H2-ICE Market Size, Share, Growth, Analysis, Report, 2035

Report Code AT 9243
Published in Nov, 2024, By MarketsandMarkets™
Download PDF

Choose License Type

Buy Report Now Inquire Before Buying

H2-ICE Market by Vehicle Type (Trucks and Buses, Construction Equipment, Mining Equipment, Farm Tractors, Industrial Forklifts), Combustion Approach (PFI-SI, ECDI-SI, and HPDI), Power Output (<300HP, >300 HP) and Region - Global Forecast to 2035

 

Overview

The hydrogen internal combustion engine (H2-ICE) market is projected to grow to 36,300-36,400 units by 2035, at a CAGR of 49.0% from 2031 to 2035. The factors driving the market are the growing push toward sustainable & emission-free transportation and OEMs' focus on R&D investments. Hydrogen engines can integrate with the current refueling infrastructure with minimal modifications. The infrastructure engineered for fuel cell electric vehicles (FCEVs) can also accommodate H2-ICE vehicles. The design of H2-ICE is grounded in established ICE technology, which translates to a lower initial investment compared to alternative propulsion systems such as battery electric vehicles (BEVs) and fuel cells. Throughout the vehicle's operational lifetime, an H2-ICE emits lower nitrogen oxides (NOx) and other pollutants, boosting its widespread adoption.

H2-ICE Market

Attractive Opportunities in the H2-ICE Market

Europe

Europe has the largest market share due to the presence of a well-developed infrastructure, the growing need for robust emergency response measures, stringent rules and regulations, and high urbanization. Additionally, the presence of leading specialty vehicle manufacturers and continuous technological advancements contribute to market dominance.

Increasing power output requirements in the off-highway vehicle sector and heavy-duty trucks are driving the demand for H2-ICEs above 300 HP/kW.

Product developments and technological advancements would offer lucrative opportunities for market players in the next five years.

Stringent greenhouse gas emissions and benefits of H2-ICEs over conventional engines, BEVs, and FECVs drive the global H2-ICE market.

The European H2-ICE market is projected to register a CAGR of 50.1% during the forecast period.

Global H2-ICE Market Dynamics

DRIVER: Stringent GHG emission norms by governments to push OEMs toward developing H2-ICEs

The transportation sector is a significant contributor to the global greenhouse gas emissions (GHG). Stringent emission regulations by governments worldwide are pushing OEMs to look for green mobility solutions. OEMs, Tier-1 suppliers, and relevant stakeholders worldwide are continuously investing in the development and launch of electric vehicles to reduce GHG emissions and support the associated infrastructure. However, electric vehicles entail high upfront and infrastructural costs, higher charging times, and limited range. This has led OEMs to think of sustainable and comparatively low-cost solutions for the transportation sector. Hydrogen engines entail no carbon emissions and could contribute to the goals of attaining carbon neutrality.

RESTRAINT: Storage and transportation of hydrogen

Hydrogen is difficult to transport by pipeline due to its low density. It has to be stored in cryogenic tanks or high-pressure cylinders. These storage mediums are capital-intensive and will significantly drive the costs of hydrogen as a fuel.

Hydrogen has a low volumetric energy density compared to other gases. Its boiling point is near absolute zero (around -273.15?C/O kelvin). Though hydrogen will not corrode storage containers, it can cause embrittlement, which means storage tanks may leak.

Hydrogen is highly flammable and can ignite easily when mixed with air in specific concentrations. This can cause a constant risk during transportation when leaks or accidental releases occur. Hydrogen can ignite by a small spark/heat, making its transportation difficult.

 

OPPORTUNITY: Increasing demand for key H2-ICE components

A combustion engine is composed of several different components bolted to each other. All components in the engine are not made by the OEMs/engine manufacturers, which creates growth opportunities for H2-ICE component providers/Tier 1 suppliers. Various components inside the engine are outsourced from Tier 1 suppliers. These include hydrogen injectors, pistons, piston pins, spark plugs, ignition coils, superchargers, and turbochargers. These suppliers will have increased importance in the H2-ICE supply chain as the market sustains its growth.

Challenge: User permissions and security

The current price of hydrogen is USD 6/kg. This is high compared to the current diesel price, which is around USD 1.25-1.50 /Liter. Due to this, the running cost of hydrogen-powered vehicles is higher, making them less commercially viable than diesel-engine vehicles. Also, the technology and infrastructure required for hydrogen engines are still under development, leading to higher costs for research and manufacturing of these engines. The alterations needed to use existing ICEs for hydrogen can increase the production costs of these engines compared to traditional gasoline engines due to enhanced components and design requirements. Hydrogen engine vehicles require complex combustion approaches such as high-pressure direct injection (HPDI). The injectors used in this approach are expensive and will add to the overall cost of the engines.

