < 30 KG: HYDROGEN BUS & TRUCK MARKET, BY REGION, 2024–2030 (UNITS)     157

TABLE 92           < 30 KG: HYDROGEN BUS & TRUCK MARKET, BY REGION, 2031–2035 (UNITS)     157

TABLE 93           30–60 KG: HYDROGEN BUS AND TRUCK MODELS           158

TABLE 94           30–60 KG: HYDROGEN BUS & TRUCK MARKET, BY REGION, 2020–2023 (UNITS)         159

TABLE 95           30–60 KG: HYDROGEN BUS & TRUCK MARKET, BY REGION, 2024–2030 (UNITS)         159

TABLE 96           30–60 KG: HYDROGEN BUS & TRUCK MARKET, BY REGION, 2031–2035 (UNITS)         159

TABLE 97           > 60 KG: HYDROGEN BUS AND TRUCK MODELS             160

TABLE 98           > 60 KG: HYDROGEN BUS & TRUCK MARKET, BY REGION, 2020–2023 (UNITS)     160

TABLE 99           > 60 KG: HYDROGEN BUS & TRUCK MARKET, BY REGION, 2024–2030 (UNITS)     161

TABLE 100         > 60 KG: HYDROGEN BUS & TRUCK MARKET, BY REGION, 2031–2035 (UNITS)     161

TABLE 101         HYDROGEN TANK TYPE CLASSIFICATION FOR AUTOMOTIVE APPLICATION  163

TABLE 102         HYDROGEN BUS & TRUCK MARKET, BY TYPE OF TANK, 2020–2023 (UNITS)     164

TABLE 103         HYDROGEN BUS & TRUCK MARKET, BY TYPE OF TANK, 2024–2030 (UNITS)     164

TABLE 104         HYDROGEN BUS & TRUCK MARKET, BY TYPE OF TANK, 2031–2035 (UNITS)     165

TABLE 105         HYDROGEN BUSES WITH TYPE III HYDROGEN TANKS  166

TABLE 106         HYDROGEN TRUCKS WITH TYPE III HYDROGEN TANKS              166

TABLE 107         TYPE III: HYDROGEN BUS & TRUCK MARKET, BY REGION, 2020–2023 (UNITS)     166

TABLE 108         TYPE III: HYDROGEN BUS & TRUCK MARKET, BY REGION, 2024–2030 (UNITS)     166

TABLE 109         TYPE III: HYDROGEN BUS & TRUCK MARKET, BY REGION, 2031–2035 (UNITS)     167

TABLE 110         HYDROGEN BUSES WITH TYPE IV HYDROGEN TANKS  168

TABLE 111         HYDROGEN TRUCKS WITH TYPE IV HYDROGEN TANKS              169

TABLE 112         TYPE IV: HYDROGEN BUS & TRUCK MARKET, BY REGION, 2020–2023 (UNITS)     170

TABLE 113         TYPE IV: HYDROGEN BUS & TRUCK MARKET, BY REGION, 2024–2030 (UNITS)     170

TABLE 114         TYPE IV: HYDROGEN BUS & TRUCK MARKET, BY REGION, 2031–2035 (UNITS)     170

TABLE 115         HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE, 2020–2023 (USD MILLION)     173

TABLE 116         HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)     174

TABLE 117         HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE, 2031–2035 (USD MILLION)     174

TABLE 118         HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE, 2020–2023 (UNITS)     174

TABLE 119         HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)     174

TABLE 120         HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE, 2031–2035 (UNITS)     174

