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U.S. Electric Bus Market Revenue to Cross $1,924.8 Million by 2026, Says P&S Intelligence

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U.S. Electric Bus Market Revenue to Cross ,924.8 Million by 2026, Says P&S Intelligence

The U.S. electric bus market value is predicted to surge from an estimated $490.6 million in 2021 to $1,924.8 million by 2026, demonstrating a CAGR of 31.4% from 2021 to 2026. According to the market research report published by P&S Intelligence. The major factors fueling the expansion of the market are the implementation of strict regulatory measures for reducing emissions, provision of federal funding for augmenting the deployment of zero-emission buses, declining battery costs, improving operational efficiencies, and various long-term economic benefits of electric buses.

The increasing concerns of environmental agencies and local governments over the deteriorating environment, owing to the rising urban vehicular emissions, are resulting in the enactment of strict emission control regulations in the U.S. Presently, diesel-powered buses are a crucial part of the country’s public transportation system, but they are major emitters of toxic greenhouse gases. Thus, the enactment of strict environmental regulations is fueling the adoption of zero- and low-emission transport systems, which is, in turn, propelling the growth of the U.S. electric bus market.

Key Findings of U.S. Electric Bus Market Report

  • The plunging costs of lithium-ion (Li-ion) batteries are also driving the progress of the market. As per industry experts, the average cost of Li-ion battery cells for large orders fell from nearly $1,000 per kilowatt-hour (kWh) in 2010 to around $310/kWh in 2019.
  • The battery electric bus (BEB) category held the largest share, under the vehicle type segment, in the past, as BEBs are the cleanest of all such automobiles.
  • The inductive charging category, within the charging type segment, is predicted to demonstrate the fastest growth in the coming years. This is credited to the ability of this technology to rapidly charge electric buses.
  • The COVID-19 pandemic caused huge disruptions in the U.S. electric bus market, as the lockdowns imposed by the federal and state governments affected the import of electronic and electrical components from China and hampered automotive production.
  • The launch of projects and programs such as the American Fuel Cell Bus (AFCB) Project and the National Fuel Cell Bus Program (NFCBP) by the U.S. government is a major trend in the industry.
  • The market is consolidated in nature, and the players are actively focusing on geographical expansions and partnerships to strengthen their position.

BYD and Levo Mobility, which is a joint venture of Stonepeak Partners L.P., Evolve Transition Infrastructure LP, and Nuvve Holding Corp., announced a partnership in May 2021. Under it, Levo will buy up to 5,000 medium- and heavy-duty, vehicle-to-grid (V2G)-enabled battery electric vehicles (BEVs) over a period of five years.

Some of the major players operating in the U.S. electric bus market are Proterra Inc., BYD Motors Inc., NFI Group Inc., GreenPower Motor Company Inc., Blue Bird Corporation, GILLIG LLC, Daimler AG, REV Group Inc., The Lion Electric Co., and AB Volvo.

U.S. Electric Bus Market Size Segmentation Analysis

U.S. Electric Bus Market Based on Vehicle Type

  • Battery Electric Bus (BEB)
  • Plug-in Hybrid Electric Bus (PHEB)
  • Hybrid Electric Bus (HEB)

U.S. Electric Bus Market Based on Length

  • >40 Feet
  • <40 Feet

U.S. Electric Bus Market Based on Battery

  • Lithium-Ion (Li-ion)
  • Nickel-Metal Hydride (NiMH)
  • Others

U.S. Electric Bus Market Based on Charging Type

  • Plug-In
  • Pantograph
  • Inductive

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NEOM and McLaren Racing announce strategic title partnership to drive innovation and talent development in electric motorsport

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NEOM and McLaren Racing announce strategic title partnership to drive innovation and talent development in electric motorsport
  • NEOM and McLaren Racing will come together as ‘NEOM McLaren Electric Racing’ to compete across Formula E and Extreme E, driving innovation at the forefront of sustainable motorsport.

  • McLaren Racing will become a founding tenant in the Research and Innovation Campus of OXAGON, NEOM’s home to advanced and clean industries.

NEOM, Saudi Arabia, June 27, 2022 — NEOM announced today a strategic partnership with McLaren Racing to become the title partner of the McLaren Formula E and Extreme E racing teams, bringing two all-electric race series’ together for the first time under the banner of ‘NEOM McLaren Electric Racing’.

