- Global restrictions on vehicle fuel consumption and emissions, enacted by various regulatory authorities, are prompting automakers to develop vehicles to run on alternative fuel energy such as CNG, electricity, and bio-diesel. Vehicles using alternative fuel energy are emission-free and have low operation cost as compared to traditional fuel, i.e. gasoline and diesel. Additionally, governments are increasingly focusing on adoption of hydrogen CNG for running transportation buses. This, in turn, is driving the global hydrogen CNG bus market.
Key Drivers of Hydrogen CNG Bus Market
- Various government organizations and authorities are enacting stringent regulations on the use of IC-engines in order to reduce vehicle emissions and curb climate change. Furthermore, governments are offering subsidies on alternate fuel energy vehicles in order to spread awareness about green vehicles, which in turn, is reducing the cost of ownership of alternate fuel vehicles and subsequently, driving the global hydrogen CNG bus market.
- For instance, the Government of India announced a plan to provide subsidies for hybrid and electric vehicles. The plan is expected to offer subsidies up to Rs. 150,000 (Approximately US$2,200) for cars and Rs. 50,000 on two wheelers. Moreover, in 2019, the Government of India announced income tax benefits for buyers of electric vehicles; and provided incentives for manufacturing of components and development of manufacturing hubs for electric vehicles and components locally (in India).
- The forced shutdown of manufacturing and production facilities across the globe owing to the coronavirus pandemic has hampered the global hydrogen CNG (HCNG) bus market. However, the market is anticipated to recover by increasing production volume of HCNG buses in order to recover from economic losses. This, in turn, is projected to offer lucrative opportunity to players operating in the supply chain of the hydrogen CNG bus market during the forecast period.
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Hydrogen CNG Bus Market: Restraint
- Automakers are emphasizing on research toward adoption of H-CNG for their vehicles, such as sedans, hatchbacks, and luxury vehicles; however, researchers believe that the H-CNG technology is not fully developed to be adopted into vehicles yet. Tests conducted so far have been conducted only on heavy-duty engines. Researchers believe that small and medium passenger vehicles would not be able to adopt H-CNG with the prevailing technology, as hydrogen is “highly volatile” and has the possibility of a rise in combustion temperature.
North America and Europe combined are anticipated to dominate global hydrogen CNG bus market
- In terms of region, the global hydrogen CNG bus market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
- North America dominated the global market, due to government policies and high demand for public transport buses. Moreover, government policies to lower emission, high awareness about technology, and technologically advanced research & development institutes dedicated to the automotive industry are other factors boosting the market in North America. Europe, followed North America, and is expected to account for a notable share of the global hydrogen CNG market due to an increase in awareness about benefits of HCNG buses including reduced vehicle emission and low operation cost.
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Key Players Operating in Hydrogen CNG Bus Market
The global hydrogen CNG bus market is in the nascent stage. Therefore, very few players have invested in hydrogen-CNG technology. The major players operating in the global hydrogen CNG bus market are:
- Agility Fuel Solutions
- Tata Motors
- Ashok Leyland
- Grande West Transportation Group Inc.
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