Market Size of Fuel Cell Electric Bus Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 28.07 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Fuel Cell Electric Bus Market Analysis
The Fuel Cell Electric Bus segment of the market was valued at USD 427.86 million in 2021 and is expected to reach USD 1746.42 million by 2027, registering a CAGR of 28.07% during the forecast period.
Like its impact on nearly every other sector of the market, COVID-19 had an unavoidable impact on the fuel cell vehicle market. However, the electric vehicle (EV) industry is experiencing significant expansion as a result of the worldwide rapid adoption rate of mild-hybrid electric vehicles. Additionally, fuel cell vehicle sales worldwide decreased significantly as a result of the pandemic. The market, on the other hand, is anticipated to gain momentum in the years to come as life returns to normal.
Over the long term, it is anticipated that factors such as rising fuel prices and global government efforts to raise awareness of fuel cell electric vehicles will drive the use of electric buses. Countries like China, which have a well-established supply chain for components like traction motors, fuel cells, and others, continue to lead the urban bus segments. Additionally, infrastructure for hydrogen stations continues to improve.
The demand for fuel-efficient, high-performance, and low-emission automobiles is driving the growth of the fuel cell electric vehicle market. Other factors contributing to this expansion include tighter regulations regarding vehicle emissions, lower battery costs, and rising fuel costs.
Electric Buses are gaining attention from governments all over the world.Market expansion is anticipated to be aided by government regulations to phase out vehicles powered by fossil fuels, government expenditures to improve public EV charging infrastructure, and measures like subsidies and tax refunds to encourage the adoption of EVs.Various governments are making investments in the infrastructure for fuel cell electric vehicles, including hydrogen filling stations, both directly through public filing stations and through subsidies.