TABLE 121         HYDROGEN BUSES MARKET, BY REGION, 2020–2023 (USD MILLION)          175

TABLE 122         HYDROGEN BUSES MARKET, BY REGION, 2024–2030 (USD MILLION)          175

TABLE 123         HYDROGEN BUSES MARKET, BY REGION, 2031–2035 (USD MILLION)          176

TABLE 124         HYDROGEN BUSES MARKET, BY REGION, 2020–2023 (UNITS)              176

TABLE 125         HYDROGEN BUSES MARKET, BY REGION, 2024–2030 (UNITS)              176

TABLE 126         HYDROGEN BUSES MARKET, BY REGION, 2031–2035 (UNITS)              176

TABLE 127         HYDROGEN MINIBUS/SHUTTLE MODELS          177

TABLE 128         HYDROGEN CITY/TRANSIT BUS MODELS          178

TABLE 129         CLASSIFICATION OF HYDROGEN TRUCKS BY GVW        179

TABLE 130         HYDROGEN TRUCKS MARKET, BY REGION, 2020–2023 (USD MILLION)          179

TABLE 131         HYDROGEN TRUCKS MARKET, BY REGION, 2024–2030 (USD MILLION)          180

TABLE 132         HYDROGEN TRUCKS MARKET, BY REGION, 2031–2035 (USD MILLION)          180

TABLE 133         HYDROGEN TRUCKS MARKET, BY REGION, 2020–2023 (UNITS)              180

TABLE 134         HYDROGEN TRUCKS MARKET, BY REGION, 2024–2030 (UNITS)              180

TABLE 135         HYDROGEN TRUCKS MARKET, BY REGION, 2031–2035 (UNITS)              181

TABLE 136         HYDROGEN MEDIUM-DUTY TRUCK MODELS   181

TABLE 137         HYDROGEN HEAVY-DUTY TRUCK MODELS      182

TABLE 138         HYDROGEN BUS & TRUCK MARKET, BY REGION, 2020–2023 (USD MILLION) 186

TABLE 139         HYDROGEN BUS & TRUCK MARKET, BY REGION, 2024–2030 (USD MILLION) 186

TABLE 140         HYDROGEN BUS & TRUCK MARKET, BY REGION, 2031–2035 (USD MILLION) 187

TABLE 141         HYDROGEN BUS & TRUCK MARKET, BY REGION, 2020–2023 (UNITS)             187

TABLE 142         HYDROGEN BUS & TRUCK MARKET, BY REGION, 2024–2030 (UNITS)             187

TABLE 143         HYDROGEN BUS & TRUCK MARKET, BY REGION, 2031–2035 (UNITS)             187

TABLE 144         INITIATIVES TAKEN BY MAJOR COUNTRIES TO PROMOTE USE OF HYDROGEN BUSES AND TRUCKS     188

TABLE 145         ASIA PACIFIC HYDROGEN BUS & TRUCK MARKET: UPCOMING PROJECTS         192

TABLE 146         ASIA PACIFIC: HYDROGEN BUS & TRUCK MARKET,

BY COUNTRY, 2020–2023 (UNITS)           192

TABLE 147         ASIA PACIFIC: HYDROGEN BUS & TRUCK MARKET,

BY COUNTRY, 2024–2030 (UNITS)           193

TABLE 148         ASIA PACIFIC: HYDROGEN BUS & TRUCK MARKET,

BY COUNTRY, 2031–2035 (UNITS)           193

TABLE 149         CHINA: STRATEGIES TO PROMOTE PRODUCTION OF HYDROGEN-POWERED VEHICLES         198

TABLE 150         CHINA: HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE, 2020–2023 (UNITS)         198

TABLE 151         CHINA: HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)         199

TABLE 152         CHINA: HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE, 2031–2035 (UNITS)         199

TABLE 153         JAPAN: HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE, 2020–2023 (UNITS)         201

TABLE 154         JAPAN: HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)         201

TABLE 155         JAPAN: HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE, 2031–2035 (UNITS)         201

TABLE 156         SOUTH KOREA: HYDROGEN BUS & TRUCK MARKET,

BY VEHICLE TYPE, 2020–2023 (UNITS)   203

TABLE 157         SOUTH KOREA: HYDROGEN BUS & TRUCK MARKET,

BY VEHICLE TYPE, 2024–2030 (UNITS)   203

TABLE 158         SOUTH KOREA: HYDROGEN BUS & TRUCK MARKET,

BY VEHICLE TYPE, 2031–2035 (UNITS)   203

TABLE 159         INDIA: HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE, 2020–2023 (UNITS)         204

