Report : North America Electric Bus Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Vehicle Type (Battery Electric Bus, Hybrid electric Bus, and Plug-in Hybrid Electric Bus), Hybrid Powertrain (Series Parallel Hybrid, Parallel Hybrid, and Series Hybrid), Battery [Lithium Iron Phosphate (LFP) and Lithium Nickel Manganese Cobalt Oxide (NMC)], and End User (Public and Private)

At 18.9% CAGR, the North America Electric Bus Market is speculated to be worth US$ 2,539.40 million by 2028, says Business Market Insights        

According to Business Market Insights’ research, the North America electric bus market was valued at US$ 756.45 million in 2021 and is expected to reach US$ 2,539.40 million by 2028, registering an annual growth rate of 18.9%  from 2021 to 2028. Increasing demand for hydrogen fuel bus and stringent government emission regulations are the critical factors attributed to the market expansion. 

An electric powertrain is combined with fuel cell systems, controlled technology, and batteries to power hydrogen fueled buses. These buses are considered next-generation green transportation because their lifespan is far longer than a typical electric bus. The hydrogen fuel cell bus can refuel quickly and has many directions. With such benefits, the demand for hydrogen fuel cell buses is skyrocketing. For instance, over a thousand hydrogen buses are expected to be launched during the next few years. The deployment will grow significantly over the next decade, with the scalability factor outweighing the high procurement costs. In the US, the deployment of hydrogen-fueled buses has been slow, accounting for only 3.1% of total zero-emission buses (deployed or planned) across the country. Thus, the increasing demand for hydrogen fueled buses is driving the electric bus market across the region.

On the contrary, high initial and development cost hurdles the growth of North America electric bus market.   

Based on vehicle type, the North America electric bus market is segmented into the battery-electric bus, hybrid electric bus, and plug-in hybrid electric bus. The battery-electric bus segment held 55.1% market share in 2021, amassing US$ 416.94 million. It is projected to garner US$ 1,449.73 million by 2028 to expand at 19.5% CAGR during 2021–2028.   

Based on hybrid powertrain, the North America electric bus market is segmented into series-parallel hybrid, parallel hybrid, and series hybrid. The parallel hybrid segment held 55.9% market share in 2021, amassing US$ 423.04 million. It is projected to garner US$ 1,434.53 million by 2028 to expand at 19.1% CAGR during 2021–2028.      

Based on battery, the North America electric bus market is bifurcated into lithium iron phosphate (LIP) and lithium nickel manganese cobalt oxide (NMC). The lithium iron phosphate (LIP) segment held 81.3% market share in 2021, amassing US$ 615.23 million. It is projected to garner US$ 2,103.05 million by 2028 to expand at 19.2% CAGR during 2021–2028.        

Based on end user, the North America electric bus market is bifurcated into public and private. The public segment held 64.9% market share in 2021, amassing US$ 490.74 million. It is projected to garner US$ 1,607.11 million by 2028 to expand at 18.5% CAGR during 2021–2028.             

Based on country, the North America electric bus market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 88.4% market share in 2021. It was assessed at US$ 668.57 million in 2021 and is likely to hit US$ 2,230.86 million by 2028, exhibiting a CAGR of 18.8% during the forecast period.            

Key players dominating the North America electric bus market are AB Volvo; BYD Company Ltd; CAF Group (Solaris Bus & Coach); Daimler AG; King Long United Automotive Industry Co., Ltd; NFI Group; Proterra Inc.; Shenzhen Wuzhoulong Motors Co., Ltd; and Van Hool NV among others.    

 

  • In 2021, Volvo Buses is expanding its electromobility offering around the world. Volvo Buses now offers a solid platform for sustainable and efficient public transportation in cities around the world and reliable and profitable operations for customers, with the introduction of the new Volvo BZL Electric chassis.  
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  • In 2021, Daimler AG offered the next generation of batteries to eCitaro in 2021; in the end of 2020, eCitaro has available with solid-state batteries (lithium-polymer batteries). In 2022, a range extender for the battery bus will be available (hydrogen-based fuel cell will provide the high-voltage battery with power). In 2020, an articulated bus model variant of the eCitaro will be available.

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