According to a new report published by Allied Market Research, titled, “Electric Bus Charging Infrastructure Market Size,” The electric bus charging infrastructure market was valued at $1.9 billion in 2021, and is estimated to reach $18.8 billion by 2030, growing at a CAGR of 30.9% from 2022 to 2030.
Electric vehicles have the potential to transform the world’s transportation economy, substantially reducing carbon emissions and opening the door to significant climate gains. Electric bus charging systems connect the plug-in electric vehicle to an electrical outlet to charge the vehicle’s battery. Furthermore, to address the increased demand for electric buses, a number of automakers and electric component manufacturers are collaborating in order to develop enhanced electric bus charging systems.
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Governments are launching large-scale initiatives to promote the use of green energy-powered electric buses. E-mobility is now widely regarded as the most promising technology for reducing transportation emissions. Electric buses are rapidly replacing traditional diesel-powered buses, outpacing battery-powered automobile adoption. According to Bloomberg New Energy Finance, by 2030, 28% of car sales will be electric vehicles, while 84% of new buses will be electric buses. These factors are responsible for the growth of the market.
Covid-19 scenario:
- The Covid-19 negatively impacted several industries including the automotive market. The prolonged lockdown resulted in decline in automotive sales, which negatively affected the development of electric bus charging infrastructure.
- China is the leading producer and exporter of raw materials such as platforms required for electric bus charging infrastructure production. However, Chinas being the epicenter of the coronavirus pandemic, its export was affected, leading to a decline in electric bus charging infrastructure production.
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Key Findings of the Study
- Based on platform, the on-the-go sub-segment emerged as the global leader in 2021, and the depot sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
- Based on charging type, the off-board sub-segment emerged as the global leader in 2021 and is predicted to show the fastest growth in the upcoming years.
- Based on region, the Asia-Pacific market registered the highest market share in 2021 and is projected to maintain the position during the forecast period.
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The global electric bus charging infrastructure market includes an in-depth analysis of the prime market players such as ABB Ltd., Alstom SA, BYD Auto Co. Ltd, ChargePoint Inc., Efacec, Furrer + Frey AG, Heliox, Liikennevirta Oy (Virta Global), Nuvve Corporation, and Proterra. Moreover, electric bus charging market share is accounted for key players, namely ChargePoint Inc., Heliox, and BYD Auto Co. Ltd.
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