Commenting on the partnership, Nadhmi Al-Nasr, CEO of NEOM, said: “Our partnership with McLaren Racing complements NEOM’s commitment to driving sustainable solutions and tackling some of society’s most pressing challenges. The partnership will allow us to share our collective resources and experience to yield exciting results, not only for our own organizations, but also for the broader automotive and sports industries. NEOM is an economic engine for the Kingdom of Saudi Arabia and will be a hub for innovative businesses like McLaren Racing to conduct cross-industry research, incubate, collaborate and bring new technologies to the world.”

McLaren will collaborate with NEOM across multiple areas, becoming a founding partner of OXAGON, a city in NEOM set to be a blueprint for the future of advanced and clean industries and a hub for innovation. McLaren will be located within OXAGON’s Research and Innovation Campus, which is being designed by international architects, Grimshaw. The campus will provide cutting edge facilities and collaboration spaces, accelerating ideas from labs to market to develop industries and products of the future.

Zak Brown, CEO of McLaren Racing, said: “We are delighted to welcome NEOM to the McLaren Racing family. This is an incredible way to kick off our entry into Formula E and to unify our electric racing series. We are thrilled to introduce NEOM McLaren Electric Racing and to work with NEOM to nurture talent and drive innovation. Working with OXAGON will allow us to make meaningful contributions through our Accelerator program and assist with the development of advanced and clean industries.”

Additionally, through its bespoke Accelerator program, where performance-driven data can be translated into the culture and thinking of its partners, McLaren will lend its digital and analytical expertise as a technical partner of OXAGON’s advanced and clean manufacturing ecosystem.

A further significant element to the partnership will be rolled out during 2023 when, in line with NEOM’s commitment to developing Saudi talent, McLaren and NEOM will create a bespoke program to nurture engineers and students; Twenty Saudi graduates from NEOM’s Graduate Program will each take part in a one-year placement with McLaren Racing at the McLaren Technology Center in the United Kingdom. Entitled ‘The McLaren Way,” this performance and development program will help unlock the performance and potential of all NEOM teams through a range of initiatives.

The partnership is part of NEOM’s continued commitment to sustainable goals within motorsport across both Formula E and Extreme E, with both race formats competing in exhilarating racing across the globe. Building on the success of NEOM’s Mercedes-EQ Formula E principle partners relationship, NEOM McLaren Formula E Team will be formed through the acquisition of the Mercedes-EQ Formula E Team, expected to complete later this year, which will see the reigning champion team become part of the McLaren racing family.

NEOM was also the location for Extreme E’s second-season inaugural race which took place in February of this year. The race helped to raise awareness of the challenges faced by climate change as well as the need to continue developing sustainable motorsport technologies within the region.

The Kingdom of Saudi Arabia has invested significantly in motorsport platforms in recent years, with the Ministry of Sport signing agreements to host Formula E, Extreme E, Formula One and the Dakar Rally.

About NEOM

NEOM is an accelerator of human progress and a vision of what a New Future might look like. It is a region in northwest Saudi Arabia on the Red Sea being built from the ground up as a living laboratory – a place where entrepreneurship will chart the course for this New Future. It will be a destination and a home for people who dream big and want to be part of building a new model for exceptional livability, creating thriving businesses and reinventing environmental conservation.

NEOM will include hyperconnected, cognitive towns and cities, ports and enterprise zones, research centers, sports and entertainment venues, and tourist destinations. As a hub for innovation, entrepreneurs, business leaders and companies will come to research, incubate and commercialize new technologies and enterprises in groundbreaking ways. Residents of NEOM will embody an international ethos and embrace a culture of exploration, risk-taking and diversity.

About McLaren Racing

McLaren Racing was founded by New Zealand racing driver Bruce McLaren in 1963. The team entered its first Formula 1 race in 1966, since then McLaren has won 20 Formula 1 world championships, more than 180 Formula 1 grands prix, the Indianapolis 500 three times, and the Le Mans 24 Hours at its first attempt.

The team competes in the FIA Formula 1 World Championship with Lando Norris and Daniel Ricciardo, the NTT INDYCAR Series with Arrow McLaren SP drivers Pato O’Ward and Felix Rosenqvist, and the Extreme E Championship with Emma Gilmour and Tanner Foust. McLaren will compete in Season Nine of the FIA Formula E World Championship in 2022/23.

McLaren was the first F1 team to be awarded the Carbon Trust Standard in 2010 and has retained it since on a bi-annual basis, most recently in February 2021. The team was also the first in F1 to be given the FIA Sustainability Accreditation Award at a three-star level in 2013 as part of the FIA Environmental Certification framework, before becoming a signatory to the UN Sports for Climate Action Commitment in 2021.

