United States Electric Bus Market to Grow at 12.9% During 2024-2032, Propelled by the Rising Environmental Consciousness Among the Masses

October 14, 2022 | Automotive Industry

The latest report by IMARC, titled “United States Electric Bus Market Report by Propulsion Type (Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), Plug-in Hybrid Electric Vehicle (PHEV)), Battery Type (Lithium-ion Battery, Nickel-Metal Hydride Battery (NiMH), and Others), Length (Less than 9 Meters, 9-14 Meters, Above 14 Meters), Range (Less than 200 Miles, More than 200 Miles), Battery Capacity (Up to 400 kWh, Above 400 kWh), and Region 2024-2032”, finds that the United States electric bus market is anticipated to exhibit a CAGR of 12.9% during the forecast period (2024-2032). An electric bus, also known as an e-bus, refers to a vehicle operating using electric motors instead of the conventional internal combustion engine (ICE). It is usually driven by onboard electric motors that receive power from a set of batteries. It can also function through an external energy source, including a power grid. In recent years, electric buses have gained momentum in the United States due to their eco-friendly nature, quiet operations, low to zero emissions, minimal maintenance, and long-term cost-effectiveness.

United States Electric Bus Market Trends:

One of the primary factors driving the market is the lowering costs of lithium-ion (Li-ion) batteries, which are a vital part of electric buses. Additionally, the rising environmental consciousness among the masses and the growing concerns about the adverse effects of air pollution on human health are resulting in the need for electrified transit systems and eco-friendly alternatives such as electric buses. Other than this, the implementation of stringent emission control regulations across the country to promote zero-emission vehicles is creating a positive market outlook. Besides this, the significant adoption of inductive charging technology and the constant developments in electric bus charging technology are accelerating the product demand. Other growth-inducing factors include increasing oil prices in the country, growing concerns over the deletion of fossil fuels, and expanding disposable income levels of the masses.

Market Summary:

  • Based on the propulsion type, the market has been divided into battery electric vehicle (BEV), fuel cell electric vehicle (FCEV), and plug-in hybrid electric vehicle (PHEV).
  • On the basis of the battery type, the market has been segmented into lithium-ion battery, nickel-metal hydride battery (NiMH), and others.
  • Based on the length, the market has been segregated into less than 9 meters, 9-14 meters, and above 14 meters.
  • On the basis of the range, the market has been bifurcated into less than 200 miles and more than 200 miles.
  • Based on the battery capacity, the market has been categorized into up to 400 kWh and above 400 kWh.
  • Region-wise, the market has been classified into Northeast, Midwest, South, and West.
  • The competitive landscape of the market has also been analyzed, along with detailed profiles of the key players operating in the industry.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Propulsion Type, Battery Type, Length, Range, Battery Capacity, Region
Region Covered Northeast, Midwest, South, West
Customization Scope 10% Free Customization
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United States Electric Bus Market to Grow at 12.9% During 2024-2032, Propelled by the Rising Environmental Consciousness Among the Masses
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