China Will Continue to be the Market Leader
STERLING, Va., March 2, 2023 /PRNewswire/ — Over six hundred and fifty thousand hydrogen fuel cell buses will be sold globally by 2037, according to Information Trends. In a study, Global Market for Hydrogen Fuel Cell Buses, the company says a robust ecosystem for the rollout for hydrogen fuel cell buses is finally in place in most major markets.
Until year-end 2022, less than 4,000 hydrogen fuel cell buses had been sold globally, the study said. However, in 2023, the hydrogen fuel cell bus market is registering significant traction. The Asia-Pacific region has taken the lead, followed by Europe.
China has seen the fastest growth in the deployment of these buses, said Ms. Haani Kambrani, the lead author of the study. Other Asian countries witnessing growth include Japan and Korea.
According to Ms. Kambrani, Germany and France are leading the market in terms of deployments in Europe. In the Americas, the U.S. state of California and the Canadian province of British Columbia are in the forefront of deploying these buses.
The study says that hydrogen fuel cell buses are currently more expensive than battery-electric buses, but they offer shorter fueling time as well as longer range on a single fueling. This gives fuel cell buses a distinct advantage over battery-electric buses, particularly over longer routes.
By 2030, hydrogen fuel cell buses will reach a price parity with battery-electric buses, which will propel their rapid rollout. By that time, an extensive fueling infrastructure for buses will be widely available in most major markets. In addition, the price of hydrogen will be competitive with other fueling options.
Information Trends is a reputable market research, consulting, and advisory firm based in the Washington D.C. metro area. The company publishes in-depth market studies and provides annual subscription services to meet its clients’ ongoing needs for actionable market intelligence.
SOURCE Information Trends