The global electric bus charging infrastructure market is estimated to be valued at $5,922.2 million by 2028, surging from $1,684.4 million in 2020 at a noteworthy CAGR of 17.7%.
Impact analysis of COVID-19 on the Electric Bus Charging Infrastructure Market
The new coronavirus emerged in 2019 and had a tremendous social, economic, and political influence on businesses all around the world. The unique COVID-19 epidemic had a slight impact on the worldwide electric bus charging infrastructure market’s growth in 2020. In Q1 and Q2 of 2020, both manufacturing and sales of new automobiles came to a halt around the world due to the disruption of the entire supply chain ecosystem. Moreover, original equipment manufacturers (OEMs) had to wait until the lockdowns were lifted before they could resume manufacturing, which had a negative impact on their company. d. Several electric vehicle manufacturers, particularly in China, have already announced the debut of 5G-capable vehicles. Even though most of them have been delayed owing to the COVID-19 epidemic, they are scheduled to be available in 2021.
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Furthermore, governments are likely to accelerate electric vehicle (EV) adoption by promoting EV financing and supporting the development of the EV manufacturing and charging infrastructure supply chain. These initiatives are expected to attract more investments in electric bus charging station infrastructure in the coming years. e. Moreover, governments are projecting EVs as more appealing than internal combustion engines by enacting policies including more stringent fuel efficiency standards (emission standards), feebates, zero emission zones, and a zero-emission vehicle (ZEV) mandate. These developments are likely to boost electric bus charging infrastructure growth in the coming years.
Global Electric Bus Charging Infrastructure Market Analysis
Political incentives, the adoption of common standards, cost-effective and customer-oriented charging infrastructure, early learning knowledge building and dissemination, an understanding of consumer preferences, vehicle behavior, and driving patterns are all anticipated to be electric vehicle charging station (EVCS) market drivers. Governments are funding support for EVCS demonstration and deployment projects, as well as subsidizing EV charging infrastructure, as a result of their visions and targets for EV adoption. In the aftermath of COVID-19, in June 2020, the European Union (EU) pronounced to assist its member states’ economic recovery by investing about $2.6 billion in 140 major transportation projects. Some of the projects aimed at delivering greener and safer transport services which included deploying cleaner busses with charging infrastructure in Barcelona and Paris. 2.
However, the lack of uniform standards and regulations vis-à-vis grid and charging infrastructure in the EVCS industry restricts competitiveness, hinders integration, and raises conversion. To meet this problem, thorough standards and rules are likely to be developed to ensure that electric vehicles (EVs) can seamlessly connect to EV bus charging stations for charging. For instance, from plug-in cable connection to “fast” chargers, several standards have been proposed, including the CHAdeMO2 standard and the Society of Automotive Engineers standard. To avoid market fragmentation and to lower costs, global standards are likely be adopted by governing agencies.
Global Electric Bus Charging Infrastructure Market, Segmentation
The global electric bus charging infrastructure market is segmented based on charging type, platform, and region.
Charging Type:
The charging type segment is further divided into on board and off board. The off board sub-segment of the global electric bus charging infrastructure market is projected to have the fastest growth and surpass $3,3744.1 million by 2028. The power subsystem of an off-board (DC) charger is often designed to transfer more kilowatts of power, necessitating a more sophisticated battery management system (BMS) on the plug-in hybrid electric vehicle (PHEV). It also removes a significant amount of weight from the PHEV, potentially enhancing its overall efficiency. These benefits are expected to propel the market growth of the sub-segment over the forecast period.
Platform:
Based on platform, the electric bus charging infrastructure market has been sub-segmented into depot and opportunity, of which the opportunity sub-segment is projected to generate the revenue of $2,855.2 million by 2028, with the fastest compound annual growth rate of 19.6% during the forecast period. Opportunity charging offers ultra-fast charging solution for electric buses while travelling across stations. It allows buses to run continuously throughout the day, carrying many passengers at a low cost. Over the forecast period, these advantages and benefits are expected to propel the sub-segment forward. Furthermore, the inverted pantograph market in the opportunity area is expected to rise rapidly, surpassing $1,875.8 million by 2028. Instead of being fastened to a bus roof, the inverted pantograph is smoothly integrated into existing bus station infrastructure, allowing electric buses to be charged. The ease of operation and quick charging facilities of inverted pantograph are expected to propel the growth of the sub-segment.
