Canada Electric Bus Market Growth, Size, Opportunity, Share and Forecast 2025
Posted by shiba123 on May 23rd, 2020
Canada electric bus market is estimated to grow at a considerable CAGR during the forecast period. The on-going piolet projects related to the efficiency of the electric buses in the country to drive its market growth. In July 2019, Brampton, a city in Ontario had received more than million toward Phase 1 of a state-of-the-art electric bus pilot project. Around .6 million will go toward the deployment of the buses and overhead chargers, while .6 million will come from Natural Resources Canada’s Green Infrastructure Program to facilitate the city to install, operate and maintain the buses and chargers. Such funds provided for the deployment of electric buses in the country tend to drive the growth of the electric bus market in Canada.
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The market is segmented on the basis of bus type, battery type, and end-user. Based on the bus type, the market is sub-segmented into the hybrid electric bus, fuel cell electric bus, and battery-electric bus. Based on the battery type, the market is sub-segmented into NiMH, Li-Ion, and others. The decline in cost of li-ion battery and inherent benefits offered by these batteries including smaller size, lighter weight, and higher energy density is anticipated to drive the market share of these batteries. Based on end-user, the market is sub-segmented into government and fleet owners.
Proterra Inc., BYD Co. Ltd., COBUS Industries GmbH, Cummins Inc, and GILLIG LLC among others are the key players operating in the Canadian electric bus market. These players are actively adopting growth strategies such as mergers andacquisitions, geographical expansion, and new product launches to stay competitive in the market. For instance, in June 2019, BYD Co. Ltd. BYD expanded its North American operations with the opening of its first bus assembly plant in Ontario, Canada. The 45,000square-foot facility in Newmarket is the first new electric bus plant to open in the city. The building of this bus assembly is aimed at fulfilling the growing demand for electric buses in the country.
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Canada Electric Bus Market Segmentation
By Bus Type
By Battery Type
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