New York, USA, Dec. 21, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global electric bus charging infrastructure market. According to the report, the global market is expected to grow with a CAGR of 30.9% and surpass a revenue of $18,754.3 million by 2030. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Electric Bus Charging Infrastructure Market
The outburst of the COVID-19 pandemic in 2020 has had a negative impact on the growth of the global electric bus charging infrastructure market. During the pandemic, the closure of manufacturing plants, disruptions in the supply chain, as well as economic slowdown globally eventually dropped the need for electric buses. In addition, owing to shortage of raw materials and fear of contracting the COVID-19 virus among labors, several electric bus manufacturing projects were postponed or cancelled. These factors significantly hindered the market growth during the pandemic.
Get a Access to the Full PDF Sample of Electric Bus Charging Infrastructure Market
Factors Impacting the Electric Bus Charging Infrastructure Market Growth
The key factors boosting the growth of the global electric bus charging infrastructure market are rising developments in e-mobility services, growing demand for electrical buses, and increasing government funding schemes for promoting the use of electric buses. Furthermore, the rising need for passenger comfort (by lowering vibration), and growing initiatives to reduce noise pollution are estimated to unlock lucrative opportunities for market growth in the forecast period. However, high initial costs and a longer charging time of electric bus are anticipated to deter the market’s growth.
The report segments the global electric bus charging infrastructure market into platform, charging, and region.
On-the-go Sub-Segment to Grab a Foremost Share of the Market
The on–the-go sub-segment of the platform segment accounted for the highest market share in 2021 and is estimated to show the fastest growth during the forecast period. This growth is mainly because on-the-go charging allows electric buses to run for longer duration on the road which is the best option for buses that travel long distances and cannot take long halts for charging.
Off-Board Sub-Segment to Witness Rapid Growth
The off-board sub-segment of the charging segment accounted for the highest revenue share in 2021 and is expected to continue to lead the market in the forecast period. This growth is mainly owed to the growing demand for off-board charging as it offers swift-charging electric infrastructure for charging the electric buses with less time consumption.
Asia-Pacific Region to Perceive Maximum Growth
The report analyzes the global electric bus charging infrastructure market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is expected to lead the market in the estimated period. The government has announced subsidies and tax breaks for electric bus purchases, along with incentives for electric bus manufacture, which is positively increasing the growth of electric bus charging infrastructure market in this region.
Broader Insights Pertaining for the Specific Segments or Regions of the Electric Bus Charging Infrastructure Market
Key Players of the Market
The report states some of the foremost players operating in the global electric bus charging infrastructure market including
- Alstom SA
- ChargePoint Inc.
- Nuvve Corporation
- ABB Ltd.
- BYD Auto Co. Ltd
- Efacec, Furrer + Frey AG
- Heliox
- Liikennevirta Oy
- Proterra
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, In October 2021, ElectReon, a foremost provider of wireless charging solutions for electric vehicles (EVs), and Dan Bus Company, an Israeli bus company based in Tel Aviv, launch the world’s biggest commercial wireless EV charging infrastructure for a Fleet of 200 public buses.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Electric Bus Charging Infrastructure Market:
- 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
- Electric Bus: An Innovative Mode of Transportation that can Tackle Rapid Climatic Changes
- Electric Bus: A Lower Emission Transportation Option for Seamless Travel Experience
