Summary

Overview Global Hydrogen Bus Market reached US$ 1.3 billion in 2023 and is expected to reach US$ 10.2 billion by 2031, growing with a CAGR of 29.4% during the forecast period 2024-2031. The global hydrogen bus market is rapidly expanding as industries prioritize eco-friendly alternatives to traditional fossil fuel-powered transportation. Hydrogen buses, powered by fuel cells that emit only water, offer a zero-emission solution to reduce urban pollution and reliance on conventional energy sources. As countries transition to clean energy, hydrogen buses are becoming essential in public transportation networks. Governments across Europe, North America and Asia-Pacific are actively promoting hydrogen-powered vehicles through investments and regulatory frameworks. According to the European Commission, hydrogen fuel cell vehicles (HFCVs) are a critical component of achieving the EU’s climate neutrality goals by 2050, with targeted hydrogen production to reach 10 million tons annually by 2030. Asia-Pacific leads the market, especially in China, Japan and South Korea, which collectively account for the fastest growth in the global hydrogen bus market. The region’s governments have allocated significant funds toward hydrogen fuel infrastructure, supported by national policies that mandate the replacement of diesel buses. Japan has among the more ambitious plans for a transition to hydrogen for its vehicle fleet, as part of broader efforts to transition all of Japan’s energy sectors to hydrogen. Dynamics Government Support and Clean Energy Mandates Government policies and mandates to reduce carbon emissions are driving the hydrogen bus market's growth. In Europe, regulations such as the European Green Deal, which aims for a 55% reduction in carbon emissions by 2030, are pushing cities to adopt hydrogen buses to meet environmental targets. Similarly, US Environmental Protection Agency (EPA) has introduced the Clean Bus Program, allocating over US$ 1 billion to support the purchase of zero-emission buses, including hydrogen models. The regulatory incentives are encouraging public and private transportation sectors to invest in hydrogen bus fleets to comply with environmental standards and reduce operational costs associated with traditional fuel use. In addition, investment in hydrogen infrastructure is increasing globally, enabling the expansion of hydrogen refueling stations. The Hydrogen Council reports that more than 1,100 hydrogen refueling stations are now operational globally, with deployment growing by 60% from 2021 to October 2023, with significant growth expected in Europe and Asia-Pacific. This infrastructure development is crucial for supporting the widespread adoption of hydrogen buses. Technological Advancements and Declining Hydrogen Costs Rapid advancements in hydrogen fuel cell technology, coupled with declining hydrogen production costs, are significantly driving the adoption of hydrogen buses. Innovations in fuel cell efficiency, power density and hydrogen storage systems are improving the range and performance of hydrogen buses, making them more commercially viable. IEA analysis finds that the cost of producing hydrogen from renewable electricity could fall 30% by 2030 as a result of declining costs of renewables, driven by increased investments in renewable energy sources like wind and solar power, which are integral to hydrogen production. Moreover, advancements in hydrogen refueling infrastructure have made it easier for municipalities to transition from traditional buses to hydrogen-fueled ones. According to the International Council on Clean Transportation, more than 120 total retail hydrogen stations may be available by 2025 to support up to 60,000 fuel cell vehicles, as newer stations are expected to have higher delivery capacities. The technological breakthroughs and cost reductions are propelling the hydrogen bus market forward, allowing public transport operators to meet sustainability targets while benefiting from improved fuel efficiency and reduced operating costs.. High Cost of Deployment with Strict Government Regulation The high upfront costs and limited refueling infrastructure present challenges to market expansion. The price of hydrogen buses is significantly higher than that of traditional diesel or battery electric buses, often exceeding. Additionally, the infrastructure required to support hydrogen fueling stations remains underdeveloped, particularly in regions such as Latin America and Africa. Similarly, to meet the growing demand for hydrogen vehicles, more than 