North America Electric Bus Market Insights Forecasts to 2032
- The North America Electric Bus Market Size is Growing at a CAGR of 14.7% from 2022 to 2032.
- North America Electric Bus Market Size is expected to reach USD 921.27 Million in 2022
- The U.S. is expected to grow the fastest during the forecast period.
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The North America Electric Bus Market Size is expected to reach USD 921.27 Million in 2022, at a CAGR of 14.7% during the forecast period 2022 to 2032.
Electric buses, often known as e-buses, are becoming more popular as a mode of public transit mainly because of their green credentials over regular fuel-powered buses. Electric motors replace ICE engines in E-buses. E-bus motors are powered by batteries. Electric buses drastically reduce the emission of greenhouse gases and airborne pollutants, making them a viable urban transit option. The electric bus market is being driven by consumer demand for fuel-effective, high-performance, low-emission buses, government vehicle pollution laws, and falling battery prices. Electric buses are gaining traction as an alternative strategy for combating air pollution and assisting in making the switch to greener, more efficient public transportation networks. The growing interest in the negative environmental effects of vehicles powered by fossil fuels has driven governing bodies, city planners, and transportation departments in North America to put more emphasis on promoting the use of electric buses in order to mitigate carbon footprints and improve urban air quality. Government programs like subsidies, funding, and tax breaks have been critical in supporting the growing popularity of electric buses. Furthermore, electric buses have lower operating costs than regular diesel or typical fuel-injected buses. Whereas the initial purchase price may be greater, electric buses typically have reduced maintenance and operating expenses, resulting in a more cost-effective option in the longer term.
This research report categorizes the market for North America Electric Bus Market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North America Electric Bus Market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the North America Electric Bus Market.
North America Electric Bus Market Report Coverage
|Market Size in 2022:||USD 921.27 Million|
|Forecast Period 2022-2032 CAGR:||14.7%|
|2032 Value Projection:||USD XX.XX Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||120|
|Segments covered:||By Vehicle Type, By Application, By End-Use, By Country and COVID-19 Impact Analysis.|
|Companies Covered:||Daimler Truck AG, Gillig LLC, Scania, AB Volvo, MAN SE, Marcopolo S.A., Navistar, Inc., Proterra, NFI Group, Blue Bird Corporation, Škoda Transportation, Rev Group and other key venders.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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In North America, the electric bus market went through rapid expansion and demand. Electric buses have grown in popularity largely because of their ability to lower carbon emissions, increase air quality, and minimize transit agency running expenses. The switch to electric buses was fueled by environmental concerns as well as advances in battery manufacturing, which made electric buses a feasible option for transportation networks. In addition to the rise of electric buses arises the necessity for charging infrastructure. Any major progress on this front is expected to have a significant effect on the future development of the electric bus market. Furthermore, ongoing breakthroughs in battery innovation, such as the emergence of solid-state battery technology or advancements in lithium-ion batteries, might significantly extend the driving range and minimize the time required for charging electric buses, making them more tempting for widespread adoption.
- In 2022, the battery electric vehicle (BEV) segment accounted for the largest revenue share of more than 71.8% over the forecast period.
Based on the vehicle type, the North America Electric Bus Market is segmented into Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), and Fuel Cell Electric Vehicle (FCEV). Among these, the battery electric vehicle segment has the largest revenue share of 71.8% over the forecast period. The battery-powered bus is a cheaper and more effective option than zero- or low-emission vehicles. When contrasted with conventional buses, BEVs are more efficient. When compared to buses fueled by fuel or gasoline, the battery-powered bus enables more rapid driving. BEVs are simpler to operate and cheaper to charge than diesel or gasoline-powered buses.
- In 2022, the intercity segment is influencing the largest CAGR over the forecast period.
On the basis of application, the North America Electric Bus Market is segmented into intercity and intracity. Among these segments, the intercity segment dominates the largest market share over the forecast period. The rise in popularity of intercity e-buses in the electric bus sector can be attributed to the growing need for public transportation and a growing proportion of people commuting to jobs, schools, and colleges around urban and rural areas.
- In 2022, the public segment dominated with more than 77.2% market share over the forecast period.
Based on the end-use, the North America Electric Bus Market is segmented into public and private. The public segment has captured the highest market share in the North America Electric Bus Market. The segment's high proportion can be due to rising transportation demand and government initiatives to reduce air and noise pollution and reliance on fossil fuels. In addition, a growing population, escalating greenhouse gas emissions, and altering consumer inclination toward public transportation are all driving market expansion.
The report offers the appropriate analysis of the key organizations/companies involved within the North America Electric Bus Market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Daimler Truck AG
- Gillig LLC
- AB Volvo
- MAN SE
- Marcopolo S.A.
- Navistar, Inc.
- NFI Group
- Blue Bird Corporation
- Škoda Transportation
- Rev Group
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
This study forecasts revenue at global, regional, and country levels from 2021 to 2032. Spherical Insights has segmented the North America Electric Bus Market based on the below-mentioned segments:
North America Electric Bus Market, By Vehicle Type
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Fuel Cell Electric Vehicle (FCEV)
North America Electric Bus Market, By Application
North America Electric Bus Market, By End-Use
North America Electric Bus Market, By Country
- United States
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