PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1512206
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1512206
Market Overview
In 2023, the electric bus charging station industry was valued at USD 3,116.6 million, experiencing a massive compound annual growth rate of 30.5% during the projection period.
A factor driving the electric buses market is the adoption and utilization of these resources to push for sustainable transport across the globe and advance the existing government policies on the use of hybrid energy-efficient vehicles.
E-mobility is disrupting the passenger vehicle industry to a great extent or facilitating the creation of the electric bus charging station market. This tendency includes a vast number of electric vehicles; however, the case with electric buses is one of the most effective solutions for eco-friendly urban mobility. The phenomenon over recent years of going green and using electric vehicles to power autonomy has accelerated due to growing environmental consciousness.
Growth in technologies like AI and IoT have opened new abilities for the bus charging industry. With the addition of these high-end technologies, it has become easier to do functions like real-time monitoring, remote management of charging stations, and tracking the lower limit and the upper limit of electricity, hence providing valuable insights serving as a major and broader growth-inducing factor.
Key Insights
Depot charging is crucial for the operation and management of electric bus fleets.
It involves recharging buses at depots or bus terminals, typically overnight when buses are not in service.
Depot charging stations offer higher performance and longer charging times, fully recharging batteries for daily operations.
These stations are less complex and cheaper to install compared to on-route or fast charging stations.
Depot charging benefits include reduced grid impact, lower maintenance costs, effective fleet management, and positive battery management.
Inductive charging, an emerging technology, provides wireless charging solutions, enhancing safety by eliminating the need for wires.
Less than 50 kW charging stations, worth around $2 billion in 2023, support slow charging for buses with lower mileage requirements.
Onboard charging equipment, expected to grow at a CAGR of 35%, simplifies infrastructure by integrating chargers, batteries, and inverters into bus design.
Onboard charging converts AC power from the grid to DC power, suitable for buses on shorter routes with planned charging schedules.
Asia-Pacific leads the bus charging station market, driven by large-scale electric bus usage in China, India, and South Korea.
APAC market growth, projected at a CAGR of 33%, is fueled by government funding, subsidies, and sustainable travel policies.
India's Government contracted USD 10 billion in 2022 to acquire 5000 electric buses by 2030, with Delhi Transport Corporation planning 8000 buses by 2025.
China operates 98% of all electric buses worldwide and is expected to maintain its dominance due to subsidies and national regulations.
The North American market is growing steadily, driven by government incentives and increasing environmental awareness, boosting investment in charging infrastructure in major cities.