The global hydrogen buses market is expected to exhibit strong growth, reaching USD 117.2 billion by 2028. As per the report titled “Hydrogen Buses Market Size, Share & COVID-19 Impact Analysis, By Technology (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 (<150 KW, 150–250 KW and >250 KW), By Transit Bus Models (30-Foot Transit Buses, 40-Foot Transit Buses and 60-Foot Transit Buses) and Regional Forecasts, 2023-2030″ observes that the market size in 2021 stood at USD 5.5 billion and USD 117.2 billion in 2028. The market is expected to exhibit a CAGR of 66.50% during the forecast period.
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Hyundai Collaborated with Iveco Group to Develop Hydrogen Fuel-Cell Systems for Buses
In July 2022, Hyundai and Iveco Group collaborated to offer hydrogen fuel-cell systems for European buses. Iveco's bus business segment stated it intended to start producing over 3,000 zero- and low-emission buses at its facility in Foggia, southern Italy, in 2023.
Growing Hydrogen Bus Testing and Emissions Concerns are Driving Market Demand
In the automobile sector, hydrogen buses are becoming more prevalent. They are a way to increase energy efficiency while lowering emissions of greenhouse gases and other pollutants. As environmental concerns increase, governments and organizations pass strict emission limits and laws. The promotion of hydrogen buses is expected to depend heavily on government initiatives in several countries. Several tax advantages and incentives are also being used for hydrogen cells to increase sales. As a result of these activities, it is projected that the demand for hydrogen bus testing will increase, aiding in the market growth of hydrogen buses.
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High Initial Infrastructure Investment to Restrain Market Growth
Buses powered by hydrogen technology have zero tailpipe emissions of hazardous pollutants like nitrogen oxides and particulate matter. This function encourages vendors to use this technology. However, it is anticipated that the high cost of raw materials, including platinum for the fuel cell anode and carbon fiber for producing hydrogen fuel tanks, will restrain the market's expansion.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the hydrogen buses market plan acquisitions to improve their brand recognition globally. For instance, in September 2022, A leading independent bus manufacturer and a market leader in electric mass mobility solutions, NFI Group Inc., announced that its subsidiaries New Flyer of America Inc. and New Flyer Industries Canada ULC (collectively, “New Flyer”) had unveiled the next generation of emission-free hydrogen fuel cells. Announced. The heavy-duty electric bus Xcelsior CHARGE FCTM. The Xcelsior CHARGE FCTM utilises ecologically friendly hydrogen and fuel cell technology for long-range zero emissions power generation and battery charging.
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List of Key Players Profiled in the Report
- 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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