DUBLIN, Nov. 28, 2023 /PRNewswire/ -- The "Global Market for Hydrogen Fuel Cell Buses, 2023" report has been added to ResearchAndMarkets.com's offering.
This comprehensive study highlights the rapid growth and potential of hydrogen fuel cell buses (FCBs) as a sustainable and clean mode of public transportation.
The report predicts that the hydrogen FCB market will generate a cumulative revenue of $73.4 billion over the next 15 years, becoming the fastest-growing segment in the bus market. This growth is attributed to falling prices of hydrogen FCBs and advances in technology that have reduced the cost of fuel cells and related components. With over 40 companies actively producing hydrogen FCBs, the momentum for this technology is evident.
Factors Driving Growth:
Advances in Technology: Ongoing advancements in fuel cell technology and manufacturing are contributing to cost reductions in hydrogen FCBs.
Lower Costs: While battery-electric buses have seen faster adoption due to lower costs, hydrogen FCBs are expected to witness accelerated growth as prices decrease.
Rapid Fueling and Longer Range: Hydrogen FCBs offer the advantages of rapid and standardized fueling, longer travel distances, better maneuverability, and the ability to carry heavier loads.
Performance and Durability: With over 15 years of service and millions of kilometers traveled, hydrogen FCBs have proven their performance, reliability, and durability.
Sustainability: Hydrogen FCBs provide a sustainable and clean alternative to traditional diesel and gasoline buses, addressing the carbon footprint and contributing to zero-emission targets.
Global Growth Trends:
Asia-Pacific Leading: China has witnessed significant growth in the adoption of hydrogen FCBs, and the country is expected to continue leading in this space. Japan and South Korea are also rapidly adopting these buses.
European Adoption: Several European countries are experiencing an uptick in sales of hydrogen FCBs.
Americas Market: Various U.S. and Canadian states, as well as many Latin American countries, are entering the hydrogen FCB market.
The report provides an analysis of major players in the hydrogen FCB market, including Anhui Ankai Automobile Company, Daimler Trucks AG, Hyundai, Tata Motors Limited, Volvo Bus Corporation, and others. Additionally, it covers emerging companies like First Hydrogen, Hyzon Motors, NGVI Inc., and more.
Hydrogen FCBs are expected to continue their growth trajectory as the cost of hydrogen fuel decreases, making them more competitive with other zero-emission buses. The availability of hydrogen fueling stations for buses and trucks is on the rise, further facilitating market growth.
The report concludes that hydrogen FCBs are poised for significant growth, driven by technological advancements, falling costs, and their ability to provide sustainable and efficient public transportation solutions. As global efforts to reduce carbon emissions intensify, hydrogen FCBs are becoming an attractive option for cities and regions looking to transition to cleaner public transit.
Key Topics Covered:
Market Trends & Developments
Rapid and Standardized Fueling
Ability to Travel Longer Distances
Capability to Carry Heavier Loads
Durability and Fuel Economy
Reasons for Fuel Cell Bus Deployments
Hurdles in Deployments
Fuel Cell vs. Battery-Electric Buses
Anhui Ankai Automobile Company
Daimler Trucks AG
Solaris Bus & Coach S.A
Tata Motors Limited
Volvo Bus Corporation
Xiamen Golden Dragon Bus Co.
Ashok Leyland Limited
Foshan Feichi Auto Manufacturing Co. Ltd.
NFI Group, Inc.
Rampini Carlo SpA
For more information about this report visit https://www.researchandmarkets.com/r/odkfbf
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SOURCE Research and Markets