Electric Bus Charging Station Market Will Propel at a 30.5% CAGR

The electric bus charging station market generated a value of USD 3,116.6 million in 2023, which will increase to USD 19,906.9 million, with a 30.5% compound annual growth rate, by 2030.

The growth is mainly because of the increasing disposition of electric buses to implement the international sustainable landscape coupled with an advanced method by governments. This is in line with their respective strategies to move to a hybrid and greener transport solution regarding electric bus infrastructure advancement and rising funding for the same.

Furthermore, electric bus charging systems usually function on an important scale steadying the grid by controlling the need for power. These systems are properly armed with rapid facilitation between plug-in EVs and power outlets, allowing safe & easy charging of automobile batteries.

In addition, because of this benefit, different electric and automotive component producers are collaborating to improve EV charging infrastructure to come in line with the surging need for electric vehicles.

The less than 50 kW category, based on power, was the highest revenue contributor to the industry in 2023, generating approximately USD 2 billion. This kind of charging location is commonly positioned in facilities where the buses are charged during extended layovers or overnight.

The depot charging category, based on type, led the electric bus charging station market. Depot charging plays an important part in the working as well as management of electric bus fleets. This approach commonly works with recharging electric buses while they are parked at bus terminals or depots.

The on-board category will advance at a higher CAGR of 35% during this decade. This is mainly because of the embedded charging tools, which make it simpler to fit charging panels on electric buses directly. This system comprises batteries, inverters, and chargers clubbed to bus design. 

Furthermore, the streamlined infrastructure employed in these charging devices assists in removing the requirement for external extensive time-consuming charging stations at depots along long routes.

APAC was the largest contributor to the industry. This can be mainly because of the large-scale advancement and acceptance of electric buses in India, South Korea, and China. In addition, the regional industry will further advance at the fastest compound annual growth rate, of 33%, in the years to come. 

Furthermore, North America is advancing at a steady compound annual growth rate. This can be mainly because of the governments’ advantageous incentives, tactics, and increasing environmental consciousness, which are boosting the funding in charging infrastructure in major cities.

With the increasing deployment of electric buses across the globe, the electric bus charging station industry will continuously grow in the coming years.

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Why Is Asia-Pacific Leading Electric Bus Charging Station Market?

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.

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.

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Demand for Electric Bus Charging Stations Highest in Asia-Pacific due to Increased Usage of Electric Buses in China

 The preference for electric vehicles has increase significantly all across the globe. This can be attributed to the surging air pollution levels, caused due to conventional ICE vehicles, rapid depletion of fossil fuels, and growing focus on renewable energy sources. Since electric vehicles can aid in curbing the emission of greenhouse gases into the atmosphere, their adoption has been increasing among people since the past few years.

While previously, the focus has majorly been on electrification of private vehicles, such as motorcycle, cars, and schools, now governments of several countries are also focusing on electrifying the public transport systems of their countries. Owing to this, the global electric bus charging station market is expected to register substantial growth in the years to come. The adoption of electric buses has particularly been increasing because of various incentive programs, including grants, tax rebates, and subsidies. Therefore, as the adoption of electric buses will rise, the need for related charging infrastructure will grow as well. 

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The global electric bus charging station market is predicted to attain a revenue of $12.3 billion by 2025, increasing from $6.6 billion in 2019, and is predicted to grow at a 9.7% CAGR during the forecast period (2019–2025). On the basis of type, the market is divided into inductive charging, depot charging, and opportunity charging, among which, the depot charging division contributed the largest revenue share to the market in 2018. As these buses have similar operations as diesel buses, they are easier to operate.

The Asia-Pacific region held the major share of the electric bus charging station market in 2018, which can primarily be attributed to fact that China is the largest electric bus market across the globe. The country accounts for 99.0% of the total sales of electric buses around the world. This increasing penetration of electric buses in the country is bound to create high demand for related charging infrastructure, including electric bus charging stations.

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In conclusion, the market is growing due to the surging pollution across the globe, increasing use of electric buses, and government initiatives.

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How is Growing Adoption of Electric Buses Driving Electric Bus Charging Station Market?

Achieving sustainable living is a major concern at the present time across the globe. The utilization of alternative sources for generating energy instead of fossil fuels is one of the primary ways by which sustainability can be achieved. Because of this, electric vehicles are gaining traction around the world as more and more people are becoming aware regarding the degradation of the environment. While electric scooters and cars have been around since a while now, the concept of electric buses is fairly new. The adoption of electric buses in public transport fleet started in China, however, now several other countries are increasingly introducing electric buses for public transport.

At the present time, about 400,000 electric buses are in operation across the globe. This number is further projected to increase in the coming years, which will result in the growing need for electric bus charging stations worldwide. According to a P&S Intelligence report, in 2018, the global electric bus charging station market reached a value of $6.6 billion and is projected to generate revenue of $12.3 billion by 2025, advancing at a 9.7% CAGR during the forecast period (2019–2025). Two types of chargers for electric buses are on-board and off-board.

