Electric Bus Charging Station Market To Generate Revenue Worth $19,906.9 Million by 2030
- Published: February 2024
The electric bus charging station market is expected to generate a revenue of USD 19,906.9 million by 2030, advancing at a compound annual growth rate (CAGR) of 30.5% during 2024–2030. This can be ascribed to governments’ incentives and regulations followed by the swift adoption of a sustainable approach in comparison to the traditional approach.
- Moreover, electric bus charging stations are essentially economical and eco-friendly as compared to conventional fossil fuel-powered buses. They are typically equipped with high-capacity chargers and offer a variety of charging choices at an economically feasible rate.
- Slow charging is generally taken into account at night, as it requires lower power levels and is ideal for overnight charging. These stations are strategically equipped with both wireless as well as wired support systems near bus depots, transportation hubs, or along critical routes to maximize effectiveness and operational efficiency with uninterrupted services.
- Furthermore, the market is primarily driven by a more sensitive approach toward increasing sustainable mobility solutions.
- Additionally, various countries have set goals to electrify their public transport systems, which is significantly increasing the demand for electric buses and charging infrastructure.
Electric Buses in Public Fleet Driving the Market
An electric bus has evolved out to be a major public fleet in the past few years. The electric bus market is generally dependent on major government support, as public transit agencies prioritize the well-being of the safety of their country with cost savings and sustainability.
Moreover, due to the increasing requirement of electric buses to grapple with the rising population. Local governments in several countries are integrating electronic vehicles (EVs) into their municipal and public fleet.
- For instance, in the Asia-Pacific (APAC) region, the Chinese and Indian governments have a strong commitment to increasing the share of electric buses in their transportation systems.
Ultra-Fast Charging Evolving the Market
The increasing number of electric buses around the globe has certainly put up a responsibility to develop electronic charging stations with more proficient and fast charging. In the fast-changing world, to curb the bus weight and decrease the charging time, manufacturers have been developing new fast-charging depots. These charging stations enable the power to directly transmit to bus inverters with dynamic charging support, hence saving time and increasing productivity. Moreover, this can be energized in both static and dynamic ways catering to different electronic vehicle (EV) segments.
Additionally, ultra-fast charging has the potential to accelerate the electric bus fleets in this constantly modernizing landscape. This type of charging offers the advantages of enabling opportunity charging along with smart grid integration, focusing on higher scalability, and minimizing the need for excess infrastructure and personnel.
Some of the major players operating in the electric bus charging station market are Heliox B.V., Ekoenergetyka-Polska Sp. z 0.0., Powerdale NV, JEMA Energy S.A., Bombardier Inc., Schunk Carbon Technology, Siemens AG, ABB Ltd., POTEVIO CORPORATION, Advanced Vehicle Manufacturing Inc., Starcharge Energy Pte. Ltd., Proterra Inc., Qingdao TGOOD Electric Co. Ltd., Furrer+Frey AG, ALSTOM Holdings, ChargePoint Inc., and BYD Motors Inc.