U.S. Electric Bus Charging Station Market Overview
The U.S. electric bus charging station market size was valued at $19.9 million in 2017 and is projected to reach $221.5 million by 2025, witnessing a CAGR of 34.7% during the forecast period. The growing number of electric bus fleets in the country and favorable government schemes and regulations are the major factors driving the market.
On the basis of product, the U.S. electric bus charging station market is categorized into plug-in charging, pantograph charging, and inductive charging. Among these, the plug-in charging category dominated the market in 2017, with more than 85% market share in value terms. However, the inductive charging category is expected to grow at the fastest rate than the other two in the segment during the forecast period, owing to its ability to charge the electric bus quicker than the others in the market.
U.S. ELECTRIC BUS CHARGING STATION MARKET, BY PRODUCT, $M (2016-2025)
Based on the connector, the U.S. electric bus charging station market has been categorized into J1772, CCS, and others. In 2017, the J1772 category recorded the highest sales by volume. Also, the category is projected to grow significantly during the forecast period.
Based on charger, the U.S. electric bus charging station market is categorized into off-board and on-board. Of the two, the off-board category contributed the larger revenue share during the historical period. It is predicted to continue dominating the market in the coming years, as it permits quick charging at higher power levels and has high vehicle-to-grid reactive power capability.
U.S. Electric Bus Charging Station Market Dynamics
The growth of the U.S. electric bus charging station market is primarily driven by growing number of electric bus fleets across several states of the U.S. such as California, Massachusetts, Indiana, Washington, Tennessee, Utah, and Pennsylvania, and the government support in the form of tax incentives, rebates, financial schemes, and favorable policies. The market is still in its nascent phase and significant growth is expected in the coming years, owing to the aforementioned factors.
The major restraint in the growth of U.S. electric bus charging station market is the high installation cost of electric vehicle supply equipment (EVSE). The high-power levels required for EVSE installation coupled with the power grid access cost hinders the growth of the market. Additionally, the high cost of power conditioning and control circuits, and heavy-duty components also restrains the growth of this industry. The lack of standardization among the related components of charging station, including connectors and chargers, further adds to the woes. The various charging standards available in the market also lack compatibility. Owing to this, the electric bus original equipment manufacturers (OEMs) and EVSE providers are not able to agree upon a particular plug design/voltage rating specification, thereby hindering the market growth.
U.S. Electric Bus Charging Station Market Competitive Landscape
The U.S. electric bus charging station market is still in its nascent phase. In the recent years, the government has planned several funding schemes and policies, while working closely with electric bus OEMs, utility companies, station owners, and EVSE suppliers to support electric bus charging station market. Some of the major players in the market are ABB Ltd., Siemens Mobility GmbH, Proterra Inc., Advanced Vehicle Manufacturing (AVM) Inc., and APT Controls Ltd.