Hydrogen Fuel Cell Forklift Truck Market Report 2024 (Global Edition)

Global Hydrogen Fuel Cell Forklift Truck Market Report 2024 Market Size Split by Type (PEMFC Forklift, DMFC Forklift, Others), by Application (Warehouse Logistics, Dock Handling, Others)

Hydrogen Fuel Cell Forklift Truck Market Report Description

We have various report editions of Hydrogen Fuel Cell Forklift Truck Market, hence please contact our sales team and author directly to obtain/purchase a desired Edition eg, Global Edition, Regional Edition, Country Specific Report Edition, Company Profiles, Forecast Edition, etc. Request for your Free Sample PDF/Online Access.

Competitive Landscape of the Hydrogen Fuel Cell Forklift Truck Market

Key players deploy strategic initiatives such as product innovations, partnerships, and mergers. Companies prioritize R&D to introduce cutting-edge reagents, ensuring a competitive edge. Robust distribution networks and adherence to quality standards amplify market presence, fostering an environment where agility and innovation define industry leaders.

Hydrogen Fuel Cell Forklift Truck industry news

In September 2023, Nikola Corporation, a renowned global leader in zero-emissions transportation and energy supply, celebrated a noteworthy achievement as its HYLA brand marked the launch of the Nikola hydrogen fuel cell electric vehicle at its cutting-edge manufacturing facility in Coolidge, Arizona. 

(Source: https://www.prnewswire.com/news-releases/nikola-celebrates-the-commercial-launch-of-hydrogen-fuel-cell-electric-truck-in-coolidge-arizona-301942334.html)

In January 2024, JD Logistics implemented a large-scale deployment of "hydrogen-powered" heavy-duty trucks in China, comprising 31-foot logistics trucks with an 18-ton carrying capacity. Engineered for efficiency, these hydrogen vehicles could travel around 250 miles in a 10-minute refueling session, significantly reducing carbon dioxide emissions by approximately 1,000 tons annually.

(Source: https://www.thescxchange.com/articles/9538-jd-logistics-launches-hydrogen-fuel-cell-powered-electric-trucks-in-china)

Top Companies Market Share in Hydrogen Fuel Cell Forklift Truck Industry: (In no particular order of Rank)

• Toyota
• Linde Material Handling
• Jungheinrich
• Crown
• Hyster-Yale Materials Handling
• STILL GmbH
• Confidential Data
• Access The Paid Version
• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of Hydrogen Fuel Cell Forklift Truck

Which region will dominate the Hydrogen Fuel Cell Forklift Truck market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. Industries in the region are increasingly adopting clean energy solutions to reduce carbon emissions and improve operational efficiency. The presence of key players and extensive research and development activities further contribute to market growth. Additionally, government initiatives and investments in hydrogen infrastructure propel hydrogen fuel cell technology adoption in forklift fleets across various industries.

Which is Expanding at the Fastest CAGR?

The Asia Pacific region emerged as the fastest-growing market for hydrogen fuel cell forklift trucks, driven by increasing industrialization and a growing focus on sustainable practices. With rising environmental concerns and stringent regulations promoting clean energy solutions, industries across various regional sectors increasingly adopt hydrogen fuel cell technology for their material handling needs. This surge in demand is expected to accelerate further the growth of the hydrogen fuel cell forklift truck market in the Asia Pacific region.

The current report Scope analyzes Hydrogen Fuel Cell Forklift Truck Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Hydrogen Fuel Cell Forklift Truck Market

According to Cognitive Market Research, the global hydrogen fuel cell forklift truck market size was estimated at USD 1,615.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 646.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 18.0% from 2024 to 2031. The region's robust industrial sector, with stringent environmental regulations and a strong emphasis on sustainability, fuels the demand for cleaner energy solutions like hydrogen fuel cell technology. Moreover, government initiatives and incentives to reduce carbon emissions further propel market growth in North America. Additionally, advancements in hydrogen infrastructure and increasing investments in research and development contribute to the region's dominance in the market. With a growing number of companies prioritizing environmental responsibility and seeking to modernize their material handling operations, North America continues to lead the way in adopting hydrogen fuel cell forklift trucks.

