|Status : Published||Published On : Jul, 2019||Report Code : VRAT4061||Industry : Automotive & Transportation||Available Format :||Page : 171|
The global electric bus charging station market is projected to reach USD 11.4 billion by 2024, registering a CAGR of 9.5% during the forecast period. Increasing adoption of electric buses in public transportation system, supporting government initiatives and schemes, and growing investment towards charging station infrastructure, propelling the growth of the market.
Insight by Charger
On the basis of charger, the global electric bus charging station market is categorized into off-board and on-board chargers, wherein on-board category accounted for larger share in 2018 in terms of sales volume. The category is expected to lead throughout the forecast period. However, the off-board category is expected to witness faster growth during the forecast period because it offers the electric bus manufacturers to reduce the weight of the buses and makes it lighter, with the help of off-board station. This will result in fast charging at higher power levels.
Insight by Type
On the basis of type, the global electric bus charging station market is divided into depot charging, opportunity charging, and inductive charging. Of all, the depot charging category accounted for largest share in 2018 in terms of sales volume. This is attributed to the increasing demand of private and public transport agencies towards overnight charging buses, depot charging stations have more similar operational characteristics to diesel buses.
Insight by Power
On the basis of power, the global electric bus charging station market is categorized into less than 50 kW, 50–150 kW, 151–450 kW, and more than 450 kW. Of all, the less than 50 kW category accounted for largest share in 2018 in terms of volume. The major reason behind the growth of the category in the market is the lower cost associated with these charging stations.
Global electric bus charging station market has been driven by several key factors, predominantly increasing adoption of electric buses in public transport system, increasing government funding schemes, and increasing government plans for electrification of public transport.
Different governments across the globe are taking initiatives to replace the petroleum-based automotive fleet with electric powered vehicles. Different countries provide incentive and frame regulations to support the adoption of electric vehicles. In European Union, governments are undertaking key initiatives to opt for green energy-driven vehicles. The policies related to electric buss in EU is mainly focused on technological optimization and market development.
Similarly, China has an aggressive target to reduce carbon emission and adopt electric vehicles. As reported by Forbes, the central and local government in China spent $ 7.7 billion on electric vehicles subsidiary in 2017. Similarly, in China electric vehicles are exempt from purchase taxes during 2014 – 2017, Chinese government has further extended it to 2020. The Chinese government at Centre offers consumers subsidy renews its plans in every two or three years. For battery electric vehicles, subsidies were around 40 to 60% of the vehicle cost. Also, in 2018, the country implemented dual-credit policy which targets automakers selling passenger vehicles based on their average fuel consumption credits and new energy vehicle credits. This applies to the manufacturers of 30,000 vehicles or more annually. All the above stated factors help in the growth of the electric bus charging station market.
Key factors hindering the growth of the global electric bus charging station market are high installation cost and high maintenance cost of an electric bus charging station.
Geographically, the Asia-Pacific electric bus charging station market accounted for the largest share in 2018 in terms of volumes. This is attributed to the increasing adoption rate of electric vehicles in China, government supporting schemes for the adoption of electric vehicles and for developing infrastructure related to electric vehicles include charging station.
Some of the key players operating in the global electric bus charging station market are Bombardier Inc., Schunk Carbon Technology, Ekoenergetyka-Polska Sp. z o.o., Heliox B.V., JEMA Energy S.A., Powerdale NV., ABB Ltd., Siemens AG, GH Energy Inc., China Potevio Co. Ltd., Qingdao TGOOD Electric Co. Ltd., Star Charge, Advanced Vehicle Manufacturing Inc., and Proterra Inc.
- Identifying variables and establishing market impact.
- Establishing market trends regionally.
- Analyzing opportunities and market penetration rates by understanding product commercialization, regional expansion.
- Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
- Analyzing sustainability strategies adhered by market participants in an attempt to determine future course of the market.
- Analyzing historical market trends and super-imposing them on the current and future variables to determine the year-on-year trend.
- Understanding adoption, production, export, import, and regulatory framework.
- Estimated and forecasted data was validated through industry experts.
- Apart from industry experts, data triangulation methods were used for validation.
- Bottom-up and top-down approach has been used for estimation and forecast of market data, whereas top-down approach was used for validation.
- Demand, as well as supply-side surveys, were conducted in order to understand the industry dynamics and data validation.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry include CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end-user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research