Global H2-ICE Market Ecosystem Analysis

The ecosystem of H2-ICE encompasses a complex network of stakeholders, including automakers, suppliers, research institutions, and regulatory bodies. The need for sustainability, performance, and cost-effective solutions drives this ecosystem. Key market trends include the adoption of H2-ICEs for heavy commercial vehicles and off-highway vehicles. The figure below represents the H2-ICE ecosystem, which focuses on component manufacturers, engine manufacturers, and OEMs.

Top Companies in H2-ICE Market

Source: - Secondary Research and MarketsandMarkets Analysis

 

The construction & mining equipment segment is expected to lead the H2-ICE market for off-highway vehicles during the forecast period.

The construction & mining equipment segment is projected to lead the H2-ICE market for off-highway vehicles during the forecast period. The market growth is likely to be seen more in Europe and Asia Pacific than in other regions due to the added infrastructural developments in these regions. Crawler excavators and backhoe loaders are expected to have a noteworthy share of the construction & mining equipment segment. OEMs working for hydrogen engines for these equipment types are JCB (UK), HD Hyundai Infracore (South Korea), and Liebherr (Switzerland). JCB is developing a backhoe loader powered by H2-ICE. HD Hyundai Infracore is developing an engine for its construction and mining equipment. Liebherr (Switzerland) is developing two hydrogen engines, H966 and H964, equipped with the company's off-highway equipment.

H2-ICEs offer a significant reduction in carbon emissions, which supports the global goal of decarbonization. They are designed to withstand harsh environments wherein off-highway vehicles often operate. The compatibility of these engines with the existing diesel engine architecture has boosted the development of H2-ICEs for off-highway vehicles.

High-pressure direct injection (HPDI) is projected to be the fastest-growing combustion approach segment of the H2-ICE market during the forecast period.

High-pressure direct injection (HPDI) is projected to be the fastest-growing combustion approach. HPDI offers enhanced control of the hydrogen injection process, resulting in improved combustion efficiency and superior engine performance compared to PFI-SI and ECDI-SI approaches. It is suitable for off-highway applications as it can achieve higher power outputs. Cummins Inc. (US), AB Volvo (Sweden), and Liebherr (Switzerland) are working on HPDI. The combustion cycle achieved by using HPDI is similar to that of diesel engines so that it can produce equal or greater torque than other technologies. Due to the higher power requirements of the HPDI approach, larger and more efficient components like high-pressure injectors and large turbochargers are required, which makes HPDI costlier than other combustion approaches. However, as technology becomes mature and Tier-1 players and component providers begin to get ROI, the costs of these components are expected to decline.

Europe is projected to hold the largest market share during the forecast period.

Europe is projected to be the most significant H2-ICE market during the forecast period. The region's market dominance is mainly attributed to stringent greenhouse gas emission regulations. The European Union has set several goals to decarbonize commercial vehicles. A number of OEMs in this region are involved in the development of H2-ICEs, such as AB Volvo (Sweden), MAN (Germany), JCB (UK), and Liebherr (Switzerland). AB Volvo has launched H2-lCE in trucks in 2024. The Volvo engine is planned to be road-tested by 2026, and a commercial launch is expected in 2030. KEYOU GmbH (Germany) has supplied trucks with hydrogen engines to European fleet operators. MAN has planned to deliver 200 H2-ICEs to its European customers by 2025. JCB, in January 2023, rolled out its 50th hydrogen combustion engine and is planning to use it in its line of off-highway equipment.

HIGHEST CAGR IN 2027-2035
GERMANY- FASTEST-GROWING MARKET IN REGION
H2-ICE Market Size and Share

Recent Developments of H2-ICE Market

  • In May 2024, Cummins Inc. and Tata Motors Limited (India) entered into a partnership; Cummins will produce a 6.7-liter hydrogen internal combustion engine for Tata Motors at the latter's Jamshedpur (India) plant.
  • In January 2024, the US Department of Energy awarded Cummins Inc. (US), PACCAR Inc. (US), and MAHLE GmbH (Germany) USD 10.5 Million for further research on hydrogen internal combustion engines.
  • In August 2023, Cummins Inc. and Taylor Machine Works Inc. (US) signed a letter of intent to equip Cummins' 6.7-liter and 15-liter hydrogen engines into Taylor's product line.
  • In August 2022, Cummins Inc. and Buhler Industries Inc. (Canada) signed a letter of intent and planned to integrate a 15-liter hydrogen engine into agricultural equipment.
  • In July 2023, MAHLE GmbH supplied hydrogen engine components to DEUTZ AG (Germany), including pistons, piston rings, and piston pins; these components will be used in the stationary engine at first (starting in 2024). DEUTZ AG is planning future applications of these components in the off-highway vehicle segment.
  • In February 2023, Ashok Leyland (India) and Reliance Industries Limited (India) launched the hydrogen internal combustion engine truck at the India Energy Week in Bengaluru (India). This engine will be used in the Ashok-Leyland (19-35-ton) category trucks.