• According to Cognitive Market Research, the US had a major share in the hydrogen fuel cell forklift truck market, with a market size of USD 509.76 million in 2024, projected to grow at a CAGR of 17.8% during the forecast period. The hydrogen fuel cell forklift truck market in the US is expanding due to increased emphasis on sustainability, government support, technological advancements, and growing demand for clean energy solutions. 
• The Canada hydrogen fuel cell forklift truck market had a market share of USD 77.53 million in 2024 and is projected to grow at a CAGR of 18.8% during the forecast period. Canada has experienced a notable increase in the sale of hydrogen fuel cell forklift trucks, driven by sustainability initiatives and government support.
• The Mexico hydrogen fuel cell forklift truck market is projected to grow at a CAGR of 18.5% during the forecast period, with a market size of USD 58.79 million in 2024.

 

Europe Hydrogen Fuel Cell Forklift Truck Market

According to Cognitive Market Research, with a market value of USD 1,615.2 million in 2024, it is projected to expand at a compound annual growth rate (CAGR) of 18.3% from 2024 to 2031. Europe accounted for a share of over 30% of the global market size of USD 484.56 million. With stringent emissions regulations and a strong focus on sustainability, industries across the region are increasingly adopting hydrogen fuel cell technology for their material handling operations. Government incentives and funding support further bolster this growth, encouraging companies to invest in clean energy solutions. Additionally, advancements in hydrogen infrastructure and refueling stations contribute to the expansion of the market. As European businesses prioritize environmental responsibility and seek to decrease their carbon impression, the need for hydrogen fuel cell forklift trucks continues to rise, positioning Europe as a key growth region in this sector.

• The United Kingdom's hydrogen fuel cell forklift truck market had a market share of USD 81.41 million in 2024 and is projected to grow at a CAGR of 19.1% during the forecast period. The United Kingdom has experienced significant growth in adopting hydrogen fuel cell forklift trucks, driven by sustainability initiatives and government support for clean energy technologies. 
• The French hydrogen fuel cell forklift truck market is projected to grow at a CAGR of 17.5% during the forecast period, with a market size of USD 44.58 million in 2024.
• According to Cognitive Market Research, the German hydrogen fuel cell forklift truck market size was valued at USD 95.94 million in 2024 and is projected to grow at a CAGR of 18.5% during the forecast period. Germany is witnessing increased adoption of hydrogen fuel cell forklift trucks, driven by sustainability goals and government support for clean energy solutions. 
• The Italian hydrogen fuel cell forklift truck market is projected to grow at a CAGR of 17.7% during the forecast period, with a market size of USD 41.67 million in 2024.
• The Russian hydrogen fuel cell forklift truck market is projected to grow at a CAGR of 17.3% during the forecast period, with a market size of USD 75.11 million in 2024.
• The Spanish hydrogen fuel cell forklift truck market is projected to grow at a CAGR of 17.4% during the forecast period, with a market size of USD 39.73 million in 2024.
• The Luxembourg hydrogen fuel cell forklift truck market is projected to grow at a CAGR of 18.4% during the forecast period, with a market size of USD 15.02 million in 2024.
• The Portugal hydrogen fuel cell forklift truck market is projected to grow at a CAGR of 18.1% during the forecast period, with a market size of USD 10.18 million in 2024.
• The Greece hydrogen fuel cell forklift truck market is projected to grow at a CAGR of 18.6% during the forecast period, with a market size of USD 5.81 million in 2024.
• The Rest of Europe's hydrogen fuel cell forklift truck market is projected to grow at a CAGR of 17.0% over the forecast period, with a market size of USD 75.11 million in 2024.

 

Asia Pacific Hydrogen Fuel Cell Forklift Truck Market

According to Cognitive Market Research, the global hydrogen fuel cell forklift truck market size was estimated at USD 1,615.2 Million out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 371.50 million in 2024 and will grow at a compound annual growth rate (CAGR) of 21.8% from 2024 to 2031. With the region's robust industrialization and increasing emphasis on sustainability, there's a heightened demand for eco-friendly material handling solutions. Government initiatives promoting clean energy adoption further fuel this growth, encouraging industries to invest in hydrogen fuel cell technology. Additionally, advancements in infrastructure for hydrogen refueling are supporting the market's expansion, making it more feasible for businesses to shift to hydrogen-powered forklifts. As a result, the Asia Pacific region is witnessing a significant uptake of hydrogen fuel cell forklift trucks across various industrial sectors.

