The US electric bus market is projected to grow at a considerable CAGR during the forecast period (2020-2026). The market growth is attributed to the increase in the availability of government and private funding for the deployment of electric buses in the country. Government, as well as private organizations, are also adopting the buses due to various advantages offered by the electric buses.
For instance, in 2019, the Low or No Emission Grant program awarded grants of nearly $85 million to over 50 state and local governments to promote the adoption of electric buses. The electric buses are also saving the city more than $24,000 annually in fuel costs and $30,000 annually in maintenance costs. Electric buses offer various benefits including financial benefits, improved air quality, and lower greenhouse emissions.
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The Low and no emission benefit for the electric buses is growing the demand in the US. According to the US Public Interest Research Group (US PIRG) and Environment America, six cities including Alabama, California, Georgia, Indiana, Minnesota, New York, and both North & South Carolina have eliminated the use of diesel buses and shifted towards the electric bus. For instance, in New York, a bus costs $365,000, which charges in 5-6 hours and has a range of 66 miles. The project for all-electric buses on road by 2040 is $1.8, in which $600,000 is funded by NYS Energy Research and Development authority Truck voucher incentive program and $500,000 by consolidated Edison.
In California, there operated 25 electric buses, and each cost between $225,000 to $400,000. The states funded $7.5 million to purchase and maintain the electric bus. Besides, electric buses are also widely adopted as school buses. As per the report of US PIRG 2018, the use of electric buses in schools instead of diesel buses will benefit in save of diesel up to 5.3 million tons. The diesel costs about $2,000 a year and $4,400 in maintenance will be saved and utilize for further developments.
Market Coverage
Key Questions Addressed by the Report
US Electric Bus Market Report Segment
By Bus Type
By Battery Type
By End-User
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