Key Market Players

List of Top H2-ICE Market Companies

The H2-ICE Market is dominated by a few major players that have a wide regional presence. The major players in the H2-ICE Market are

Want to explore hidden markets that can drive new revenue in H2-ICE Market?

Scope of the Report

Report Attribute Details
Market size available for years 2027–2035
Base year considered 2023
Forecast period 2027–2035
Forecast units Volume (Units)
Segments Covered by vehicle type, combustion approach, power output, and region.
Regions covered Asia Pacific, North America, and Europe

 

Key Questions Addressed by the Report

What will the size of the H2-ICE market be in 2027?
The global H2-ICE market is projected to reach 36,300-36,400 units in 203 at a CAGR of 49.0% from 2031 to 2035.
Which is the leading segment by power output in the H2-ICE market?
Below 300 HP/kW is expected to be the leading power output segment during the forecast period.
What factors are driving the H2-ICE market?
Stringent emission norms, low upfront cost compared to BEVs, fuel cell technology, and rapid refueling, higher driving range of H2-ICE vehicles than battery electric vehicles, zero-emission nature of the H2-ICE vehicles, and government plans for zero-emission transport across the globe are driving the H2-ICE market.
Who are the major players in this market?
The key players in the H2-ICE market include Cummins Inc. (US), J C Bamford Excavators (UK), Ashok Leyland (India), MAN (Germany), and HD Hyundai Infracore (South Korea), among others.
What countries are covered in the Asia Pacific region for the H2-ICE market?
The countries covered in the report for the H2-ICE market are China, India, Japan, and South Korea.

 

Personalize This Research

  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
Request A Free Customisation

Let Us Help You

  • What are the Known and Unknown Adjacencies Impacting the H2-ICE Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
Customized Workshop Request

Table of Contents

Exclusive indicates content/data unique to MarketsandMarkets and not available with any competitors.

