A number of factors, such as the increasing adoption of electric buses in public fleets, rising number of government incentives and soaring investments for the development of electric bus charging infrastructure, and growing electric vehicle (EV) industry, are expected to drive the electric bus charging station market at a CAGR of 9.7% in the foreseeable period (2019–2025). According to P&S Intelligence, the market generated revenue of $6.6 billion in 2018, which is expected to reach $12.3 billion by 2025. Moreover, the market is witnessing the increasing demand for ultra-fast-charging stations.
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| Electric Bus Charging Station Market |
One of the major factors boosting the market growth is the rising number of government incentives, including tax rebates, subsidies, and grants, and soaring investments for the development of charging infrastructure. For instance, in February 2018, a budget of $82.7 million (EUR 70 million) was announced by the European Commission for the adoption of electric buses in public fleets and deployment of the related charging stations. Moreover, the Government of China had introduced a program to install 500,000 public charging stations during 2015–2020.
The type segment of the electric bus charging station market is categorized into depot charging, inductive charging, and opportunity charging. Out of these, the depot charging category held the largest volume share in the market in 2018. This is attributed to the surging fondness of private and public transport companies for charging buses overnight, as the buses that use this type of charging have similar operational features to diesel buses. Furthermore, depot charging stations have lower installation and functioning costs than other types of charging stations.
Geographically, the electric bus charging station market in Asia-Pacific (APAC) accounted for the largest share in 2018. This is ascribed to the favorable government initiatives for the deployment of charging infrastructure and the massive growth in the Chinese electric bus market. The country alone holds an around 99.0% share of the total sales of electric buses across the globe. This generates a huge demand for related charging stations in China. Moreover, APAC countries have a strong pledge to increase the number of electric buses in their transportation systems.
Thus, the rising adoption of electric buses in public fleets and the surging number of government incentives are expected to propel the market growth during the forecast period.
