The North American electric bus market is projected to register a CAGR of 5.50%. Main highlight. Largest segment by fuel type – FCEV : hybrid propulsion bus type mainly used in North America.
NEW YORK, Jan. 20, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report ‘North American Electric Bus Market – Size, Share, Impact of COVID-19 and Forecast to 2028’ — https://www.reportlinker.com/p06381507/?utm_source=GNW
Government support in the form of subsidies and stringent emission standards over the past few years have made hybrid buses the largest fuel type.
Fastest growing segment by fuel type – PHEV: Government practices and private programs to reduce carbon emissions and development of charging infrastructure make BEV the fastest growing bus in North America It is a growing fuel type.
Largest Segment by Country – United States: Canada was the largest electric bus market in 2021. The government’s focus on zero-emission commercial use has led many companies to build electric buses in Canada.
Electric bus market trends in North America
FCEV is the largest segment by fuel type.
By 2027, North American electric bus market share is expected to exceed $850 million. Governments in the United States and Canada are planning to build sophisticated charging infrastructure across the region. The Federal Transportation Administration (FTA), a division of the U.S. Department of Transportation, has distributed prize money totaling approximately US$182 million in June 2021. About 49 electric bus projects across 46 states will use these incentives.
North American electric bus manufacturers include Daimler, Volvo, Scania AB, BYD Company Limited and GreenPower Motor Company Inc. kWh, innovative technologies are used to improve the performance of batteries of various capacities, including those below 100 kWh, between 100 and 300 kWh, and above 300 kWh. Intercity and intracity travel offers are valid for buses with less than 40 seats, between 40 and 70 seats, and more than 70 seats.
There are currently approximately 386,000 electric buses deployed worldwide, 99% of which are in China and less than 0.1% in the United States (only 350 buses). By 2030, 84% of new city buses sold could be electric, and by 2025 half of the world’s city buses are expected to be electric. By 2040, 80% of metropolitan bus fleets could be electric, in addition to 33% of all cars on the planet. In contrast to intercity and charter buses, city buses travel shorter distances and are frequently returned to central depots. It may recharge. This makes it particularly suitable for electric power. Battery-rechargeable vehicles typically have a range of 70 to 100 miles, and some can go up to 265 miles before needing to be recharged (diesel buses have an average range of 690 miles).
United States is the largest segment by country.
Since their first introduction in 2010, electric vehicles have come a long way technologically. Technological breakthroughs in the electric vehicle market in recent years include increased battery capacity, improved performance and efficiency, design and aesthetics, IoT connectivity buses, and fleet systems. Electric vehicles are expected to undergo a major technological transformation in the near future. This could represent a positive change in electric bus technology.
The electric bus market was hit by COVID-19 and the transport sector was also completely closed. Electric bus production has come to a complete halt due to many problems, including labor shortages, resource shortages, supply chain disruptions, and the abrupt end of government subsidies. The disruption of global supply chains, which caused severe shortages of necessary raw materials and accessories and brought all production to a halt, was the most detrimental effect.
By 2027, North American electric bus market share is expected to exceed $850 million. Governments in the United States and Canada are planning to build sophisticated charging infrastructure across the region. The Federal Transportation Administration (FTA), a division of the U.S. Department of Transportation, has distributed prize money totaling approximately US$182 million in June 2021. About 49 electric bus projects across 46 states will use these incentives. The FTA’s Low-No Program helps transit agencies rent or buy electric buses, hydrogen buses and other vehicles that use greener technologies and fuels.
Competitive Analysis of North American Electric Bus Market
The North American electric bus market is fairly consolidated, with the top five companies accounting for 79.90%. Major players in this market are BYD Co. Ltd., Gillig LLC, Lion Electric Company, NFI Group Inc., Proterra Inc. (in alphabetical order).
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