Global electric bus charging station market was valued at approximately USD 529.3 Million in 2019 and is expected to generate revenue of around USD 5,101.5 Million by end of 2026, growing at a CAGR of around 38.22% between 2020 and 2026.
Plug-in and overhead charging are the two most common methods for charging electric buses. The majority of electric bus charging stations are plug-in; however, due to the trend of developing interoperability of electric buses, overhead charging is expected to increase during the analysis period, owing to the growing number of electric vehicles.
According to the report published by Facts and Factors, the global electric bus charging station market was valued at approximately USD 529.3 Million in 2019 and is expected to generate revenue of around USD 5,101.5 Million by end of 2026, growing at a CAGR of around 38.22% between 2020 and 2026.
Global Electric Bus Charging Station Market: Growth Factors
The growth of the global electric bus charging station market is mainly driven by favorable government schemes and regulations paired with the growing demand for electric buses increases the deployment of electric buses. In addition, EV charging stations powered by renewable sources are expected to open up new alluring opportunities for the global electric bus charging station market in years to come. The growing advent of wireless charging systems is a key development in the global electric bus charging station industry. These charging systems have become a hot topic among bus manufacturers as a way to reduce the weight of a bus while also shortening the charging time. The wireless charging system uses a cordless technique to transfer power from the supply system to the load. It can also be energized in a variety of ways, both dynamic and static. Furthermore, as compared to traditional plug-in chargers, these systems significantly increase electric vehicle efficiency as well as the driving experience in terms of range.
The enactment of rigorous emission standards adopted by many countries is likely to drive more electric bus sales during the forecast period. Thus, in order to meet the increasing demand for electric buses, the manufacturers of automotive power modules have begun investment, mainly in the Asia Pacific, due to its largest sales and exports of vehicles worldwide and the non-tariff on Electric Vehicle Parts between ASEAN countries.
Electric bus charging is done mostly with two ways of charging, known as plug-in charging, and overhead charging. However, due to a growing number of electric cars, overhead charging types are expected to increase over the forecast period due to the tendency to improve electric bus compatibility.
The increase in emissions of carbon and other harmful transportation gasses has led to the need to adopt electric vehicles. Consequently, demand for commercial and residential charging infrastructure is growing. Technological advances both in EV charging software and in hardware can change the way EV operators use EV charging applications and benefit from them. Even before a car driver plugs a car into a station, technology such as Smartcar API and charging networks accurately determines the loading time of the EV.
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Top Market Players
Major players in the market are Advanced Vehicle Manufacturing, ABB Ltd., APT Controls Ltd., Ekoenergetyka-Polska Sp. z o.o., Bombardier Inc., JEMA Energy S.A., Heliox B.V., Proterra Inc., Schunk Carbon Technology, Powerdale NV, and Siemens Mobility GmbH among others.
Increase in the Number of Electric Buses and E-mobility Services
E-mobility is considered the most promising technology in the field of transport to eliminate exhaust emissions. Electric buses replace conventional, battery-powered, diesel-powered buses at an acceleration rate. According to Bloomberg New Energy Finance projections, electric cars are expected to account for about 28 percent of car sales by 2030, and electric buses for 84 percent of new buses.
The electric vehicle market is rapidly growing across the world. In Europe, for example, in the first quarter of 2018, electric sales grew by 47 percent over the first quarter of 2017. Different policies were developed by the European Government and projects for charging infrastructure in the whole area starts, mainly to meet the sales goal of electric vehicles.
The transportation is also a source of other harmful gases such as NOx and contributes about 27% to the total greenhouse emissions in Europe. Around 725,000 buses currently run in Europe and all powertrains are included (electric and non-electric). About 2500 of these are electric busses, indicating that most of them are running on diesel.
APAC Region Dominates the Global Electric Bus Charging Station Market
APACdominated the electric bus charge infrastructure market. At present, 99 percent of buses in operation are in China because of the big issues of air pollution in Chinese cities and the decision of local governments to invest in non-emitting transportation. In other countries, such as India, the electric bus charging market is being fuelled by the adoption of more electric buses. In India, however, acceptance is slow due to the cost factor in the first place for electric or hybrid buses.
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