The U.S. electric bus market growth will be driven, by factors such as stringent emission norms in the country, environmental benefits of electric vehicles (EVs), favorable government policies to support EVs, long-term operational cost benefits offered by these buses to transit agencies, at a CAGR of 58.4% during the forecast period (2020–2024). The market generated $469.3 million revenue in 2019 and it is projected to reach $2,675.1 million by 2024. Moreover, the declining cost and rising efficiency of automobile batteries will facilitate market growth in the foreseeable future.
Increasing availability of government funding to transit agencies for procuring zero- and low-emission vehicles, such as electric buses, is one of the key factors fueling the U.S. electric bus market. For example, the Federal Transportation Administration (FTA) provided $85 million to 50 state and local governments to incorporate such vehicles in their public transportation fleets. This funding was a part of the State of Good Repair Program and Congestion Mitigation and Air Quality Improvement Program and the Low or No Emission Grant Program of the Department of Transportation (DoT).
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The U.S. electric bus market is consolidated with the presence of a handful of companies. To gain from emerging opportunities, leading automobile manufacturers are focusing on winning client contracts to supply their buses to a large number of transit agencies. For instance, in August 2018, BYD Company Ltd. signed a contract with the state of Georgia to provide electric buses. Similarly, in October 2018,Proterra Inc. received an order from the Rhode Island Public Transit Authority (RIPTA) to deliver three of its 40-foot Proterra Catalyst E2 electric buses to the latter.
Thus, with the rising subsidies and investments from the federal, state, and local governments of the U.S. to boost the adoption of EVs, the demand for electric buses will amplify significantly in the foreseeable future.
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Market Segmentation by Vehicle Type
- Battery Electric Bus (BEB)
- Plug-In Hybrid Electric Bus (PHEB)
- Hybrid Electric Bus (HEB)
Market Segmentation by Length
- >40 Feet
- <40 Feet
Market Segmentation by Battery
- Lithium-Ion (Li-Ion)
- Nickel-Metal Hydride (NiMH)
- Others
Market Segmentation by Charging Type
- Plug-In
- Pantograph
- Inductive
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