TITLE
PAGE NO
INTRODUCTION
14
  • 1.1 STUDY OBJECTIVES
  • 1.2 MARKET DEFINITION
    PFI-SI
    ECDI-SI
    HPDI
    INCLUSIONS AND EXCLUSIONS
  • 1.3 MARKET SCOPE
  • 1.4 UNITS CONSIDERED
  • 1.5 STAKEHOLDERS
RESEARCH METHODOLOGY
17
  • 2.1 RESEARCH DATA
    SECONDARY DATA
    - List of secondary sources for estimating vehicle production, sales, and market sizing
    - Key data from secondary sources
    PRIMARY DATA
    - List of primary interview participants
  • 2.2 MARKET SIZE ESTIMATION
    BOTTOM-UP APPROACH
  • 2.3 DATA TRIANGULATION
  • 2.4 RESEARCH ASSUMPTIONS AND ASSOCIATED RISKS
  • 2.5 RESEARCH LIMITATIONS
EXECUTIVE SUMMARY
26
  • 3.1 H2-ICE MARKET IN ON AND OFF-HIGHWAY VEHICLES
  • 3.2 H2-ICE IN ON-HIGHWAY VEHICLES
  • 3.3 H2-ICE IN OFF-HIGHWAY EQUIPMENT
  • 3.4 H2-ICE MARKET: REGIONAL ANALYSIS
  • 3.5 H2-ICE IN CONSTRUCTION EQUIPMENT
  • 3.6 TOTAL COST OF OWNERSHIP
MARKET OVERVIEW
31
  • 4.1 INTRODUCTION
  • 4.2 MARKET DYNAMICS
    DRIVERS
    - Stringent GHG emission norms by governments to push OEMs to develop H2-ICE
    RESTRAINTS
    - Storage limitations and transportation of hydrogen
    OPPORTUNITIES
    - Increasing demand for key H2-ICE components
    CHALLENGES
    - Issues associated with hydrogen engines
  • 4.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
  • 4.4 CASE STUDY ANALYSIS
    HYDROGEN-POWERED INTERNAL COMBUSTION ENGINES: OVERCOMING CHALLENGES FOR ZERO-EMISSION VEHICLES
    HYDROGEN-POWERED VEHICLES: PATH TOWARD SUSTAINABLE TRANSPORT
  • 4.5 PATENT ANALYSIS
    INTRODUCTION
  • 4.6 INVESTMENT AND FUNDING SCENARIO
  • 4.7 ECOSYSTEM ANALYSIS
  • 4.8 COMPANY-LEVEL ECOSYSTEM
  • 4.9 HIERARCHY ECOSYSTEM
  • 4.10 REGULATORY ANALYSIS
    REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • 4.11 KEY CONFERENCES AND EVENTS IN 2024–2025
  • 4.12 H2-ICE ADOPTION ROADMAP TO 2035
  • 4.13 HYDROGEN FUEL SUPPLY CHAIN
TOTAL COST OF OWNERSHIP ANALYSIS
53
H2-ICE MARKET, SUPPLY MATRIX
55
  • 6.1 INTRODUCTION
  • 6.2 IN-HOUSE (CAPTIVE) SOURCING
  • 6.3 OUTSOURCED (NON-CAPTIVE) SOURCING
TECHNOLOGY COMPARISON
57
H2-ICE MARKET, IMPACT ON ENGINE COMPONENTS
60
H2-ICE MARKET, FUTURE POTENTIAL OF H2-ICE VS. BEV VS. DIESEL
62
H2-ICE MARKET, BY VEHICLE TYPE
63
  • 10.1 INTRODUCTION
  • 10.2 ON-HIGHWAY VEHICLES
    TRUCKS
    - Contributing to decarbonization of heavy transportation sector
    BUSES
    - Europe to witness rapid adoption of hydrogen engines in buses
  • 10.3 OFF-HIGHWAY VEHICLES
    INTRODUCTION
    CONSTRUCTION AND MINING EQUIPMENT
    - Crawler excavators and backhoe loaders to drive segmental growth
    BACKHOE LOADERS
    CRAWLER EXCAVATORS
    ARTICULATED DUMP TRUCKS
    WHEEL LOADERS
    CONCRETE MIXERS
    TRACTORS
    - Europe to lead market
    FORKLIFTS
    - North America to record fastest growth
  • 10.4 INDUSTRY INSIGHTS
H2-ICE MARKET, BY COMBUSTION APPROACH
73
  • 11.1 INTRODUCTION
  • 11.2 PORT FUEL INJECTION WITH SPARK IGNITION (PFI-SI)
  • 11.3 HIGH-PRESSURE DIRECT INJECTION (HPDI)
  • 11.4 EARLY CYCLE DIRECT INJECTION WITH SPARK IGNITION (ECDI-SI)
  • 11.5 INDUSTRY INSIGHTS
H2-ICE MARKET, BY POWER OUTPUT
77
  • 12.1 INTRODUCTION
  • 12.2 BELOW 300 HP
  • 12.3 ABOVE 300 HP
  • 12.4 INDUSTRY INSIGHTS
H2-ICE MARKET, BY REGION
79
  • 13.1 INTRODUCTION
  • 13.2 ASIA PACIFIC
    CHINA
    - To be largest market by 2035
    INDIA
    - Financial incentives to boost green hydrogen production
    SOUTH KOREA
    - Significant government funding to support hydrogen infrastructure development initiatives
    JAPAN
    - Construction of network of hydrogen refueling stations to drive market
  • 13.3 EUROPE
    GERMANY
    - Implementation of Euro 6 emission standards to drive market
    FRANCE
    - Aim to reduce industrial emissions through hydrogen utilization to drive market
    UK
    - Investments in hydrogen refueling stations to drive market
    SPAIN
    - Goal to establish vast network of hydrogen refueling stations to drive market
  • 13.4 NORTH AMERICA
    US
    - Initiatives to curb emissions from long-haul trucks to drive market
    CANADA
    - Efforts to achieve net-zero emissions by 2050 to drive market
  • 13.5 INDUSTRY INSIGHTS
COMPETITIVE LANDSCAPE
88
  • 14.1 OVERVIEW
  • 14.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2020–2024
  • 14.3 MARKET RANKING ANALYSIS, 2024
  • 14.4 FINANCIAL METRICS
  • 14.5 BRAND/PRODUCT COMPARISON
  • 14.6 COMPETITIVE SCENARIO
    DEVELOPMENTS, 2021–2024
  • 14.7 SUPPLIER ANALYSIS
  • 14.8 OTHER TECHNOLOGY/COMPONENT PROVIDERS
    ROBERT BOSCH GMBH
    EATON
    GARRETT MOTION INC.
    FORVIA SE
    MAHLE GMBH
COMPANY PROFILES
101
  • 15.1 KEY PLAYERS
    CUMMINS INC.
    - Business overview
    - Recent developments
    DEUTZ AG
    - Business overview
    - Recent developments
    ASHOK LEYLAND
    - Business overview
    - Recent developments
    PACCAR INC.
    - Business overview
    - Recent developments
    AB VOLVO
    - Business overview
    - Recent developments
    HD HYUNDAI INFRACORE
    - Business overview
    - Recent developments
    MAN
    - Business overview
    J C BAMFORD EXCAVATORS LTD.
    - Business overview
    - Recent developments
    LIEBHERR
    - Business overview
    - Recent developments
    KEYOU GMBH
    - Business overview
    - Recent developments
FINAL TAKEAWAYS AND RECOMMENDATIONS
127
  • 16.1 H2-ICE MARKET FOR ON-HIGHWAY VEHICLES TO GAIN TRACTION
  • 16.2 PFI-SI COMBUSTION TECHNOLOGY TO GAIN TRACTION IN H2-ICE MARKET
  • 16.3 EUROPE TO BE PROMISING H2-ICE MARKET IN SHORT TERM
  • 16.4 CONCLUSION
LIST OF TABLES
 
