WASHINGTON, April 03, 2023 (GLOBE NEWSWIRE) — Global Hydrogen Buses Market was valued at USD 7.8 Billion in 2022 and is projected to reach a value of USD 49.2 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 30.1% over the forecast period 2023-2030.
Market Overview
Growing worries about the depletion of natural resources and the destruction of the environment primarily drive demand for Hydrogen Buses. This has accelerated the development of technology that support the idea of environmentally friendly modes of transportation for ecosystem sustainability. Additionally, more people are becoming irritated by the negative consequences of air pollution, increasing traffic, and GHG emissions, speeding up the adoption of Hydrogen Buses.
We forecast that the proton exchange membrane fuel cell category in Hydrogen Buses market sales will account for more than 37% of total sales by 2030. With this technology, chemical energy released during the electrochemical reaction between hydrogen and oxygen can be converted into electrical energy. The proton exchange membrane fuel cell is one of the most sought-after technologies in the EV sector and works for fuel cell buses.
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Market Dynamics
Growing Significance of Eco-friendly Mobility Presents Opportunities for Hydrogen Buses Operators to Support Market Expansion
Companies operating in the hydrogen bus market are introducing new types of Hydrogen Buses while considering their usefulness and relevance. Additionally, favorable market conditions will soon be created for the industry players due to active efforts to construct infrastructure for hydrogen fuel cell buses. The operation of Hydrogen Buses is likely to increase as efforts to commercialize hydrogen fuel cell buses intensify, particularly in Europe.
Fuel Cell Technology Transit Buses to Drive the Market Growth
Transit buses are among the greatest forms of transportation for fuel cell technology. Buses travel through congested neighborhoods that are polluted. The government financed these buses, strategically positioned, fueled, and highly conspicuous. The National Renewable Energy Laboratory (NREL) can ascertain the state of bus fuel cell systems and establish lessons learned to assist others in adopting the following generation of these systems by analyzing the experiences of these early adopters.
Top Players in the Global Hydrogen Buses Market
- Tata Motors Limited (Mumbai, India)
- Thor Industries (Elkhart, U.S.)
- Hyundai (Seoul, South Korea)
- Ballard Power Systems (Burnaby, Canada)
- Nova Bus Corporation (Canada)
- New Flyer Industries Ltd (Winnipeg, Canada)
- Evo Bus (Stuttgart, Germany)
- Hino Motors Ltd. (Hino, Japan)
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Top Trends in Global Hydrogen Buses Market
- One trend that Vantage Market Research (VMR) expects to see in the Hydrogen Buses industry is rising emission concerns and increasing hydrogen bus testing. Electric vehicles that run on fuel cells are becoming more prevalent in the automotive sector. They are a way to increase energy efficiency while lowering pollution and other greenhouse gas emissions. Governments and environmental organizations are passing strict emission limits and rules in response to rising environmental concerns. The cost of producing fuel-efficient IC engines is anticipated to rise due to these rules and laws, increasing the demand for electric powertrains in the ensuing years.
- Another trend that VMR predicts will continue in the Hydrogen Buses industry is government support for public transportation electrification. Governments worldwide have offered sizable financial incentives to promote significant progress and environmentally friendly transportation to further the promise to reduce greenhouse gas (GHG) emissions and enhance the air quality in cities. Worldwide, governments have developed tempting initiatives and programs to promote the use of public transport. Governments in developed nations have started a procurement process to encourage the adoption of electric buses in their cities.
Top Report Findings
- Based on Technology, the (PEMFC) proton exchange membrane fuel cells category controls most of the Hydrogen Buses market’s revenue. Proton exchange membrane fuel cells’ capacity to lessen the economy’s reliance on fossil fuels is expected to favor growth. This is so because hydrogen, widely available and used in PEMFCs, is the primary fuel. Additionally, it does not produce the harmful emissions that diesel and gasoline-powered vehicles would usually emit, such as NOx, Sox, CO2, and CO. These elements are anticipated to fuel the expansion of the segment in the market in the years to come.
- Based on the Power Output, most of the Hydrogen Buses market’s revenue is controlled by the <150 KW category. Buses, commercial vehicles, and passenger automobiles all employ fuel cells with power outputs under 150 kW. Less than 150 kW fuel cells have a greater sales rate, so they control the global market.
- Based on Transit Bus Models, most of the Hydrogen Buses market’s revenue is controlled by the 30 to 40-foot transit buses category. For 30 to 40-foot transit buses, the stack of fuel cells capacity ranges from 20 kW to 200 kW. Due to its effective passenger movements and competitive pricing, this form of transit model is the most widely used in the automobile sector.