Region:
The electric bus charging infrastructure market for the North America region is projected to witness a rapid growth. This market generated a revenue of $315.4 million in 2020 and is further projected to reach up to $1,204.6 million by 2028.
North America market’s share in the electric bus charging infrastructure market is gradually growing mainly because of its rapid adoption of latest technologies in the region, along with heavy investments by government and industry for research and innovation purposes. North America market has major presence of American and Chinese original equipment manufacturers (OEMs). California, as the most dynamic state on the subject, has established a new rule that many other states could follow called as the innovative clean transit rule (ICTR). It aims that from 2023, 25% of the overall sales of buses must come under “zero emission.”
Key Players in the Global Electric Bus Charging Infrastructure Market
- ABB Ltd.
- Alstom SA
- BYD Auto Co. Ltd
- ChargePoint Inc.
- Efacec
- Furrer + Frey AG
- Heliox
- Liikennevirta Oy
- Nuvve Corporation
- Proterra
The electric bus charging market is currently extremely consolidated, with only a few large companies. The major strategies of these companies include product innovation, collaborative partnerships, and acquisitions of smaller entities. Moreover, electric bus charging market share is accounted by key players namely BYD Auto Co. Ltd, ChargePoint Inc., and Heliox. In Oct 2018, Heliox, charging station provider, inaugurated the newest innovation multi-stranded charging system in Luxemborg with Sales-Lentz, mobility and transport solution provider. Different ebuses can be charged with one Heliox fast charger with the aid of multi-standard charging mechanism. Buses that follow the ‘Bus-Up’ interface and buses that utilize the Oppcharge system can both utilize the same charger for their charging period and move from one to the other automatically
Moreover, new EV entrants are expected to face a variety of challenges, ranging from inadequate supply chain to a lack of consumer demand owing to inadequate EV infrastructure. OEMs might be able to produce more cost-competitive goods if the supply chain is supported locally. New OEMs should concentrate on R&D and building new business models that provide better value and lower costs. To satisfy charging infrastructure, skill development, and financing demands, both established and new OEMs must work together to grow the EV ecosystem.
Along with company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Electric Bus Charging Infrastructure Market:
- Bargaining Power of Suppliers: When it comes to producing charging components for e-bus infrastructure, there is a limited amount of localization. Most countries are instrumental in importing charging components including batteries and power electronics. As domestic supply of many high-value components is limited, international suppliers currently have more bargaining strength.
Thus, the bargaining power of the suppliers is high. - Bargaining Power of Buyers: There are just a few major manufacturers of electric buses and providers of charging infrastructure in electric bus market. As long as there are barriers to electric bus adoption, such as standard protocols, governmental rules and regulations, and high upfront prices, customers in all charging infrastructure categories will have medium bargaining power.
Thus, the bargaining power of the buyers is moderate. - Threat of New Entrants: The global auto sector faces a threat from electric automobiles. A key barrier to entry is the vast amount of money and technological resources required to enter the charging grid. Vehicle manufacturers, on the other hand, are presently tackling this barrier with investments already made and planned for years ahead.
Thus, the threat of the new entrants is moderate. - Threat of Substitutes: Metros and trains are few substitutes for electric bus as a part of public transportation. However, due to added advantage of cost effectiveness and efficient mode of transportation, there are no immediate substitutes available in the market. Alternative means of transportation are unlikely to have a substantial impact on sales of electric vehicles, particularly buses, because governments have played a key role in promoting sustainable and emission-free transportation.
Thus, the threat of substitutes is low. - Competitive Rivalry in the Market: The electric bus charging infrastructure market is dominated by a few prominent market players who hold a significant share of the market. They are investing significantly in the EV segment, utilizing their financial strength and global market reach in a market where they would face stiff competition from each other and any new EV entry.
Therefore, competitive rivalry in the market is high.
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