4,000 refueling stations will need to be operational globally by 2030, representing a significant capital investment in infrastructure. Furthermore, the cost of hydrogen production and distribution remains a challenge, as hydrogen produced through electrolysis is still 2-3 times more expensive than diesel fuel. These factors hinder the mass adoption of hydrogen buses in the short term, particularly for regions lacking the necessary hydrogen infrastructure. Segment Analysis The global hydrogen bus market is segmented based on bus type, technology, power output, application, end-user and region. Public Transportation Sector Leads Adoption The public transportation sector is at the forefront of hydrogen bus adoption due to the pressing need for sustainable and emission-free transportation solutions in urban areas. Cities across Europe and Asia-Pacific are rapidly integrating hydrogen buses into their public transport fleets, driven by government policies and environmental regulations. For instance, the Department for Transport provided a EUR 30 million grant to the West Midlands to purchase 124 hydrogen-fueled buses. The buses are powered by green hydrogen, which is generated from renewable energy and emits only water vapor. Similarly, South Korea’s Ministry of Environment plan aims to roll out on the street at least 35 hydrogen buses in 2019 ramping this number up to 2000 by 2022 and 41000 by 2040 as part of its Hydrogen Economy Roadmap. The benefits of hydrogen buses in reducing air pollution, especially in congested cities, are driving demand. Compared to battery electric buses, hydrogen buses offer longer ranges and shorter refueling times, making them suitable for long-distance routes. Public transportation agencies are increasingly adopting hydrogen buses as a sustainable alternative to meet their operational needs while complying with national emissions reduction targets. Geographical Penetration Asia-Pacific Dominates Hydrogen Bus Market Asia-Pacific is the dominant region in the global hydrogen bus market, driven by government initiatives and investments in hydrogen infrastructure. China has set a goal to have 50,000 fuel cell vehicles on its roads by 2025, according to its hydrogen development plan that was released in 2022. Government subsidies and investment in hydrogen refueling stations are key drivers of this growth. For instance, in China’s northern region of Inner Mongolia, a hydrogen industry valued at 100 billion CNY (approximately US$ 15.4 billion) is set to be developed by 2025, according to a report by the Hydrogen Council. Similarly, Japan and South Korea are also major contributors, with hydrogen buses playing a critical role in achieving their respective zero-emission targets. In 2020, Japan announced plans to install 1,200 hydrogen refueling stations by 2030 to support its growing fleet of hydrogen vehicles. Competitive Landscape The major global players in the market include Hyundai Motor Company, Ballard Power Systems, Toyota Motor Corporation, Daimler-Motoren-Gesellschaft, Wrightbus, Solaris Bus & Coach, New Flyer, BYD, Iveco and Nel Hydrogen. Sustainability Analysis Hydrogen buses are a critical component of achieving global zero-emission transportation goals. The use of hydrogen fuel cells eliminates harmful emissions, offering a sustainable alternative to traditional fossil-fuel-powered public transport. According to the International Energy Agency (IEN), in 2022 global CO2 emissions from the transport sector grew by more than 250 Mt CO2 to nearly 8 Gt CO2, 3% more than in 2021, with hydrogen buses providing a pathway to reduce this figure significantly. Moreover, hydrogen buses contribute to the circular economy by utilizing renewable energy sources for hydrogen production, particularly green hydrogen generated from solar and wind power. The global push towards sustainable energy solutions has increased investments in green hydrogen projects. For example, the EU is developing renewable hydrogen and it aims to produce 10 million tons and import 10 million tons by 2030, providing a renewable energy source for numerous applications including hydrogen buses. These initiatives align with the global transition to net-zero emissions, positioning hydrogen buses as a sustainable and scalable solution for future urban transportation networks. Russia-Ukraine War Impact The Russia-Ukraine conflict has had notable implications for the global hydrogen bus market, particularly in Europe. As a result of disrupted natural gas supplies from Russia, European countries have accelerated their