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.
