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Hydrogen Buses Market

Hydrogen Buses Market

Hydrogen Buses Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

144

Base Year:

2022

Date

Apr - 2023

Format:

PDF XLS PPT

Report Code:

VMR-2057

Segments Covered
  • By Technology By Technology Proton Exchange Membrane Fuel Cells, Direct Methanol Fuel Cells, Phosphoric Acid Fuel Cells, Zinc-Air Fuel Cells, Solid Oxide Fuel Cells
  • By Power Output By Power Output <150 KW, 150–250 KW, >250 KW
  • By Transit Bus Model By Transit Bus Model 30-Foot Transit Bus, 40-Foot Transit Bus, 60-Foot Transit Bus
  • By Region By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Base YearBase Year: 2022
Forecast YearsForecast Years: 2023 - 2030
Historical YearsHistorical Years: 2017 - 2021
Revenue 2022Revenue 2022: USD 7.8 Billion
Revenue 2030Revenue 2030: USD 49.2 Billion
Revenue CAGRRevenue CAGR (2023 - 2030): 30.1%
Fastest Growing Region Fastest Growing Region (2023 - 2030) Asia Pacific
Largest Region Largest Region (2022): Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Hydrogen Buses Market Share

Premium Insights

The global Hydrogen Buses Market is valued at USD 7.8 Billion in 2022 and is projected to reach a value of USD 49.2 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 30.1% over the forecast period.

Hydrogen Buses utilize a hydrogen fuel cell as their power source for electrically driven wheels that are sometimes augmented in a hybrid fashion with batteries or a supercapacitor. The only emission from Hydrogen Buses is water. The global Hydrogen Buses market is expected to be driven primarily by non-polluting nature, zero-emission drive, higher energy efficiencies, and a rapid fuel system. Additionally, Hydrogen Buses reduce dependency on oil and petroleum and reduce their harmful effect on the environment. Studies indicate that a more significant amount of safety can also be entailed on Hydrogen Buses. An increasing number of product launches by prominent players supports the sustainable growth of the global Hydrogen Buses market.

The ongoing pandemic accelerated the demand for the development of environmentally- friendly vehicles. Since the pandemic broke out, worldwide lockdowns were imposed, and most manufacturing sites were closed. This led to a rise in the price of diesel and petrol, significantly increasing the demand for Hydrogen Buses. Hydrogen Buses utilize hydrogen and air to create electricity to power the buses. This makes the only emissive produce from the whole process water easily disposed of without any significant environmental effect. Studies indicate that a single diesel bus traveling long routes can emit 100 tons of CO2 annually. In India alone, there are an estimated million such vehicles. Comparing the effects of such buses from one country puts the advantages of Hydrogen Buses in context, fuelling the growth of the global market at an accelerated pace.

WHO data shows that almost all of the global population breathes air exceeding the recommended pollutant levels. This includes numerously developed and developing economies suffering from the highest exposure. The degree of exposure depends on the level of development in the country. This can include the rising prevalence of many diseases, including stroke, heart disease, chronic obstructive pulmonary disease, cancer, pneumonia, and other disorders. Considering these issues, government agencies are advancing their technological developments and setting up infrastructure supporting the rapid adoption of Hydrogen Buses. These efforts are expected to affect the global Hydrogen Buses market positively.

Hydrogen Buses Market Size, 2022 To 2030 (USD Billion)

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Economic Insights

The world bank has predicted that a recession will occur in many nations in 2023 as a result of the central banks' increased interest rates. The GDP growth rate in 2023 is predicted to be 1.7%, which would be the slowest rate of the recession since 1993. The downturn is expected to be noticeable in advanced/developed economies like the United States. Additionally, company investments are expected to expand at a 3.5% rate over the next two years, which is less than half the rate seen over the previous two decades. Due to Russia's illegal and unprovoked confrontation with Ukraine, the Russian invasion of Ukraine has caused a crisis that has spread throughout the world but is particularly acute in European nations.