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Recently, the requirement for ultra-fast charging stations has risen rapidly in order to decrease down the weight of the bus and reduce the charging time. These charging systems allow the power to be fed from the supply to the load in a cordless technique, which can further be charged flexibly in both static and dynamic ways. In addition to this, ultra-fast charging systems improve the performance of electric vehicles significantly as compared to the traditional plug-in chargers, which is why a number of companies around the world are focusing on the development of this type of electric charging for decreasing the effective bus charging time.

As mentioned above, China being the largest user of electric buses, Asia-Pacific is the largest electric bus charging station market and not North America. China accounts for about 99% of the total electric buses which are sold across the globe. This is creating a surging need for related infrastructure including bus charging stations in the country. In addition, the government in China has taken the initiative for installing 500,000 new public charging station 2015–2020 in order to further increase the adoption of electric buses.

Hence, the demand for electric bus charging stations is growing because of the rising adoption of electric buses.

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US Electric Bus Charging Station Market Will Generate Massive Revenue in Future

The key drivers for the U.S. electric bus charging station market are favorable government schemes and regulations and the rising demand for electric buses. The market generated revenue of $20.9 million, in 2018, which is expected to grow at a CAGR of 37.1% during 2019–2025 (forecast period) to $184.5 million in 2025. Alternatively termed charge points, electric recharging points, and electric vehicle supply equipment (EVSE), such stations are used to charge battery electric buses (BEB) and plug-in hybrid electric buses (PHEV).

Based on product, the U.S. electric bus charging station market is classified into plug-in, inductive, and pantograph charging. Among these, plug-in stations held the largest value share, in 2018, because of their earlier adoption in the country. However, by 2025, pantograph charging is projected to become the highest revenue generating classification, as such stations charge the buses rather quickly, thus reducing the total journey time and helping transport operators maximize their revenue.

The rising requirement for electric buses is automatically pushing the installation rate of the charging infrastructure. In the country, buses are used for public and military transport purposes, and most of the vehicles are purchased by the government at the federal and state levels, with city and county governments also stepping up efforts. For example, the city of Columbus, in Ohio, has decided to procure 200 electric buses and charging stations for public transit. Similarly, Louisville, in Kentucky, plans to increase the number of electric buses in its fleet to 15.

Another major growth driver for the U.S. electric bus charging station market is the fall in the prices and augmentation in the efficiency of batteries. The price of bulk battery orders reduced to around $333/kWh in 2018 from around $1,000/kWh in 2010. Batteries make up for up to 40% of the electric bus cost, therefore the falling battery prices allow automakers to decrease the purchase cost of the vehicles, which is further leading to their high adoption. This is having a direct positive effect on the installation of charging infrastructure across the country.

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Therefore, with the federal, state, and municipal governments doing their bit to increase the share of electric buses in their fleet, the demand for EVSE would continue to grow in the U.S.

Market Segmentation by Product

• Plug-In Charging
• Pantograph Charging
• Inductive Charging

Market Segmentation by Connector

• J1772
• CCS
• Others

Market Segmentation by Charger

• Off-Board
• On-Board

Market Segmentation by Charging

• Fast Charging
• Slow Charging

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U.K. Electric Bus Charging Station Market Witnessing Growth due to Rising Popularity of Electric Buses

From valuing $13.3 million in 2018, the U.K. electric bus charging station market is expected to garner $95.5 million in revenue by 2025, registering a 30.7% CAGR during the forecast period (2019–2025). The major factors having a positive influence on the market are the inclusion of electric buses in public fleet and the increase in government initiatives in popularizing these buses and providing the required infrastructure. Charging stations, also known as electric recharging points that are used to recharge an electric bus’s batteries are termed as electric bus charging stations.

Based on type, the classifications of the U.K. electric bus charging station market are opportunity and overnight chargers. In 2018, with more than 95.0% sales volume, the market was led by overnight chargers due to their popularity among public and private transport agencies for charging buses overnight as these buses have larger batteries to operate over longer distances. Further, the falling prices of batteries have also contributed in their demand as they are now competitively priced with opportunity charging buses. 

On the basis of power, the U.K. electric bus charging station market is categorized into <50 kW, 50–150 kW, and >150 kW. The largest market share in 2018 was held by the <50 kW category. The main reason behind the popularity of these chargers was their cost compared to chargers of higher power ranges. In the forecast period, the highest CAGR is projected to be witnessed by the >150 kW category. This can be credited to the rising demand for larger batteries, which would take longer to charge, thereby driving the demand for more powerful chargers.

The U.K. electric bus charging station market is observing the trend of increasing procurement of overnight charging buses.  Battery-run electric buses are presently available in two models — buses meant for short range travel with a smaller battery, and an extended-range bus with a larger battery, which gets charged overnight. Buses with larger battery were more in demand as they have similar operational characteristics to diesel buses. Previously, being equipped with larger batteries, overnight charging buses were costlier than opportunity charging buses; the reduction in battery prices in recent years have further contributed to their popularity. 