TABLE 160         INDIA: HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)         204

TABLE 161         INDIA: HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE, 2031–2035 (UNITS)         204

TABLE 162         EUROPE: TARGETS, VISIONS, AND PROJECTIONS           207

TABLE 163         EUROPE: HYDROGEN BUS & TRUCK MARKET: ONGOING PROJECTS         208

TABLE 164         EUROPE: HYDROGEN BUS & TRUCK MARKET, BY COUNTRY, 2020–2023 (UNITS)         210

TABLE 165         EUROPE: HYDROGEN BUS & TRUCK MARKET, BY COUNTRY, 2024–2030 (UNITS)         210

TABLE 166         EUROPE: HYDROGEN BUS & TRUCK MARKET, BY COUNTRY, 2031–2035 (UNITS)         210

TABLE 167         FRANCE: HYDROGEN BUS & TRUCK MARKET,

BY VEHICLE TYPE, 2020–2023 (UNITS)   214

TABLE 168         FRANCE: HYDROGEN BUS & TRUCK MARKET,

BY VEHICLE TYPE, 2024–2030 (UNITS)   215

TABLE 169         FRANCE: HYDROGEN BUS & TRUCK MARKET,

BY VEHICLE TYPE, 2031–2035 (UNITS)   215

TABLE 170         GERMANY: HYDROGEN BUS & TRUCK MARKET,

BY VEHICLE TYPE, 2020–2023 (UNITS)   216

TABLE 171         GERMANY: HYDROGEN BUS & TRUCK MARKET,

BY VEHICLE TYPE, 2024–2030 (UNITS)   216

TABLE 172         GERMANY: HYDROGEN BUS & TRUCK MARKET,

BY VEHICLE TYPE, 2031–2035 (UNITS)   217

TABLE 173         ITALY: HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE, 2020–2023 (UNITS)         218

TABLE 174         ITALY: HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)         218

TABLE 175         ITALY: HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE, 2031–2035 (UNITS)         218

TABLE 176         SPAIN: HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE, 2020–2023 (UNITS)         219

TABLE 177         SPAIN: HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)         219

TABLE 178         SPAIN: HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE, 2031–2035 (UNITS)         220

TABLE 179         UK: HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE, 2020–2023 (UNITS)         221

TABLE 180         UK: HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)         221

TABLE 181         UK: HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE, 2031–2035 (UNITS)         221

TABLE 182         NORTH AMERICA: HYDROGEN BUS & TRUCK MARKET: UPCOMING PROJECTS 224

TABLE 183         NORTH AMERICA: HYDROGEN BUS & TRUCK MARKET,

BY COUNTRY, 2020–2023 (UNITS)           224

TABLE 184         NORTH AMERICA: HYDROGEN BUS & TRUCK MARKET,

BY COUNTRY, 2024–2030 (UNITS)           225

TABLE 185         NORTH AMERICA: HYDROGEN BUS & TRUCK MARKET,

BY COUNTRY, 2031–2035 (UNITS)           225

TABLE 186         CANADA: HYDROGEN BUS & TRUCK MARKET,

BY VEHICLE TYPE, 2020–2023 (UNITS)   228

TABLE 187         CANADA: HYDROGEN BUS & TRUCK MARKET,

BY VEHICLE TYPE, 2024–2030 (UNITS)   228

TABLE 188         CANADA: HYDROGEN BUS & TRUCK MARKET,

BY VEHICLE TYPE, 2031–2035 (UNITS)   229

TABLE 189         US: TARGETS, VISIONS, AND PROJECTIONS       230

TABLE 190         US: HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE, 2020–2023 (UNITS)         230

TABLE 191         US: HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)         230

TABLE 192         US: HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE, 2031–2035 (UNITS)         231