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1. Lower Operational Costs: Hydrogen Buses' operational costs are lower than diesel buses. This factor alone is expected to bring a higher adoption rate for Hydrogen Buses. Studies have indicated that the cost of operation for diesel buses is around 1.08 USD per km, while the cost of operation for Hydrogen Buses is around 0.17 USD. Additionally, Hydrogen Buses have the same range as conventional diesel buses, which have a range of nearly 350-400 miles on a single tank of gas. These positive factors are expected to upstream the growth of the global Hydrogen Buses market during the forecast period.

2. Wider Acceptability: Hydrogen Buses can be refuelled within 3-5 minutes to travel the same distance as a conventional diesel bus. Studies indicate that about 12-14% of diesel-power vehicles' carbon emissions are global. Hydrogen Buses will significantly help offset carbon emissions. Hydrogen Buses have better manoeuvrability.

3. Rising Adoption Rate: Studies have indicated that transit buses are one of the best transportation applications for fuel cell technology. Hydrogen-powered buses will offer the best cost-effective solution as they can carry an optimal number of passengers. The current generation of Hydrogen Buses is building a good level of confidence among consumers, which is expected to benefit the future of Hydrogen Buses.

Market Segmentation

The global Hydrogen Buses market can be categorized on the following: Technology, Power Output, Transit Bus Models, and Regions. Based on technology, the market can be categorized into proton exchange membrane fuel cells, direct methanol fuel cells, phosphoric acid fuel cells, zinc-air fuel cells, and solid oxide fuel cells. By power output, the market can be segmented across <150 KW, 150–250 KW, and >250 KW. By transit bus models, the market can be fragmented across 30-foot transit buses, 40-foot transit buses, and 60-foot transit buses. By Likewise, based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Below tree is interactive. You can click the nodes to get more information.

Based on Technology

Proton Exchange Membrane Fuel Cells to Lead Market Owing to Suitable Technological Output

The proton exchange membrane fuel cell segment is expected to account for the largest market share in the global Hydrogen Buses market during the forecast period. Factors such as the ability to convert chemical energy into electrical energy at a rapid pace combined with a significant amount of development made into PEM-based fuel cells are expected to contribute to segmental growth. PEM-based fuel cells convert the chemical energy released in the electrochemical reaction of hydrogen, oxygen, and electrical power. They are highly adaptable for buses and are one of the most requested technologies within the EV industry. These factors will contribute to the growth trajectory of PEM fuel cells. Solid oxide fuel cells will grow with the fastest growing CAGR during the forecast period owing to significant progress in development.

Based on Power Output

<150 KW to Occupy Largest Market Share Owing to Increasing Sales

<150 KW segment will dominate the global market in revenue and sales. Fuel cells with a power output of less than 150 KW are highly requested in passenger vehicles as they offer the optimal power-to-weight ratio. Studies are indicating an increasing number of automobiles within this power range are being produced. These factors are expected to propel the segment's growth during the forecast period. 150-250 KW segment will grow with the fastest growing CAGR during the forecast period owing to the rising need for public transportation at a larger scale.

Based on Transit Bus Models

30-Foot Transit Buses to Fuel Largest Market Share Owing to Highly Adaptability

30-foot transit buses will dominate the global Hydrogen Buses market during the forecast period. They are highly adaptable owing to their optimal size. During the development of Hydrogen Buses, it was found that the 30-foot length would be the most optimum for traveling around most city streets. It also has a low turning radius. Additionally, its efficient passenger carrying capacity and pocked-friendly nature will widen the segment's growth at an incremental stage during the forecast period. 60-foot transit buses are expected to grow with the fastest growing CAGR during the forecast period owing to increasing tourism in Europe, North America, and Asian regions.

