Electric Bus Charging Infrastructure Market Overview:
The electric bus charging infrastructure market is witnessing substantial growth in tandem with the increasing global shift towards sustainable and eco-friendly transportation solutions. As cities and countries prioritize the adoption of electric buses to reduce emissions and combat air pollution, the demand for robust charging infrastructure is on the rise. Charging infrastructure providers are developing innovative solutions, including fast-charging stations and depot charging systems, to cater to the unique operational needs of electric buses. This market's growth is further propelled by government initiatives and incentives aimed at promoting electric mobility, fostering the development of an extensive and efficient charging network for electric buses.
The global electric bus charging infrastructure market will continue to climb an average annual rate of 6% over the next four years. Here are some key findings from their latest report on this market
Geographically, regions at the forefront of electric bus adoption, such as Europe and parts of Asia, are witnessing a surge in investments and deployment of charging infrastructure. As urbanization accelerates and public transportation systems transition to electric fleets, the electric bus charging infrastructure market is expected to play a crucial role in supporting the widespread integration of electric buses into public transit networks. Continued advancements in charging technology, coupled with supportive government policies, are likely to drive further expansion and sophistication of the electric bus charging infrastructure market in the coming years.
The electric bus charging infrastructure market has experienced significant growth in the past decade, and the trend of increased use of electric buses in public transportation systems isn’t showing any signs of slowing down.
The Global Electric Bus Market Is Expected To Grow
It's no secret that our world is in need of a sustainable solution. The Electric Bus Charging Infrastructure industry is projected to grow USD 16.1 billion by 2030, exhibiting (CAGR) of 26.1% during the forecast period (2023 – 2030).
Electric buses offer significant reductions in fuel costs and emissions levels, as well as improved public health due to less reliance on diesel fuels. Globally, the electric bus charging infrastructure market is forecasted to reach an annual volume of 934 million units by 2022 and reach 2 billion units annually by 2026 with North America representing more than 60% share of electric buses sold worldwide during this period.
Electric Bus Charging Infrastructure Market Key Players
- Siemens AG (Germany)
- SCHUNK Group (Germany)
- ABB (Switzerland)
- Bombardier Inc (Canada)
- Kempower OY (US)
- Daimler AG (Germany)
- Proterra (US)
- ChargePoint Inc (US)
- EFACEC (Portugal)
- Shijiazhuang Tonhe Electronics Technologies Co Ltd (China)
The US Is Investing In Electric Bus Infrastructure
In order to cut down on emissions, improve air quality, and save money, many U.S. cities are investing in electric bus infrastructure. In New York City, for example, they've committed $32 million to purchase 50 fully electric buses and five charging stations. The city has also allocated an additional $10 million to help create a network of electric vehicle charging stations that will serve both public and private vehicles in all five boroughs.
Europe Is Leading The Way In Electric Bus Adoption
With a push for clean, sustainable transportation and a focus on reducing emissions, it is little surprise that Europe has been leading the way in electric bus adoption. The European Union has set regulations mandating that companies reduce their emissions by 20% between 2020 and 2030. This will be difficult if not impossible without switching to electric vehicles. Since buses are one of the major sources of air pollution in most cities, they are an important target for reducing emissions.
China Is The Largest Market For Electric Buses
China is currently the largest market for electric buses, with over 300 million kilometers traveled by such vehicles in 2016. The country has ambitious plans to put 5,000 electric buses on its roads in 2017 and at least 10,000 more each year until 2020. To achieve this goal, China's Ministry of Transport announced in November 2016 a $2.6 billion purchase of 200 pure electric buses from BYD Co., Ltd.
The Electric Bus Charging Infrastructure Market Is Expected To Grow
In order to meet climate change goals, cities across the world are turning to electric buses. The rise in demand is being driven by an increasing number of cities with zero-emission vehicle mandates and by government incentives for electric bus buyers.
The global electric bus charging infrastructure market size was valued at USD 890.2 million in 2017 and is expected to grow at a CAGR of 16.6% over 2018-2024, reaching USD 2,694 million by 2024.
Electric Bus Charging Infrastructure Market Segmentation
By Charger Type
- Dc Charger
By Charging Method
- Fast Charging
- Slow Charging
- North America
- Asia Pacific
- Rest Of The World