Hydrogen Internal Combustion Engine Truck Market, North America and Europe, 2024-2034

Affordable Price Premiums and Negligible Carbon Emissions will Drive the Adoption of Hydrogen Internal Combustion Engines During the Short-to-medium Term

Recent cutbacks in EV investments due to lower consumer interest and higher raw material prices can boost alternative ICE vehicles, such as H2ICE, with lower price premiums that consumers can readily adopt in the short-to-medium term. ICEs running on hydrogen require minimal modifications and offer good customer value. These fuels can be made available at existing fuel stations without the need to upgrade or drastically change existing electricity infrastructure.

H2ICE can provide use cases for a wide range of applications, overlapping with both BEVs and FCEVs. The availability of hydrogen for refueling will remain a major impediment and make H2ICE more suitable for regional, long-haul, and heavy-duty applications and less attractive for urban applications. In the short term, the cost of hydrogen and the accessibility to refueling stations will be major factors in H2ICE adoption. However, in the long term, H2ICE will lose competitiveness in terms of cost of ownership, when compared to zero-emission vehicles, due to falling prices of BEV and FCEV components, as well as the lower cost of electricity.

H2ICE sales is expected to grow more than 61 times between 2025 and 2034 and reach 23,640 units across North America and Europe, with North America contributing more than 53% of the sales. More than 96% of the sales across the 2 regions will come from the heavy-duty segment, given the applications, range, and re-fueling accessibility factors.

KEY ISSUES ADDRESSED

• What are the major differences between conventional ICE and Hydrogen ICE trucks?
• What are the applications and use cases of H2ICE in medium and heavy duty trucks?
• Drivers and challenges to growth of H2ICE adoption in the truck market?
• Projected sales forecast and long term prospects of H2ICE technology in trucks?
• How does H2ICE truck Total Cost of Ownership (TCO) compare against conventional ICE and FCEV trucks over the short, medium and long term?