  • TABLE 1 SEGMENT-WISE INCLUSION AND EXCLUSIONS
  • TABLE 2 RESEARCH ASSUMPTIONS AND ASSOCIATED RISKS
  • TABLE 3 GOVERNMENT REGULATIONS TO REDUCE GREENHOUSE GAS EMISSIONS FROM HEAVY-DUTY TRUCKS
  • TABLE 4 GOVERNMENT FUNDING FOR H2-ICE
  • TABLE 5 BENEFITS OF HYDROGEN OVER OTHER NEAR-ZERO EMISSION TECHNOLOGIES
  • TABLE 6 STORAGE COMPARISON: DIESEL VS. H2-ICE
  • TABLE 7 PATENTS PUBLISHED
  • TABLE 8 ROLE OF PLAYERS IN H2-ICE MARKET ECOSYSTEM
  • TABLE 9 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • TABLE 10 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • TABLE 11 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • TABLE 12 H2-ICE MARKET: LIST OF KEY CONFERENCES AND EVENTS, 2024–2025
  • TABLE 13 H2-ICE ADOPTION ROADMAP TO 2035
  • TABLE 14 ASSUMPTIONS IN TOTAL COST OF OWNERSHIP ANALYSIS
  • TABLE 15 TECHNOLOGY COMPARISON BETWEEN H2-ICE VS. DIESEL VS. FCEV VS. BIOFUEL
  • TABLE 16 FUTURE POTENTIAL OF H2-ICE VS. BEV VS. DIESEL, 2030 VS. 2035
  • TABLE 17 H2-ICE MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
  • TABLE 18 H2-ICE MARKET, BY VEHICLE TYPE, 2031–2035 (UNITS)
  • TABLE 19 TRUCKS: H2-ICE MARKET, BY REGION, 2024–2030 (UNITS)
  • TABLE 20 TRUCKS: H2-ICE MARKET, BY REGION, 2031–2035 (UNITS)
  • TABLE 21 BUSES: H2-ICE MARKET, BY REGION, 2024–2030 (UNITS)
  • TABLE 22 BUSES: H2-ICE MARKET, BY REGION, 2031–2035 (UNITS)
  • TABLE 23 OFF-HIGHWAY VEHICLES: H2-ICE MARKET, BY TYPE, 2024–2030 (UNITS)
  • TABLE 24 OFF-HIGHWAY VEHICLES: H2-ICE MARKET, BY TYPE, 2031–2035 (UNITS)
  • TABLE 25 BACKHOE LOADERS: H2-ICE MARKET, BY REGION, 2024–2030 (UNITS)
  • TABLE 26 BACKHOE LOADERS: H2-ICE MARKET, BY REGION, 2031–2035 (UNITS)
  • TABLE 27 CRAWLER EXCAVATORS: H2-ICE MARKET, BY REGION, 2024–2030 (UNITS)
  • TABLE 28 CRAWLER EXCAVATORS: H2-ICE MARKET, BY REGION, 2031–2035 (UNITS)
  • TABLE 29 ARTICULATED DUMP TRUCKS: H2-ICE MARKET, BY REGION, 2024–2030 (UNITS)
  • TABLE 30 ARTICULATED DUMP TRUCKS: H2-ICE MARKET, BY REGION, 2031–2035 (UNITS)
  • TABLE 31 WHEEL LOADERS: H2-ICE MARKET, BY REGION, 2024–2030 (UNITS)
  • TABLE 32 WHEEL LOADERS: H2-ICE MARKET, BY REGION, 2031–2035 (UNITS)
  • TABLE 33 CONCRETE MIXERS: H2-ICE MARKET, BY REGION, 2024–2030 (UNITS)
  • TABLE 34 CONCRETE MIXERS: H2-ICE MARKET, BY REGION, 2031–2035 (UNITS)
  • TABLE 35 TRACTORS: H2-ICE MARKET, BY REGION, 2024–2030 (UNITS)
  • TABLE 36 TRACTORS: H2-ICE MARKET, BY REGION, 2031–2035 (UNITS)
  • TABLE 37 FORKLIFTS: H2-ICE MARKET, BY REGION, 2024–2030 (UNITS)
  • TABLE 38 FORKLIFTS: H2-ICE MARKET, BY REGION, 2031–2035 (UNITS)
  • TABLE 39 TECHNOLOGY COMPARISON BETWEEN PFI-SI VS. HDPI VS. ECDI SI
  • TABLE 40 OEM-WISE ENGINE SPECIFICATIONS AND TECHNOLOGY FOR PFI-SI
  • TABLE 41 OEM-WISE ENGINE SPECIFICATIONS AND TECHNOLOGY FOR HPDI
  • TABLE 42 H2-ICE OFFERINGS FOR BELOW 300 HP ENGINES BY KEY ENGINE MANUFACTURERS
  • TABLE 43 H2-ICE OFFERINGS FOR ABOVE 300 HP ENGINES BY KEY ENGINE MANUFACTURERS
  • TABLE 44 H2-ICE MARKET, BY REGION, 2024–2030 (UNITS)
  • TABLE 45 H2-ICE MARKET, BY REGION, 2031–2035 (UNITS)
  • TABLE 46 ASIA PACIFIC: H2-ICE MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
  • TABLE 47 ASIA PACIFIC: H2-ICE MARKET, BY VEHICLE TYPE, 2031–2035 (UNITS)
  • TABLE 48 EUROPE: H2-ICE MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
  • TABLE 49 EUROPE: H2-ICE MARKET, BY VEHICLE TYPE, 2031–2035 (UNITS)
  • TABLE 50 NORTH AMERICA: H2-ICE MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
  • TABLE 51 NORTH AMERICA: H2-ICE MARKET, BY VEHICLE TYPE, 2031–2035 (UNITS)
  • TABLE 52 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2020–2024
  • TABLE 53 H2-ICE MARKET: DEVELOPMENTS, 2021–2024
  • TABLE 54 H2-ICE: WHO SUPPLIES WHOM, 2021 –2024
  • TABLE 55 ROBERT BOSCH GMBH
  • TABLE 56 EATON
  • TABLE 57 GARRETT MOTION INC.
  • TABLE 58 FORVIA SE
  • TABLE 59 MAHLE GMBH
  • TABLE 60 CUMMINS INC.: COMPANY OVERVIEW
  • TABLE 61 CUMMINS INC.: PRODUCT OVERVIEW
  • TABLE 62 CUMMINS INC.: RECENT DEVELOPMENTS
  • TABLE 63 DEUTZ AG: COMPANY OVERVIEW
  • TABLE 64 DEUTZ AG: PRODUCT OVERVIEW
  • TABLE 65 DEUTZ AG: RECENT DEVELOPMENTS
  • TABLE 66 ASHOK LEYLAND: COMPANY OVERVIEW
  • TABLE 67 ASHOK LEYLAND: PRODUCT OVERVIEW
  • TABLE 68 ASHOK LEYLAND: RECENT DEVELOPMENTS
  • TABLE 69 PACCAR INC.: COMPANY OVERVIEW
  • TABLE 70 PACCAR INC: PRODUCT OVERVIEW
  • TABLE 71 PACCAR INC.: RECENT DEVELOPMENTS
  • TABLE 72 AB VOLVO: COMPANY OVERVIEW
  • TABLE 73 AB VOLVO: PRODUCT OVERVIEW
  • TABLE 74 AB VOLVO: RECENT DEVELOPMENTS
  • TABLE 75 HD HYUNDAI INFRACORE: COMPANY OVERVIEW
  • TABLE 76 HD HYUNDAI INFRACORE: PRODUCT OVERVIEW
  • TABLE 77 HD HYUNDAI INFRACORE: RECENT DEVELOPMENTS
  • TABLE 78 MAN: COMPANY OVERVIEW
  • TABLE 79 MAN: PRODUCT OVERVIEW
  • TABLE 80 J C BAMFORD EXCAVATORS LTD.: COMPANY OVERVIEW
  • TABLE 81 J C BAMFORD EXCAVATORS LTD.: PRODUCT OVERVIEW
  • TABLE 82 J C BAMFORD EXCAVATORS LTD.: RECENT DEVELOPMENTS
  • TABLE 83 LIEBHERR: COMPANY OVERVIEW
  • TABLE 84 LIEBHERR: PRODUCT OVERVIEW
  • TABLE 85 LIEBHERR: RECENT DEVELOPMENTS
  • TABLE 86 KEYOU GMBH: COMPANY OVERVIEW
  • TABLE 87 KEYOU GMBH: PRODUCT OVERVIEW
  • TABLE 88 KEYOU GMBH: RECENT DEVELOPMENTS
LIST OF FIGURES
 
