U.S. Electric Bus Market Future Scenario and Research Details Developments by 2024

U.S. Electric Bus Market U.S. Electric Bus Market

The U.S. electric bus market size is projected to reach $1,948.5 million by 2024, registering a CAGR of 18.5% during the forecast period, according to P&S Intelligence.

The growth of the market is primarily driven by several federal, regional, and state grants and incentive programs. In addition, low cost of ownership, coupled with low maintenance cost of electric bus, specially battery electric bus (BEB) is expected to benefit the market during the forecast period.

Insights on market segments

Based on vehicle type, the U.S. electric bus market has been categorized into BEB, plug-in hybrid electric bus (PHEB), and hybrid electric bus (HEB). HEB dominated the market in the historical period. However, the market for BEBs is expected to witness the fastest growth during the forecast period. Falling battery price, coupled with increasing range of these buses, supports their adoption in transit fleet.

On the basis of charging type, the U.S. electric bus market is categorized into plug-in, pantograph, and inductive. Among these, plug-in was the largest category, accounting for more than 75% revenue share in 2017, due to its early adoption in the country for personal transport vehicles. However, inductive charging type is anticipated to be the fastest growing category in the market during the forecast period.

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  1. Growing preference for depot charge buses over on-route charge buses is a major trend observed in the market
  2. Increasing replacement sales offer ample opportunity for electric bus manufacturers

According to the National Transit Database, nearly 38% of the nation’s active diesel buses were manufactured prior to 2007 (the year in which more stringent diesel standards went into effect). An additional around 10.5% of the buses in fleet, were manufactured between 2007 and 2010, and have not been rebuilt, so they may not meet current standards for nitrogen oxide and hydrocarbon pollution. These old conventional fuel-based buses are expected to be replaced by new electric ones during the forecast period. Large fleet of old conventional buses provides considerable opportunity to manufacturers in the U.S. electric bus market.

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U.S. Electric Bus Market Competitive Landscape

The U.S. electric bus market is still in its nascent phase, with the presence of few major players. Some of the major BEB manufacturers in the market are Proterra Inc., BYD Motors Inc., and NFI Group Inc. NFI Group Inc. and Gillig LLC are the two major HEB manufacturers. Other key players operating in the market include Blue Bird Corporation, Nova Bus Corporation, ELDORADO NATIONAL-CALIFORNIA Inc., and The Lion Electric Co.

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