|Status : Published||Published On : Jul, 2019||Report Code : VRAT4060||Industry : Automotive & Transportation||Available Format :||Page : 104|
The European electric bus charging station market is projected to reach USD 581.9 million by 2024, registering a CAGR of 17.4% during the forecast period. 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 European electric bus charging station market is categorized into off-board and on-board chargers, wherein off-board category accounted for larger share in 2018 in terms of volume. The category is expected to lead throughout the forecast period. Electric bus manufacturers able 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 European electric bus charging station market is divided into depot charging, opportunity charging, and others. Among these categories, the opportunity charging category accounted for largest share in 2018 in terms of sales volume. However, the depot charging category is expected to witness fastest growth during the forecast period due to the increasing preference for overnight charging buses among private and public agencies.
Insight by Power
Based on power, the European 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. However, the more than 450 kW category is expected to witness the fastest the growth during the forecast period. This is attributed to the increasing demand for rapid charging of the electric buses.
European electric bus charging station market has been driven by several key factors, predominantly increasing government funding schemes, and increasing government plans for electrification of public transport.
In European Union, governments are undertaking key initiatives to opt for green energy-driven vehicles. The policies related to electric buses in EU is mainly focused on technological optimization and market development. For instance, the European Commission supported a Europe-wide electromobility initiative, Green eMotion, worth €41.8 million (USD 46.9 million), in partnership with forty-two partners from industry, utilities, electric vehicle manufacturers, municipalities, universities and technology and research institutions.
The project developed prototypes to connect the islands of electromobility existing at the time of the project start. An overarching ICT architecture was defined and standards, especially for ICT interfaces, were set. New business models for public charging infrastructure were analyzed and ways are shown for its optimized integration into the grid. This, in turn, expected to benefit the European electric bus charging station market in the near future.
Key factors hindering the growth of the European electric bus charging station market are high installation cost and high maintenance cost of an electric bus charging station.
Geographically, the U.K. 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, government support 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 European electric bus charging station market are Bombardier Inc., Schunk Carbon Technology, Ekoenergetyka-Polska Sp. z o.o., Heliox B.V., JEMA Energy S.A., and Powerdale NV.
- 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 the 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 the 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 behavior.
Source: VynZ Research
Source: VynZ Research