HomePress-release

Redding, California - November 5, 2024

Hydrogen Bus Market to be Worth $18.2 Billion by 2031

Hydrogen Bus Market Size, Share, Forecast, & Trends Analysis by Bus Type (Single Deck, Articulated Deck), Cell Technology (Proton Exchange Membrane Fuel Cell, Solid Oxide Fuel Cell, Alkaline Fuel Cell), Power Output (Below 100 kW, 100-200 kW) and Geography—Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Hydrogen Bus Market—Global Opportunity Analysis and Industry Forecast (2024-2031).’ According to this latest publication from Meticulous Research^®, the hydrogen bus market is projected to reach $18.2 billion by 2031, at a CAGR of 32.2% during the forecast period 2024–2031.

Factors such as the high demand for zero-emission in commercial vehicles, the growing transition initiatives by governments to shift toward clean energy sources, and developments in fuel cell technologies are boosting market growth. However, the high expenditure requirements for hydrogen fuel cell technology and infrastructure may hinder the growth of this market.

Moreover, the expanding hydrogen infrastructure is anticipated to generate growth opportunities for the players operating in this market. However, the complexities and cost of energy storage and transportation are challenges impacting the growth of the hydrogen bus market.

The hydrogen bus market is segmented by bus type, cell technology, and power output. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

By bus type, the single-deck segment is expected to account for the largest share of over 43.0% of the hydrogen bus market in 2024. The segment’s large share is attributed to the increasing investments in clean energy and rising focus on deploying hydrogen-powered single-deck buses. In addition, the benefits offered by the single deck segment, such as zero emissions, fast refueling time, high efficiency, extended range, and acceleration performance of the electric powertrain, contribute to this segment's growth. However, the articulated deck segment is expected to grow at a higher CAGR during the forecast period.

Based on cell technology, the hydrogen bus market is segmented into proton exchange membrane fuel cells, solid oxide fuel cells, alkaline fuel cells, phosphoric acid fuel cells, direct methanol fuel cells, and other cell technologies. In 2024, the proton exchange membrane fuel cell segment is expected to account for the largest share of over 36.0% of the hydrogen bus market. The segment’s large share is attributed to the rising government initiative to adopt proton exchange membrane fuel cell buses, stringent environmental regulations and targets for reducing greenhouse gas emissions, and continuous advancement in proton exchange membrane fuel cell technology. However, the solid oxide fuel cell segment is expected to grow at a higher CAGR during the forecast period.

Based on power output, the hydrogen bus market is segmented into below 100 kw, 100-200 kw, and above 200 kw. In 2024, the below 100 kw segment is expected to account for the largest share of over 41.0% of the hydrogen bus market. The segment’s large share is attributed to the rising adoption of low-capacity transportation services in urban and suburban areas, rising initiatives to promote public transport sustainability, and growing interest in micro-transit and shuttle services. However, the 100-200 kw segment is expected to grow at a higher CAGR during the forecast period.

Geographic Review

The hydrogen bus market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Europe is expected to account for the largest share of over 38.0% of the hydrogen bus market. The presence of prominent hydrogen bus players, including Wrightbus (U.K.), Solaris Bus & Coach sp. Z.o.o. (Poland) and Daimler Truck AG (Germany) is expected to contribute to the high revenue share of this region. In addition, the expansion of hydrogen infrastructure, growing demand for zero-emission commercial vehicles, increasing focus on decarbonization, and rising government support and policies and investments are expected to drive the demand for hydrogen buses in the region.

Moreover, Asia-Pacific is expected to witness the highest CAGR of 34.5% during the forecast period. The rapid growth of this region is mainly driven by factors such as stringent environmental regulations towards cleaner tons of energy, increasing production and consumption of lower-emission hydrogen, and rising investments in hydrogen technology and infrastructure. In addition, the rapid growth of this regional market is attributed to the growth in regional economies and the rapid infrastructure development, especially in Japan, South Korea, and India.

Key Players

The key players operating in the hydrogen bus market are Hyundai Motor Group (South Korea), Ballard Power Systems Inc. (Canada), Toyota Motor corporation (Japan), Wrightbus (U.K.), Solaris Bus & Coach sp. Z.o.o. (Poland), NFI Group Inc. (Canada), Tata Motors Limited (India), Alexander Dennis Limited. (U.K.), Daimler Truck AG (Germany), Van Hool (Belgium), BYD Motors LLC. (U.S.), and Karsan Otomotiv San. ve Tic. A.S. (Turkey).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=6072

Key Questions Answered in the Report:

Which are the high-growth market segments in terms of bus type, cell technology, and power output?
What was the historical market size for hydrogen buses globally?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the hydrogen bus market?
Who are the major players in the hydrogen bus market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the hydrogen bus market?
What are the various growth strategies adopted by major market players?
What are the major market trends, and which are the high-growth countries?
Who are the local emerging players in the hydrogen bus market, and how do they compete with other players?

Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research

3D Printing

5G Technology

Advanced Chemical & Materials

Agrochemicals

Algae Products

Alternative Proteins

Animal Health

Artificial Intelligence

Automotive Technologies

Big Data Analytics

Climate Technologies

Edible Insects

Electric Vehicle

Food & Agriculture Technologies

Hydrogen Technologies

Internet Of Things

In Vitro Diagnostics

Laboratory Instrumentation

Language Learning Technologies

Medical Technologies

Next Generation Technologies

Processing & Packaging Technologies

Robotics & Automation

Smart Technologies

Water & Wastewater Technologies

Miscellaneous / Others

Redding, California - November 5, 2024

Hydrogen Bus Market to be Worth $18.2 Billion by 2031

Hydrogen Bus Market Size, Share, Forecast, & Trends Analysis by Bus Type (Single Deck, Articulated Deck), Cell Technology (Proton Exchange Membrane Fuel Cell, Solid Oxide Fuel Cell, Alkaline Fuel Cell), Power Output (Below 100 kW, 100-200 kW) and Geography—Global Forecast to 2031

Recommended Readings

Advanced Chemical &
Materials

Food & Agriculture
Technologies

Next Generation
Technologies

Processing & Packaging
Technologies

Water & Wastewater
Technologies