New York, US, June 21, 2021 (GLOBE NEWSWIRE) — The global electric bus charging system market is expected to reach from USD 945.3 million in 2019 to USD 2185 million in 2029 as per a new research report by Straits Research. The electric bus charging system market is anticipated to witness significant growth due to the increasing demand for electric vehicles. There is a surge in the utilization of electric bus charging system, owing to the decreasing cost of batteries. The growing efforts to reduce greenhouse gas (GHG) emissions, along with the rise in favorable government regulations have surged its application across the globe.
However, the lack of necessary infrastructure and the lack of present resources to meet electricity demand hampers the growth of the market. The electric bus charging system market size is expected to grow USD 2185 million in 2029, with a CAGR of 13.9% in the forecast period 2021 to 2029.
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Onboard Charging Segment Caters to the Maximum Share in the Electric Bus Charging System Market
The global electric bus charging system market has been segmented majorly on the basis of charging type, battery type, charging platform, and region.
Based on charging type, the market is segmented into on-board charging and off-board charging.
Based on battery type market is segmented into lithium iron phosphate, nickel cobalt manganese lithium-ion, and others.
Based on charging platform, electric bus charger manufacturers, EV bus manufacturers, Canadian, Chinese electric bus manufacturers, and electric bus charging station cost is segmented majorly impacted on the market.
COVID-19 Impact on Automobile Industry
The pandemic wreaked havoc on all primary sectors when there was a temporary shutdown of all the events. Industries, such as construction, automobile and aviation, and aerospace and defense, were among the hit majorly, and the damages suffered by companies due to temporary shutdowns impaired production capability, restricting new deployments. Apart from this, the consequences of COVID-19, such as lockdown and social distancing, significantly decreased the automobile sales of electric vehicles and electric bus charging system. In addition, most main players have successfully strategized with other companies and increased their R&D activities to deploy new, effective, hybrid bus, electric bus, and inexpensive solutions.
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Recent Developments
In 2018, Momentum Dynamics Corporation installed a 200-kilowatt wireless charging system to support electric transit buses in Chattanooga, Tennessee.In 2018, Siemens AG signed an agreement with Denmark’s Moviafor the delivery of fast-charging stations with a pantograph for electric buses. It is one of Siemens’s biggest eBus orders ever. Through this three-year agreement, Siemens AG would supply a 150 kW, 300kW, and 450kW charging station equipped with an inverted pantograph and eBus cloud remote monitoring system. China, India, Japan, and South Korea to Develop Their Charging Infrastructure to Boost the Use of Electric Vehicles (EV)
Regionally, Asia-Pacific dominates the electric bus charging system market on account of the rapid technological advancements, presence of industry leaders, and favorable government regulations. Europe is considered a thriving market across the globe and is anticipated to exhibit the fastest growth due to the high adoption of EV by the European countries, massive investments, and the deployments of the latest technology view the details on the regional analysis.
1 Introduction
2 Clinical Management Systems Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Market Overview
3.1 Report Segmentation & Scope
3.2 Value Chain Analysis: Electric Bus Charging System Market
3.3 Key Market Trends
3.3.1 Drivers
3.3.2 Restraints
3.3.3 Opportunities
3.4 Porter’s Five Forces Analysis
3.7 Impact of COVID-19 on Electric Bus Charging System Market
4 Charging Type Overview
4.1 Introduction
4.2 On board charging
4.3 Off board charging
5 Battery Type Overview
5.1 Introduction
5.2 Lithium iron phosphate
5.3 Nickel cobalt manganese lithium-ion
5.4 Others
6 Charging Platform Overview
6.1 Introduction
6.2 Depot charging (Plug based)
6.3 Opportunity based charging
7 Regional Overview
7.1 Introduction
7.2 North America
7.3 Europe
7.4 Asia-Pacific
8 Company Profile
8.1 ABB
8.2 ALSTOM
8.3 Furrer+Frey AG.
8.4 Heliox
8.5 PROTERRA
8.6 Siemens
8.7 Others
The EV sales had been increased by a whopping 63 % in 2017 as compared to 2016. By 2040, it has been estimated that the number of EVs to reach 35% of all vehicles. This is mainly attributed to the steep reduction in the cost of battery technology and decarbonized policies of governments worldwide. As per the Bloomberg New Energy Finance estimates, the sale of electric buses is expected to reach 1.25 million units by 2025. Electric Bus Charging System Market: Information by Charging Type, Battery Type (Lithium Iron Phosphate), Charging Platform (Depot Charging), and Region — Forecast till 2029
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