efforts to reduce dependence on fossil fuels and adopt alternative energy sources like hydrogen. The European Commission's REPowerEU plan aims to diversify energy sources and boost the production of green hydrogen, which is seen as a key element in ensuring energy security. Furthermore, the war has also impacted supply chains for hydrogen bus components, especially for countries dependent on materials sourced from Russia and Ukraine. However, this has prompted manufacturers to localize production and invest in developing supply chains that are less reliant on conflict-affected regions. With increased investments in local hydrogen fuel cell production and refueling stations, the hydrogen bus market in Europe is expected to grow by a significant growth rate, with a stronger focus on energy independence and sustainability. Bus Type • Single Deck • Double Deck • Articulated Deck By Technology • Proton Exchange Membrane Fuel Cell (PEMFC) • Solid Oxide Fuel Cell (SOFC) • Alkaline Fuel Cell (AFC) • Others By Power Output • <150 kW • 150–250 kW • >250 kW By Application • Urban Public Transportation • Intercity/Regional Transportation • Port and Logistics Operations • Mining and Construction • Waste Management • Others By End-User • Public Transportation • Private Transportation Region • North America o US o Canada o Mexico • Europe o Germany o UK o France o Italy o Spain o Rest of Europe • South America o Brazil o Argentina o Rest of South America • Asia-Pacific o China o India o Japan o Australia o Rest of Asia-Pacific • Middle East and Africa Key Developments • In October 2023, Toyota will deploy hydrogen buses for the Paris 2024 Olympics, produced by Caetano and retrofitted by GCK. Toyota's collaboration with Hysetco for hydrogen refueling stations and Air Liquide for low-carbon or renewable hydrogen. • October 2023, Iveco Group N.V. and Hyundai Motor unveiled the IVECO BUS E-WAY H2 at Busworld 2023 in Brussels, a collaboration between the two companies. This 12-meter hydrogen-powered fuel cell electric bus, equipped with advanced hydrogen storage and electric powertrain technologies, marks a concrete step toward zero-emission urban mobility. • In August 2022, Solaris has unveiled its latest hydrogen-powered offering, the Urbino 18, an articulated bus model designed to enhance its zero-emission portfolio. Following the success of its initial hydrogen bus model, Solaris is positioning the Urbino 18 as a key addition to meet the rising demand for clean transportation solutions. Why Purchase the Report? • To visualize the global hydrogen bus market segmentation based on bus type, technology, power output, application, end-user and region. • Identify commercial opportunities by analyzing trends and co-development. • Excel spreadsheet containing a comprehensive dataset of the hydrogen bus market, covering all levels of segmentation. • PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study. • Product mapping available as excel consisting of key products of all the major players. The global hydrogen bus market report would provide approximately 78 tables, 74 figures and 215 pages. Target Audience 2024 • Manufacturers/ Buyers • Industry Investors/Investment Bankers • Research Professionals • Emerging Companies

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Table of Contents

1. Methodology and Scope 1.1. Research Methodology 1.2. Research Objective and Scope of the Report 2. Definition and Overview 3. Executive Summary 3.1. Snippet by Bus Type 3.2. Snippet by Technology 3.3. Snippet by Power Output 3.4. Snippet by Application 3.5. Snippet by End-User 3.6. Snippet by Region 4. Dynamics 4.1. Impacting Factors 4.1.1. Drivers 4.1.1.1. Government Support and Clean Energy Mandates 4.1.1.2. Technological Advancements and Declining Hydrogen Costs 4.1.2. Restraints 4.1.2.1. High Initial Costs and Infrastructure Limitations 4.1.3. Opportunity 4.1.4. Impact Analysis 5. Industry Analysis 5.1. Porter's Five Force Analysis 5.2. Supply Chain Analysis 5.3. Pricing Analysis 5.4. Regulatory Analysis 5.5. Russia-Ukraine War Impact Analysis 5.6. DMI Opinion 6. By Bus Type 6.1. Introduction 6.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Bus Type 6.1.2. Market Attractiveness Index, By Bus Type 6.2. Single Deck* 6.2.1. Introduction 6.2.