The U.K. electric bus charging station market is witnessing growth due the rising number of electric buses in the public transport fleet, which is mainly being supported by the government. Buses procured by the government are deployed for various purposes, such as military, transit, and public transport. Further, at the local level, electric buses are being integrated into the public transportation system, as the country is strongly committed to curbing vehicular pollution. For instance, in the U.K., approximately 4.0% of newly procured buses in 2018 were engineered to produce no emissions.

The major opportunity for growth for the U.K. electric bus charging station market lies in the surging demand for wireless charging of electric buses. Even though the initial installation cost of wireless charging infrastructure is high, these charging systems are becoming popular among users. A depot charger takes about 4–8 hours for charging the battery of an electric bus, whereas a conductive charger only takes 5–7 minutes to charge the same battery. This particular type of charger uses cordless technique and can effectively decrease the off-road time while traveling.

Therefore, the market for electric bus charging station in the country is headed toward a bright future in the forecast period amidst rising environmental concerns.

Global Electric Bus Charging Station Market Research Report

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Electric Bus Charging Station Still has a Dominant Position in the European Market, Says Report

Growing at a 17.8% CAGR during the forecast period, the European electric bus charging station market is estimated to generate a revenue of $697.7 million by 2025. The inclusion of electric buses in the public fleet, implementation of government schemes and regulations favoring their usage, as well as the increasing investments in building electric bus charging infrastructure are driving the market growth.

Enormous inflows of investment for developing the charging station infrastructure are being witnessed by the European electric bus charging station market. Electric buses are being increasingly adopted in many countries as they have become affordable due to the implementation of different subsidy schemes. For instance, in 2018, the Federal Ministry for the Environment, Nature Conservation and Nuclear Safety of Germany created an $82.7 million fund to encourage public transport operators to invest in electric and plug-in electric buses.

The categories of the electric bus charging station in european market, based on power, are less than 50 kW, 50–150 kW, 151–450 kW, and more than 450 kW. In terms of volume, during the historical period, the less than 50 kW category dominated the market. However, the fastest growing category during the forecast period is expected to be the more than 450 kW category, due to the increasing requirement for faster charging of electric buses.

Based on type, the market is subdivided into opportunity charging, depot charging, and others. The largest market share in terms of volume, in 2018, was held by the opportunity charging category. The ease of functioning offered by this type of charging is driving the category’s growth. These chargers not only reduce the downtime for charging, but also hasten the overall charging process, thereby resulting in the longer operating hours of the vehicle.

In the region, the government sector employs buses for transit services, military, and other purposes. Therefore, the European electric bus charging station market is highly reliant on government support. Countries across the region are highly motivated to include more electric buses in their transportation systems. For instance, the Netherlands’ national plan, named Green Deal, plans to electrify the entire public transport fleet of more than 5,000 buses by 2025.

The European e-bus charging station market, during the historical period, was dominated by the U.K., which, in 2018, held a 20.0% market share in terms of volume. The increasing government support in the form of financial and non-financial incentives would aid in the faster adoption of these vehicles, which is expected to make the U.K. the dominating market in the forecast period as well.

Some of the prominent players in the European electric bus charging station market are Bombardier Inc., Schunk Carbon Technology, Ekoenergetyka-Polska Sp. z o.o., Heliox BV, Powerdale NV, and JEMA Energy SA.

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Attractive Opportunities in Electric Bus Charging Station Market

Supportive government regulations and initiatives, the inclusion of electric buses in the public feet in large numbers, and increasing investment to develop infrastructure for such vehicles are influencing the electric bus charging station market positively. From valuing $6.6 billion in 2018, the market is expected to grow at a 9.7% CAGR during the forecast period (2019–2025), garnering $12.3 billion by 2025. Facilities that are used to charge electric bus batteries  are termed as electric bus charging stations.

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The increasing adoption of electric buses in the public transport network is one of the major driving factors for the electric bus charging station market. For improving the public transport facilities, the major say is of the government of a country, state, or province. The implementation of the Kyoto Protocol in 2005 has shifted the focus of countries toward becoming a low-carbon economy. Therefore, governments are offering subsidies on electric buses and enthusiastically including them in transit services, and military and public transport.

The segments of the electric bus charging station market are region, type, charger, and power. Based on type, the categories of the market are inductive, depot, and opportunity charging. In 2018, the highest sales volume in terms of installation (over 55.0%) was registered by depot charging stations due to the operational similarity of buses using such facilities to diesel buses, which makes them a preferred choice among private and public transport agencies. The highest volume CAGR is expected to be witnessed by the inductive charging category during the forecast period. 

Immense opportunities for the e-bus charging station market growth are present in developing economies. These countries are witnessing a huge increase in their urban population, where employment opportunities are abundant. The World Bank report for 2017 said that in India and Brazil, the urban population constituted 34.0% and 86.0%, respectively, of the total. This huge urban population has necessitated the demand for a better public transportation system. Therefore, to provide transportation services in an environment-friendly way, electric buses, in large numbers, are being procured, thereby leading to a high demand for charging stations. 

Therefore, the market for charging stations for electric buses is headed toward prosperity in the forecast period as these buses are increasingly being deployed in public transport to curb vehicular pollution.

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