New York, USA, Nov. 24, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global electric bus charging infrastructure market is expected to generate a revenue of $5,922.2 million and grow at a noteworthy CAGR of 17.7% over the estimated period.
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Covid-19 Impact on the Electric Bus Charging Infrastructure Market
With the rise of the Covid-19 pandemic, likewise, other industries, the electric bus charging infrastructure market has also has had a negative impact. Due to strict lockdowns and guidelines imposed by the governments of many countries to check the spread of the deadly virus, there was a disruption in the supply chains. This led to the unavailability of lithium-ion batteries and power electronics which are essential components needed for the charging infrastructure. These were the factors that affected the growth of the market during the crisis. However, the increasing manufacturing of electric vehicles by leading market players and adoption of IIOT, are further expected to upsurge the growth of the market during the analysis timeframe.
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As per our analysts, with the increasing promotion of e-mobility services and a growing number of electric buses, the market is expected to witness remarkable growth during the analysis period. The rising pollution levels, high reliance on public transportation, and possible operational cost reductions are the major factors expected to cause a progressive transition from hydrocarbon-based to electric public transportation over the estimated timeframe. In addition, the regulatory measures and government push to create sustainable public transport infrastructure across the world are predicted to fuel the growth of the electric bus charging infrastructure market during the analysis period. However, the high cost involved with the deployment of electric bus charging infrastructure systems may impede the growth of the market over the forecast period.
Segments of the Electric Bus Charging Infrastructure Market
The report has been divided the market into segments based on type, platform, and region.
Type: Off-Board Sub-Segment to be Most Lucrative
The off-board sub-segment is expected to generate a revenue of $3,374.1 million and is predicted to continue steady growth during the forecast period. This is mainly due to the capability of the off-board direct current charger’s power subsystem of transferring greater kilowatts of power than alternating current chargers. Moreover, as an off-board charger’s power subsystem helps in removing a larger amount of weight from plug-in hybrid electric vehicle (PHEV), which potentially overall efficiency of the vehicle is the factor expected to bolster the growth of the electric bus charging infrastructure market during the analysis period.
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Platform: Depot Sub-Segment to Be Most Profitable
The depot sub-segment is expected to garner a revenue of $3,067.0 million during the analysis timeframe. This is mainly because of the increasing necessity of depot chargers for bus fleets that are stationed at depots. Furthermore, the increasing public investment by governments of many countries all across the globe in the infrastructure of the transportation sector is further expected to foster the growth of the market sub-segment throughout the analysis timeframe.
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Region: Asia-Pacific Region to Have Maximum Share of the Market
The Asia-Pacific region is projected to garner a revenue of $2,807.1 million and is predicted to dominate the market over the analysis period. This is major because of the existence of leading original equipment manufacturers of both buses and batteries in this region. Moreover, the increasing government initiatives on the infrastructure of the transportation sector is the factor expected to boost the regional growth of the electric bus charging infrastructure market during the forecast period.
Key Players of the 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
These players are broadly working on the development of new business tactics and strategies to acquire the leading position in the global industry.
For instance, in 2019, Duke Energy Corporation, a leading American electric power, and natural gas holding company, has announced a collaboration with ChargePoint Inc., a renowned American electric vehicle infrastructure company. With the collaboration, the companies aimed to enhance the charging facility for electric vehicles in North California.
Further, the report also presents other important aspects including product portfolio, latest strategic development, the financial performance of the key players, and SWOT analysis. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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