Electric Bus Charging Station Market Research Report: By Type (Depot Charging, Opportunity Charging, Inductive charging), Power (<50 kW, 50–150 kW, 151–450 kW, >450 kW), Charger (Off-Board, On-Board), Geographical Insight (U.S., Canada, U.K., Germany, Netherlands, Lithuania, Austria, Belgium, Poland, Sweden, Spain, France, China, India, Brazil) – Global Industry Analysis and Growth Forecast to 2025

Market Outlook

The electric bus charging station market revenue stood at $6.6 billion in 2018, and the market is predicted to progress at a CAGR of 9.7% between 2019 and 2025. The market is being driven by the growing deployment of electric buses in public transit fleets, enactment of supportive government policies regarding electric bus charging infrastructure development, and surging investments for the same.

In 2018, the depot charging category accounted for the largest volume share, under the type segment, of more than 55.0%. As the buses that use these charging stations have similar operational characteristics to diesel buses, they offer easy operation benefits over those using other types of charging stations. Additionally, public fleet operators generally prefer overnight charging of electric buses. Besides, the lower operational and installation costs of these charging stations are fueling the expansion of this category.

The <50 kilowatts (kW) category led the electric bus charging station industry till 2018, within the power segment. The key factor behind the dominance of this category is the lower cost of deploying these charging stations than others. In addition to this, a majority of the electric bus fleet operators, especially in China, use depot charging stations, which generally have a power output of less than 50 kW.

Geographically, Asia-Pacific (APAC) contributed the highest revenue to the electric bus charging station market in 2018 due to the large-scale usage of electric buses in China. The market is predicted to exhibit the fastest growth in North America in the future on account of the implementation of favorable government initiatives regarding the adoption of electric mobility, which is resulting in the surging deployment of electric buses in the region.

Growth Drivers

The soaring usage of electric buses in public transport fleets is one of the major factors driving the expansion of the market for electric bus charging stations. With the enactment of the Kyoto Protocol in 192 countries in 2005, the world is witnessing a rapid transition toward a low-carbon economy.

Governments of many countries are launching incentive programs, such as subsidies, tax rebates, and grants, for developing the electric bus charging infrastructure. For example, the European Commission announced a budget of $82.7 (EUR 70 million) in February 2018 for the deployment of plug-in hybrid and electric buses in public fleets and development of the related charging infrastructure. Additionally, the Chinese government launched an initiative for installing 500,000 public charging stations from 2015 to 2020, in order to encourage the deployment of electric buses in the country.

Restraints

The high cost of installation and the equipment itself and lack of standardization in electric bus charging infrastructure are some of the major factors hampering the progress of the electric bus charging station market. Currently, there is no uniform agreed-upon standard for electric bus charging stations across the world. The standard for these stations varies not only across nations but also across cities, thereby making their mass deployment a complicated affair.

A uniform technical standard is necessary so that original equipment manufacturers (OEMs) and charging infrastructure developers can cater to a certain voltage rating/plug design specification. The lack of such standards is not due to uncertainties in the technology but because of the slow adaptation of the regulatory framework of international standard-setting organizations to include these technologies.

Opportunities

The mushrooming demand for electric bus charging stations in private spaces is creating immense growth opportunities for the players operating in the market. For instance, the growing competition in the hospitality sector is positively impacting the market growth, as many hospitality service providers are offering electric bus charging facilities on their premises. Additionally, many large multinational corporations are providing charging facilities as part of their employee welfare programs, thereby generating lucrative growth opportunities for charging station manufacturers and installers.

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.