TABLE 193         OVERVIEW OF STRATEGIES DEPLOYED BY KEY PLAYERS IN HYDROGEN BUS & TRUCK MARKET      232

TABLE 194         MARKET SHARE ANALYSIS, 2023             234

TABLE 195         COMPANY REGIONAL FOOTPRINT        242

TABLE 196         COMPANY VEHICLE TYPE FOOTPRINT 242

TABLE 197         DETAILED LIST OF KEY STARTUPS/SMES           245

TABLE 198         COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES              245

TABLE 199         HYDROGEN BUS & TRUCK MARKET: PRODUCT LAUNCHES &

DEVELOPMENTS, 2021–2024      246

TABLE 200         HYDROGEN BUS & TRUCK MARKET: DEALS, 2021–2024  248

TABLE 201         HYDROGEN BUS & TRUCK MARKET: EXPANSION, 2021–2024              250

TABLE 202         HYDROGEN BUS & TRUCK MARKET: OTHER DEVELOPMENTS, 2021–2024          252

TABLE 203         FOTON INTERNATIONAL: COMPANY OVERVIEW           257

TABLE 204         FOTON INTERNATIONAL: PRODUCTS/SOLUTIONS OFFERED              258

TABLE 205         FOTON INTERNATIONAL: PRODUCT LAUNCHES & ENHANCEMENTS          260

TABLE 206         FOTON INTERNATIONAL: DEALS          261

TABLE 207         FOTON INTERNATIONAL: EXPANSION 262

TABLE 208         FOTON INTERNATIONAL: OTHER DEVELOPMENTS      262

TABLE 209         YUTONG BUS CO., LTD.: COMPANY OVERVIEW 265

TABLE 210         YUTONG BUS CO., LTD.: PRODUCTS/SOLUTIONS OFFERED              266

TABLE 211         YUTONG BUS CO., LTD.: PRODUCT LAUNCHES & ENHANCEMENTS          267

TABLE 212         YUTONG BUS CO., LTD.: DEALS             267

TABLE 213         YUTONG BUS CO., LTD.: EXPANSION    268

TABLE 214         YUTONG BUS CO., LTD.: OTHER DEVELOPMENTS         268

TABLE 215         XIAMEN KING LONG INTERNATIONAL TRADING CO., LTD.: COMPANY OVERVIEW  270

TABLE 216         XIAMEN KING LONG INTERNATIONAL TRADING CO., LTD.:

PRODUCTS/SOLUTIONS OFFERED        271

TABLE 217         XIAMEN KING LONG INTERNATIONAL TRADING CO., LTD.: DEALS  273

TABLE 218         XIAMEN KING LONG INTERNATIONAL TRADING CO., LTD.: OTHER DEVELOPMENTS           273

TABLE 219         SOLARIS BUS & COACH SP. Z O.O.: COMPANY OVERVIEW              275

TABLE 220         SOLARIS BUS & COACH SP. Z O.O.: PRODUCTS/SOLUTIONS OFFERED          276

TABLE 221         SOLARIS BUS & COACH SP. Z O.O.: PRODUCT LAUNCHES & ENHANCEMENTS          276

TABLE 222         SOLARIS BUS & COACH SP. Z O.O.: DEALS          276

TABLE 223         SOLARIS BUS & COACH SP. Z O.O.: OTHER DEVELOPMENTS              277

TABLE 224         HYUNDAI MOTOR CORPORATION: COMPANY OVERVIEW              280

TABLE 225         HYUNDAI MOTOR CORPORATION: PRODUCTS/SOLUTIONS OFFERED          281

TABLE 226         HYUNDAI MOTOR CORPORATION: DEALS        282

TABLE 227         HYUNDAI MOTOR CORPORATION: OTHER DEVELOPMENTS              282

TABLE 228         ANHUI ANKAI AUTOMOBILE CO., LTD: COMPANY OVERVIEW              284

TABLE 229         ANHUI ANKAI AUTOMOBILE CO., LTD: PRODUCTS/SOLUTIONS OFFERED        285

TABLE 230         ANHUI ANKAI AUTOMOBILE CO., LTD: PRODUCT LAUNCHES & ENHANCEMENTS       286

TABLE 231         ANHUI ANKAI AUTOMOBILE CO., LTD: OTHER DEVELOPMENTS           286

TABLE 232         NIKOLA CORPORATION: COMPANY OVERVIEW             287

TABLE 233         NIKOLA CORPORATION: PRODUCTS/SOLUTIONS OFFERED              288

TABLE 234         NIKOLA CORPORATION: PRODUCT LAUNCHES & ENHANCEMENTS          289

TABLE 235         NIKOLA CORPORATION: DEALS             289

TABLE 236         NIKOLA CORPORATION: EXPANSION    290

TABLE 237         NIKOLA CORPORATION: OTHER DEVELOPMENTS        290

TABLE 238         TOYOTA MOTOR CORPORATION: COMPANY OVERVIEW              291

TABLE 239         TOYOTA MOTOR CORPORATION: PRODUCTS/SOLUTIONS OFFERED          292

TABLE 240         TOYOTA MOTOR CORPORATION: DEALS          293

TABLE 241         TOYOTA MOTOR CORPORATION: OTHER DEVELOPMENTS              294

TABLE 242         VDL GROEP: COMPANY OVERVIEW       295

TABLE 243         VDL GROEP: PRODUCTS/SOLUTIONS OFFERED             296

TABLE 244         VDL GROEP: PRODUCT LAUNCHES & ENHANCEMENTS              297

TABLE 245         VDL GROEP: DEALS      297

TABLE 246         VDL GROEP: EXPANSION           298

TABLE 247         VDL GROEP: OTHER DEVELOPMENTS  298

TABLE 248         NFI GROUP: COMPANY OVERVIEW        299

TABLE 249         NFI GROUP: PRODUCTS/SOLUTIONS OFFERED 300

TABLE 250         NFI GROUP: PRODUCT LAUNCHES & DEVELOPMENTS 301

TABLE 251         NFI GROUP: DEALS       301

TABLE 252         NFI GROUP: OTHER DEVELOPMENTS   302

TABLE 253         ZHONGTONG BUS HOLDING CO., LTD.: COMPANY OVERVIEW              303

TABLE 254         ZHONGTONG BUS HOLDING CO., LTD.: PRODUCTS/SOLUTIONS OFFERED        304

