Automotive

Hydrogen Buses Market Is Estimated To Witness High Growth Owing To Increasing Demand for Zero-Emission Public Transportation

ashwinicmi

Hydrogen Buses Market Is Estimated To Witness High Growth Owing To Increasing Demand for Zero-Emission Public Transportation

The hydrogen buses market is estimated to be valued at US$ 10.78 billion in 2023 and is expected to exhibit a CAGR of 47.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The hydrogen buses market refers to the market for buses that operate on hydrogen fuel cell technology. These buses use hydrogen as a fuel source to generate electricity, which is then used to power the vehicle. Hydrogen buses are considered to be a viable alternative to traditional diesel or gasoline-powered buses, as they produce zero-emission and help reduce air pollution. These buses are gaining traction in various cities around the world as governments and organizations focus on transitioning to sustainable transportation solutions.

Market Dynamics:

The high growth of the hydrogen buses market can be attributed to two key drivers. Firstly, increasing concerns about environmental pollution and the need for sustainable transportation solutions are driving the demand for hydrogen buses. These buses offer zero-emission transportation and help reduce greenhouse gas emissions. Secondly, governments and organizations are actively promoting the adoption of hydrogen fuel cell technology in buses through various initiatives and incentives, further boosting the market growth. This includes subsidies, grants, and supportive policies that encourage the deployment of hydrogen buses in public transportation systems.

Segment Analysis:

The hydrogen buses market can be segmented based on the type of bus and end-use application. In terms of type, the hydrogen buses can be classified into fuel cell electric buses (FCEBs) and hybrid electric buses (HEBs). FCEBs dominate the market segment due to their zero-emission nature and higher efficiency. These buses use hydrogen fuel cells to generate electricity, which powers the electric drive system. The dominating sub-segment within FCEBs is the transit buses, which are extensively used in public transportation systems.

PEST Analysis:

Political: The political landscape plays a crucial role in the growth of the hydrogen buses market. Governments across the globe are implementing stringent regulations to reduce emissions and combat climate change. Incentives and subsidies provided by governments are driving the adoption of hydrogen buses.

Economic: The economic factors influencing the market include the availability and cost of hydrogen fuel, infrastructure development, and affordability of hydrogen buses. The production costs of hydrogen fuel cells and batteries also impact the market dynamics.

Social: The increasing awareness about environmental sustainability and the need for clean transportation alternatives are driving the demand for hydrogen buses. The shifting consumer preferences towards eco-friendly options are also contributing to the market growth.

Technological: Advances in hydrogen fuel cell technology and the development of efficient storage and refueling infrastructure are crucial factors for the growth of the hydrogen buses market. Ongoing research and development activities aim to enhance the efficiency and performance of fuel cell electric buses.

Key Takeaways:

The global hydrogen buses market is expected to witness high growth, exhibiting a CAGR of 47.7% over the forecast period (2023-2030). This growth can be attributed to increasing environmental concerns and a shift towards sustainable transportation options. The market size for 2023 is projected to reach US$ 10.78 billion.

In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the hydrogen buses market. The region's initiatives towards clean energy and stringent emission regulations contribute to the market growth. China, Japan, and South Korea are the major contributors to the market in the Asia Pacific region.

Key players operating in the hydrogen buses market include 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 research and development activities to enhance the efficiency and performance of hydrogen buses and expand their market presence.

https://www.pressreleasebulletin.com/hydrogen-buses-market-market-share-analysis-and-forecast/

ashwinicmi

Hydrogen Buses Market Growth Is Accelerated By Increasing Adoption Of Zero-Emission Buses

Ashish Thapa 2024-01-02

The global Hydrogen Buses Market is estimated to be valued at US$ 10. Segment AnalysisThe global hydrogen buses market can be segmented based on bus type, application, and geography. Hence, many government across the world are supporting the adoption of hydrogen fuel cell electric buses. Key TakeawaysThe global Hydrogen Buses Market Demand is expected to witness high growth during the forecast period of 2023-2030. Countries like China and Japan are investing heavily in building hydrogen fueling infrastructure to support the growth of FCEV, including hydrogen buses.

