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Fuel Cell Electric Buses Market Trends

Report ID: GMI9288
Published Date: Apr 2024
Report Format: PDF

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Fuel Cell Electric Buses Market Trends

Rapid urbanization fuels the demand for sustainable public transportation solutions, making fuel cell electric buses an attractive option. Collaborations between governments and transit agencies leverage resources and expertise to implement clean mobility initiatives, driving the adoption of fuel cell electric buses. As cities seek to alleviate congestion and reduce emissions, this trend fosters market growth by promoting the integration of environmentally friendly transportation options into urban infrastructure.

For instance, in October 2023, Otokar debuted its inaugural fuel cell electric bus, the 'KENT Hydrogen,' alongside the electric interurban bus, e-TERRITO. Additionally, Otokar showcased its technology demonstrator, the Autonomous e-CENTRO, providing shuttle services between exhibition halls.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of fuel cell electric buses reached USD 1.3 billion in 2023 and will grow at over 8% CAGR between 2024 and 2032, attributed to continuous advancements in fuel cell technology.

The proton exchange membrane fuel cell (PEMFC) segment is projected to exceed USD 3 billion by 2032, due to its efficiency, reliability, and environmental friendliness.

Asia Pacific fuel cell electric buses industry held a revenue share of over 90% in 2023, fueled by rapid urbanization and stringent environmental regulations.

Ballard Power Systems, Gillig, Hydrogenics, Hyundai, New Flyer, Proterra, Solaris Bus & Coach, Toyota, and Van Hool among others.