TABLE 255         ZHONGTONG BUS HOLDING CO., LTD.: PRODUCT LAUNCHES & ENHANCEMENTS       305

TABLE 256         ZHONGTONG BUS HOLDING CO., LTD.: DEALS 305

TABLE 257         DAIMLER TRUCK AG: COMPANY OVERVIEW     306

TABLE 258         DAIMLER TRUCK AG: PRODUCTS/SOLUTIONS OFFERED              308

TABLE 259         DAIMLER TRUCK AG: PRODUCT LAUNCHES & ENHANCEMENTS          309

TABLE 260         DAIMLER TRUCK AG: DEALS     309

TABLE 261         DAIMLER TRUCK AG: EXPANSION          310

TABLE 262         DAIMLER TRUCK AG: OTHER DEVELOPMENTS 310

TABLE 263         IVECO S.P.A.: COMPANY OVERVIEW      311

TABLE 264         IVECO S.P.A.: PRODUCTS/SOLUTIONS OFFERED            312

TABLE 265         IVECO S.P.A.: DEALS      313

TABLE 266         IVECO S.P.A.: EXPANSION          313

TABLE 267         IVECO S.P.A.: OTHER DEVELOPMENTS 314

LIST OF FIGURES

FIGURE 1           RESEARCH DESIGN       32

FIGURE 2           RESEARCH PROCESS FLOW       33

FIGURE 3           BREAKDOWN OF PRIMARY INTERVIEWS: BY COMPANY TYPE, DESIGNATION,

AND REGION    37

FIGURE 4           RESEARCH METHODOLOGY: HYPOTHESIS BUILDING  39

FIGURE 5           MARKET SIZE ESTIMATION METHODOLOGY FOR HYDROGEN BUS &

TRUCK MARKET: BOTTOM-UP APPROACH        40

FIGURE 6           MARKET SIZE ESTIMATION METHODOLOGY FOR HYDROGEN BUS &

TRUCK MARKET: TOP-DOWN APPROACH          41

FIGURE 7           HYDROGEN BUS & TRUCK MARKET: RESEARCH DESIGN & METHODOLOGY           41

FIGURE 8           DATA TRIANGULATION             42

FIGURE 9           MARKET GROWTH PROJECTIONS FROM DEMAND-SIDE DRIVERS            43

FIGURE 10         DEMAND AND SUPPLY-SIDE FACTOR ANALYSIS             44

FIGURE 11         REPORT SUMMARY       48

FIGURE 12         HYDROGEN BUS & TRUCK MARKET, BY REGION             49

FIGURE 13         HYDROGEN BUS & TRUCK MARKET, BY VEHICLE TYPE 50

FIGURE 14         HYDROGEN BUS & TRUCK MARKET, BY TYPE OF TANK 50

FIGURE 15         KEY PLAYERS IN HYDROGEN BUS & TRUCK MARKET     51

FIGURE 16         RISING ENVIRONMENTAL CONCERNS AND EXPANSION OF HYDROGEN INFRASTRUCTURE TO DRIVE GROWTH     52

FIGURE 17         HYDROGEN TRUCKS SEGMENT TO LEAD MARKET DURING FORECAST PERIOD       52

FIGURE 18         TYPE IV SEGMENT TO ACCOUNT FOR SIGNIFICANT SHARE BY 2035      53

FIGURE 19         30–60 KG SEGMENT TO LEAD MARKET DURING FORECAST PERIOD              53

FIGURE 20         300–500 MILES SEGMENT TO LEAD MARKET DURING FORECAST PERIOD       54

FIGURE 21         200–400 KW SEGMENT TO ACCOUNT FOR LARGEST SHARE BY 2035      54

FIGURE 22         ASIA PACIFIC TO BE LARGEST MARKET IN 2024 55

FIGURE 23         WORKING PRINCIPLE OF HYDROGEN BUSES    56

FIGURE 24         COMPONENTS OF HYDROGEN TRUCKS             57

FIGURE 25         HYDROGEN BUS & TRUCK MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES,

