Hydrogen CNG Bus Market Projected to Witness a Double-Digit CAGR During 2019-2027

Hydrogen CNG Bus Market: Introduction

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.

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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Global Hydrogen CNG Bus Market: Research Scope

Global Hydrogen CNG Bus Market, by Application

Public Transit
Corporate Transit
Others (School/ University Bus, etc.)

Global Hydrogen CNG Bus Market, by Bus Type

Single Deck
Double Deck

Global Hydrogen CNG Bus Market, by Seat Capacity

15 - 30 Seats
31 - 50 Seats
More than 50 Seats

Global Hydrogen CNG Bus Market, by Region

North America

U.S.
Canada

Europe

Germany
France
U.K.
Italy
Spain
Rest of Europe

Asia Pacific

China
Japan
India
ASEAN
Rest of Asia Pacific

Latin America

Brazil
Mexico
Rest of Latin America

Middle East & Africa

GCC
South Africa
Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

Customer Experience Maps
Insights and Tools based on data-driven research
Actionable Results to meet all the business priorities
Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

North America
Asia Pacific
Europe
Latin America
The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?