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Amid Plastic Ban in India, GoingZero is ready with its Plastic Free And Vegan Alternative

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Amid Plastic Ban in India, GoingZero is ready with its Plastic Free And Vegan Alternative

Jaipur, India: GoingZero came into being as a fruition of the ideas of its founder, environment-lover Naman Sharma. Today, his baby idea of a sustainable, vegan, plastic-free marketplace, has grown into an ethical brand, with over a hundred vendors listing and 2000+ mindful products with GoingZero. Recently, it received a seed grant and incubation from India’s biggest startup ecosystem – iStart backed by Govt. of Rajasthan.

GoingZero’s founder Naman says that he was always taken aback by the volume of unnecessary and mindless purchases – from food to lifestyle. Most of these goods volume ended up in the landfills or polluted the oceans. The actual artisans received minimal income while the big brands made all the profit. There was a gross imbalance in financial distribution as well as the environment. What struck him more was that, all of this could be prevented by a little more mindful economy, transacting ethically and focussing more on the need rather than luxury.

“Animals are certainly not factories, nor are they a testing device,” Naman added.

And hence, he put together a team of like-minded people whose goal was to make the environment better in whatever way they could.

All the tasks – including vendor outreach, onboarding, product listing, etc., are done meticulously so that the brand’s ethics are maintained with every product that is listed on the website.

Each product is tested by the team members personally on a day-to-day basis. This way, meticulous personal level testing paves the way for listing the best products of the eco-conscious vendors.

The brand aims to put this ethical e-commerce in the mainstream and popularize it, along with a happy and flexible work culture for its team, for maximum productivity.

Each vendor listed at GoingZero has to comply with their strict rules for product listing, which are – the products should be plastic-free, sustainable, vegan, and have not undergone any form of animal-testing, i.e., they must also be 100% cruelty-free.

GoingZero has expanded its customer base over the past two years, as India’s first 100% plastic-free vegan store, and as Naman says, the journey has just started. The brand aims to open up retail and refilling stores in the future where the customers can simply refill their used products in sustainable containers. The company is also exploring Web 3.0 to bring the next gen e-commerce platform for the future generation.

About GoingZero

Based at Jaipur, GoingZero is India’s biggest zero waste store with a promise of over 2000 plastic free, vegan, and mindful products. Going Zero came into being to provide a conscious, eco-friendly alternative to people who opt for a sustainable lifestyle. With a vision of fair trade with nature, making sustainable products accessible to and promoting handcrafted, cruelty-free products which incur lesser damage to the environment, GoingZero is growing its presence from PAN India to Global.

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Acquisition

Schneider Electric acquires EV Connect to Accelerate EV Revolution

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Schneider Electric acquires EV Connect to Accelerate EV Revolution

Investment enables EV Connect to accelerate its growth, support customers and empower energy companies by optimizing EV charging infrastructure

EV Connect, Inc., a premier electric vehicle (EV) charging solution provider, announced that it has been acquired by Schneider Electric, the leader in energy management and automation. With a strong foundation in sustainability and eMobility, Schneider Electric’s acquisition of EV Connect will enable the Company to accelerate its growth. Along with the current management team, CEO and founder Jordan Ramer will continue to lead EV Connect’s operations as a distinct subsidiary, with continued focus on customer service and the Company’s overall mission.

“At Schneider Electric, we believe that electric and digital are the recipe for a more sustainable and more resilient world,” said Nadege Petit, Chief Innovation Officer at Schneider Electric. “EV Connect has a very similar vision. We look forward to working together to accelerate the EV revolution.”

“We are thrilled to partner with Schneider Electric. They not only support our strategic goals, but fully embrace the value of electricity as a transportation fuel managed by a robust and feature-rich networked EV charging platform,” said Jordan Ramer, CEO and founder at EV Connect. “With Schneider we are positioned to strengthen our presence in the EV market, and we look forward to the journey as we open a new chapter for EV Connect.”

About EV Connect

EV Connect is on a mission to build a better planet by enabling electricity as a transportation fuel. Through its innovative and open charging platform, EV Connect simplifies the set-up, management, and optimization of charging stations with premium customer service, from installation to driver support. EV Connect guides companies of all sizes in managing networks of chargers and delivers a seamless EV charging experience that empowers drivers.

Established in 2010, EV Connect is a subsidiary of Schneider Electric which serves customers across 41 states in the U.S., including GM, Avista Utilities, Love’s Travel Stops, Verizon, Marriott, Hilton, Western Digital, ADP, New York Power Authority, and numerous municipalities.

About Schneider Electric

Schneider Electric’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.

Our mission is to be your digital partner for Sustainability and Efficiency.

We drive digital transformation by integrating world-leading process and energy technologies, endpoint to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.

We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.

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