U.S. Electric Bus Market Revenue to Cross $1,924.8 Million by 2026, Says P&S Intelligence
NEW YORK, Dec. 7, 2021 /PRNewswire/ — The U.S. electric bus market value is predicted to surge from an estimated $490.6 million in 2021 to $1,924.8 million by 2026, demonstrating a CAGR of 31.4% from 2021 to 2026. According to the market research report published by P&S Intelligence. The major factors fueling the expansion of the market are the implementation of strict regulatory measures for reducing emissions, provision of federal funding for augmenting the deployment of zero-emission buses, declining battery costs, improving operational efficiencies, and various long-term economic benefits of electric buses.
The increasing concerns of environmental agencies and local governments over the deteriorating environment, owing to the rising urban vehicular emissions, are resulting in the enactment of strict emission control regulations in the U.S. Presently, diesel-powered buses are a crucial part of the country’s public transportation system, but they are major emitters of toxic greenhouse gases. Thus, the enactment of strict environmental regulations is fueling the adoption of zero- and low-emission transport systems, which is, in turn, propelling the growth of the U.S. electric bus market.
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Key Findings of U.S. Electric Bus Market Report
- The plunging costs of lithium-ion (Li-ion) batteries are also driving the progress of the market. As per industry experts, the average cost of Li-ion battery cells for large orders fell from nearly $1,000 per kilowatt-hour (kWh) in 2010 to around $310/kWh in 2019.
- The battery electric bus (BEB) category held the largest share, under the vehicle type segment, in the past, as BEBs are the cleanest of all such automobiles.
- The inductive charging category, within the charging type segment, is predicted to demonstrate the fastest growth in the coming years. This is credited to the ability of this technology to rapidly charge electric buses.
- The COVID-19 pandemic caused huge disruptions in the U.S. electric bus market, as the lockdowns imposed by the federal and state governments affected the import of electronic and electrical components from China and hampered automotive production.
- The launch of projects and programs such as the American Fuel Cell Bus (AFCB) Project and the National Fuel Cell Bus Program (NFCBP) by the U.S. government is a major trend in the industry.
- The market is consolidated in nature, and the players are actively focusing on geographical expansions and partnerships to strengthen their position.
BYD and Levo Mobility, which is a joint venture of Stonepeak Partners L.P., Evolve Transition Infrastructure LP, and Nuvve Holding Corp., announced a partnership in May 2021. Under it, Levo will buy up to 5,000 medium- and heavy-duty, vehicle-to-grid (V2G)-enabled battery electric vehicles (BEVs) over a period of five years.
Browse detailed report on U.S. Electric Bus Market Size, Trend and Industry Growth Forecast to 2026
Some of the major players operating in the U.S. electric bus market are Proterra Inc., BYD Motors Inc., NFI Group Inc., GreenPower Motor Company Inc., Blue Bird Corporation, GILLIG LLC, Daimler AG, REV Group Inc., The Lion Electric Co., and AB Volvo.
U.S. Electric Bus Market Size Segmentation Analysis
U.S. Electric Bus Market Based on Vehicle Type
- Battery Electric Bus (BEB)
- Plug-in Hybrid Electric Bus (PHEB)
- Hybrid Electric Bus (HEB)
U.S. Electric Bus Market Based on Length
- >40 Feet
- <40 Feet
U.S. Electric Bus Market Based on Battery
- Lithium-Ion (Li-ion)
- Nickel-Metal Hydride (NiMH)
U.S. Electric Bus Market Based on Charging Type
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U.S. Electric Bus Charging Station Market – Seeing the increasing demand for electric buses, several new domestic and overseas players are entering the U.S. electric bus charging station market, as electrification is being considered the future of transportation, both private and public.
Electric Bus Market – Geographically, the Asia-Pacific region has been the largest electric bus market up till now, and the region is further expected to create the most demand for electric buses in the near future as well.
U.S. Electric Truck Market – California is expected to account for the largest share in the U.S. electric truck market during the forecast period, due to the increasing government support, in the form of incentives and policies that encourage the adoption of such automobiles, in the state.
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SOURCE P&S Intelligence
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