The growing usage of electric buses in public transport fleets in various countries is one of the major factors propelling the demand for electric bus charging stations around the world. With the enactment of the Kyoto Protocol in 192 countries in 2005, many countries are rapidly implementing policies aimed at facilitating their transition towards low carbon economies. Incentive programs such as subsidies, grants, and tax rebates are increasingly being launched by various governments for improving the electric bus charging infrastructure.
Besides the aforementioned factors, the soaring investments being made for the development of electric bus charging stations are also positively impacting the demand for these charging stations across the globe. This is, in turn, fueling the expansion of the global electric bus charging station market. As a result, the market valuation is predicted to rise from $6.6 billion in 2018 to $12.3 billion by 2025. Furthermore, the market will grow at a CAGR of 9.7% from 2019 to 2025.
Depending on type, the market is categorized into opportunity charging, inductive charging, and depot charging categories. Out of these, the depot charging category recorded the highest growth in the market in the past years. This was because of the high preference of several private and public transport agencies for overnight charging buses, on account of the fact that these buses have similar operational characteristics to the conventionally used diesel buses.
When charger is taken into consideration, the electric bus charging station market is classified into on-board and off-board chargers. Between these, the on-board charger category recorded higher growth in the market during the last few years. In the coming years, the off-board charger is predicted to exhibit faster growth in the market. This is ascribed to the fact that these chargers allow bus manufacturers to reduce the weight of the buses and provide quick charging at high power levels.
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