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Recent Developments in the Global Hydrogen Buses Market
- July 2022-The head of Iveco’s bus business unit, Domenico Nocera, stated that the company intended to produce more than 3,000 zero and low-emission buses in the ensuing years, beginning in southern Italy in 2023. If the market’s response is favourable, they hope to move forward with a rate of 1,000 units annually.
- June 2021-The Indian Oil Corporation Limited (IOCL) awarded a tender to tata motors for the supply of 15 hydrogen-based proton exchange membrane (PEM) fuel cell buses. Tata Motors is the largest commercial vehicle manufacturer in India and the country’s top bus manufacturer (IOCL).
Proton Exchange Membrane Fuel Cells Category in Hydrogen Buses Market to Generate a Substantial Revenue
For better understanding, based on the Technology, the Hydrogen Buses market is divided into Proton Exchange Membrane Fuel Cells, Direct Methanol Fuel Cells, Phosphoric Acid Fuel Cells, Zinc-Air Fuel Cells, and Solid Oxide Fuel Cells.
During the forecast period, the market for Hydrogen Buses is anticipated to experience the highest CAGR for the proton exchange membrane fuel cells category. A possible alternative to fossil fuels has evolved in the form of proton exchange membrane (PEM) fuel cells. PEM fuel cells are appropriate for a wide range of applications due to their ability to reduce overall energy consumption, zero carbon emissions, and high energy density. With the rise in demand for green energy in recent years, PEM fuel cell research interest has increased.
On the other hand, the zinc air fuel cells category is anticipated to grow significantly. Zinc Air Fuel Cells (ZAFCs) are primary cells that can use a fuel cartridge to transform chemical energy directly into electrical energy. The electrolyte is zinc chloride (ZC13), the cathode is air, the copper is zinc metal powder, and the water solution is lithium chloride electrolyte. Pomerene created this technology to alleviate the range instability problems with EVs while maintaining safety and effectiveness standards.
Asia Pacific Region in Hydrogen Buses Market to Generate closed to half the Global Revenue in Forecast Period
The Asia Pacific region dominates the market throughout the projection period due of the majority’s rapid growth, the demand for commuter buses’ growing demands, and the rapidly expanding significant in understanding. In addition to being used for public transit for the first time in Korea, environmentally friendly hydrogen electric buses that can cut down on fine dust and pollution emissions are also in operation.
North America region projected to hold tremendous share in the market. A four-pillar strategy that incorporates buses and coaches, technology, infrastructure, and workforce development provide North American cities with scalable, clean, and sustainable mobility options. The state of California in the US pledged funds for the creation of 100 hydrogen refueling stations to fulfill its target of 1.5 million zero-emission vehicles by 2025, which supports growth. The government is working on many laws to address environmental issues.
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on Hydrogen Buses Market Forecast Report (2023-2030).
Global Hydrogen Buses Market Segmentation
By Technology
- Proton Exchange Membrane Fuel Cells
- Direct Methanol Fuel Cells
- Phosphoric Acid Fuel Cells
- Zinc-Air Fuel Cells
- Solid Oxide Fuel Cells
By Power Output
- <150 KW
- 150–250 KW
- >250 KW
By Transit Bus Models
- 30-Foot Transit Buses
- 40-Foot Transit Buses
- 60-Foot Transit Buses
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 7.8 Billion |
| Revenue Forecast by 2030 | USD 49.2 Billion |
| CAGR | 30.1% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Tata Motors Limited, Thor Industries, Hyundai, Ballard Power Systems, Nova Bus Corporation, New Flyer Industries Ltd, Evo Bus, Hino Motors Ltd., SunLine Transit Agency |
| Customization Request | If our report does not include the information you are searching for, you may contact us to have a report tailored to your specific business needs https://www.vantagemarketresearch.com/hydrogen-buses-market-2057/request-sample |
Key Questions Answered in the Hydrogen Buses Market Report are:
- What is the current market size of the hydrogen buses market, and what is the projected growth rate over the next few years?
- What are the key drivers and challenges faced by the hydrogen buses market, and what impact do they have on the growth of the market?
- What are the different types of hydrogen fuel cell technologies used in buses, and what are their advantages and disadvantages?
- What are the key trends and developments in the hydrogen buses market, and how are they expected to shape the market in the future?
- Which regions are the major players in the hydrogen buses market, and what are the growth prospects for each of these regions?
- What are the key strategies adopted by major players in the hydrogen buses market to gain a competitive edge?
- What is the competitive landscape of the hydrogen buses market, and who are the major players operating in the market?
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