Owing to the burgeoning requirement for electric buses, on account of the escalating air pollution levels and the enactment of strict emission control regulations by the government, the demand for electric bus charging stations is surging in the US This is, in turn, driving the expansion of the US electric bus charging station market. According to the forecast of the market research company, PS Intelligence, the revenue of the market will rise from $20.9 million in 2018 to more than $184.5 million by 2025. Furthermore, the market is predicted to advance at a CAGR of 37.1% from 2019 to 2025 (forecast period).
With the implementation of favorable government policies, the adoption of electric buses in public transport fleets and military fleets is rising sharply in the US A majority of the decisions regarding the procurement of electric buses are taken at the federal or the state government level.Moreover, the government is taking several measures to augment the deployment of electric buses in its transport fleets. For example, transit operators in Los Angeles and Seattle aim to convert their diesel bus fleets, which include around 3,600 buses, to electric ones in the coming years.
These initiatives will consequently push up the requirement for electric bus charging stations in the country in the years to come.Apart from this factor, the growing preference of people for depot charge buses over the conventional on-route charge buses is also generating lucrative growth opportunities for the players operating in the US electric bus charging station market. Currently, battery electric bus manufacturing companies are offering buses in two generalized models—electric buses equipped with large on-board batteries that offer extended range and can be charged overnight and electric buses equipped with smaller on-board batteries that provide short range and need frequent and on-route charging.
Due to the similar operations of depot charge buses to that of the diesel buses, they are being increasingly preferred over the on-route charge buses in the country.Depending on product, the US electric bus charging station market is divided into plug-in charging, pantograph charging, and inductive charging categories. Out of these, the plug-in charging category is contributing the highest revenue to the market currently. Whereas, in the upcoming years, the pantograph charging category is predicted to demonstrate the fastest growth in the market.
This will be because of the fact that these charging stations provide faster charging than the inductive and pantograph charging stations.When charger is taken into consideration, the US electric bus charging station market is classified into off-board chargers and on-board chargers. Between these, the off-board charger category is currently holding the largest share in the market. Moreover, this category is predicted to exhibit huge expansion in the coming years, mainly because of their vehicle-to-grid reactive power capability.
Hence, it is safe to say that the market will register rapid expansion in the forthcoming years, primarily because of the emerging deployment of electric buses in the US