Canada Transit Buses Market Size, Share & Trends Analysis Report By Propulsion Type (Diesel, Electric, Hybrid, Others), And Segment Forecasts, 2023 - 2030

报告概述

TheCanada transit buses market sizewas estimated atUSD 126.5 million in 2022and is projected to grow at a compound annual growth rate (CAGR) of 12.2% from 2023 to 2030. The rising focus of bus operators and local government agencies in transitioning toward an electric fleet and the growing need for governments to establish a strong transit system in the rural areas of Canada are some of the key factors observed to be driving the growth of the Canadian transit bus market. Moreover, the growing awareness about eco-friendly batteries and the aggressive investments inlithium-ion batterypacks by OEMs and government agencies are factors expected to propel the growth of the transit buses market in Canada over the forecast period.

With the rising investment in infrastructure expansion activities, the government of Canada is equally putting a strong emphasis on reducing the levels of ozone-depleting substances and overall air pollution to fuel market growth. The growing opportunity for hydrogen fuel buses is further anticipated to impact the growth of the Canadian transit buses market positively.

Furthermore, the growing greenhouse gas emissions have prompted various initiatives to mitigate climate change, shifting policymakers' attention toward electric transit buses. As a result, the Canadian government agencies are investing heavily in research & development of electrification of transit bus systems, thereby aligning with their vision of a sustainable transport system.

Apart from electric buses and charging infrastructure, transit bus operators need major turn-key solutions that cover every aspect, from installing various bus components to maintaining the vehicles. As a result, the Canadian Urban Transit Research & Innovation Consortium (CUTRIC) is playing a vital role in supporting Canadian agencies in their transition process. The consortium aims to support the commercialization of different technologies associated with the electrification of transit buses through development, demonstration, and industry-led collaborative methods that could innovate the zero-emission smart mobility system.

For instance, in May 2023, the Canadian government and the City of Brampton joined forces to invest USD 807.3 million (CAD 1.1 million) in a comprehensive study on electrifying Brampton's transit system. This ambitious study will cover various crucial aspects, including assessing the financial implications and potential savings, strategically allocating resources, conducting a thorough risk analysis, exploring energy-as-a-service options, determining the necessary fleet and facility requirements, and utilizing advanced predictive modeling for optimal bus deployment. Additionally, this substantial investment aligns with Brampton's objective of achieving an impressive 80 percent reduction in greenhouse gas emissions by 2050, as outlined in the Zero Emission Bus Implementation Strategy and Rollout Plan.

The increasing awareness regarding environment-friendly batteries and substantial investments in lithium-ion battery packs are anticipated to create promising opportunities for market growth in the foreseeable future. The rising focus on generating energy from renewable sources to promote energy conservation and combat climate change further augments the market’s expansion well.

For instance, in November 2022, the Canadian government invested USD 20.2 million (CAD 27 million) in E3 Lithium Ltd., a lithium resource and technology company, to enable the company to construct and demonstrate a lithium production plant in the country. The company can produce up to 20 kilotons of electric vehicle battery-grade lithium through this production facility. Thus, government support for the growth ofelectric vehiclesin the country has been a key aspect contributing to the market growth.

Rising concerns regarding the continuous depletion of natural resources and the detrimental impact of vehicular emissions on the environment are propelling the development of eco-friendly and sustainable transportation solutions. Fuel cell technology advancements are paving the way for another promising alternative to power buses, offering a potential solution to reduce environmental impact and promote greener mobility.

For instance, in January 2022, the Hydrogen Fuel Cell Bus Council Inc. announced the formation of a national alliance of public transit organizations, suppliers, and manufacturers, the first-of-its-kind, to advance hydrogen fuel cell technology and encourage its functions in public transportation. The ongoing initiatives and trials aimed at introducing innovative solutions using fuel cell technology are promising indicators for the growth of the Canadian transit bus market.

Propulsion Type Insights

Based on propulsion type, the diesel segment accounted for the largest share of over 73% in the Canada transit buses market in 2022. The segment’s growth can be attributed to the lower operating costs of diesel-powered buses. Also, several key players in Canada are investing aggressively in research and development to develop innovative, low-emission solutions that can potentially lower the volumes ofnitrous oxideand particulate emissions from diesel engines. Moreover, the transition to electric fleets still requires a robust electric ecosystem that covers all the aspects of the bus, from installation of the components to maintenance and wear and tear of the vehicles.

The electric segment is expected to expand at the fastest CAGR over the forecast period. The continued electrification of public fleets and the aggressive adoption of electric transit buses by public fleet operators in Canada is projected to offer growth prospects for the Canadian transit bus market. Several companies have also emphasized investing in the electric transit business, which is expected to further support the growth of the electric segment and the overall transit bus space in Canada. For instance, in August 2022, Alexander Dennis Ltd., a subsidiary of NFI Group, announced the launch of new electric bus solutions entirely developed and integrated in-house with its expertise, expanding its portfolio of zero-emission buses.

Key Companies & Market Share Insights

The Canadian market for transit buses is consolidated and characterized by the presence of large players. Key industry players such as AB Volvo, Daimler AG, Blue Bird Corporation, NFI Group, and Proterra Inc., among others, offer a wide range of electric mobility products for logistics & transportation, public transportation, micro-mobility, and shared mobility. These market players are also focused on manufacturing electric mobility products with a better range for the long haul. New product launches and upgradation of existing products have remained a key strategy of these players. Some of the prominent players in the Canada transit buses market include:

• AB Volvo

• Anhui Ankai Automobile Co., Ltd.

• Blue Bird Corporation

• Daimler AG (Mercedes-Benz Group AG)

• Iveco S.p.A

• Navistar, Inc. (Traton SE)

• BYD Company Limited

• Proterra Inc.

• NFI Group

• FirstGroup plc

• Group Keolis SAS

• 莫bico Group

Canada Transit Buses Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 137.3 million
Revenue forecast in 2030	USD 307.2 million
Growth rate	CAGR of 12.2% from 2023 to 2030
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030
Quantitative units	Revenue in USD million, volume in units, and CAGR from 2023 to 2030
Report coverage	Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered	Propulsion type
Country scope	Canada
Key companies profiled	AB Volvo; Anhui Ankai Automobile Co., Ltd.; Blue Bird Corporation; Daimler AG (Mercedes-Benz Group AG); Iveco S.p.A; Navistar, Inc. (Traton SE); BYD Company Limited; Proterra Inc.; NFI Group; FirstGroup plc; Group Keolis SAS; Mobico Group
Customization scope	Free report customization (equivalent up to 8 analyst working days) with purchase. Addition or alteration to country, regional, and segment scope.
Pricing and purchase options	Avail customized purchase options to meet your exact research needs.Explore purchase options

Canada Transit Buses Market Report Segmentation

This report forecasts revenue and volume growth at the country level and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the Canada transit buses market report based on propulsion type:

• Propulsion Type Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

  • Diesel

  • Electric

  • 混合动力

  • Others