The hydrogen buses market size is predicted to grow at an astronomical CAGR of 67% over the forecast period, according to research by Future Market Insights. The industry's estimated value is expected to increase from US$ 8.45 Billion in 2023 to US$ 1426.68 Billion by 2033.
Growing Significance of Eco-friendly Mobility Presents Opportunities for Hydrogen Buses Operators
Companies operating in the hydrogen buses market are launching new models of hydrogen buses, keeping in mind their practicality and relevancy. Additionally, active measures to develop infrastructure for hydrogen fuel cell busare is projected to create favourable market conditions for the industry players in the near future. The increasing efforts to commercialize hydrogen fuel cell buses, especially in Europe, is expected to raise the operation of hydrogen buses.
Key Takeaways from the Hydrogen Buses Industry
German hydrogen buses market is projected to substantially contribute towards Europe’s leading position on a global scale. The rising influx of hydrogen fuel cell buses in the country is accelerating the transition towards the green economy.
The North American hydrogen buses market holds a significant market share. Rising initiatives by private companies and government bodies to foster the growth of emission-free vehicles in the region are propelling the market development of hydrogen-powered buses.
In emerging countries like India, the escalating pollution levels and growing concerns related to health issues caused by the inhalation of polluted air are driving the demand for hydrogen buses.
In China, the Beijing Winter Olympics 2022 witnessed the circulation of 800+ hydrogen fuel cell buses. The rising production and sales of hydrogen buses in the country are predicted to catalyze market growth.
The increasing operation of eco-friendly hydrogen-powered buses in South Korea is stimulating market growth in the country. Additionally, the rising government initiatives to promote the adoption of hydrogen buses are also enhancing the market scope of these buses.
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The market for hydrogen buses is primarily being boosted by surging concerns over depleting natural resources and degrading environmental conditions. This has propelled the introduction of technologies that encourage the concept of eco-friendly transportation means to sustain the ecosystem.
Additionally, the increase in the number of people perturbed by the harmful effects of air pollution, rising levels of traffic as well as GHG emissions are accelerating the adoption of hydrogen fuel cell buses. These buses, unlike conventional modes of transportation like gasoline and diesel-powered vehicles, are eco-friendly in nature and offer a sustainable transport option.
The market is witnessing significant impacts of technological upgrades taking place in hydrogen-powered vehicles, which is widening the scope of hydrogen-powered buses for the forecast period. The hydrogen-backed buses market is predicted to enjoy several opportunities to realize its potential over the anticipated time period. Further, the increasing investments in the infrastructure for hydrogen fuel cell buses and their related charging stations are projected to incite market development in the coming years.
In the U.S., California provided funds for the production of 100 refuelling stations for hydrogen-powered vehicles to achieve its goal of 1.5 Mn zero-emission Automotives by 2025 end. Similar policies deployed by several governments across the globe to encourage environmental health and safety is expected to facilitate the adoption of hydrogen buses over the forecast period.
Following companies provide hydrogen buses in the market, as identified by FMI:
Tata Motors Limited
Thor Industries
Hyundai
Ballard Power Systems
NovaBus Corporation
New Flyer Industries Ltd
EvoBus
New Flyer
Hino Motors Ltd.
SunLine Transit Agency
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