• According to Cognitive Market Research, the size of the China hydrogen fuel cell forklift truck market was valued at USD 167.17 million in 2024 and is expected to grow at a CAGR of 21.3% during the forecast period. The hydrogen fuel cell forklift truck market in China is expanding rapidly, driven by government support for clean energy technologies and the country's push towards sustainable industrial practices.
• The Japan hydrogen fuel cell forklift truck market is projected to grow at a CAGR of 20.3% during the forecast period, with a market size of USD 51.27 million in 2024.
• The India hydrogen fuel cell forklift truck market had a market share of USD 44.58 million in 2024 and is anticipated to grow at a CAGR of 23.6% over the forecast period. India is witnessing a growing interest in hydrogen fuel cell forklift trucks as industries seek cleaner material handling solutions to reduce emissions and enhance operational efficiency.
• The South Korean hydrogen fuel cell forklift truck market is projected to grow at a CAGR of 20.9% during the forecast period, with a market size of USD 37.15 million in 2024.
• The Australian hydrogen fuel cell forklift truck market is projected to grow at a CAGR of 21.5% during the forecast period, with a market size of USD 19.32 million in 2024.
• The South East Asia hydrogen fuel cell forklift truck market is projected to grow at a CAGR of 22.8% during the forecast period, with a market size of USD 25.63 million in 2024.
• The Rest of the Asia Pacific hydrogen fuel cell forklift truck market is projected to grow at a CAGR of 21.6% during the forecast period, with a market size of USD 26.38 million in 2024.

 

South America Hydrogen Fuel Cell Forklift Truck Market

According to Cognitive Market Research, the global hydrogen fuel cell forklift truck market size was estimated at USD 1,615.2 Million, out of which Latin America market of more than 5% of the global revenue with a market size of USD 80.76 million in 2024 and will grow at a compound annual growth rate (CAGR) of 19.2% from 2024 to 2031. With a growing focus on environmental conservation, regional industries are increasingly adopting cleaner energy solutions. Government incentives and policies supporting the transition to eco-friendly technologies further propel market expansion. Additionally, the versatility and efficiency of hydrogen fuel cell forklift trucks make them attractive options for various material handling applications in Latin America's diverse industrial landscape. This growing awareness of environmental impact, coupled with the advantages of hydrogen fuel cell technology, is driving the adoption of forklifts powered by clean energy sources throughout the region.

• According to Cognitive Market Research, the size of the Brazil hydrogen fuel cell forklift truck market was valued at USD 34.57 million in 2024 and is projected to grow at a CAGR of 19.8% during the forecast period. In Brazil, the growth of the hydrogen fuel cell forklift truck market is fueled by increasing sustainability efforts and a shift towards cleaner energy solutions in the logistics and warehousing sectors.
• The Argentina hydrogen fuel cell forklift truck market had a market share of USD 13.57 million in 2024 and is projected to grow at a CAGR of 20.1% during the forecast period. Argentina witnessed increased sales of hydrogen fuel cell forklift trucks, driven by growing sustainability awareness and government incentives promoting adopting eco-friendly technologies in industries.
• The Colombia hydrogen fuel cell forklift truck market is projected to grow at a CAGR of 19.0% during the forecast period, with a market size of USD 7.19 million in 2024.
• The Peru hydrogen fuel cell forklift truck market is projected to grow at a CAGR of 19.4% during the forecast period, with a market size of USD 6.62 million in 2024.
• The Chile hydrogen fuel cell forklift truck market is projected to witness growth at a CAGR of 19.5% during the forecast period, with a market size of USD 5.81 million in 2024.
• The Rest of Latin America's hydrogen fuel cell forklift truck market is projected to grow at a CAGR of 18.3% during the forecast period, with a market size of USD 13.0 million in 2024.

Middle East and Africa Hydrogen Fuel Cell Forklift Truck Market

According to Cognitive Market Research, the global hydrogen fuel cell forklift truck market size was estimated at USD 1,615.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 32.30 million in 2024 and will grow at a compound annual growth rate (CAGR) of 19.5% from 2024 to 2031. This expansion is fueled by increasing industrialization and a growing emphasis on sustainability and environmental regulations. Businesses in the region are adopting hydrogen fuel cell technology to reduce carbon emissions and enhance operational efficiency in material handling processes. Additionally, government initiatives and investments in clean energy solutions further propel the adoption of hydrogen fuel cell forklift trucks across various industries. As MEA countries prioritize green initiatives, the hydrogen fuel cell forklift truck market is poised for substantial growth in the region.

