The North America Electric Bus Market would witness market growth of 20.5% CAGR during the forecast period (2023-2030).
Vehicle exhaust is the primary source of air pollution, ozone depletion, and climate-harming chemical emissions. The demand for and popularity of vehicles that use electrical energy and are less damaging to the environment has grown due to the consumption of crude petroleum and increased fuel prices. In order to lessen reliance on petroleum fuel, these e-buses have been introduced more frequently. Additionally, compared to conventional modes of transportation, electric cars are lighter and more efficient due to their reduced number of moving parts. Because of this, automobiles need less maintenance overall, which is good for the environment. As a result, throughout the forecast period, the market is anticipated to increase significantly as a result of these factors.
In 2022, the U.S. Department of Transportation FTA announced $1.66 billion in grants to transit organizations, territories, and states around the nation to construct 150 bus fleets and facilities. More than 1,100 of those vehicles will be equipped with zero-emission technology due to funding provided by the President's Bipartisan Infrastructure Law, which lowers air pollution and aids in achieving the President's target of net-zero emissions by 2050. Additionally, with the help of the EPA's Clean School Bus Program, $5 billion will be available over five years (FY 2022-2026) to replace the current school buses with zero- and low-emission versions. Over 25 million kids take public transportation to school daily, some of whom breathe air contaminated by diesel school buses.
The US market dominated the North America Electric Bus Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $14,021.1 Million by 2030. The Canada market is poised to grow at a CAGR of 23.2% during (2023 - 2030). Additionally, The Mexico market would witness a CAGR of 22.1% during (2023 - 2030).
Based on Battery Type, the market is segmented into Lithium Iron Phosphate, and Lithium Nickel Manganese Cobalt Oxide. Based on Vehicle, the market is segmented into Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, and Fuel Cell Electric Vehicle. Based on Application, the market is segmented into Intercity, and Intracity. Based on End-use, the market is segmented into Public, and Private. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Electric Bus Market is Projected to reach USD 121.2 Billion by 2030, at a CAGR of 20.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include BYD Company Ltd., Volvo Group, Solaris Bus & Coach sp. z o.o. (Construcciones y Auxiliar de Ferrocarriles, S.A.), Volkswagen AG, Nissan Motor Co., Ltd, Ashok Leyland Limited (Hinduja Group Ltd.), Mercedes-Benz Group AG (Daimler Truck Holding AG), Yutong Bus Co., Ltd., Tata Motors Limited (Tata Group) and Hyundai Motor Company.
By Battery Type
By Vehicle
By Application
By End-Use
By Country
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