Pune, India, April 26, 2022 (GLOBE NEWSWIRE) -- As per a recent industry report put forward by Graphical Research, the North America electric bus market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 850 million by 2027.
North America electric bus market share has gained prominence from government support and the demand for emission-free public transportation. Relentless developments in battery technologies, along with the rollout of an advanced electric bus, will augur well for the business outlook. For instance, Canada has upped efforts to electrify its electric bus fleet areas, while the U.S. has been at the forefront with the adoption of environmentally friendly mass transit solutions.
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Environmental and public health advocates in the U.S. are expected to favor the use of e-buses as governments seek to alleviate the effects of climate change. In June 2021, the U.S. Department of Transportation’s Federal Transit Administration (FTA) devoted around USD 182 million to 49 e-bus projects across 46 states.
A few of the trends that could have an overarching impact on the regional landscape are elucidated below:
- All-electric bus poised to get a boost
With bullish government measures and policies, all-electric buses are likely to receive impetus in the U.S. In a bid to bolster school-bus electrification, the Senate gave a green signal to an infrastructural plan in July 2021, earmarking USD 2.5 billion in zero-emission buses. All-electric buses could account for a considerable share of North America market by 2027, largely due to the presence of giant e-bus makers.
- Above 300 kWh battery systems receive impetus
Soaring adoption of e-buses to offer a better range has triggered the deployment of above 300 kWh batteries. It is pertinent to mention that the higher capacity of the charge stored by the battery is proportional to the kilometers covered by the bus. Leading companies, such as Proterra, Volvo, Yutong, Daimler, BYD and Scania AB are likely to bank on the battery capacity.
- End-users shift attention towards 70+ seater electric bus
Strong demand for large seating capacity and space-efficient interiors has encouraged well-established players and new entrants to invest in 70+ seater e-buses. These vehicles have become sought-after for intercity and intracity travel. Notably, organizations could explore opportunities with the expansion of spacious floor design, a wide-angle view, comfortable seats and increased luggage capacity. North America electric bus market share from 70+ seater segment will observe a notable CAGR up to 2027.
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- Compelling growth opportunities in U.S.
Bullish government investments in EV charging infrastructure have augured well for key players vying to ramp up their penetration in the region. The U.S. is gearing to invest around USD 2.5 billion in low emission buses. Federal grants are likely to pave the way for easy transit operators to acquire new units. For instance, the City of Portland received a grant for its first 2 e-buses that were set to be launched in 2021.
Leading companies are likely to emphasize organic and inorganic strategies to gain a stronghold across the region. Similarly, a roadmap of governments has been in line with the growing popularity of e-vehicles. In April 2021, the U.S. expressed its contemplation to inject funds of around USD 15 billion for the construction of a national network of half a million charging stations. Industry participants expect electric vehicles to support domestic manufacturing and reduce diesel air pollution. Not to mention, the impetus received from the scheduled 2028 Olympic and Paralympic Games in Los Angeles will add fillip to the industry outlook.
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