by Hydrogen buses are environment-friendly public transport vehicles that use hydrogen fuel cells to generate electricity and power the buses. They do not produce any emissions and only emit water vapor and heat. With rising concerns about air pollution and carbon emissions from diesel and CNG buses, many countries and public transport authorities are opting for hydrogen buses.
The global hydrogen buses market is estimated to be valued at US$ 10.78 billion in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for clean and sustainable public transport solutions across major cities is one of the key factors driving the adoption of hydrogen buses. Many governments and municipal bodies are providing subsidies and incentives for procuring hydrogen fuel cell buses to replace ageing fleets of diesel buses.They are also investing heavily in building hydrogen refueling infrastructure which is necessary for the smooth operations of hydrogen buses. Various pilot projects run by businesses and transport authorities in cities such as London, Beijing, Hamburg and others have demonstrated the viability of using hydrogen buses for commercial transport requirements. This is increasing the acceptance of this technology among public transport operators.
SWOT Analysis
Strength: Hydrogen buses have zero tailpipe emissions, helping reduce air pollution. They provide an environment-friendly public transportation option.
Weakness: High upfront investment costs for hydrogen buses and lack of hydrogen refueling infrastructure are major challenges currently. Production of hydrogen also requires significant amount of energy.
Opportunity: Growing focus on adopting clean energy solutions for transportation provides major market opportunities. Supportive government policies and initiatives in many countries are encouraging use of hydrogen as fuel.
Threats: Limited driving range of hydrogen buses compared to conventional buses is a concern. Developing hydrogen storage and distribution infrastructure requires huge investments over long term.
Key Takeaways
The Global Hydrogen Buses Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional Analysis: Asia Pacific currently dominates the market with China accounting for major share of hydrogen buses fleet in operation as well as on road map. Many cities in China have adopted hydrogen fuel cell buses on large scale with support from national and local government policies promoting clean mobility.
Key players operating in the hydrogen buses market are Toray Industries, Inc., Kuraray Co. Ltd., E-Leather Ltd., Mayur Uniquoters Ltd., Zhejiang Hexin Industry Group Co., Ltd., Yantai Wanhua Synthetic Leather Group Co., Ltd., Clarino (Asahi Kasei Corporation), San Fang Chemical Industry Co. Ltd., Anhui Anli Material Technology Co. Ltd., Nan Ya Plastics Corporation. These market players are focusing on new product development and strategic collaborations to strengthen their market position. For instance, in 2022, Toray launched new hydrogen fuel cell system with improved performance for use in buses and trucks.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
