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