Market Research Report
U.S. Electric Bus Market (2014-2024)
|Published by||Prescient & Strategic Intelligence Private Limited||Product code||811820|
|Published||Content info||101 Pages
Delivery time: 2-3 business days
|U.S. Electric Bus Market (2014-2024)|
|Published: February 19, 2019||Content info: 101 Pages||
The size of the U.S. electric bus market is estimated to be $1,948.5 million in 2024, according to P&S Intelligence. It is also being expected that the market will advance with a 18.5% CAGR during the forecast period. The factors driving the progress of the market are regional, federal, and state incentive programs and grants. Similarly, low ownership and maintenance cost of e-buses, especially battery electric buses (BEB), are anticipated to help the market advance during the forecast period.
On the basis of vehicle type, the U.S. electric bus market has been divided into plug-in hybrid electric bus (PHEB), BEB, and hybrid electric bus (HEB). In the historical period, HEB dominated the market, however, the BEB type is estimated to see the fastest growth in the future because of declining battery prices and growing range of such buses.
Now, coming to charging type, the U.S. electric bus market is classified into pantograph, inductive, and plug-in. Out of these, plug-in was the largest category in 2017, holding more than 75.0% revenue share because of its early adoption for personal transport vehicles. However, during the forecast period, the inductive category is predicted to be grow the fastest in the country.
Currently, two kinds of BEBs are available in the U.S. electric bus market: a short-range bus with a small on-board battery which requires on-route charging more frequently, and an extended-range bus with a large battery designed to be charged slowly overnight (depot-charge BEB). Earlier, on-route charge buses dominated the market, but now, depot-charge buses are being demanded more, as these have quite similar performance figures to a diesel bus.
With improvements in battery technology, the range of depot-charge buses is improving, thus enabling longer route coverage. Furthermore, major BEB manufactures are introducing new models with an increased range, thereby, backing the growth of depot-charge bus sales. This is how, the increasing adoption of these buses as compared to on-route charge models have become a recent trend in the U.S. electric bus market.
According to the National Transit Database, around 38.0% of the operational diesel buses in the country were manufactured before 2007; that was the year when the more-strict diesel standards came into effect. An additional 10.5% of the buses in the U.S. were manufactured between 2007 and 2010. As these have not been rebuilt, these might not meet the current standards for hydrocarbon and nitrogen oxide emission. During the forecast period, e-buses are predicted to replace all the conventional ones, and the replacement of old busies offers lucrative growth opportunities to the players in the U.S. electric bus market.