AND CHALLENGES        59

FIGURE 26         FLEET DECARBONIZATION PROCESS   60

FIGURE 27         PACIFIC NORTHWEST HYDROGEN HUB LED BY GOVERNMENT INITIATIVES      65

FIGURE 28         DISPENSED COST BUILD-UP FOR FUTURE TRANSPORTATION FUEL TYPES      66

FIGURE 29         COMPARISON OF AUTOIGNITION TEMPERATURE OF VARIOUS FUEL TYPES   67

FIGURE 30         COMPARISON OF MINIMUM IGNITION ENERGY FOR VARIOUS FUEL TYPES      67

FIGURE 31         MOBILE HYDROGEN REFUELING STATION MODEL IN JAPAN              70

FIGURE 32         HYDROGEN PRODUCTION WITH INTEGRATION OF RENEWABLE ENERGY   71

FIGURE 33         HYDROGEN CORRIDORS PLANNED BY EHB       72

FIGURE 34         HYDROGEN CORRIDORS: INFRASTRUCTURE COMPANIES              73

FIGURE 35         HYDROGEN STORAGE AND TRANSPORTATION             75

FIGURE 36         AVERAGE SELLING PRICES OF KEY PLAYERS FOR HYDROGEN BUSES,

2020–2023 (USD THOUSAND)     77

FIGURE 37         AVERAGE SELLING PRICES OF KEY OEMS FOR HYDROGEN TRUCKS,

2020–2023 (USD THOUSAND)     78

FIGURE 38        HYDROGEN BUSES MARKET: AVERAGE SELLING PRICE TREND, BY REGION        79

FIGURE 39         HYDROGEN TRUCKS MARKET: AVERAGE SELLING PRICE TREND, BY REGION       80

FIGURE 40         ECOSYSTEM ANALYSIS 81

FIGURE 41         HYDROGEN BUS & TRUCK MARKET: VALUE CHAIN ANALYSIS              84

FIGURE 42         GLOBAL PUBLIC HYDROGEN REFUELING STATIONS: 2023              95

FIGURE 43         GLOBAL HYDROGEN PROJECTS: 2023   96

FIGURE 44         FUEL CELL BUSES IN OPERATION: 2023 97

FIGURE 45         HYDROGEN BUSES: FUEL CAPACITY VS. RANGE             99

FIGURE 46         HYDROGEN TRUCKS: FUEL CAPACITY VS. RANGE          100

FIGURE 47         TIMELINE OF H2ICE TECHNOLOGY, 2017−2030 102

FIGURE 48         BEV VS. FCEV TRUCKS: 10-YEAR TOTAL COST OF OWNERSHIP BREAKDOWN   106

FIGURE 49         BEV BUSES VS. FCEV BUSES: 10-YEAR TOTAL COST OF OWNERSHIP BREAKDOWN        107

FIGURE 50         BILL OF MATERIAL COMPARISON BETWEEN FCEV, ICE,

AND BEV BUSES (USD THOUSAND)       108

FIGURE 51         BILL OF MATERIAL COMPARISON BETWEEN FCEV, ICE,

AND BEV TRUCKS (USD THOUSAND)  110

FIGURE 52         NUMBER OF PATENTS GRANTED FOR HYDROGEN BUSES

AND TRUCKS, 2013–2024             112

FIGURE 53         TECHNOLOGY ROADMAP FOR FCEVS   121

FIGURE 54         WORKING OF DIRECT BOROHYDRIDE FUEL CELLS       123

FIGURE 55         TOYOTA’S NEW PACKAGED FUEL CELL SYSTEM MODULE              124

FIGURE 56         INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS OF HYDROGEN BUSES

