Hydrogen Buses Market Growth Accelerated by Adoption of Hydrogen as Clean Fuel Source

Hydrogen Buses Market Growth Accelerated by Adoption of Hydrogen as Clean Fuel Source

Hydrogen buses are zero-emission vehicles that use hydrogen as fuel through fuel cells to generate electricity onboard. Hydrogen buses offer longer driving ranges and faster refueling compared to battery electric buses, making them a promising option for public transit agencies. The global focus on reducing carbon emissions is driving investments in building hydrogen fueling infrastructure as well as adoption of hydrogen fuel cell vehicles including 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 key trends:
Many countries and cities around the world are making commitments to transition to zero-emission public transportation by certain target years. For example, China, the largest market for hydrogen buses aims to have over 20,000 fuel cell buses on the roads by 2025. Similarly, European countries are investing heavily in setting up hydrogen fueling stations and fleets of hydrogen buses to meet the emission targets under the European Green Deal. The declining costs of fuel cells and growing hydrogen refueling infrastructure are alsoexpected to boost the adoption of hydrogen buses globally over the forecast period.

Segment Analysis
The global hydrogen buses market is dominated by the fuel cell electric segment. Fuel cell electric buses offer superior advantages over battery electric buses such as longer range of up to 400 km on a single charge with zero emissions. Fuel cell buses can also achieve faster fueling times of under 10 minutes compared to over 3 hours for battery electric buses. This makes fuel cell buses more suitable for high-capacity public transportation systems requiring buses to operate for longer hours without needing long charging intervals.

Key Takeaways
The Global Hydrogen Buses Market Size is expected to witness high growth over the forecast period supported by favorable government policies and initiatives towards adoption of clean fuel technologies for transportation. Growing concerns regarding air pollution and carbon emissions from diesel/CNG buses are compelling public transport authorities across major cities to induct more hydrogen fuel cell buses.

Regional analysis: China currently dominates the global hydrogen buses market accounting for over 70% of the total market share in 2024. The Chinese government has launched large scale demonstration projects and provided substantial subsidies for local governments and OEMs to encourage production and adoption of fuel cell vehicles including buses. Other major Asian markets including Japan and South Korea are also actively supporting deployment of hydrogen buses for public transportation.

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 Ya Plastics Corporation.

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