Based on Region

North America to Lead Market Sales Owing to Supportive Government Policies

The global Hydrogen Buses market is expected to be dominated by the North American region in terms of sales and revenue. Most North American cities are scalable, clean, and sustainable and include a wide range of green energy-based transportation, such as buses and coaches. Additionally, they have the infrastructure to adopt advanced technologies accelerated. This will pave the way for the Hydrogen Buses market to be adopted at a higher rate. Various government agencies are committing funds for developing hydrogen refuelling stations to meet their zero-emission targets. This supportive influx of investments from the government in pushing for a wide range of infrastructure to be built, fuelling the growth of the North American Hydrogen Buses market.

Europe will grow with the fastest growing CAGR during the forecast period owing to rising tourism within Germany, Italy, Spain, Netherlands, and France. The presence of numerous dominant players in the market and rising awareness of the technology is pushing incremental growth of Hydrogen Buses in the region.

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Competitive Landscape

The global Hydrogen Buses market is expected to grow into a highly competitive industry as many legacy players look to mark their presence. A rising need for transportation, incredibly reliable and cost-effective public transportation, is fuelling the demand growth, allowing the market leaders to upscale their manufacturing facilities. Rising government support and initiatives are also pushing prominent leaders to executive incremental growth strategies.

The key players in the global Hydrogen Buses market include - Tata Motors Limited (India), Thor Industries (U.S.), Hyundai (South Korea), Ballard Power Systems (Canada), Nova Bus Corporation (Canada), New Flyer Industries Ltd (Canada), Evo Bus (Germany), Hino Motors Ltd. (Japan), SunLine Transit Agency (U.S.) among others.

Recent Market Developments:

· July 2022: The CEO of Iveco's bus business unit Domenico Nucera announced that the company plans to produce more than 3,000 zero and low-emission busies in the upcoming years. The production is set to begin in July in Italy 2023. The aim is to have 1,000 units annually if the feedback is positive.

· March 2022: Solaris Bus and Coach announced they were presenting the solaris Urbino 18 hydrogen, an 18-meter-long bus with hydrogen as its primary energy source. Urbino 18 will be equipped with fuel cells that have the power to control hydrogen fuel into power.

· June 2021: Tata Motors, India's most significant commercial vehicle player and the leading bus manufacturer, announced that they won a tender for 15 hydrogen-based PEM fuel cell buses from the Indian Oil Corporation (IOCL).

Segmentation of the Global Hydrogen Buses Market

Parameter Details
Segments Covered

By Technology

  • Proton Exchange Membrane Fuel Cells
  • Direct Methanol Fuel Cells
  • Phosphoric Acid Fuel Cells
  • Zinc-Air Fuel Cells
  • Solid Oxide Fuel Cells

By Power Output

  • <150 KW
  • 150–250 KW
  • >250 KW

By Transit Bus Model

  • 30-Foot Transit Bus
  • 40-Foot Transit Bus
  • 60-Foot Transit Bus

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Tata Motors Limited (India)
  • Thor Industries (U.S.)
  • Hyundai (South Korea)
  • Ballard Power Systems (Canada)
  • Nova Bus Corporation (Canada)
  • New Flyer Industries Ltd (Canada)
  • Evo Bus (Germany)
  • Hino Motors Ltd. (Japan)
  • SunLine Transit Agency (U.S.)
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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FAQ
Frequently Asked Question
  • The global Hydrogen Buses valued at USD 7.8 Billion in 2022 and is expected to reach USD 49.2 Billion in 2030 growing at a CAGR of 30.1%.

  • The prominent players in the market are Tata Motors Limited (India), Thor Industries (U.S.), Hyundai (South Korea), Ballard Power Systems (Canada), Nova Bus Corporation (Canada), New Flyer Industries Ltd (Canada), Evo Bus (Germany), Hino Motors Ltd. (Japan), SunLine Transit Agency (U.S.).

  • The market is project to grow at a CAGR of 30.1% between 2023 and 2030.

  • The driving factors of the Hydrogen Buses include

    • Low operational cost

  • Asia Pacific was the leading regional segment of the Hydrogen Buses in 2022.