IMARC Group, a leading market research company, has released a report titled “Electric Bus Charging Station Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. According to the report, The global electric bus charging station market size reached US$ 838 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 6,451 Million by 2028, exhibiting a growth rate (CAGR) of 40.70% during 2023-2028.
An electric bus charging station, also known as an electric bus charging point or terminal, is a dedicated facility designed to recharge electric buses. It is essential to support the adoption of electric buses in urban and suburban settings. It is equipped with charging infrastructure tailored to the specific requirements of electric buses. It involves connecting the bus to a power source, usually through overhead charging equipment or cables. Charging stations are available in various forms, including slow, fast, and rapid chargers, each offering different charging speeds to accommodate the several operational needs of electric bus fleets. The overnight slow charging station provides a lower charging rate and is typically utilized when buses are parked for extended periods, such as overnight. Fast charging stations offer higher charging speeds and are strategically positioned along bus routes or terminals to provide quick top-ups during short breaks. Additionally, rapid charging stations can deliver a substantial amount of charge quickly, often in a matter of minutes, and are strategically placed at key locations to minimize downtime and keep the electric buses operational throughout the day. Nowadays, electric bus charging stations are shifting toward cleaner, sustainable alternatives due to their reduced emissions and lower operational costs across the globe.
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Electric Bus Charging Station Market Trends and Drivers:
The electric bus charging station is primarily driven by the growing public awareness and concern about environmental issues. In addition, an inclination toward sustainable modes of transportation led to the adoption by public transportation agencies, requiring the expansion of charging infrastructure, thus influencing market growth. Moreover, several advancements in battery technology to improve efficiency and reduce costs represent another major growth-inducing factor. Along with this, longer ranges and faster charging times are now attainable, enhancing the attractiveness of electric buses for operators and passengers, thus propelling the market growth. Besides this, the emergence of innovative business models offers charging station to explore various approaches, such as subscription-based charging, dynamic pricing, and partnerships with utility companies, to ensure the financial viability of charging infrastructure while meeting the diverse needs of operators are accelerating the market growth. In line with this, the implementation of several government policies to achieve sustainable transportation goals with subsidies, tax breaks, and grants for electric bus operators are contributing to the market growth. Also, stringent emission regulations and mandates are compelling public transportation agencies to transition to electric fleets, thereby escalating the demand for charging infrastructure. Furthermore, the growing environmental concern led to the widespread adoption of electric buses powered by renewable energy sources, which offer a cleaner and greener alternative to achieve carbon neutrality and reduce urban air pollution, thus creating a positive market outlook.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Type:
- Depot Charging
- Opportunity Charging
- Inductive Charging
Breakup by Charger:
- Off-Board
- Onboard
Breakup by Power:
- Less than 50 kW
- 50–150 kW
- 151–450 kW
- More than 450 kW
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- ABB Ltd.
- Ekoenergetyka – Polska S.A.
- Electreon Wireless Ltd.
- Furrer+Frey AG
- Heliox Energy
- JEMA Energy SA
- Siemens AG
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IMARC Group Email: [email protected] USA: +1-631-791-1145 | Asia: +91-120-433-0800 Address: 134 N 4th St. Brooklyn, NY 11249, USA Follow us on Twitter: @imarcglobal
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