Market Trends of united states electric bus Industry
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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