Source: P&S Market Research
U.S. Electric Bus Market Projected to Reach $1,948.5 Million by 2024: P&S Intelligence
U.S. Electric Bus Market by Vehicle Type (BEB, PHEB, HEB), by Length (> 40 feet, < 40 feet), by Battery (Li-Ion, NiMH), by Charging Type (Plug-In, Pantograph, Inductive) – Market Size, Share, Development, Growth, and Demand Forecast, 2015–2024
NEW YORK, Feb. 25, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, U.S. electric bus market size is projected to reach $1,948.5 million by 2024, registering a CAGR of 18.5% during the forecast period. The growth of the market is primarily driven by several federal, regional, and state grants and incentive programs. In addition, low cost of ownership, coupled with low maintenance cost of electric bus, specially battery electric bus (BEB) is expected to benefit the market during the forecast period.
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Based on vehicle type, the U.S. electric bus market has been categorized into BEB, plug-in hybrid electric bus (PHEB), and hybrid electric bus (HEB). HEB dominated the market in the historical period. However, the market for BEBs is expected to witness the fastest growth during the forecast period. Falling battery price, coupled with increasing range of these buses, supports their adoption in transit fleet.
On the basis of length, the U.S. electric bus market has been categorized into less than 40-foot and more than 40-foot buses. More than 40-foot bus is expected to remain larger category in the market, during the forecast period. Difference in fuel mileage between diesel hybrid and diesel buses favors hybrid technology for longer hybrid buses. A 60-foot articulated diesel hybrid bus has better fuel mileage as compare to diesel bus of the same size. In addition, longer electric buses make more sense for environmental protection than comparatively smaller buses.
On the basis of charging type, the U.S. electric bus market is categorized into plug-in, pantograph, and inductive. Among these, plug-in was the largest category, accounting for more than 75% revenue share in 2017, due to its early adoption in the country for personal transport vehicles. However, inductive charging type is anticipated to be the fastest growing category in the market during the forecast period.
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BEBs are currently available in two generalized models: a short-range bus with a smaller on-board battery that requires more frequent, on-route charging; and an extended range bus with a larger on-board battery that is designed to charge more slowly overnight (depot charge BEB). While many of the early buses deployed were on-route charge buses, the most recent orders are for depot charge buses, as they have more similar operational characteristics to a diesel bus. As battery technology improves, so do depot charge bus ranges, enabling longer route coverage.
According to the National Transit Database, nearly 38% of the nation’s active diesel buses were manufactured prior to 2007 (the year in which more stringent diesel standards went into effect). An additional around 10.5% of the buses in fleet, were manufactured between 2007 and 2010, and have not been rebuilt, so they may not meet current standards for nitrogen oxide and hydrocarbon pollution.
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The U.S. electric bus market is still in its nascent phase, with the presence of few major players. Some of the major BEB manufacturers in the market are Proterra Inc., BYD Motors Inc., and NFI Group Inc. NFI Group Inc. and Gillig LLC are the two major HEB manufacturers. Other key players operating in the market include Blue Bird Corporation, Nova Bus Corporation, ELDORADO NATIONAL-CALIFORNIA Inc., and The Lion Electric Co.
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