Hydrogen buses utilize hydrogen as fuel through fuel-cell power technology and emit only water and heat. They are increasingly being adopted by public transport operators globally to reduce emission levels from public transportation and achieve sustainability goals. Hydrogen buses have a longer range than battery electric buses and take less time to refuel. The global focus on transitioning to clean energy is driving investments in building hydrogen refueling infrastructure which will support the adoption of these buses.

The global hydrogen buses market is estimated to be valued at US$ 10.78 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Government regulations mandating the adoption of clean energy solutions in public transportation are a key driver for the hydrogen buses market. Many countries and cities around the world have announced plans to replace existing diesel fleets with zero-emission vehicles including hydrogen buses to meet stringent emission norms. Growing investments by both public and private entities in building hydrogen refueling infrastructure will also support the uptake of these buses. Additionally, falling production costs of key fuel cell components is making hydrogen buses more affordable compared to a few years ago. However, high initial costs remain a challenge for mass adoption. Nevertheless, as production volumes increase, costs are expected to decline further.

SWOT Analysis
Strength: The hydrogen buses market provides environmental benefits as hydrogen buses are eco-friendly and emit only water vapor and energy. Many governments worldwide are supporting the adoption of hydrogen buses via subsidies and tax exemptions to reduce emission levels. Hydrogen fuel cell technology provides long driving ranges similar to conventional buses on a single charge or refuel.

Weakness: The initial infrastructure investment cost for hydrogen refueling stations is very high. The development of hydrogen distribution and transportation networks require large capital investments. The high purchase cost of hydrogen buses is a major roadblock for widespread adoption compared to conventional diesel buses.

Opportunity: Stringent emission norms worldwide aimed at reducing carbon footprint from public transport provides major opportunities for hydrogen bus adoption. Continuous technology advancement is lowering the proton-exchange membrane fuel cell costs significantly every year.

Threats: Delays in establishing hydrogen refueling infrastructures in major cities can stall the adoption of hydrogen buses. Dependency on imported hydrogen fuel cell components increase risks of supply chain disruptions.

Key Takeaways

The Global Hydrogen Buses Market Size is expected to witness high growth. Several cities and public transport operators are adding hydrogen buses to decarbonize bus fleets.

Regional analysis: Europe dominates the global hydrogen buses market with over 40% share led by major countries like Germany, France and UK. Several European cities have procured hundreds of hydrogen buses with Hamburg, London and Paris leading. Supported by government subsidies, Europe added over 1500 hydrogen buses since 2015. However, China has emerged as the biggest market globally with 6000-7000 hydrogen buses operational across major cities. Driven by supportive policies and investments, the number of hydrogen buses is growing exponentially in China.

Key players operating in the hydrogen buses market are Toray Industries, Inc., Kuraray Co. Ltd., E-Leather Ltd., Mayur Uniquoters Ltd., Zhejiang Hexin Industry Group Co., Ltd., Yantai Wanhua Synthetic Leather Group Co., Ltd., Clarino (Asahi Kasei Corporation), San Fang Chemical Industry Co. Ltd., Anhui Anli Material Technology Co. Ltd., Nan

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