Hydrogen Buses Market Growth Accelerated by Adoption of Hydrogen as Clean Fuel Source

ashwinicmi 2024-01-05

For example, China, the largest market for hydrogen buses aims to have over 20,000 fuel cell buses on the roads by 2025. The declining costs of fuel cells and growing hydrogen refueling infrastructure are alsoexpected to boost the adoption of hydrogen buses globally over the forecast period. Segment AnalysisThe global hydrogen buses market is dominated by the fuel cell electric segment. Regional analysis: China currently dominates the global hydrogen buses market accounting for over 70% of the total market share in 2024. Key players operating in the hydrogen buses market are Toray Industries, Inc.

Hydrogen Buses Market is Expected to Drive Emissions Reduction in Public Transport Sector

naufan 2023-12-15

The global Hydrogen Buses Market is estimated to be valued at US$ 10. Currently, FCEBs account for over 70% of the global hydrogen buses market as they offer better performance compared to conventional batteries in electric buses. Regional analysis related content comprises Asia Pacific region is expected to dominate the global hydrogen buses market during the forecast period. Countries like China, Japan and South Korea are rapidly deploying hydrogen buses for public transportation to reduce carbon emissions. For instance, China has a target of having over 1 million fuel cell vehicles including buses on the road by 2030. Regional analysis related content comprises Asia Pacific region is expected to dominate the global hydrogen buses market during the forecast period. Countries like China, Japan and South Korea are rapidly deploying hydrogen buses for public transportation to reduce carbon emissions. For instance, China has a target of having over 1 million fuel cell vehicles including buses on the road by 2030.

The Global Hydrogen Buses Market: Transforming the Future of Public Transport

Poonam 2023-09-12

With an increasing emphasis on sustainable and green transportation solutions, hydrogen buses have gained significant traction in recent years. Segment Analysis: The hydrogen buses market is segmented based on the type of bus, including transit buses, shuttle buses, and coach buses. Regional analysis: Europe is expected to be the fastest-growing and dominating region in the hydrogen buses market. The region has witnessed significant investments in hydrogen infrastructure and has a well-established network of hydrogen refueling stations, making it conducive for the adoption of hydrogen buses. In conclusion, the global hydrogen buses market is on a trajectory of rapid growth, driven by the need for sustainable transportation solutions.

Global Hydrogen Market Is Estimated To Witness High Growth Owing To Increasing Focus on Clean Energy Transition & Growing Adoption of Fuel Cells

gauri kanale 2023-08-17

The global Hydrogen Market is estimated to be valued at USD 155. The increasing deployment of fuel cells across different sectors is driving the demand for hydrogen as a fuel, thereby boosting the Hydrogen Market. The global Hydrogen Market is expected to witness high growth, exhibiting a CAGR of 9. 3% over the forecast period, due to increasing focus on clean energy transition and growing adoption of fuel cells. Key players operating in the global Hydrogen Market include Linde Plc, Messer, Air Products and Chemicals, Inc, Air Liquide International S.

Buses And Coaches Market: Developments, Growth and Forecast to 2031

Biswadeep 2022-05-09

The Buses And Coaches Global Market Report 2021-31 by The Business Research Company describes and explains the global buses and coaches market and covers 2016 to 2021, termed the historic period, and 2022 to 2026, termed the forecast period, along with further forecasts for the period 2026-2031. The report evaluates the market across each region and for the major economies within each region. The global buses and coaches market share is expected to grow to $56. id=3691&type=smp Buses And Coaches Global Market Report 2022 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies. TBRC’s report covers the buses and coaches market segments- 1) By Type: Diesel Buses, Hybrid Buses, Electric Buses, Ethanol Buses2) By Application: General, Personal, Recreational, Tourist, Others3) By Body Built: Fully Built, Customizable About The Business Research Company: The Business Research Company is a market intelligence firm that excels in company, market, and consumer research.

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