Burlingame, Jan. 19, 2024 (GLOBE NEWSWIRE) -- The global Hydrogen Buses Market is expected to be valued at US$ 10.78 billion in 2023 and is projected to reach USD 165.34 billion by 2030; it is expected to grow at a CAGR of 47.7% from 2023 to 2030 according to a new report by Coherent Market Insights. Hydrogen buses use fuel cells that convert hydrogen into electricity to power electric motors, emitting only water vapor. Fuel cells provide longer range than battery-electric buses. Key applications include public transport services in cities aiming to reduce local air pollution and meet sustainability targets.
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Market Dynamics:
The hydrogen buses market is expected to witness high growth due to the increasing demand for green transportation. Governments and environmental organizations across the globe are actively promoting the use of hydrogen-fueled buses as a way to reduce greenhouse gas emissions and combat climate change. Hydrogen-fueled buses operate on fuel cell technology, which produces only water vapor as a byproduct, making them an environmentally-friendly alternative to traditional diesel buses.
| Report Coverage | Details |
| Market Revenue in 2023 | $10.78 billion |
| Estimated Value by 2030 | $165.34 billion |
| Growth Rate | Poised to grow at a CAGR of 47.7% |
| Historical Data | 2017–2021 |
| Forecast Period | 2023–2030 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Bus Type, By Fuel Cell Type, By Application, By Hydrogen Storage Method, By Fleet Size |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Restraints & Challenges | • High initial costs of hydrogen fuel buses • Lack of hydrogen infrastructure • High production cost of hydrogen • Technological challenges |
| Growth Drivers | • Environmental regulations to reduce greenhouse gas emission. • Climate change commitments. • Advancements in hydrogen fuel cell technology. • Financial incentives and funding for development of technology |
Furthermore, governments in various countries are investing in the development of hydrogen refueling infrastructure to support the growth of the hydrogen buses market. The infrastructure for hydrogen refueling stations is growing, making it more convenient for bus operators to integrate hydrogen buses into their fleets. This, in turn, is expected to drive the demand for hydrogen-fueled buses in the coming years.
Market Takeaways:
The hydrogen buses market is anticipated to witness a CAGR of 47.7% during the forecast period 2023-2030, owing to the increasing government initiatives and investments in the development and deployment of hydrogen fuel cell buses.
On the basis of bus type, the single deck segment is expected to hold a dominant position, owing to its wide usage in urban transportation. Within the fuel cell type segment, the polymer electrolyte membrane (PEM) fuel cells are expected to dominate due to their high energy efficiency and compact size. In terms of application, city buses are expected to hold a dominant position, as they are the primary mode of public transportation in urban areas.
The Asia Pacific region is expected to dominate the market, driven by the growing focus on clean energy and sustainability in countries like China and Japan. Key players operating in the hydrogen buses market include Toyota Motor Corporation, Hyundai Motor Company, Ballard Power Systems, New Flyer Industries, and more. These players are actively involved in technological advancements and collaborations to gain a competitive edge in the market.
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Recent development:
In 2023, Indian Oil Corporation Ltd., received the Tata Bus Fuel Cell EV from Tata Motors.
In 2022, Karsan, a Turkish bus producer introduced the e-ATA hydrogen fuel cell bus. It takes only 15 minutes to refill and has a range of more than 500 km.
Market Trends:
One of the key trends driving the hydrogen buses market is the implementation of stringent emission standards in various countries. Governments are imposing regulations to reduce harmful emissions from vehicles, and hydrogen buses are being recognized as a viable solution to meet these emission standards. They offer zero-emission transportation, which aligns with the sustainability goals of governments and organizations. This trend is expected to drive the adoption of hydrogen buses in public transportation systems globally.
Another trend observed in the hydrogen buses market is the increasing collaboration between bus manufacturers and hydrogen fuel cell technology providers. This collaboration aims to enhance the efficiency and performance of hydrogen buses. Manufacturers are focusing on improving fuel cell technology, increasing the range of hydrogen buses, and reducing the cost of production. This trend is anticipated to accelerate the growth of the hydrogen buses market by offering technologically advanced and cost-effective solutions to bus operators.
Read complete market research report, "Hydrogen Buses Market, By Bus Type, By Fuel Cell Type, By Application, By Hydrogen Storage Method, By Fleet Size, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2023-2030", Published by Coherent Market Insights.
Market Opportunities:
Increasing Government Initiatives and Investments
The hydrogen buses market is set to witness significant growth due to the increasing government initiatives and investments in the development and deployment of hydrogen fuel cell buses. Governments across the globe are recognizing the importance of transitioning to cleaner and more sustainable transportation options, and hydrogen buses align perfectly with their goals. These buses produce zero emissions and offer a viable alternative to traditional fossil fuel-powered buses. Governments are providing financial incentives, subsidies, and grants to promote the adoption of hydrogen fuel cell buses, which is driving the market growth.
Growing Demand for Sustainable Public Transportation
There is a growing demand for sustainable public transportation options, especially in urban areas where pollution levels are high. Hydrogen buses, with their zero-emission technology, are gaining popularity among both government authorities and the general public. These buses not only reduce carbon emissions but also offer a quieter and smoother ride compared to traditional buses. As more cities and municipalities focus on sustainability and environmental conservation, the demand for hydrogen buses is expected to increase significantly.
In conclusion, the hydrogen buses market presents significant opportunities for growth due to increasing government initiatives and investments as well as the growing demand for sustainable public transportation. The market is projected to witness substantial growth in the coming years, with the dominance of single deck buses, PEM fuel cells, and city buses. The Asia Pacific region is expected to lead the market, with key players such as Toyota and Hyundai at the forefront of innovation and development in hydrogen bus technology. As governments and the general public become more conscious of the environmental impact of transportation, hydrogen buses are set to become a prominent solution for clean and sustainable transportation.
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Detailed Segmentation:
- Hydrogen Buses Market Segmentation, By Bus Type:
- Single Deck
- Double Deck
- Articulated Deck
- Hydrogen Buses Market Segmentation, By Fuel Cell Type:
- Polymer Electrolyte Membrane (PEM) Fuel Cells
- Solid Oxide Fuel Cells (SOFC)
- Alkaline Fuel Cell (AFC)
- Hydrogen Buses Market Segmentation, By Application:
- City Buses
- Coach/Interurban Buses
- Special Buses (School Buses, Airport Buses, Mobile Film Studio Buses and Others)
- Hydrogen Buses Market Segmentation, By Hydrogen Storage Method:
- Compressed Hydrogen Storage
- Liquid Hydrogen Storage
- Hydrogen Buses Market Segmentation, By Fleet Size:
- Large Fleets
- Small to Medium Fleets
- Hydrogen Buses Market Segmentation, By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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