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U.S. Electric Bus Market to Witness a Pronounce Growth During 2021-2024

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Puneet Shah
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According to the U.S. Energy Information Administration, nearly 91% of the energy consumed in the transportation system of the country comes from petroleum. Further, the transportation sector of the U.S. is also a leading source of greenhouse gas (GHG), accounting for over 28% of the total GHG emission in the country. Owing to the harmful effects of petroleum and GHGs, policymakers in the federal and state governments are focusing on electrification of the transport sector. In an attempt to transform the sector and reduce GHG emission, the governments are promoting the adoption of electric buses.

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Moreover, the increasing government funding to transit agencies, for procuring electric vehicles (EVs), will aid the U.S. electric bus market to grow from $469.3 million in 2019 to $2,675.1 million by 2024, witnessing a CAGR of 58.4% during the forecast period (2020–2024). For example, in 2018, the Federal Transportation Administration (FTA) provided $85 million, under its Low or No Emission Grant program, to 50 local and state governments to incorporate electric buses in their public transportation fleets.

The U.S. electric bus market is highly consolidated with the presence of a few players and is still at an infant stage. To leverage on the government support to adopt clean mobility, market players are focusing on gaining client orders. For instance, in June 2018, New Flyer of America Inc., a subsidy of NFI Group Inc., received a contract from Victor Valley Transit Authority (VVTA). Under this contract, New Flyer of America Inc. would provide seven 40-foot battery electric Xcelsior CHARGE heavy-duty transit buses to the authority.

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Thus, the rising environmental concerns and the surging government efforts to promote EV production and adoption will augment the induction of electric buses in the transit system of the U.S.

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