The H₂ buses market is predicted to grow at an astronomical compound annual growth rate (CAGR) of 67% over the forecast period, according to research by Future Market Insights. The industry's estimated value is expected to increase from $8.45 B in 2023 to $1.4 T by 2033.

The market for H₂ buses is primarily being boosted by surging concerns over depleting natural resources and degrading environmental conditions. This has propelled the introduction of technologies that encourage the concept of eco-friendly transportation means to sustain the ecosystem. Additionally, the increase in the number of people perturbed by the harmful effects of air pollution, rising levels of traffic, as well as GHG emissions, is accelerating the adoption of H₂ fuel cell buses. These buses, unlike conventional modes of transportation like gasoline and diesel-powered vehicles, are eco-friendly in nature and offer a sustainable transport option.

The market is witnessing significant impacts of technological upgrades taking place in H₂-powered vehicles, which is widening the scope of H₂-powered buses for the forecast period. The H₂-backed buses market is predicted to enjoy several opportunities to realize its potential over the anticipated period. Further, the increasing investments in the infrastructure for H₂ fuel cell buses and their related charging stations are projected to incite market development in the coming years.

In the U.S., California provided funds to produce 100 refueling stations for H₂-powered vehicles to achieve its goal of 1.5-MM zero-emission automotive by 2025 end. Similar policies deployed by several governments across the globe to encourage environmental health and safety are expected to facilitate the adoption of H₂ buses over the forecast period.

Key takeaways from the H₂ buses industry

• German H₂ buses market is projected to substantially contribute towards Europe is leading position on a global scale. The rising influx of H₂ fuel cell buses in the country is accelerating the transition towards the green economy.
• The North American H₂ buses market holds a significant market share. Rising initiatives by private companies and government bodies to foster the growth of emission-free vehicles in the region are propelling the market development of H₂-powered buses.
• In emerging countries like India, the escalating pollution levels and growing concerns related to health issues caused by the inhalation of polluted air are driving the demand for H₂
• In China, the Beijing Winter Olympics 2022 witnessed the circulation of 800+ H₂ fuel cell buses. The rising production and sales of H₂ buses in the country are predicted to catalyze market growth.
• The increasing operation of eco-friendly H₂-powered buses in South Korea is stimulating market growth in the country. Additionally, the rising government initiatives to promote the adoption of H₂ buses are also enhancing the market scope of these buses.

Factors propelling the global H₂ buses market:

• Air pollution worries are intensifying, which is driving demand for environmentally friendly public transportation vehicles like H₂ fuel cell buses.
• The industry is expanding because of the rising demand for environmentally friendly, energy-efficient automobiles that emit no emissions and have rapid fueling options.
• The market for H₂ buses is being driven by rising government measures to support vehicles that offer increased safety while reducing reliance on oil.
• The usage of green H₂ is being accelerated to significantly reduce the carbon content of hard-to-abate gases released by a variety of industries, notably the heavy transportation sector.
• Growing interest in and demand for the comfortable ride offered by buses powered by H₂. Both drivers and passengers can enjoy additional comfort features on these buses.

The growing significance of eco-friendly mobility presents opportunities for H₂ bus operators. Companies operating in the H₂ buses market are launching new models of H₂ buses, keeping in mind their practicality and relevancy. Additionally, active measures to develop infrastructure for H₂ fuel cell bus is projected to create favorable market conditions for the industry players in the near future. The increasing efforts to commercialize H₂ fuel cell buses, especially in Europe, are expected to raise the operation of H₂ buses.