|Base Year Market Size
|USD XX Billion
|Forecast Year Market Size
|USD 2185 Million
|Fastest Growing Market
The electric bus charging system market size is expected to grow from USD 945.3 million in 2019 to USD 2185 million in 2029, with a CAGR of 13.9%.
An electric bus runs on an electric motor and extracts energy from batteries, which can store energy on board or can be fed continuously from an external source. They are equipped for charging with plug-in chargers or pantographs fixed at depots or bus stops. Zero-emission, quiet operation and better acceleration are some of the prime advantages of electric buses as compared to conventional buses.
In the wake of the growing crisis, such as increasing air pollution, the UN Environment’s Electric mobility program supports nations that are actively working to support the adoption of EVs. It will help in catering to the UN Environment Assembly’s Air Quality Resolution and the execution of the Paris Climate Agreement. Currently, electric buses are surpassing every other electric vehicle segment and constituting the fastest-growing segment in the global electric vehicle market.
China, the largest bus maker, leads the electric bus market, accounting for 90% of all new buses sold in 2017.
The demand for electric vehicles is increasing drastically across the globe. As per the International Energy Agency, the sale of electric vehicles (EV) hit a record number with over 750,000 units sold in 2016 worldwide. EV sales increased by 63% in 2017, as compared to 2016. By 2040, it is estimated that the number of EVs will rise by 35%. As per the Bloomberg New Energy Finance estimates, the sale of electric buses is expected to reach 1.25 million units by 2025.
The adoption rate of electric vehicles has increased with the introduction of DC fast charging, wireless charging, and ultrafast electric vehicle supply equipment (EVSE) that has the capacity to charge vehicle batteries to 100% within 15–30 minutes. Additionally, different technologies and battery types help the drivers to easily search for charging stations by using smartphones and navigation systems in cars.
Government policy support in the form of R&D, development of innovative technologies, mandates and regulations, financial incentives, and other tools are impacting the increase in the value proposition of electric vehicles. Many governments are supporting the efforts of electric carmakers by providing tax credits and various subsidies to boost its sale.
Furthermore, the governments are offering road tax exemption and incentives and subsidies for electric vehicle charger infrastructure development. By 2020, China aims to deploy 0.5 million public chargers for cars, 4.3 million private EVSE outlets, and 850 intercity quick charging stations for buses and taxis. EU member countries are required to furnish the electric charging point targets for 2020 under the EU Directive on the deployment of alternative fuels infrastructure.
Accordingly, France has envisioned to deploy 7 million charging outlets by 2030. South Korea, in 2016, upgraded its prior target of deploying fast chargers from 1400 to 3000 by 2020. As China’s central and local governments are pushing for cleaner and sustainable air quality, electric buses have become an attractive option. With similar reactiveness and efforts, mayors in San Jose, Amsterdam, Paris, and Los Angeles are urging environmental regulators to roll out incentives and requirements pushing for the growth of electric buses. However, the lack of charging infrastructure hampers the market growth.
Asia-Pacific has the largest electric vehicles market across the globe due to the reducing dependency on fossil fuel and environmental arguments regarding CO2 emission and other air pollutants. Moreover, supportive government policies, such as tax benefits, are encouraging the usage of battery-operated electric vehicles (BEVs). Additionally, China, India, Japan, and South Korea are actively working to develop their charging infrastructure, institutional cooperation, and person-to-person connectivity in the coming years.
European countries manufactured about 1,314 electric buses in the year 2016, which is more than doubled than in 2015. According to the British bus building company named Alexander Dennis Limited (ADL), the major number of electric buses are available in the U.K., followed by the Netherlands, Switzerland, Poland, and Germany. According to the 3iBS report of Union Internationale des Transports Publics (UITP), in 2013, only 1.2% of the total electric bus fleet in Europe ran on electricity. In contrast, 79% were diesel-fueled buses.
|By Charging Type
|By Battery Type
|By Charging Platform
|ABB ALSTOM Furrer+Frey AG. Heliox PROTERRA Siemens Liikennevirta Oy (Ltd.) Momentum Dynamics Corporation electron
|U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
|China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
|Middle East and Africa
|UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
|Brazil Mexico Argentina Chile Colombia Rest of LATAM
|Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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As per the International Energy Agency, the transport sector is responsible for 23% of energy-related CO2 emissions. Increasing population and pollution in the congested metropolitan regions have transformed the mobility patterns to some extent by giving momentum to electric mobility.
Transition to electric buses entails a change in the type of drive and requires intelligent charging solutions. With the right charging solution, the advantages of electrified buses can be employed, such as the use of renewable energy, low particulate emissions, less energy consumption, lower lifecycle costs, and reliable service.
The onboard charging segment caters to the maximum share in the market. The electric power of any country is generated, transmitted, and distributed in the form of alternating current (AC). But, the batteries of electric vehicles must be charged with direct current (DC). In the onboard type of charging, the AC charging point supplies the vehicle’s onboard charger that converts AC power to DC and enables the battery to be charged. Some fundamental properties of the battery can be mentioned as;
The pandemic wreaked havoc on all primary sectors when there was a temporary shutdown of all the events. Industries, such as construction, automobile and aviation, and aerospace and defense, were among the hit majorly, and the damages suffered by companies due to temporary shutdowns impaired production capability, restricting new deployments. In addition, most main players have successfully strategized with other companies and increased their R&D activities to deploy new, effective, and inexpensive solutions.