Global Electric Bus Charging Infrastructure Market to Rise at a CAGR of 30.9% and Surpass $18,754.3 Million by 2030, Owing to Growing Adoption of Electric Busses Worldwide

Efficient charging infrastructure is a prerequisite while establishing an ecosystem of electric buses in the world community. The two main components of the charging infrastructure include power infrastructure and charging solutions. Charging infrastructure for electric buses are installed in commercial premises unlike cars and bike charging stations.

The EV bus charging stations are fundamentally fortified with large battery capacities and high charger output ratings ranging from 100 kWh to 200 kWh, and more. They also need charging software for various purposes, such as grid communication, load balancing, monitoring of operations, and demand management.

Factors Impacting the Growth of the Market

The global electric bus charging infrastructure market is expected to generate $18,754.3 million by 2030 and grow at a CAGR of 30.9% during the forecast period from 2022 to 2030. The main factors enhancing the growth of the electric bus charging infrastructure market include:

• Advancement of e-mobility services
• Increasing adoption of electric buses
• Formation of sustainable public transport infrastructure

The transition of the public transportation from hydrocarbon-based to electric public transportation is based upon three primary factors:

• Intensifying levels of pollution
• High dependence on public transportation
• Potential cost reductions for operational activities

Apart from these factors, the governments are making sincere attempts to minimize carbon emission by introducing varied incentive schemes to increase the purchase of electric buses. In addition, the pricing of the battery pack used in electric buses has been decreased to an affordable rate, which is speeding up the liking and demand for electric vehicles. Innovative business infrastructure, such as Battery-as-a-Service and addition of 5G networks are expected to definitely contribute to the growth of the electric bus charging infrastructure market.

Electric Bus Charging Infrastructure Market Trends and Developments

According to a report published by Research Dive, the topmost players of the global electric bus charging infrastructure market are ABB Ltd., Alstom SA, BYD Auto Co. Ltd, ChargePoint Inc., Efacec, Furrer + Frey AG, Heliox, Liikennevirta Oy(Virta Global), Nuvve Corporation, and Proterra.

These industry players are investing a lot of efforts on the research and development of smart and unique strategies to sustain the growth of the market. These strategies include product launches, mergers and acquisitions, collaborations, partnerships, and refurbishing of existing technology.

Some of the recent developments in the electric bus charging infrastructure market are as follows:

• In April 2020, BYD Company Ltd. (BYD), a Chinese manufacturing company, and Toyota Motor Corporation (Toyota), a Japanese multinational automotive producer, announced that they have completed the registration of a new company based on a previous agreement for the establishment of a joint venture company to perform research and development of battery electric vehicles (BEVs). The new company is named as BYD TOYOTA EV TECHNOLOGY CO., LTD. (BTET).
   
• In July 2020, Hitachi, a multinational conglomerate corporation based in Japan, finalized its acquisition of the major portion of the ABB Power Grids, a global tech leader, for building a new venture. This new venture is aimed at handling the renewable and distributed energy borderlines of the power industry.
   
• In December 2020, Efacec, a Portuguese company operating in energy, engineering, and mobility fields, launched its new products of Efacec Electric Mobility, for the first time.
   
• In February 2021, ChargePoint, Inc., a leading electric vehicle (“EV”) charging network, and Switchback Energy Acquisition Corporation, finalized a publicly merchandised special purpose attainment. The premeditated focus behind this merger is the acceleration of energy value chain.
   
• In June 2021, Macquarie’s Green Investment Group (GIG), a specialist developer, sponsor and investor with a mission to accelerate the green transition, partnered with Heliox B.V. (Heliox), a market leader in rapid charging solutions, passenger vehicles, serving e-bus and e-truck fleets, marine, port, mining and more, with an aim of transporting electric truck and bus (eTruck & eBus) charging substructure across European region. This partnership will introduce an innovative ‘charging-as-a-service’ model, by funding the construction of charging infrastructure and maintaining the charging facilities on behalf of customers.

Impact Analysis of Covid-19 on the Market

There are many factors impacting the global electric bus charging infrastructure market during the coronavirus pandemic. Like most of the other industries, this industry has also experienced a drastic decline during the pandemic. The main factors impacting the growth of the market can be termed as the ‘supply chain restrictions’ along with ‘the dropping demand of EV batteries’. Non-availability of the most important components for manufacturing of batteries, such as power electronics of charging infrastructure and lithium ion (Li-ion) batteries, are affecting the market in a drastic way.

However, as the restrictions on supply chain are being lifted with the reducing cases of coronavirus, the key players of the market have started research and development to enhance the growth of the electric bus charging infrastructure market by implementing latest technologies such as 5G.