The Electric Bus Charging Infrastructure Market Projected to Grow at a CAGR of 30.9% and Generate the Revenue of $18,754.3 million by 2030Download Sample Reports Overview
The global electric bus charging infrastructure market share is predicted to be valued at $18,754.3 million by 2030, surging from $1,893.3 million in 2021, at a noteworthy CAGR of 30.9%.
Impact Analysis of COVID-19 on the Electric Bus Charging Infrastructure Market
The COVID-19 pandemic has led to severe disruptions that have affected the demand, supply, and availability of electric bus. During pandemic, both manufacturing and sales of new automobiles came to a halt around the world due to the disruption in the entire supply chain ecosystem. Furthermore, original equipment manufacturers (OEMs) had to wait until the lockdowns were released before they could resume manufacturing, which harmed their businesses. Additionally, the components of electric bus charging infrastructure including charging software for grid communications, load balancing, and operation monitoring witnessing pressure owing to supply chain complexities aroused due to the pandemic outbreak.
Moreover, various transportation authorities are proactively focusing on designing electric charging systems with advanced technologies to deliver optimized charging solutions further boosting the global bus charging infrastructure market. For instance, in November 2021, the Los Angeles Department of Transportation (LADOT) has been awarded by the California Energy Commission to install one of the largest EV fleet charging systems in the US. The LADOT charging system feature a solar and storage microgrid paired with 104 EV chargers. LADOT selected Proterra and Apparent which are leader in the manufacturing and designing of zero-emission electric transit buses to install the microgrid and electric bus chargers at the agency’s Washington Bus Yard. It helps to manage charging and overall energy use for more than 100 electric buses.
Global Electric Bus Charging Infrastructure Market Analysis
The popularity of electric bus charging infrastructure can be attributed to low emission of harmful greenhouse gases namely carbon emissions by transitioning to zero-emission public transit. As per analysis, over 40 towns throughout the world have started to restrict the use of gasoline and diesel internal combustion engine (ICE) bus. Also, electric bus charging infrastructure can be keep up the development of regional and global targets for the modification towards the electric mobility. The use of electric bus significantly reduces the dependence on gasoline-based fuels that have high carbon emission rates. Owing to these factors, net carbon neutrality can be achieved. These are the major factors anticipated to boost the electric bus charging infrastructure market share during the analysis timeframe. For instance, in May 2021, the New York Power Authority (NYPA) supports bus electricity in NYC with a $39 million overhead electric bus charger infrastructure project. More than 50 overhead chargers will be installed in four NYC bus depots, helping New York State meet its goals of electrifying public bus fleets and lowering greenhouse gas emissions.
However, installation of electric bus and its infrastructure requires massive investments at initial stages. Also, some high-tech electric buses also require specialized infrastructure, which can be costly to operate and install. In addition, availability of substitutes such as hydrogen, biofuel, natural gas, and others is estimated to restrain electric charging infrastructure market growth. Also, agencies and owners lack the knowledge required to implement new operation models that account for the range and power for electric bus that can hamper the market demand. Such factors are estimated to limit the market growth during the analysis period.
The use of electric bus charging infrastructure in hydrogen fuel cell is gaining huge popularity as hydrogen is clean fuel and emits only water upon combustion. Electric charging solution suppliers are working on developing more innovative and dependable e-mobility charging solutions that contribute to the creation of a digital world. To serve electric vehicles' present and future needs, compact electric bus charging systems that provide faster and on-demand charging as well as robust connectivity. Despite the expensive initial installation cost of charging infrastructure, these charging solutions are gaining popularity among users. Furthermore, wide adoption of green hydrogen to lower the emission of toxic greenhouse gases to achieve zero emission is predicted to provide lucrative opportunity for the market growth.
For instance, according to the Federal Transit Administration (FTA), the transportation sector alone accounts for 27% of total greenhouse gas (GHG) emissions in the United States. Over a 12-year period, each zero-emission bus (ZEB) can save 1,690 tonnes of CO2. ZEBs may also remove 10 tonnes of nitrogen oxides and 350 pounds of diesel particulate matter from the air in the communities they serve, improving air quality. This is because electric bus is technologically advanced transportation medium that makes them more efficient in the long run than internal combustion engine buses. All these factors are estimated to accelerate the market growth rate in the next few years.
Global Electric Bus Charging Infrastructure Market Share, Segmentation
The global electric bus charging infrastructure market is segmented based on platform, charging type, and region.
The platform segment is further classified into depot and on-the-go. Among these, the on –the-go sub-segment is accounted to have a dominating market share in 2021. On-the-go charging is a method that allows a transit bus to be charged in service or away from the bus depot. For organisations without depot space to construct charging infrastructure, on the go charging is going to be a good option. It may also result in a charging ecosystem that is more responsive to power outages. Generally chargers in on-route platform used Wi-Fi signals to communicate between bus and charger. This charging method eliminates the need for overnight charging by requiring the bus to stay on a predetermined route, with chargers typically located at one or more turnaround endpoints.
The charging type segment is further classified into on-board and off-board. Among these, the off-board sub-segment is accounted to have a dominating market share in 2021. Off-board chargers are deployed externally as a result, there are no weight or size restrictions. It is possible to obtain a high charging rate because the current flowing from the charger to the vehicle is a DC (Direct Current) flow.
The electric bus charging infrastructure market in the Europe region is projected to show the fastest growth. Some of the major factors driving the electric bus charging infrastructure market growth in the Europe region are availability of government regulations and schemes, the increase in acceptance rate of electric buses in the public fleet and increasing investment toward electric bus charging infrastructure.
Key Players in the Global Electric Bus Charging Infrastructure Market
Some of the leading electric bus charging infrastructure market players are
- ABB Ltd
- Alstom SA
- BYD Auto Co. Ltd
- ChargePoint Inc.
- Furrer + Frey AG
- Liikennevirta Oy(Virta Global)
- Nuvve Corporation
Moreover, electric bus charging market share is accounted by key players namely ChargePoint Inc., Heliox, and BYD Auto Co. Ltd.
For instance, in June 2022, ABB E-mobility Company launched its largest DC fast charger production site in Italy. ABB E-mobility has strengthened its position as the market leader in EV charging solutions with the opening of the E-mobility Centre of Excellence in Valdarno, Tuscany. It is the company's largest DC fast charger production site.