U.S. Electric Bus Market Size, Share, Trends and Growth Forecast to 2024

In 2018, the U.S. electric bus market generated a revenue of $445.7 million and is predicted to attain a value of $1,554.5 million in 2024. The factors positively affecting the market are long-term economic benefits to transit agencies, falling battery costs and improving operational efficiency, environmental benefits, availability of state, local, and federal funding toward zero-emission buses, and strict regulatory measures to reduce emissions. Buses that use electricity as their primary or secondary source of power are referred to as electric buses.

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In terms of vehicle type, the U.S. electric bus market is divided into hybrid electric buses (HEB), plug-in electric buses (PHEB), and battery electric buses (BEB). The HEB division dominated the market during the historical period (2015-2018), in terms of value,as these buses utilize highly advanced technology. The fastest growth is projected to be witnessed by the BEB division during the forecast period due to assistance from both private and government sectors in the country. Furthermore, the rapid degradation of the air quality in urban areas is driving the demand for these buses.

When battery is taken into consideration, the U.S. electric bus market is categorized into nickel-metal hydride (NiMH), lithium-ion (Li-ion), and others (which include lead-acid battery and developing technologies such as solid-state batteries and capacitors). Out of these, the Li-ion category accounted for the larger share of the market during the historical period, in terms of value, and is further projected to retain its position during the forecast period. This is because of the advantages of Li-ion batteries, such as smaller size, lower maintenance, lighter weight, and higher energy density than NiMH batteries.

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A major driving factor of the U.S. electric bus market is the falling battery costs and improving operational efficiency. As per the industry experts, the average cost of Li-ion battery cells, for large orders, reduced to $333/kWh in 2018 from $1000/kWh in 2010. Since, around 25-40% manufacturing cost of an electric bus is accounted for by the battery, the declining pries of batteries will result in an increased affordability of electric buses. In addition to this, the growing battery production capacity in the U.S. is predicted to lower the battery prices.

The long-term economic benefits to transit agencies is another primary factor resulting in the growth of the U.S. electric bus market. Electric buses have comparatively lesser moving parts and convert electric energy into motion more efficiently than internal-combustion engines, thereby making them cheaper. Attributed to this, several local governments in the country are focusing on converting their bus fleet to all-electric in the near future. Furthermore, the increasing cost of maintaining diesel buses is driving the adoption of electric buses in the country.

Hence, the market is being driven by the falling battery prices and improving operational efficiency, long-term benefits of electric buses to transits agencies, and environmental benefits of electric buses.

The U.S. electric bus market is in its growing phase, with BYD Motors Inc., Proterra Inc., and NFI Group Inc. as major battery electric bus manufacturers and GILLIG LLC and NFI Group Inc. as major hybrid electric bus manufacturers. Other prominent electric bus manufacturers include Blue Bird Corporation, GreenPower Motor Company Inc., COBUS Industries GmbH, ElDorado National California Inc., and Nova Bus Corporation.

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