Dublin, March 25, 2021 (GLOBE NEWSWIRE) -- The "U.S. Electric Bus Market Research Report: By Vehicle Type (BEB, PHEB, HEB), Length (>40 Feet, <40 Feet), Battery (Li-Ion, NiMH), Charging Type (Plug-In, Pantograph, Inductive) - Industry Analysis and Growth Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The market generated $469.3 million revenue in 2019 and it is projected to reach $2,675.1 million by 2024. Moreover, the declining cost and rising efficiency of automobile batteries will facilitate market growth in the foreseeable future.
The U.S. electric bus market growth will be driven, by factors such as stringent emission norms in the country, environmental benefits of electric vehicles (EVs), favorable government policies to support EVs, long-term operational cost benefits offered by these buses to transit agencies, at a CAGR of 58.4% during the forecast period (2020-2024).
Increasing availability of government funding to transit agencies for procuring zero- and low-emission vehicles, such as electric buses, is one of the key factors fueling the U.S. electric bus market. For example, the Federal Transportation Administration (FTA) provided $85 million to 50 state and local governments to incorporate such vehicles in their public transportation fleets. This funding was a part of the State of Good Repair Program and Congestion Mitigation and Air Quality Improvement Program and the Low or No Emission Grant Program of the Department of Transportation (DoT).
The U.S. electric bus market is consolidated with the presence of a handful of companies. To gain from emerging opportunities, leading automobile manufacturers are focusing on winning client contracts to supply their buses to a large number of transit agencies.
For instance, in August 2018, BYD Company Ltd. signed a contract with the state of Georgia to provide electric buses. Similarly, in October 2018,Proterra Inc. received an order from the Rhode Island Public Transit Authority (RIPTA) to deliver three of its 40-foot Proterra Catalyst E2 electric buses to the latter.
Thus, with the rising subsidies and investments from the federal, state, and local governments of the U.S. to boost the adoption of EVs, the demand for electric buses will amplify significantly in the foreseeable future.
Key Topics Covered:
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Vehicle Type
4.1.1.1 BEB
4.1.1.2 PHEB
4.1.1.3 HEB
4.1.2 By Length
4.1.2.1 > 40 feet
4.1.2.2 < 40 feet
4.1.3 By Battery
4.1.3.1 Li-ion
4.1.3.2 NiMH
4.1.3.3 Others
4.1.4 By Charging Type
4.1.4.1 Plug-In
4.1.4.2 Pantograph
4.1.4.3 Inductive
4.2 Value Chain Analysis
4.3 Electric Bus Funding Scenario
4.4 Market Dynamics
4.4.1 Trends
4.4.1.1 Growing preference for depot charge buses over on-route charge buses
4.4.1.2 Increasing government initiatives
4.4.2 Drivers
4.4.2.1 Environmental benefits
4.4.2.2 Stricter regulatory measures to reduce emissions
4.4.2.3 Long-term economic benefits to transit agencies
4.4.2.4 Availability of local, state, and federal funding toward zero-emission buses
4.4.2.5 Falling battery costs and improving operational efficiencies
4.4.2.6 Impact analysis of drivers on market forecast
4.4.3 Restraints
4.4.3.1 High capital costs of the buses and infrastructure
4.4.3.2 Limited infrastructure and value chain ecosystem
4.4.3.3 Impact analysis of restraints on market forecast
4.4.4 Opportunities
4.4.4.1 School buses
4.4.4.2 Increasing replacement sales
4.5 Porter's Five Forces Analysis
Chapter 5. U.S. Market Size and Forecast
5.1 By Vehicle Type
5.2 By Length
5.3 By Battery
5.4 By Charging Type
5.5 Major Electric Bus Deployment Initiatives
5.6 Electric Buses in Service and On-Order by State
Chapter 6. Policy and Regulatory Landscape for Electric Bus
6.1 Electric Buses
6.1.1 Overview
6.1.2 Incentive Schemes and Programs
6.1.2.1 Alabama
6.1.2.2 California
6.1.2.3 Colorado
6.1.2.4 Maryland
6.1.2.5 Massachusetts
6.1.2.6 Minnesota
6.1.2.7 Missouri
6.1.2.8 Nevada
6.1.2.9 New York
6.1.2.10 Ohio
6.1.2.11 Pennsylvania
6.1.2.12 Rhode Island
6.1.2.13 Texas
6.1.2.14 Utah
6.1.2.15 Virginia
6.1.2.16 Washington
6.2 Electric Bus Projects in the Pipeline
Chapter 7. Competitive Landscape
7.1 Market Share Analysis of Key Players
7.2 Product Benchmarking of Key Players
7.3 Strategic Developments of Key Players
7.3.1 Client Wins
7.3.2 Partnerships
7.3.3 Geographic Expansions
7.3.4 Other Developments
Chapter 8. Company Profiles
- Proterra Inc.
- BYD Motors Inc.
- NFI Group Inc.
- GreenPower Motor Company Inc.
- GILLIG LLC
- Blue Bird Corporation
- Nova Bus Corporation
- The Lion Electric Co.
For more information about this report visit https://www.researchandmarkets.com/r/z2g6cb