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%) 6.2.2. Double Deck 6.2.3. Articulated Deck 7. By Technology 7.1. Introduction 7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Technology 7.1.2. Market Attractiveness Index, By Technology 7.2. Proton Exchange Membrane Fuel Cell (PEMFC)* 7.2.1. Introduction 7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%) 7.3. Solid Oxide Fuel Cell (SOFC) 7.4. Alkaline Fuel Cell (AFC) 7.5. Others 8. By Power Output 8.1. Introduction 8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Power Output 8.1.2. Market Attractiveness Index, By Power Output 8.2. <150 kW* 8.2.1. Introduction 8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%) 8.3. 150–250 kW 8.4. >250 kW 9. By Application 9.1. Introduction 9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application 9.1.2. Market Attractiveness Index, By Application 9.2. Intercity/Regional Transportation* 9.2.1. Introduction 9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%) 9.3. Port and Logistics Operations 9.4. Mining and Construction 9.5. Waste Management 9.6. Others 10. By End-user 10.1. Introduction 10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-user 10.1.2. Market Attractiveness Index, By End-user 10.2. Public Transportation* 10.2.1. Introduction 10.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%) 10.3. Private Transportation 11. Sustainability Analysis 11.1. Environmental Analysis 11.2. Economic Analysis 11.3. Governance Analysis 12. By Region 12.1. Introduction 12.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region 12.1.2. Market Attractiveness Index, By Region 12.2. North America 12.2.1. Introduction 12.2.2. Key Region-Specific Dynamics 12.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Bus Type 12.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Technology 12.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Power Output 12.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application 12.2.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User 12.2.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country 12.2.8.1. US 12.2.8.2. Canada 12.2.8.3. Mexico 12.3. Europe 12.3.1. Introduction 12.3.2. Key Region-Specific Dynamics 12.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Bus Type 12.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Technology 12.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Power Output 12.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application 12.3.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User 12.3.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country 12.3.8.1. Germany 12.3.8.2. UK 12.3.8.3. France 12.3.8.4. Italy 12.3.8.5. Spain 12.3.8.6. Rest of Europe 12.3.9. South America 12.3.10. Introduction 12.3.11. Key Region-Specific Dynamics 12.3.12. Market Size Analysis and Y-o-Y Growth Analysis (%), By Bus Type 12.3.13. Market Size Analysis and Y-o-Y Growth Analysis (%), By Technology 12.3.14. Market Size Analysis and Y-o-Y Growth Analysis (%), By Power Output 12.3.15. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application 12.3.16. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User 12.3.17. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country 12.3.17.1. Brazil 12.3.17.2. Argentina 12.3.17.3. Rest of South America 12.4. Asia-Pacific 12.4.1. Introduction 12.4.2. Key Region-Specific Dynamics 12.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Bus Type 12.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Technology 12.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Power Output 12.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application 12.4.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User 12.4.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country 12.4.8.1. China 12.4.8.2. India 12.4.8.3. Japan 12.4.8.4. Australia 12.4.8.5. Rest of Asia-Pacific 12.5. Middle East and Africa 12.5.1. Introduction 12.5.2. Key Region-Specific Dynamics 12.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Bus Type 12.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Technology 12.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Power Output 12.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application 12.5.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User 13. Competitive Landscape 13.1. Competitive Scenario 13.2. Market Positioning/Share Analysis 13.3. Mergers and Acquisitions Analysis 14. Company Profiles 14.1. Hyundai Motor Company* 14.1.1. Company Overview 14.1.2. Type Portfolio and Description 14.1.3. Financial Overview 14.1.4. Key Developments 14.2. Ballard Power Systems 14.3. Toyota Motor Corporation 14.4. Daimler-Motoren-Gesellschaft 14.5. Wrightbus 14.6. Solaris Bus & Coach 14.7. New Flyer 14.8. BYD 14.9. Iveco 14.10. Nel Hydrogen LIST NOT EXHAUSTIVE 15. Appendix 15.1. About Us and Services 15.2. Contact Us