Press release
Electric Bus Charging Station Market Analysis and Growth Forecast to 2025
Electric Bus Charging Station Market
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.
Buses with a larger battery are trending in the electric bus charging station market. Electric buses are available in two types: a short-range one that has a small on-board battery and a long-range one which has a larger on-board battery. Previously, the demand for opportunity charging buses was high, which is now shifting toward depot charging variants. This is due to the preference of public and private agencies for the larger-battery buses as they can be used for long journeys.
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.
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The power segment of the electric bus charging station market is classified into 450 kW. In the historical period (2017–2018), the maximum volume share in the market was held by the 450 kW classification.
Immense opportunities for the electric 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.
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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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