PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514953
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514953
Fast Charging Solutions for Electric Buses Market size was valued at USD 2,154.2 Million in 2023, expanding at a CAGR of 32.50% from 2024 to 2032.
Electric Bus develops, implements, and supports charging systems for diverse fleet types. These infrastructures are available as public charging stations, consumer subscription programs, and utility grid management technologies to help electric utility companies balance the system's electric needs. This electric bus charging system connects the plug-in electric car and electric vehicle to an electrical outlet to charge their batteries. In addition, several automakers and electric component manufacturers are collaborating to develop improved electric car charging systems in order to meet the growing demand for electric vehicles.
Fast Charging Solutions for Electric Buses Market- Market Dynamics
O Increasing Adoption of Electric Buses Propels Market Growth
Consumer concerns about air pollution and climate change are fueling the widespread adoption of electric buses, which is driving the electric bus charging station market data. According to electric bus makers, electric buses save US$ 400,000 in fuel expenses and approximately US$ 125,000 in maintenance costs, more than compensating for their higher initial cost. In addition, the increasing demand for electric buses, particularly in urban areas, due to their numerous environmental benefits, such as lower greenhouse gas (GHG) output, zero tailpipe emissions, and quieter operation, is driving market expansion. Bloomberg New Energy Finance predicts that by 2030, electric vehicles will account for around 28% of auto sales and 84% of new buses. Furthermore, the Joe Biden government has proposed a $174 billion initiative to encourage the use of electric vehicles, to transition the United States to zero-emission transportation. Aside from that, China's transition to electric vehicles is likely to continue, with 420,000 new electric buses set to be purchased by 2025. Market growth and government backing should allow electric bus fleets to grow significantly (by roughly 40%).
Fast Charging Solutions for Electric Buses Market- Key Insights
v As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 32.50% over the forecast period (2024-2032)
v Based on Platform segmentation, the on-the-go subsegment dominated the market in 2023.
v Based on Charging Type segmentation, in 2023, the off-board subsegment led the global market for e-bus charging infrastructure.
v On the basis of region, North America was the leading revenue generator in 2023
The Global Fast Charging Solutions for Electric Buses Market is segmented on the basis of Platform, Charging Type, and Region.
The market is divided into two categories based on Platform: Depot and On the Go. The on-the-go segment dominated the market in 2023. On-the-go charging enables buses to run constantly. On-the-go charging is a time-constrained strategy because of the pause in the middle of an unfinished journey. Furthermore, it enables electric buses to operate for longer amounts of time on the road by eliminating the need to return to a charging station for extended periods. This could be a perfect solution for buses that travel vast distances and cannot take extended charging pauses. On-the-go charging is frequently done at greater power rates (up to 500kW), which is faster but may result in costlier utility demand charges and, thus, higher operational costs.
The market is divided into two categories based on Charging Type: On-Board and Off-Board. In 2023, the off-board segment led the global market for Fast Charging Solutions for Electric Buses. The expansion of this segment might be ascribed to the availability of fast-charging electric infrastructure, which allows buses to be charged in less time. For instance, the Off-board high-power charger increases the eBus service's flexibility by charging just enough to go all day from terminus to terminus or the next available charging point. It is suitable for high-frequency operation situations since the charging infrastructure may be shared by multiple buses per hour, even if they are from different manufacturers. The buses only use the charging station for a few minutes. Such uses of Fast Charging Solutions for Electric Buses in the automotive sector are expected to drive growth in the sub-segment throughout the forecast period.
Fast Charging Solutions for Electric Buses Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The North American Fast Charging Solutions for Electric Buses market will dominate due to rising need for electric vehicles; strategic activities by major players and government legislation will drive market expansion in this region.
The Asia-Pacific Fast Charging Solutions for Electric Buses Market is estimated to expand at the quickest CAGR between 2024 and 2032. This is due to a variety of causes, including an increase in demand for low-emission commuting and increased government investment in charging and hydrogen fuelling stations, as well as zero-emission vehicles via subsidies and tax breaks.
Major players in the Fast Charging Solutions for Electric Buses market, such as Efacec Furrer + Frey AG, BYD Auto Co. Ltd, Heliox Group, and Proterra Inc., are investing in R&D to boost demand. Market participants are also engaging in a variety of strategic initiatives to grow their worldwide presence, with significant market developments including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. To grow and survive in a more competitive and expanding market, the Fast Charging Solutions for Electric Buses market must provide cost-effective products.
v In October 2022, ABB collaborated with Basel on Switzerland's greatest infrastructure projects. Basel chose ABB's charging technology for long-term e-bus operations over the projection period. The contract is part of Basel Public Transport's (BVB) plan to convert its whole bus fleet to battery-electric operation.
GLOBAL FAST CHARGING SOLUTIONS FOR ELECTRIC BUSES MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
O Efacec
O Furrer + Frey AG
O BYD Auto Co. Ltd
O Heliox Group
O proterra inc
O Alstom SA
O ABB Ltd.
O ChargePoint Inc.
O Liikennevirta Oy
O Nuvve Corporation
O Others