New York, USA, Aug. 10, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global electric bus charging infrastructure market is anticipated to register a revenue of $5,922.2 million at a CAGR of 17.7% during the forecast period, increasing from $1,684.4 million in 2020. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Rising pollution levels, operational cost reduction, and high reliance on public transportation are the primary factors behind the transition from traditional to electric bus services. In addition, battery pack used in electric buses is quite low in price. This factor is also contributing to the extensive adoption of electric vehicles. Moreover, another attributor behind the growth of e-bus charging infrastructure is expected to be the 5G rollouts and innovative approach of Battery-as-a-Service.
Restraint: This installation cost of electric bus charging infrastructure is quite higher than the traditional chargers, which is expected to restrain the growth of the market during the upcoming years.
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Opportunity: Government initiatives and plans related to creating a sustainable electric bus charging infrastructure are going to create many opportunities for the market in upcoming years.
Key Segments of the Market
The report has divided the market into different categories based on charging type, platform, and regional analysis.
Charging Type: Off Board Sub-Segment Expected to be the Most Lucrative
The off board sub-segment is expected to dominate the market by garnering a revenue of $3,374.1 million at a CAGR of 18.7% during the forecast period. Off-board direct current (DC) charger's power subsystem transfers greater kilowatts of power than alternating current (AC) chargers, which creates the demand of a more cultured battery management system (BMS) on the plug-in hybrid electric vehicle (PHEV). It also helps in increasing the overall efficiency of the vehicle by reducing a large amount of weight from the PHEV.
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Platform: Depot Sub-Segment Expected to be the Most Profitable
The depot sub-segment is estimated to raise a revenue of $3,067.0 million by the end of 2028. The main reason behind this growth is the requirement of depot chargers for bus fleets that are placed at depots.
Region: Asia-Pacific Expected to Dominate the Market
The Asia-Pacific regional market is expected to garner a revenue of $2,807.1 million during the analysis period. This is mainly because this region contributes over 70% to the technologically advanced electric buses worldwide for the nations like Japan, China, India, South Korea, and other Asian countries.
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Key Market Players and Strategies
• ABB Ltd.
• Alstom SA
• BYD Auto Co. Ltd
• ChargePoint Inc.
• Efacec
• Furrer + Frey AG
• Heliox
• Liikennevirta Oy
• Nuvve Corporation
• Proterra
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
In February 2021, ChargePoint, Inc., a leading electric vehicle (“EV”) charging network, and Switchback Energy Acquisition Corporation, completed a publicly merchandised special purpose acquisition. The strategic focus behind this merger is the energy value chain.
Impact Analysis of Covid-19 on the Market
The main reason behind this downfall is the supply chain restrictions and non-availability of the essential components for manufacturing of batteries including lithium ion (Li-ion) batteries and power electronics of charging infrastructure. Moreover, because of the lockdown, public transportation has been stopped resulting in dropping demand of charging infrastructure.
However, the key players of the market are focusing on developing the industry by implementing latest technologies, such as 5G, to provide cutting-edge experience to the end-users once the pandemic is over and restrictions are lifted.
Further, the report outlines and presents several aspects of these key players such as financial performance, SWOT analysis, recent strategic moves & developments, and product portfolio. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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