  • FIGURE 1 MARKET SEGMENTATION
  • FIGURE 2 RESEARCH DESIGN
  • FIGURE 3 RESEARCH DESIGN MODEL
  • FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS
  • FIGURE 5 BOTTOM-UP APPROACH
  • FIGURE 6 DATA TRIANGULATION
  • FIGURE 7 H2-ICE MARKET FOR ON AND OFF-HIGHWAY VEHICLES, 2030 VS. 2035
  • FIGURE 8 H2-ICE MARKET FOR TRUCKS AND BUSES, 2030 VS. 2035
  • FIGURE 9 H2-ICE MARKET, BY 0FF-HIGHWAY EQUIPMENT TYPE, 2030 VS. 2035
  • FIGURE 10 H2-ICE MARKET, BY REGION, 2030 VS. 2035
  • FIGURE 11 H2-ICE MARKET, BY CONSTRUCTION EQUIPMENT, 2030 VS. 2035
  • FIGURE 12 TOTAL COST OF OWNERSHIP (2026 VS. 2035)
  • FIGURE 13 H2-ICE MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
  • FIGURE 14 H2-ICE COMBUSTION EQUATION
  • FIGURE 15 RISKS ASSOCIATED WITH HYDROGEN
  • FIGURE 16 CHALLENGES ASSOCIATED WITH H2-ICE
  • FIGURE 17 TRENDS AND DISRUPTIONS IMPACTING CUSTOMER BUSINESS
  • FIGURE 18 PATENT ANALYSIS, 2014–2024
  • FIGURE 19 INVESTMENT AND FUNDING SCENARIO, 2022–2024
  • FIGURE 20 COMPANY-LEVEL ECOSYSTEM
  • FIGURE 21 HIERARCHY ECOSYSTEM
  • FIGURE 22 UPSTREAM PRODUCTION OF HYDROGEN
  • FIGURE 23 HYDROGEN STORAGE
  • FIGURE 24 HYDROGEN USAGE IN TRANSPORTATION AND MOBILITY
  • FIGURE 25 TOTAL COST OF OWNERSHIP (2026 VS. 2035)
  • FIGURE 26 POWERTRAIN COMPARISON: H2-ICE VS. DIESEL VS. FCEV VS. BIO-FUEL
  • FIGURE 27 FUTURE POTENTIAL OF H2-ICE VS. BEV VS. DIESEL
  • FIGURE 28 H2-ICE DEVELOPMENTS, BY VEHICLE TYPE
  • FIGURE 29 H2-ICE MARKET, BY VEHICLE TYPE, 2027 VS. 2035 (UNITS)
  • FIGURE 30 H2-ICE MARKET, BY REGION, 2027 VS. 2035 (UNITS)
  • FIGURE 31 MARKET RANKING OF KEY PLAYERS, 2024
  • FIGURE 32 REVENUE ANALYSIS OF TOP LISTED/PUBLIC PLAYERS, 2019–2023
  • FIGURE 33 FINANCIAL METRICS
  • FIGURE 34 BRAND/PRODUCT COMPARISON
  • FIGURE 35 CUMMINS INC.: COMPANY SNAPSHOT
  • FIGURE 36 CUMMINS INC.: PRODUCT OVERVIEW
  • FIGURE 37 DEUTZ AG: COMPANY SNAPSHOT
  • FIGURE 38 DEUTZ AG: PRODUCT OVERVIEW
  • FIGURE 39 ASHOK LEYLAND: COMPANY SNAPSHOT
  • FIGURE 40 PACCAR INC.: COMPANY SNAPSHOT
  • FIGURE 41 AB VOLVO: COMPANY SNAPSHOT
  • FIGURE 42 HD HYUNDAI INFRACORE: COMPANY SNAPSHOT
  • FIGURE 43 HD HYUNDAI INFRACORE: PRODUCT OVERVIEW
  • FIGURE 44 MAN: COMPANY SNAPSHOT
  • FIGURE 45 MAN: PRODUCT OVERVIEW
  • FIGURE 46 LIEBHERR: COMPANY SNAPSHOT

