Hydrogen buses are emission-free battery electric buses that use fuel cells to generate electricity onboard from hydrogen. They offer longer ranges than conventional battery electric buses and can be refueled rapidly like diesel buses. Hydrogen buses help reduce operational costs through lower fuel and maintenance expenses as compared to diesel buses. They produce no tailpipe emissions other than water vapor and are more eco-friendly.

The global hydrogen buses market size is estimated to be valued at US$ 10.78 billion in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
Lower operational costs offer a key market opportunity for growth of hydrogen buses. Due to their rapid refueling capability and longer range compared to battery electric buses, hydrogen buses can achieve savings in operational expenses for public transportation agencies over the lifetime of the bus. It is estimated that hydrogen buses could reduce fuel costs by up to 60% and maintenance costs by 30% compared to diesel buses. This makes them a more viable and cost-effective solution for high-capacity transit routes with limited depot charging options. Increased adoption of hydrogen buses by city bus fleets and other mass transit agencies seeking to lower total cost of ownership will drive significant demand over the forecast period.

Porter's Analysis
Threat of new entrants: Low due to high capital investment required for manufacturing and high cost of batteries. Bargaining power of buyers: Moderate as most of the buyers are government bodies with tight budget allocations. Bargaining power of suppliers: Moderate as key components like batteries, hydrogen tanks, electric motors need specialized manufacturing capabilities. Threat of new substitutes: Low as hydrogen fuel cell technology is new with incremental substitution from battery electric buses. Competitive rivalry: Intense competition between established bus manufacturers over government tenders.

SWOT Analysis
Strengths: Zero tailpipe emissions, quick refueling time, high energy efficiency. Weaknesses: High capital cost, lack of hydrogen refueling infrastructure, safety concerns over hydrogen storage. Opportunities: Government initiatives for clean public transport, potential for distributed renewable hydrogen production. Threats: Dominance of battery electric buses in short-range applications, challenges in medium and long-range routes.

Key Takeaways
The Global Hydrogen Buses Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: China dominates the market currently with the largest fleet due to strong government push for clean public transportation. European countries are also rapidly deploying hydrogen buses to meet carbon reduction targets.

Key players operating in the hydrogen buses market are Toray Industries, Inc., Kuraray Co. Ltd., E-Leather Ltd., Mayur Uniquoters Ltd., Zhejiang Hexin Industry Group Co., Ltd., Yantai Wanhua Synthetic Leather Group Co., Ltd., Clarino (Asahi Kasei Corporation), San Fang Chemical Industry Co. Ltd., Anhui Anli Material Technology Co. Ltd., Nan Ya Plastics Corporation. Growth is expected across regions led by government incentives and initiatives to decarbonize transportation sector.
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