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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
Report ID: MRCHM - 1041389 Pages: 250 Nov-2024 Formats*: PDF Category: Chemicals and Materials Delivery: 24 to 72 Hours Download Free Sample ReportThe growth of the Hydrogen Bus Market is primarily driven by the growing demand for zero-emission commercial vehicles, increasing government initiatives to transition to clean energy sources and advancements in fuel cell technologies. Moreover, the expansion of hydrogen infrastructure is expected to generate growth opportunities for the players operating in this market.
With increasing awareness of climate change and air pollution, leading players and governments are pushing for cleaner transportation solutions. Zero-emission vehicles (ZEVs) help reduce greenhouse gas emissions and improve air quality. Many regions have implemented stricter emissions regulations and are offering incentives for zero-emission vehicles. For example, cities and countries are setting targets for reducing diesel and gasoline vehicle usage and are introducing low-emission zones. For instance, in October 2023, the Department of Energy (DOE) (U.S.) announced plans to invest $7 billion to launch seven Regional Clean Hydrogen Hubs (H2Hubs) across the nation and accelerate the commercial-scale deployment of low-cost, clean hydrogen which is a valuable energy that can be produced with zero or near-zero carbon emissions and is crucial to meeting the climate and energy security goals.
Governments worldwide are increasingly focusing on transitioning to clean energy sources to address climate change and reduce greenhouse gas emissions. Hydrogen buses are a prominent example of this shift towards sustainable transport solutions. Governments are setting stricter emission standards and regulations that encourage the adoption of cleaner technologies. For example, cities are implementing low-emission zones that favor zero-emission vehicles, such as hydrogen buses. Many governments are modernizing public transportation fleets with cleaner options. Hydrogen buses are part of this trend, aiming to reduce emissions in urban areas and promote cleaner public transit.
Some of the recent developments in this space are as follows:
Such developments are expected to support the growth of this market.
Based on bus type, the hydrogen bus market is segmented into single deck, double deck, and articulated deck. In 2024, the single deck segment is expected to account for the largest share of over 43.0% of the hydrogen bus market. The segment’s large share is attributed to the increasing incentives to encourage the adoption of hydrogen fuel cell vehicles and rising environmental policies and funding initiatives.
However, the articulated deck segment is expected to register a higher CAGR during the forecast period. The increasing adoption of sustainable transportation solutions, the growing demand for efficient and high-capacity hydrogen buses, and growing government efforts to shift towards clean energy sources are expected to support the growth of this segment.
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 ongoing advancements in proton exchange membrane (PEM) fuel cell technology, increased funding for R&D in PEMFC technology, and increasing government efforts to implement proton exchange membrane fuel cell (PEMFC) buses.
However, the solid oxide fuel cell segment is expected to grow at a higher CAGR during the forecast period. Continuous improvements in SOFC technology, a rising government initiative for solid oxide fuel cell (SOFC) technologies, and advancements in materials and designs enhancing performance and durability are expected to support the growth of this segment.
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 demand of below 100 kW hydrogen buses in urban areas, rising adoption of low-capacity transportation services, and increasing 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. The growing demand for 150-200 kW hydrogen buses to support longer routes and higher speeds and the increasing adoption of 100-200 kW hydrogen buses in intercity transportation systems are expected to support the growth of this segment.
Based on geography, the hydrogen bus market is segmented into North America, Europe, Asia-Pacific, Latin America, and 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 is expected to contribute to the high revenue share of this region. In addition, the growing government initiatives to shift towards clean energy sources, rising demand for zero-emission commercial vehicles, ongoing investment funding programs, grants for clean fuel adoption, and expansion of hydrogen infrastructure drive the demand for hydrogen buses in the region. Additionally, market players are focusing on expanding their offerings, supporting the growth of this region. For instance, in July 2022, Iveco Group (Italy) partnered with HTWO, a brand of Hyundai Motor Group (South Korea), for the next generation of hydrogen buses in Europe.
However, Asia-Pacific is expected to witness the highest CAGR of 34.5% during the forecast period. The rapid growth of regional economies, especially in China, South Korea, Japan, and India, the infrastructural growth in APAC, the advancements in fuel cell technologies, the growing investment by market players in the development of hydrogen buses, the growing strategic alliances and large-scale investment for a clean hydrogen economy, and the growing government initiatives contribute to the rapid growth of this regional market.
The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last 3–4 years. Some of 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).
Particulars |
Details |
Number of Pages |
250 |
Format |
|
Forecast Period |
2024–2031 |
Base Year |
2024 |
CAGR (Value) |
32.2% |
Market Size (Value) |
$18.2 Billion by 2031 |
Segments Covered |
By Bus Type
By Cell Technology
By Power Output
|
Countries Covered |
North America (U.S. and Canada), Europe (Germany, U.K., France, Italy, Spain, Switzerland, Poland, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Singapore, South Korea, Australia & New Zealand, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Rest of Latin America) and the Middle East & Africa (UAE, Israel, Rest of Middle East & Africa) |
Key Companies |
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). |
The hydrogen bus market study focuses on market assessment and opportunity analysis based on the sales of hydrogen bus products across various countries, regions, and market segments. The study includes a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last three to four years.
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.
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, the rising initiative to promote public transport sustainability, and the growing interest in micro-transit and shuttle services.
The growth of the hydrogen bus market is primarily driven by the growing demand for zero-emission commercial vehicles, increasing government initiatives to transition to clean energy sources and advancements in fuel cell technologies. Moreover, the expansion of hydrogen infrastructure is expected to generate growth opportunities for the players operating in this market.
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).
At present, Europe dominates the hydrogen bus market. However, Japan, China, India, and South Korea are expected to witness strong growth in the demand for hydrogen buses in the coming years.
Published Date: Aug-2024
Published Date: Jun-2024
Published Date: Jan-2024
Published Date: Jan-2024
Published Date: Aug-2023
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