US Electric Bus Market Size
| Icons | Lable | Value |
|---|---|---|
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Study Period | 2016 - 2029 |
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Market Size (2024) | USD 1.06 Billion |
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Market Size (2029) | USD 2.50 Billion |
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Largest Share by Fuel Type | HEV |
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CAGR (2024 - 2029) | 18.72 % |
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Fastest Growing by Fuel Type | BEV |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
US Electric Bus Market Analysis
The United States Electric Bus Market size is estimated at USD 1.06 billion in 2024, and is expected to reach USD 2.5 billion by 2029, growing at a CAGR of 18.72% during the forecast period (2024-2029).
- Largest Segment by Fuel Type - HEV : Public and private investments made over the last two decades have developed the buses to compete with ICE-based buses. Which is making Hybrid buses the largest fuel type in US e-bus market.
- Fastest-growing Segment by Fuel Type - BEV : Assistance from both government and private programs to cut carbon emission, and development in charging infrastructure is making BEV the fastest growing fuel type in buses in the US.
US Electric Bus Market Trends
This section covers the major market trends shaping the US Electric Bus Market according to our research experts:
HEV is the largest segment by Fuel Type.
- The FTA offers a number of grant programs, many of which have been used to purchase electric buses. In 2018, the Low or No Emission Grant program awarded grants to over 50 state and local governments, totaling USD 85 million. In addition, in 2018, FTA announced that it had awarded USD 264 million in grants to 139 projects under its Buses and Bus Facilities Infrastructure Investment Program. These programs, along with the DOT’s Congestion Mitigation and Air Quality Improvement Program and State of Good Repair Program, are grant programs that state and local governments apply for on an annual basis. Other federal grant programs include the School Bus Rebate Program, Urbanized Area Formula Funding Program, and BUILD Discretionary Grant Program.
- According to estimates, the US electric bus industry brought in USD 490.6 million in revenue in 2021 at a CAGR of 31.4% from 2021 to 2028. Environmental benefits, stricter emission-reduction regulations, the availability of local, state, and federal funding for zero-emission buses, long-term economic benefits to transit agencies, declining battery costs, and increased operational efficiencies are the main driving forces behind the market's expansion.
- In the United States, the EPA and NHTSA proposed the implementation of the Safer Affordable Fuel-Efficient (SAFE) Vehicles rule to be effective from 2021 to 2028. The rule may set corporate average fuel economy standards and greenhouse gas emissions for passenger and commercial vehicles. The Zero-Emission Vehicles (ZEV) Program requires OEMs to sell specific numbers of clean and zero-emission vehicles (electric, hybrid, and fuel cell-powered commercial and passenger vehicles). The ZEV plan aims to put 12 million ZEVs on the road in the country by 2030.
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US Electric Bus Industry Overview
The United States Electric Bus Market is moderately consolidated, with the top five companies occupying 62.90%. The major players in this market are BYD Co. Ltd., GILLIG LLC, Lion Electric Company, NFI Group Inc. and Proterra Inc. (sorted alphabetically).
US Electric Bus Market Leaders
BYD Co. Ltd.
GILLIG LLC
Lion Electric Company
NFI Group Inc.
Proterra Inc.
*Disclaimer: Major Players sorted in no particular order
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US Electric Bus Market News
- June 2022: Greenpower takes possession of the West Virginia manufacturing facility for all electric school transportation.
- May 2022: Greenpower all-electric type D and type A school buses are eligible for rebates of Up To $375,000 and $285,000 respectively under The Epa'S Clean School Bus Program
- April 2022: Proterra introduced the new ZX5 electric bus with 738 kilowatt hours of energy
