Strengths: Hydrogen fuel cell buses are more environment-friendly than diesel buses as they produce zero emissions. They also have a lower refueling time compared to electric buses.
Weaknesses: Higher capital cost for procurement of hydrogen buses compared to conventional diesel buses. Lack of hydrogen refueling infrastructure in most regions.
Opportunities: Growing focus of governments worldwide on promoting clean energy buses to reduce carbon footprint. Increasing investments by OEMs to ramp up production capacities of hydrogen buses.
Threats: Availability of cheaper and established electric bus technologies can reduce the demand for hydrogen buses. Dependency on import of key fuel cell components can increase costs.
The Global Hydrogen Buses Market Demand is expected to witness high growth, exhibiting CAGR of 47.% over the forecast period, due to increasing investments by governments worldwide to promote clean energy buses.
The Asia Pacific region is expected to dominate the global hydrogen buses market during the forecast period. Countries like China, Japan, and South Korea are significantly investing in developing hydrogen infrastructure as well as fleet deployment which is driving the regional market.
Key players operating in the hydrogen buses market are Ballard Power Systems, Toyota Motor Corporation, Hyundai Motor Company, New Flyer Industries, Van Hool, Wrightbus, Solaris Bus & Coach, CaetanoBus, Alexander Dennis Limited (ADL), and MAN Energy Solutions. Ballard Power Systems and Toyota Motor Corporation currently have the largest market share in the hydrogen buses market.