The study encompassed four primary tasks to determine the present and future scope of the H2-ICE market. Initially, extensive secondary research was conducted to gather data on the market, its related sectors, and overarching industries. Subsequently, these findings, along with assumptions, were corroborated and validated through primary research involving industry experts across the value chain. Employing bottom-up methodology, the complete market size was estimated. Following this, a market breakdown and data triangulation approach were utilized to determine the size of specific segments and subsegments within the market.x

Secondary Research

The secondary sources referred to for the study of the H2-ICE market are directly dependent on end-use industry growth. H2-ICE market sales and end-use industry demand are derived through secondary sources such as the Hydrogen Association of India, Fuel Cell & Hydrogen Energy Association (FCHEA), Hydrogen Mobility Europe, Automotive Research Association of India (ARAI), Hydrogen Small Mobility & Engine Technology Association (HySE), European Automobile Manufacturers Association (ACEA), Department of Transportation (US - DOT), International Council on Clean Transportation (ICCT), corporate filings such as annual reports, investor presentations, and financial statements, and paid repository. Historical production data has been collected and analyzed, and the industry trend is considered to arrive at the forecast, further validated by primary research.

Primary Research

In the primary research process, various primary sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply side included various industry experts, such as CXOs, vice presidents, directors from business development, marketing, product development/innovation teams, and related key executives from various key companies. Various system integrators, industry associations, independent consultants/industry veterans, and key opinion leaders were also interviewed.