US Electric Bus Market Report - Table of Contents
1. INTRODUCTION
1.1. Study Assumptions & Market Definition
1.2. Scope of the Study
1.3. Research Methodology
2. KEY INDUSTRY TRENDS
2.1. Population
2.2. GDP
2.3. CVP
2.4. Inflation Rate
2.5. Interest Rate For Auto Loans
2.6. Battery Price (per Kwh)
2.7. Electrification Impact
2.8. New XEV Models Announced
2.9. Charging Stations Deployment
2.10. Regulatory Framework
2.11. Value Chain & Distribution Channel Analysis
3. MARKET SEGMENTATION
3.1. Fuel Type
3.1.1. BEV
3.1.2. FCEV
3.1.3. HEV
3.1.4. PHEV
4. COMPETITIVE LANDSCAPE
4.1. Key Strategic Moves
4.2. Market Share Analysis
4.3. Company Landscape
4.4. Company Profiles
4.4.1. Blue Bird Corporation
4.4.2. BYD Co. Ltd.
4.4.3. Daimler AG
4.4.4. GILLIG LLC
4.4.5. GreenPower Motor Company Inc.
4.4.6. Lion Electric Company
4.4.7. NFI Group Inc.
4.4.8. Proterra Inc.
4.4.9. REV Group Inc.
4.4.10. Volvo Group
5. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS
6. APPENDIX
6.1. Global Overview
6.1.1. Overview
6.1.2. Porter's Five Forces Framework
6.1.3. Global Value Chain Analysis
6.1.4. Market Dynamics (DROs)
6.2. Sources & References
6.3. List of Tables & Figures
6.4. Primary Insights
6.5. Data Pack
6.6. Glossary of Terms
List of Tables & Figures
- Figure 1:
- UNITED STATES ELECTRIC BUS MARKET, POPULATION YOY GROWTH RATE, MILLION UNITS, 2016 – 2026
- Figure 2:
- UNITED STATES ELECTRIC BUS MARKET, GDP YOY GROWTH RATE, USD MILLION, 2016 – 2026
- Figure 3:
- UNITED STATES ELECTRIC BUS MARKET, CVP YOY GROWTH RATE, 2016 – 2027
- Figure 4:
- UNITED STATES ELECTRIC BUS MARKET, INFLATION RATE YOY GROWTH RATE, PERCENT, 2016 – 2026
- Figure 5:
- UNITED STATES ELECTRIC BUS MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENT, 2016 – 2026
- Figure 6:
- UNITED STATES ELECTRIC BUS MARKET, BATTERY PRICES YOY GROWTH RATE, 2016 – 2026
- Figure 7:
- UNITED STATES ELECTRIC BUS MARKET, ELECTRIFICATION IMPACT, VOLUME, YOY GROWTH RATE, PERCENT, 2016 – 2026
- Figure 8:
- UNITED STATES ELECTRIC BUS MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2016 – 2026
- Figure 9:
- UNITED STATES ELECTRIC BUS MARKET, CHARGING STATIONS DEPLOYMENT, VOLUME, YOY GROWTH RATE, UNITS, 2016 – 2026
- Figure 10:
- UNITED STATES ELECTRIC BUS MARKET, VOLUME IN UNITS, 2016 – 2026
- Figure 11:
- UNITED STATES ELECTRIC BUS MARKET, VALUE IN USD, 2016 – 2026
- Figure 12:
- UNITED STATES ELECTRIC BUS MARKET, BY FUEL TYPE, BY VOLUME IN UNITS, 2016-2028
- Figure 13:
- UNITED STATES ELECTRIC BUS MARKET, BY FUEL TYPE, BY VALUE IN USD, 2016-2028
- Figure 14:
- UNITED STATES ELECTRIC BUS MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
- Figure 15:
- UNITED STATES ELECTRIC BUS MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
- Figure 16:
- UNITED STATES ELECTRIC BUS MARKET, BY BEV, BY VOLUME IN UNITS, 2016-2028
- Figure 17:
- UNITED STATES ELECTRIC BUS MARKET, BY BEV, BY VALUE IN USD, 2016-2028
- Figure 18:
- UNITED STATES ELECTRIC BUS MARKET MARKET, SHARE(%), BY FUEL TYPE, 2021 - 2028
- Figure 19:
- UNITED STATES ELECTRIC BUS MARKET, BY FCEV, BY VOLUME IN UNITS, 2016-2028
- Figure 20:
- UNITED STATES ELECTRIC BUS MARKET, BY FCEV, BY VALUE IN USD, 2016-2028
- Figure 21:
- UNITED STATES ELECTRIC BUS MARKET MARKET, SHARE(%), BY FUEL TYPE, 2021 - 2028
- Figure 22:
- UNITED STATES ELECTRIC BUS MARKET, BY HEV, BY VOLUME IN UNITS, 2016-2028
- Figure 23:
- UNITED STATES ELECTRIC BUS MARKET, BY HEV, BY VALUE IN USD, 2016-2028
- Figure 24:
- UNITED STATES ELECTRIC BUS MARKET MARKET, SHARE(%), BY FUEL TYPE, 2021 - 2028
- Figure 25:
- UNITED STATES ELECTRIC BUS MARKET, BY PHEV, BY VOLUME IN UNITS, 2016-2028
- Figure 26:
- UNITED STATES ELECTRIC BUS MARKET, BY PHEV, BY VALUE IN USD, 2016-2028
- Figure 27:
- UNITED STATES ELECTRIC BUS MARKET MARKET, SHARE(%), BY FUEL TYPE, 2021 - 2028
- Figure 28:
- UNITED STATES ELECTRIC BUS MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2018 - 2021
- Figure 29:
- UNITED STATES ELECTRIC BUS MARKET, MOST ADOPTED STRATEGIES, 2018 - 2021
- Figure 30:
- UNITED STATES ELECTRIC BUS MARKET SHARE(%), BY MAJOR PLAYERS, 2021
US Electric Bus Industry Segmentation
BEV, FCEV, HEV, PHEV are covered as segments by Fuel Type.| Fuel Type | |
| BEV | |
| FCEV | |
| HEV | |
| PHEV |
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Market Definition
- Body Type - A road vehicle that carries significantly more passengers than an average car or van. It is most commonly used in public transport but is also used for charter purposes or private ownership.
- Engine Type - Hybrid and electric vehicles are vehicles that run on batteries and use one or more electric motors for propulsion. Under this category, electric buses have been included.
- Fuel Type - Hybrid and electric vehicles include HEV, PHEV, BEV, and FCEV.
- Sub Body Type -
- Vehicle Type - Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes medium and heavy-duty buses.
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Research Methodology
Mordor Intelligence follows a four-step methodology in all our reports.
- Step-1: Identify Key Variables: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. For sales conversion to volume, the average selling price (ASP) is kept constant throughout the forecast period for each country, and inflation is not a part of the pricing.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms
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