by Hydrogen buses utilize hydrogen fuel cell technology to generate electricity from hydrogen and oxygen to power its electric motor, emitting only water and heat. They offer noise-free and emission-free transportation. Hydrogen buses provide longer driving range than battery-electric buses and take less time to refuel. The growing demand for electric mass transit solutions to reduce carbon footprint has fuelled the adoption of hydrogen buses across cities.
The global Hydrogen Buses Market is estimated to be valued at US$ 10.78 Bn in 2023 and is expected to exhibit a CAGR of 47% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rapid Adoption of Hydrogen Fuel Cell Technology
The key factor propelling the hydrogen buses market is the rapid adoption of hydrogen fuel cell technology by public transport operators. Fuel cell technology provides clean, efficient and cost-effective solution for operating buses with almost zero emissions. Many cities across Europe, China, Japan and USA have started operating fuel cell electric buses on their routes. Technological advancements have improved the driving range and performance of fuel cell buses. Continuous focus on improving hydrogen refueling infrastructure is expected to boost the adoption of hydrogen buses globally during the forecast period.
SWOT Analysis
Strength: Hydrogen buses offer zero-emission transportation with hydrogen fuel cells providing electricity onboard. They help improve local air quality and reduce noise pollution compared to diesel buses.
Weakness: High initial costs associated with hydrogen buses and lack of fueling infrastructure are major challenges. Developing hydrogen production and distribution is an expensive undertaking requiring large investments.
Opportunity: Growing global concern about climate change and need to reduce dependence on fossil fuels is driving the demand for clean energy solutions in transportation. Government incentives and policies supporting adoption of zero-emission vehicles can boost the hydrogen buses market.
Threats: Limited driving range on a single tank of hydrogen compared to conventional diesel buses. Uncertainties around evolving fuel cell technologies and performance standards pose threats. Slow pace of setting up hydrogen refueling stations hinders widespread adoption of these buses.
Key Takeaways
The Global Hydrogen Buses Market Size is expected to witness high growth over the forecast period owing to stringent emission norms and initiatives promoting clean mobility solutions.
The Asia Pacific region currently dominates the market due to presence of leading manufacturers and growing government support for adoption of zero-emission buses in countries like China, Japan, and South Korea. Growing environmental concerns and stringent emission norms in major cities favor the use of zero-emission hydrogen buses in the region.
Key players operating in the hydrogen buses market are Ballard Power Systems, Toyota Motor Corporation, Hyundai Motor Company, New Flyer Industries, Van Hool, Wrightbus, Solaris Bus & Coach, CaetanoBus, Alexander Dennis Limited (ADL), and MAN Energy Solutions. These companies are focusing on developing improved fuel cell technologies and manufacturing cost-efficient hydrogen-powered buses to drive market adoption.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