Primary interviews have been conducted to gather insights such as H2-ICE market sizing estimation and forecast, future technology trends, and upcoming technologies in the H2-ICE market. Data triangulation of all these points was done using the information gathered from secondary research and model mapping. Stakeholders from the demand and supply sides have been interviewed to understand their views on the aforementioned points.

Primary interviews have been conducted with market experts from the demand-side (end-use industries) and supply-side (H2-ICE providers) across four regions, namely North America, Europe, and Asia Pacific. Approximately 60% and 40% of the primary interviews were conducted on the OEMs and component manufacturer sides, respectively. Primary data has been collected through questionnaires, emails, and telephonic interviews. After communicating with primaries, we have strived to cover various departments within organizations, such as sales and operations, to provide a holistic viewpoint in our report. After interacting with industry experts, we have also conducted brief sessions with highly experienced independent consultants to reinforce the findings from our primaries. This, along with the in-house subject matter experts’ opinions, has led us to the findings described in the remainder of this report.

H2-ICE Market Size, and Share

Note: Others in designation include sales, marketing, and product managers, Others in company tiers include end-use organizations
Company tiers are based on the value chain; the revenue of the company is not considered.

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

As mentioned below, a detailed market estimation approach was followed to estimate and validate the volume of the H2-ICE market and the other dependent submarkets.

  • Key players in the H2-ICE market were identified through secondary research, and their global market ranking was determined through primary and secondary research.
  • The research methodology included a study of annual and quarterly financial reports and regulatory filings of significant market players (public), as well as interviews with industry experts for detailed market insights.
  • All vehicle level penetration rates, percentage shares, splits, and breakdowns for the H2-ICE market were determined using secondary sources and verified through primary sources.
  • All key macro indicators affecting the revenue growth of the market segments and subsegments were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain validated and verified quantitative and qualitative data.
  • The gathered market data was consolidated, enhanced with detailed inputs, analyzed, and presented in this report.

H2-ICE Market : Top-Down and Bottom-Up Approach

H2-ICE Market Top Down and Bottom Up Approach

Data Triangulation

All percentage shares, splits, and breakdowns have been determined using secondary sources and verified by primary sources. All parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, and analysed to obtain the final quantitative and qualitative data. This data has been consolidated and enhanced with detailed inputs and analysis from MarketsandMarkets and presented in the report.

Market Definition

H2-ICE: A Hydrogen Internal Combustion Engine (H2-ICE) is an engine that uses hydrogen as its primary fuel. The engine operates on a similar principle to traditional gasoline or diesel engines. H2-ICE offers the advantage of zero carbon dioxide (CO2) emissions. The H2-ICE engine uses combustion approaches like PFI with SI and HPDI for hydrogen injection. The main aim of H2-ICE is to reduce the greenhouse gas emissions.

Stakeholders

  • Senior Management
  • End User Finance/Procurement Department
  • R&D Department

Report Objectives

  • To define, describe, and forecast the size of the H2-ICE market in terms of volume (units) between 2027 and 2035 based on the following segments:
    • By Combustion Approach (Port Fuel Injection – Spark Ignition (PFI-SI), Early Cycle Direct Injection – Spark Ignition (ECDI-SI), High-Pressure Direct Injection (HPDI))
    • By Vehicle Type (On-Highway Vehicles (Trucks and Buses) and Off-Highway Vehicles (Construction and Mining Equipment, Farm Tractors, Industrial Forklifts)
    • By Power Output (Below 300 Hp and Above 300 Hp)
    • By Region (Asia Pacific, Europe, and North America)
  • To identify and analyze key drivers, restraints, opportunities, and challenges influencing the market
  • To analyze the market ranking of leading players in the H2-ICE market and evaluate competitive leadership mapping.
  • To strategically analyze key player strategies and company revenue analysis
  • To study the following with respect to the market
    • Total Cost of Ownership (Diesel Vs. H2-ICE Vs. FCEV)
    • Trends and Disruptions Impacting Customers’ Businesses
    • Market Ecosystem
    • Supply Chain Analysis
    • Patent Analysis
    • Regulatory Landscape
    • Case Study Analysis
    • Key Conferences and Events
    • Investment and Funding Scenario
  • To analyze recent developments, including product launches, partnerships, acquisitions, expansions, and other developments  undertaken by key industry participants in the market
  • To give a brief understanding of the H2-ICE market in the recommendations chapter

Available Customizations

MarketsandMarkets offers the following customizations for this market report:

Product Analysis

  • On-Highway Vehicle
    • Trucks and Buses
  • Off-Highway Vehicle
    • Construction and Mining Equipment
    • Farm Tractors
    • Industrial Forklifts

Previous Versions of this Report

Custom Market Research Services

We Will Customise The Research For You, In Case The Report Listed Above Does Not Meet With Your Requirements

Get 10% Free Customisation

Growth opportunities and latent adjacency in H2-ICE Market

DMCA.com Protection Status