AND TRUCKS    129

FIGURE 57         KEY BUYING CRITERIA FOR HYDROGEN BUSES AND TRUCKS, BY VEHICLE TYPE         130

FIGURE 58         INVESTMENT & FUNDING SCENARIO, 2021−2024           131

FIGURE 59         200–400 KW SEGMENT TO LEAD MARKET DURING FORECAST PERIOD              134

FIGURE 60         300–500 MILES SEGMENT TO LEAD MARKET DURING FORECAST PERIOD       144

FIGURE 61         30–60 KG SEGMENT TO LEAD MARKET DURING FORECAST PERIOD              155

FIGURE 62         TYPE IV SEGMENT TO LEAD MARKET DURING FORECAST PERIOD              164

FIGURE 63         HYDROGEN TRUCKS SEGMENT TO LEAD MARKET DURING FORECAST PERIOD       173

FIGURE 64         HYDROGEN BUS & TRUCK MARKET, BY REGION, 2024 VS. 2035 (USD MILLION) 186

FIGURE 65         ASIA PACIFIC: HYDROGEN BUS & TRUCK MARKET SNAPSHOT              191

FIGURE 66         ASIA PACIFIC: REAL GDP GROWTH RATE, BY COUNTRY, 2023–2025      194

FIGURE 67         ASIA PACIFIC: GDP PER CAPITA, BY COUNTRY, 2023–2025              194

FIGURE 68         ASIA PACIFIC: INFLATION RATE (CONSUMER PRICE INDEX),

BY COUNTRY, 2023–2025             195

FIGURE 69         ASIA PACIFIC: MANUFACTURING INDUSTRY’S CONTRIBUTION TO GDP,

2023 (USD TRILLION)    195

FIGURE 70         CHINA: ROADMAP AND STRATEGY FOR HYDROGEN-POWERED VEHICLES,

2020–2030          197

FIGURE 71         JAPAN: ROADMAP AND STRATEGY FOR HYDROGEN-POWERED VEHICLES,

2020–2030          200

FIGURE 72         SOUTH KOREA: ROADMAP AND STRATEGY FOR HYDROGEN GENERATION,

2020–2035          202

FIGURE 73         EUROPE: ROADMAP FOR HYDROGEN PRODUCTION    206

FIGURE 74         EUROPE: ROADMAP FOR HYDROGEN BUSES     207

FIGURE 75         EUROPE: HYDROGEN BUS & TRUCK MARKET, BY COUNTRY, 2024–2035 (UNITS)         208

FIGURE 76         EUROPE: REAL GDP GROWTH RATE, BY COUNTRY, 2023–2025              212

FIGURE 77         EUROPE: GDP PER CAPITA, BY COUNTRY, 2023–2025     212

FIGURE 78         EUROPE: INFLATION RATE (CONSUMER PRICE INDEX) BY COUNTRY, 2023–2025    213

FIGURE 79         EUROPE: MANUFACTURING INDUSTRY’S CONTRIBUTION TO GDP,

2023 (USD TRILLION)    213

FIGURE 80         UK: HYDROGEN NET ZERO INVESTMENT ROADMAP, 2021–2035              221

FIGURE 81         NORTH AMERICA: HYDROGEN BUS & TRUCK MARKET SNAPSHOT        223

FIGURE 82         NORTH AMERICA: REAL GDP GROWTH RATE, BY COUNTRY, 2023–2025          226

FIGURE 83         NORTH AMERICA: GDP PER CAPITA, BY COUNTRY, 2023–2025              226

FIGURE 84         NORTH AMERICA: INFLATION RATE (CONSUMER PRICE INDEX),

BY COUNTRY, 2023–2025             227

FIGURE 85         NORTH AMERICA: MANUFACTURING INDUSTRY’S CONTRIBUTION TO GDP,

2023 (USD TRILLION)    227

FIGURE 86         MARKET SHARE ANALYSIS OF KEY PLAYERS, 2022          234

FIGURE 87         REVENUE ANALYSIS OF KEY PLAYERS, 2019–2023            236

FIGURE 88         COMPANY VALUATION OF KEY PLAYERS           237

FIGURE 89         FINANCIAL METRICS OF KEY PLAYERS 237

FIGURE 90         BRAND/PRODUCT COMPARISON OF TOP FIVE PLAYERS              238

FIGURE 91         HYDROGEN BUS & TRUCK MARKET: COMPANY EVALUATION MATRIX

(KEY PLAYERS), 2023     240

FIGURE 92         HYDROGEN BUS & TRUCK MARKET: COMPANY FOOTPRINT, 2023      241

FIGURE 93         HYDROGEN BUS & TRUCK MARKET: COMPANY EVALUATION MATRIX (STARTUPS/SMES), 2023           244

FIGURE 94         FOTON INTERNATIONAL: COMPANY SNAPSHOT           258

FIGURE 95         YUTONG BUS CO., LTD.: COMPANY SNAPSHOT 266

FIGURE 96         XIAMEN KING LONG INTERNATIONAL TRADING CO., LTD.: COMPANY SNAPSHOT  271

FIGURE 97         SOLARIS BUS & COACH SP. Z O.O.: COMPANY SNAPSHOT              275

FIGURE 98         HYUNDAI MOTOR CORPORATION: COMPANY SNAPSHOT (2023)   281

FIGURE 99         ANHUI ANKAI AUTOMOBILE CO., LTD: COMPANY SNAPSHOT              284

FIGURE 100       NIKOLA CORPORATION: COMPANY SNAPSHOT             288

FIGURE 101       TOYOTA MOTOR CORPORATION: COMPANY SNAPSHOT              292

FIGURE 102       VDL GROEP: COMPANY SNAPSHOT      296

FIGURE 103       NFI GROUP: COMPANY SNAPSHOT       300

FIGURE 104       ZHONGTONG BUS HOLDING CO., LTD.: COMPANY SNAPSHOT              304

FIGURE 105       DAIMLER TRUCK AG: COMPANY SNAPSHOT     307

FIGURE 106       IVECO S.P.A.: COMPANY SNAPSHOT      312