The electric bus charging station market is projected to grow at a significant CAGR.
The market for electric buses is experiencing significant growth due to the increasing use of these buses in the public transit fleets, and the government’s supportive policies for the development of charging infrastructure for electric buses, further boosting the market.
The depot charging type category holds the largest share in terms of volume, driven by the advantages it possesses such as ease of operation similar to diesel bus stations and installation costs compared to others. In addition, public fleet operators prefer overnight charging for electric buses.
The <50 kW in power segment is dominating the market driven by the lower deployment cost than others. Further, in China or around the world, electric bus fleet operators mainly use depot charging stations of < 50 kW power output.
APAC accounted for the leading contributor by revenue in the electric bus charging station market driven by China's extensive use of electric buses. Whereas, North America is the fastest-growing market during the forecast period because of the favorable government initiatives aimed at promoting electric mobility, leading to an increased adoption of electric buses in the region.
For instance, the European Commission has allocated significant budgets for the deployment of plug-in hybrid and electric buses in public fleets, as well as the establishment of associated charging infrastructure.
While in China, the government has taken the initiative to install 500,000 public charging stations nationwide, aiming to encourage the widespread adoption of electric buses in the country. These governmental efforts are contributing to the market’s growth.
Additionally, the increasing demand for electric bus charging stations in private spaces is opening up significant growth prospects for market players. The competition within the hospitality sector is driving market growth, with many hospitality service providers now offering charging facilities for electric buses on their premises.
Moreover, numerous large multinational corporations are incorporating charging facilities into their employee welfare programs. This presents lucrative opportunities for manufacturers and installers of charging stations.
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