Hydrogen Buses Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Hydrogen Buses Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Hydrogen Bus Market

The hydrogen buses market size was valued at USD 1.07 billion in 2023, and the market is now projected to grow from USD 1.87 billion in 2024 to USD 41.34 billion by 2032, exhibiting a CAGR of 47.3% during the forecast period of 2023-2032.

Due to COVID-19, the hydrogen buses market growth suffered a huge blow because of disruption in the supply chain. Therefore, hydrogen technology development which requires massive investment and coordination along the supply chain has been greatly impacted.

The urgent need to mitigate air pollution and climate change is driving the global hydrogen buses market share. As urbanization and population increase get worse air, hydrogen buses provide a zero-emission alternative to standard diesel buses. According to the IEA, the transportation area is a first-rate CO2 emitter, contributing 24% of strength-related CO2 emissions in 2020. Hydrogen buses produce water vapour, substantially reducing pollutants and greenhouse gases, therefore selling purifier city environments.

Besides, progress in technology based on hydrogen as an alternative source of energy to generate power has been the latest trend in the design of hydrogen buses for increasing their efficiency, performance and cutting costs on fuel. These buses employ fuel cells that work by converting hydrogen to electric power via an electrochemical process. To make hydrogen buses more competitive, efforts are being made to improve this ability. This includes innovations in fuel cell design, materials and system integration to improve overall vehicle performance and reduce costs.

Comprehensive Analysis of Hydrogen Bus Market

The hydrogen buses market is rapidly growing due to strategic market segmentation, offering insights into the key supply and demand forces impacting the automotive industry. These segments are systematically categorized to understand market dynamics and benefits better. The segementation are divided into bus type include, Single Deck, Double Deck, and Articulated Deck. Secondly, power output include, Below 100 kW, 100-200 kW, and Above 200 kW. The technology includes, Proton Exchange Membrane Fuel Cell (PEMFC), Solid Oxide Fuel Cell (SOFC) and Alkaline Fuel Cell (AFC)). Lastly, the manufacturing type includes, New Hydrogen Bus and Retrofitted.

Asia Pacific dominated the hydrogen buses market in 2023 and is expected to lead because of the robust automotive zone boom and strong authorities' support. Countries such as Japan, South Korea, and China are committed to hydrogen technology, with great monetary incentives and guidelines promoting sustainable mobility. These efforts are key drivers of regional market growth and emission reduction initiatives.

Key industry players are pivotal in driving growth and setting standards in the automotive industry, ensuring a competitive landscape. They play a key role in shaping commercial possibilities and preserving market balance. These players include, Wrightbus (Ireland), SOLARIS (Poland), Tata Motors Limited (India), Hyundai (South Korea), Volvo Group (Sweden), NFI Group Inc. (Canada), Daimler Buses (Germany), Hino Motors (Japan), SunLine Transit Agency (U.S.) and Yutong (China).

In January 2024, NFI Group Inc. agreed with Ballard Power Systems to purchase fuel cell modules in a contract that would span over a longer period. As part of the deal, Ballard will supply a minimum of 100 FCmove-HD+ modules meant to provide power for New Flyer’s Xcelsior CHARGE FC hydrogen fuel cell buses. This cooperation aims to enable the implementation of more environmentally friendly modes of transport.

Segmentation Table

GlobalHydrogen Bus Market Scope

Study Period 2019-2032

Base Year 2023

Forecast Period 2024-2032

Growth Rate CAGR of 47.3% from 2024 to 2032

Historical Period 2019-2022

Unit Value (USD Billion) and Volume ( Units)

Segmentation By Bus Type, Power Output, Technology, Manufacturing Type, and Region

By Bus Type Single Deck

Double Deck

Articulated Deck

By Power Output Below 100 kW

100-200 kW

Above 200 kW

By Technology Proton Exchange Membrane Fuel Cell (PEMFC)

Solid Oxide Fuel Cell (SOFC)

Alkaline Fuel Cell (AFC)

By Manufacturing Type New Hydrogen Bus

Retrofitted

By Region North America (By Bus Type, Power Output, Technology, Manufacturing Type, and Country)

- U.S. (By Bus Type)

- Canada (By Bus Type)

- Mexico (By Bus Type)

Europe (By Bus Type, Power Output, Technology, Manufacturing Type, and Country)

- U.K. (By Bus Type)

- Germany (By Bus Type)

- Italy (By Bus Type)

- Rest of Europe (By Bus Type)

Asia Pacific (By Bus Type, Power Output, Technology, Manufacturing Type, and Country)

- China (By Bus Type)

- Japan (By Bus Type)

- India (By Bus Type)

- South Korea (By Bus Type)

- Rest of Asia Pacific (By Bus Type)

Rest of the world (By Bus Type, Power Output, Technology, and Manufacturing Type)