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The U.S. electric bus charging station market stood at $20.9 million in 2018, and is further projected to surpass $184.5 million by 2025, registering a CAGR of 37.1% during the forecast period (2019–2025).
Factors Governing the U.S. Electric Bus Charging Station Market
Key trend observed in the U.S. electric bus charging station market is growing emergence of wireless charging systems. These charging systems have turned out to be a popular topic among bus manufacturers in order to limit the weight of a bus and to reduce the charging time. The wireless charging system allows to transmit power from supply system to load through cordless technique. It can also be energized flexibly in both dynamic and static ways. Furthermore, when compared with conventional plug-in chargers, these systems substantially improve performances of electric vehicles and also enhance driving experience in terms of range.
Growing demand for electric buses boosts the deployment of electric bus charging stations, which further drives the growth of the U.S. electric bus charging station market. The market is largely dependent on the support of the government. In government sector, buses are used for transit services, public transport, military, and others purposes. Majority of the decisions of purchasing electric buses are made at the state or the federal government level. The Government of the U.S. is actively participating to increase the number of electric buses in its transportation system. For instance, transit operators in Seattle and Los Angeles have committed to convert their entire conventional diesel bus fleets to electric, which together include about 3,600 buses. Such replacement and procurement initiatives are projected to drive the demand for electric buses, which in turn, will increase the deployment of electric bus charging stations in the country.
Increasing preference for depot charge buses over on-route charge buses can be viewed as a notable opportunity for electric bus charging station providers. At present, battery electric bus manufacturers offer buses in two generalized models: an electric bus with smaller on-board battery that offers short range and requires more frequent, on-route charging; and an electric bus with larger on-board battery that offers extended range and is designed to get charged overnight with slower rate.
Despite the fact that many of the early buses that were deployed in the country were on-route charge buses, the recent orders placed are for depot charge buses, owing to their similar operational characteristics as that of conventional diesel buses. Furthermore, vital battery electric bus manufacturers are unveiling new bus models that support on-route charging and have comparatively higher range. Thus, the increasing demand for depot charge buses is one of the major opportunities for charging station manufacturers in the U.S. electric bus charging station market.
Segmentation Analysis of the U.S. Electric Bus Charging Station Market
In terms of product, the plug-in charging category held the largest share in the U.S. electric bus charging station market, in 2018. This is primarily due to the early adoption of plug-in charging stations for personal transport vehicles. Whereas, the pantograph charging category is projected to witness the fastest growth during 2019–2025, owing to its ability of fast charging, which reduces the anxiety of operators.
On the basis of connector, the J1772 category dominated the U.S. electric bus charging station market during the historical period, due to its popularity in both electric buses and personal electric vehicles. Whereas, the fastest growth during the forecast period is expected from the CCS connector-based charging station.
In terms of charger, the off-board category is projected to grow at a faster rate during the forecast period in the U.S. electric bus charging station market. The off-board charger enables bus manufacturers to limit the vehicle weight and make the bus lighter, which results in rapid charging at higher power level.
Based on charging, the fast charging category is projected to witness faster growth during the forecast period. This is due to the fact that fast charging station can charge an electric bus with high-voltage direct current (DC) in about 30 minutes in comparison to slow charging station, which takes over 5 hours to charge the bus. This makes the fast charging station a better option and is expected to increase its rapid adoption in the U.S. electric bus charging station market.
Competitive Landscape of the U.S. Electric Bus Charging Station Market
The U.S. electric bus charging station market is at its growing phase, with the presence of few major charging station manufacturers. Some of the major players operating in the market include ABB Ltd., Siemens Mobility GmbH, APT Controls Ltd., Heliox B.V., Proterra Inc., and Advanced Vehicle Manufacturing (AVM) Inc.
Recent Strategic Developments of Major U.S. Electric Bus Charging Station Market Players
The major players in the U.S. electric bus charging station market are launching new products to increase their shares. For instance, in May 2018, Proterra Inc. launched new high-power DC charger, compatible with J1772 CCS plug-in and J3105 inverted and roof-mounted overhead charging systems, at the American Public Transportation Association (APTA) Bus & Paratransit Conference. The new DC charger supports easy operations of fully electric bus fleets.
Key Questions Addressed/Answered in the Report