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
U.S. Electric Bus Market Based on
Battery
- Lithium-Ion (Li-ion)
- Nickel-Metal Hydride (NiMH)
- Others
U.S. Electric Bus Market Based on
Charging Type
- Plug-In
- Pantograph
- Inductive
Browse More Reports
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.
About P&S Intelligence
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burgeoning industries across the world. Providing the plinth of
market intelligence, P&S as an enterprising research and
consulting company, believes in providing thorough landscape
analyses on the ever-changing market scenario, to empower companies
to make informed decisions and base their business strategies with
astuteness.
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P&S
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SOURCE P&S Intelligence