United States Electric Bus Market Expanding at a CAGR of 12.9% during 2024-2032

United States Electric Bus Market Overview

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Growth Rate: 12.9% (2024-2032)

Market Size in 2023: USD 1.9 Billion

Market Forecast in 2032: USD 5.8 Billion

The United States electric bus market is witnessing substantial growth, driven by a combination of environmental regulations and shifting consumer preferences. According to the latest report by IMARC Group, the market size reached US$ 1.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 5.8 Billion by 2032, exhibiting a growth rate (CAGR) of 12.9% during 2024-2032.

As urban areas continue to expand, there is increasing pressure on public transportation systems to adopt more sustainable solutions. The demand for electric buses is being propelled by the need to reduce greenhouse gas emissions and improve air quality, particularly in major cities such as New York, Los Angeles, and San Francisco. Moreover, the rising preference for cleaner, quieter, and more energy-efficient transportation options has heightened the demand for electric buses. This trend is evident in both public transportation systems and in private fleets for businesses, schools, and government entities seeking to meet environmental sustainability goals. Furthermore, the economic benefits of electric buses, such as lower fuel and maintenance costs compared to traditional buses, are encouraging more operators to transition to electric fleets. Additionally, the integration of smart technologies is a significant growth-inducing trend.

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United States Electric Bus Industry Trends and Drivers:

Key trends in the United States electric bus market include government initiatives at the federal, state, and local levels. These include tax incentives, grants, and subsidies aimed at reducing the upfront cost of electric buses and charging infrastructure. Programs such as the Low or No Emission Vehicle Program by the Federal Transit Administration are increasing the adoption of electric buses across public transit agencies, further boosting market demand. Moreover, numerous cities and municipalities are setting ambitious clean energy goals, which are encouraging the deployment of electric buses as part of broader sustainability efforts. Additionally, technological advancements are contributing substantially to industry expansion. Innovations in battery technology have improved the range, charging speed, and cost-efficiency of electric buses, making them more viable for widespread use in public transportation systems. Manufacturers are also increasingly focusing on creating more durable, efficient, and lightweight buses to enhance performance and reduce operating costs. Furthermore, the growing development of fast-charging infrastructure is also addressing one of the primary challenges associated with electric buses, enabling quicker turnaround times and boosting operational efficiency for transit agencies. Other than this, the rising emphasis on data-driven decision-making is enabling fleet managers to optimize routes and reduce energy consumption, supporting overall market growth.

United States Electric Bus Industry Segmentation:

The market report offers a comprehensive analysis of the segments, highlighting those with the largest United States electric bus market share. It includes forecasts for the period 2024-2032 and historical data from 2018-2023 for the following segments.

Breakup by Propulsion Type:

• Battery Electric Vehicle (BEV)
• Fuel Cell Electric Vehicle (FCEV)
• Plug-in Hybrid Electric Vehicle (PHEV)

Breakup by Battery Type:

• Lithium-ion Battery
• Nickel-Metal Hydride Battery (NiMH)
• Others

Breakup by Length:

• Less than 9 Meters
• 9-14 Meters
• Above 14 Meters

Breakup by Range:

• Less than 200 Miles
• More than 200 Miles

Breakup by Battery Capacity:

• Up to 400 kWh
• Above 400 kWh

Breakup by Region:

• Northeast
• Midwest
• South
• West

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

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Key highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• COVID-19 Impact on the Market
• Porter’s Five Forces Analysis
• Strategic Recommendations
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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