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The U.S. bus market was worth $7,453.4 million in 2021, which is projected to reach $11,237.7 million by 2030, rising at a 4.7% CAGR from 2021 to 2030
This can be credited to the rising urbanization rate, growing population, as well as the increasing government investment in public transportation upgrades. Furthermore, the significant demand for school buses promotes the market expansion in the country.
New York, June 24, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "U.S. Bus Market" - https://www.reportlinker.com/p05760343/?utm_source=GNW
Collaborations, partnerships, product debuts, and contract wins have all been used by the players in the U.S. bus market to obtain a competitive advantage. REV Group Inc., Daimler Truck AG, Navistar International Corporation, The Lion Electric Company, AB Volvo, Blue Bird Corporation, GILLIG LLC, NFI Group Inc., GreenPower Motor Company Inc., and BYD Company Limited are the key market players.
Key Findings of U.S. Bus Market Report
• In 2021, the Californian bus market had the largest share in the U.S. Its large population has been increasingly demanding fast and efficient transportation networks. Furthermore, California is becoming a hotspot for innovative electric buses.
• Based on seating capacity, buses with 30–50 seats had the biggest U.S. bus market revenue share, because they can transport more passengers, while using a lesser amount of fuel.
• During 2021–2030, 8.1–10-meter buses are predicted to be the most popular. This bus model provides superior passenger comfort and mileage as compared to others.
• In terms of revenue, the electric propulsion category is expected to advance at the highest rate throughout the forecast period. This is because the transport sector accounts for 27% of the GHG emissions in the U.S., which is why the government is now offering subsidies on EVs.
• Robotic Research. RR.AI and GILLIG LLC started a partnership in January 2022 to create advanced driver assistance systems and level 4 autonomous vehicle technologies for transit buses in North America.
• AB Volvo (Volvo Buses) introduced the new Volvo BZL Electric chassis in September 2021 to enhance its global electromobility offerings.
Standard buses had the bigger revenue share in 2021, and the category is expected to continue to dominate the U.S. bus market in the coming years. This will be due to the widespread usage of standard buses in public transit and school fleets. Furthermore, schools do not allow customized vehicles, which increases the demand for standard buses.
The usage of public transportation has the potential to enhance traffic safety, personal health, accessibility, and air quality. In comparison to private vehicles, public transportation consumes less fuel and emits less volatile organic compounds, carbon dioxide, and carbon monoxide per passenger mile. In addition to the environmental advantages, it has far lower crash severity rates than personal transport.
Read the full report: https://www.reportlinker.com/p05760343/?utm_source=GNW
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