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Global Electric Bus Charging Station Market Overview
The global electric bus charging station market generated $6.6 billion revenue in 2018 and is projected to advance at a CAGR of 9.7% during the forecast period. This is majorly due to the increasing adoption of electric buses in public transit fleet, support of government for electric bus charging infrastructure improvement, and increasing investment towards the development of electric bus charging station.
On the basis of type, the global electric bus charging station market has been categorized into depot charging, opportunity charging and inductive charging. Among these, the depot charging category held the largest market share with above 55% sales volume in 2018. Depot charging stations have operations similar to diesel buses, which makes it easier to operate. Also, the public fleet operators prefer overnight charging of electric bus. Additionally, lower installation and operation cost are the other factors boosting the growth of depot charging stations across the world.
Based on power, the global electric bus charging station market has been categorized into <50 kW, 50–150 kW, 151–450 kW, and >450 kW. Among these, the charging stations that provides a maximum output range of less than 50 kW dominated the market during the historic period. Lower cost associated with these charging stations as compared to other categories is the major factor for the growth of the category in the market. Furthermore, most of the electric bus fleet agencies specially in China, operates on depot charging business model which generally have the output range of less than 50 kW, contributing to the growth of the category.
Geographically, the global electric bus charging station market has been categorized into North America, Europe, APAC, and rest of the world. Of these, APAC held the largest market share in 2018, owing to the increased adoption of electric buses in China. However, during the forecast period, North America is estimated to register the fastest growth. The growth of this region is majorly propelled by the wide-ranging government initiatives towards the development of electro mobility as well as the increasing adoption rate of the electric buses in the region.
Global Electrics Bus Charging Station Market Dynamics
The global electric bus charging station market is at its growing stage owing to increasing adoption of electric buses in public fleet in many countries across the world. With the implementation of Kyoto Protocol, in 2005, in 192 countries, the world is more than ever committed to a global transition towards a low carbon economy. Several incentive programs, such as tax rebates, grants, and subsidies, have been launched by the government in order to improve electric bus charging infrastructure across the globe. For instance, in February 2018, the European Commission endorsed a budget of $82.7 (EUR 70 million) for deploying electric and plug-in-hybrid electric buses in public fleet and the construction of the related electric charging infrastructure required for the operation of these buses.
Additionally, the government in China has taken the initiative to install 500,000 new public charging stations between 2015 and 2020, to encourage the adoption of electric buses in the country. Such factors are boosting the market of electric bus charging stations across the world. Furthermore, increasing adoption of electric buses in public fleet and increasing investment towards the expansion of electric bus charging stations are the other factors that are boosting the market of electric bus charging stations worldwide.
lack of standardization in charging infrastructure and high cost of equipment and installation is some of the factors that are hindering the faster adoption of electric bus charging stations across the world. There is currently no single agreed-upon standard for electric bus charging infrastructure in the world. The charging standard varies not only across countries, but at city levels as well, making it a complex affair for mass adoption. A technical standard is important so that OEMs and charging infrastructure providers can cater to a particular plug design/voltage rating specification. This lack of standard is not because of technological uncertainties, but due to final adaptation of the technologies in the regulatory framework of the international standard setting organizations. Such absence of standardization is a major restraint for the growth of global electric bus charging station market.
Up surging requirement of electric bus charging stations in private establishments is an opportunity observed for the OEMs of the global electric bus charging station market. The increasing competition in the hospitality industry has been emerging as boon for the electric bus charging infrastructure market in order to provide value-added services to their customers, the hospitality companies are offering charging facilities, which is increasing the demand of charging stations from this segment. The large multinational corporations as a part of employee welfare are also offering charging facilities, thereby providing the OEMs an opportunity to grow.
Global Electric Bus Charging Station Market Competitive Landscape
Some of the major players of the global electric bus charging station market are Ekoenergetyka-Polska Sp. z o.o., Heliox B.V., JEMA Energy S.A., Powerdale NV, Schunk Carbon Technology, and Bombardier Inc., ABB Ltd., Siemens AG, Advanced Vehicle Manufacturing Inc., and Proterra Inc., Qingdao TGOOD Electric Co. Ltd., Star Charge, China Potevio Co. Ltd., and GH Energy Inc.