• According to Cognitive Market Research, the GCC Countries' hydrogen fuel cell forklift truck market size was valued at USD 13.83 million in 2024 and is projected to grow at a CAGR of 20.3% during the forecast period. The GCC countries have experienced significant growth in adopting hydrogen fuel cell forklift trucks, driven by increasing environmental consciousness and sustainable development initiatives.
• The Egypt hydrogen fuel cell forklift truck market is projected to grow at a CAGR of 19.8% during the forecast period, with a market size of USD 3.39 million in 2024.
• The South African hydrogen fuel cell forklift truck market is projected to grow at a CAGR of 20.5% during the forecast period, with a market size of USD 5.10 million in 2024. South Africa has experienced significant growth in adopting hydrogen fuel cell forklift trucks, driven by sustainability goals and increasing environmental consciousness in industries.
• The Turkish hydrogen fuel cell forklift truck market is projected to grow at a CAGR of 19.0% during the forecast period, with a market size of USD 2.78 million in 2024.
• The Nigeria hydrogen fuel cell forklift truck market is projected to grow at a CAGR of 18.6% during the forecast period, with a market size of USD 3.39 million in 2024.
• The Rest of the MEA hydrogen fuel cell forklift truck market is projected to grow at a CAGR of 18.5% during the forecast period, with a market size of USD 3.81 million in 2024.

 

Hydrogen Fuel Cell Forklift Truck Market Analysis

Hydrogen Fuel Cell Forklift Truck Type Segment Analysis

According to Cognitive Market Research, PEMFC forklift held the major market share over the forecast period. Their dominance is attributed to their suitability for various applications, including forklifts, due to their high power density, fast start-up times, and operational flexibility. Additionally, PEMFCs offer advantages such as lower operating temperatures and higher efficiency, making them preferred for indoor applications where space and ventilation are limited. As industries prioritize clean energy solutions, PEMFC technology will continue dominating the hydrogen fuel cell forklift truck market.

DMFC forklift is emerging as a rapidly growing segment within the hydrogen fuel cell forklift truck market. With their unique advantages, such as high energy density and simplicity of design, DMFC technology is gaining adoption, particularly in applications requiring compact and lightweight power sources. Industries seeking efficient and durable material handling solutions increasingly turn to DMFC-powered forklift trucks to enhance operational efficiency while reducing emissions. This trend is expected to drive significant growth in the DMFC segment within the hydrogen fuel cell forklift truck market in the coming years, especially in regions prioritizing sustainable energy solutions.

• PEMFC Forklift
• DMFC Forklift
• Others

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Hydrogen Fuel Cell Forklift Truck Industry. Request a Free Sample PDF!

Hydrogen Fuel Cell Forklift Truck Application Segment Analysis

According to Cognitive Market Research, warehouse logistics hold a major share of the hydrogen fuel cell forklift truck market. The need for efficient and environment-friendly material handling solutions drives the adoption of hydrogen fuel cell forklift trucks in warehouse logistics. These forklifts offer benefits such as zero emissions, reduced operating costs, and enhanced operational efficiency, making them increasingly attractive for warehouse operations. As warehouses strive to improve sustainability and comply with stringent environmental regulations, the demand for hydrogen fuel cell forklift trucks will continue to grow significantly within this sector.

Dock handling has emerged as the fastest-growing segment within the hydrogen fuel cell forklift truck market. With the increasing need for efficient and eco-friendly material handling solutions in port and warehouse operations, hydrogen fuel cell forklift trucks are gaining acceptance. Their capability to operate for extended periods without emissions aligns with sustainability goals in logistics. As ports and warehouses seek to improve efficiency while reducing environmental impact, the demand for hydrogen fuel cell forklift trucks in dock handling applications is rising.

• Warehouse Logistics
• Dock Handling
• Others

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Author's Detail

Kalyani Raje

Senior Research Analyst at Cognitive Market Research

LinkedIn

Profile

An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile & Transportation vertical.

Author's Conclusion