Pune, India, Oct. 30, 2023 (GLOBE NEWSWIRE) -- The global hydrogen buses market size was valued at USD 0.63 billion in 2022 and the market is anticipated to grow from USD 0.98 billion in 2023 to USD 21.42 billion by 2030, exhibiting a CAGR of 55.4% during the forecast period.
The hydrogen buses utilize gas as a fuel source and convert it into electricity via a chemical reaction within the fuel cell. These buses produce zero tailpipe emissions, making them a cleaner alternative to traditional gasoline or diesel-powered buses. Increasing environmental concerns, technological advancements, and supportive government policies to reduce emission levels and improve air quality in urban areas are driving the hydrogen buses market during the forecast period. Fortune Business Insights™ mentioned this in a report titled, “Hydrogen Buses Market, 2023-2030.”
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Report Highlights:
| Report Coverage | Details | |
| Forecast Period | 2023-2030 | |
| Forecast Period 2023 to 2030 CAGR | 55.4 % | |
| 2030 Value Projection | USD 21.42 billion | |
| Base Year | 2022 | |
| Market Size in 2022 | USD 0.63 billion | |
| Historical Data for | 2019-2021 | |
| No. of Pages | 200 | |
Hydrogen Bus Market Drivers & Restraints-
Growing Use of Hydrogen Buses to Meet Strict Emission Regulations to Propel Market Growth
Many regions and countries globally are increasingly implementing strict emission rules and regulations for public transportation. The increasing use of hydrogen buses to meet these strict
emission regulations and avoid penalties or fines associated with high emissions is expected to augment hydrogen buses market growth during the forecast period. However, the higher upfront costs of hydrogen buses, compared to conventional or natural gas buses, are estimated to hinder market growth.
COVID-19 Impact-
Increased Supply Chain Disruptions During COVID-19 Pandemic Hampered Market Growth
The COVID-19 pandemic negatively impacted market growth. The increased disruptions in manufacturing and supply chains globally caused delays in the production and deployment of fuel cell buses. The decreased demand for all types of buses during the COVID-19 pandemic hampered market expansion globally.
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Hydrogen Bus Market Segments Analysis-
Rising Technological Advancements Boosted Single Deck Segment Growth
By bus type, the market is segmented into single deck, double deck, and articulated deck. The single-deck segment held the largest hydrogen buses market share in 2022. The growth is attributed to the increasing technological advancements, environmental benefits, and rising support from transit agencies and governments.
Increasing Adoption of Hydrogen Buses in Urban Areas Propels 100kW-200kW Segment Growth
Based on power output, the market is classified into below 100kW, 100kW-200kW, and above 200kW. The 100kW-200kW segment is expected to witness the highest growth during the forecast period. The increasing adoption of 100kW-200kW hydrogen buses is due to the rising use of standard-sized buses used for urban areas and intercity routes for moderate passenger capacities and medium-distance routes is estimated to propel market growth.
Proton Exchange Membrane Technology Segment Growth Augmented by their High Energy Efficiency
By technology, the market is categorized into Proton Exchange Membrane Fuel Cell (PEMFC), Solid Oxide Fuel Cell (SOFC), and Alkaline Fuel Cell (AFC). The Proton Exchange Membrane Fuel Cell (PEMFC) segment held the largest market share in 2022. The growth is attributed to the high energy efficiency of Proton Exchange Membrane Fuel Cells (PEMFC), which often exceeds 50% in converting hydrogen’s chemical energy into electrical power.
Higher Efficiency of New Hydrogen Buses Aided New Hydrogen Bus Segment Growth
Based on manufacturing type, the market is segmented into new hydrogen bus and retrofitted. The new hydrogen bus held the largest market share during the forecast period due to the higher efficiency and longer driving ranges of new hydrogen buses. Geographically, the market is studied across North America, Europe, Asia Pacific, and Rest of the World.
Report Coverage-
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Hydrogen Bus Industry Regional Insights-
Increased Implementation of Government Initiatives to Reduce Emission Levels to Aid Market Growth in Asia Pacific
Asia Pacific held the largest market share in 2022 and is estimated to maintain its dominance during the projected period. The growth is attributed to the increasing implementation of many government initiatives to decrease emission levels and supportive government policies to promote sustainable mobility solutions across the Asia Pacific.
North America held a significant market share in 2022 due to the favourable government policies to shift to clean alternatives, which is estimated to drive market growth across North America.
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Hydrogen Bus Market Competitive Landscape-
Increasing Key Players Focus on New Product Launches Boosts Market Growth
The growing focus of key market players on new product launches to maintain their market position is expected to drive market growth during the forecast period. For instance, the Go-Ahead Group launched a fleet of single-decker 20 fuel cell buses in Britain in July 2023 to carry passengers in Crawley, Horley, and Gatwick areas.
List of Key Players Covered in Hydrogen Buses Market Report:-
- Wrightbus (Ireland)
- SOLARIS (Poland)
- Tata Motors Limited (India)
- Hyundai (South Korea)
- Volvo Group (Sweden)
- NFI Group Inc. (Canada)
- Daimler Buses (Germany)
- Hino Motors (Japan)
- SunLine Transit Agency (U.S.)
- Yutong (China)
Hydrogen Buses Market Segmentation:-
Hydrogen Bus By Bus Type
- Single Deck
- Double Deck
- Articulated Deck
Hydrogen Bus By Power Output
- Below 100kW
- 100-200kW
- Above 200kW
Hydrogen Bus By Technology
- Proton Exchange Membrane Fuel Cell (PEMFC)
- Solid Oxide Fuel Cells (SOFC)
- Alkaline Fuel Cell (AFC)
Hydrogen Bus By Manufacturing Type
- New Hydrogen Bus
- Retrofitted
Hydrogen Bus Industry Development:
February 2023 – Olectra Greentech, a subsidiary of Megha Engineering and Infrastructure Ltd, and Reliance partnered to launch hydrogen buses in India. The partnership will also offer a next-generation transport system to the Indian market.
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Table of Contents:-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Mergers, Acquisitions and Partnerships
- Porters Five Forces Analysis
- Technological Developments
- Impact of Covid-19
- Global Hydrogen Buses Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Bus Type
- Single Deck
- Double Deck
- Articulated
- Market Analysis, Insights and Forecast – By Power Output
- Below 100kW
- 100-200kW
- Above 200kW
- Market Analysis, Insights and Forecast – By Technology
- Proton Exchange Membrane Fuel Cell (PEMFC)
- Solid Oxide Fuel Cell (SOFC)
- Alkaline Fuel Cell (AFC)
- Market Analysis, Insights and Forecast – By Manufacturing Type
- New Hydrogen Bus
- Retrofitted
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the world
Toc Continued……
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