Hydrogen buses provide zero-emission transportation through the use of hydrogen fuel cells that produce electricity to power the buses. Hydrogen fuel cells emit only water and heat, providing a cleaner alternative to conventional diesel buses. The global shift towards renewable energy and reduction of carbon emissions has increased the adoption of hydrogen buses across regions. Government incentives and subsidies are supporting public transport operators to replace aging diesel fleets with hydrogen buses. Their high fuel efficiency and longer range compared to battery electric buses is further fueling their demand.
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 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of zero-emission vehicles to meet environmentaltargets is a key driver propelling the growth of the hydrogen buses market. Many cities and countries have announced plans to replace internal combustion engine buses with zero-emission models such as hydrogen buses by specific timeline. For instance, major European countries including Germany, UK and France have committed to operate only zero-emission buses in major cities by 2025 or earlier. Growing commitments towards reducing carbon footprint from transportation sector and improving air quality are expected to further increase the replacement of existing diesel buses with hydrogen alternatives across regions over the forecast period. Mass production of these buses supported by substantial funding for construction of related hydrogen refueling infrastructure will help facilitate widespread adoption.
Segment Analysis
The global hydrogen buses market can be segmented based on bus type, application, and geography. By bus type, the hydrogen fuel cell electric bus segment dominated the market in 2022 and is projected to continue its dominance throughout the forecast period. Fuel cell electric buses do not generate any emission and are more environmentally sustainable compared to diesel buses. Hence, many government across the world are supporting the adoption of hydrogen fuel cell electric buses.
Key Takeaways
The global Hydrogen Buses Market Demand is expected to witness high growth during the forecast period of 2023-2030.
Regional analysis: Asia Pacific dominated the global market in 2022 and is projected remain the fastest growing as well as dominating region over the next few years. Countries like China and Japan are investing heavily in building hydrogen fueling infrastructure to support the growth of FCEV, including hydrogen buses.
Key players operating in the hydrogen buses market are LG Chemicals Ltd. (South Korea), Cabot Corporation (US), Jiangsu Cnano Technology Co., Ltd. (China), Resonac Corporation (Showa Denko K.K.) (Japan), and Arkema S.A. (France). LG Chemicals Ltd. is a leading player providing hydrogen fuel cell systems and lithium-ion batteries for electric vehicles including buses. Similarly, Cabot Corporation offers nano-based battery materials for electric vehicles.
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