U.S. Electric Bus Charging Station Market Forecast to 2025 - Up-surging Requirement of Electric Bus Charging Stations in Private Establishments Promote Lucrative Opportunities - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Feb 26, 2019--The “U.S. Electric Bus Charging Station Market by Product - Market Size, Share, Development, Growth, and Demand Forecast, 2016-2025” report has been added to ResearchAndMarkets.com’s offering.
The U.S. electric bus charging station market is projected to reach $221.5 million by 2025. The growth of the market is majorly driven by the increasing demand of electric buses by local transit agencies coupled with government favourable funding schemes to develop charging infrastructure in the country.
Local governments, with the help of federal and state governments, are integrating electric buses into their municipal or public transit fleets. Such procurement initiatives are expected to drive the U.S. electric bus market, which in turn will benefit the electric bus charging station market in the country.
On the basis of product, the U.S. electric bus charging station market is categorized into plug-in charging, pantograph charging, and inductive charging. The inductive charging station is expected to be the fastest growing category in the market during the forecast period. Manufacturers are collaborating with the bus makers and public transit authorities to increase adoption of electric bus charging stations in the states. For instance, in March 2018, Momentum Dynamics and BYD Auto Co. Ltd. delivered a 50 kW wireless charging bus station in Maryland. These moves by major manufacturers are expected to benefit the market during the forecast period.
On the basis of charging, the fast charging category is expected to remain the faster growing category during the forecast period. It charges electric buses in approximately 30 minutes with a high-voltage direct current (DC) as compared to a slow charger which takes more than 5 hours. This benefit makes the fast charging category a better choice, supporting its rapid implementation in the U.S. electric bus charging station market.
Most of the decisions of purchasing electric buses are made at the federal or state government level. The U.S. government has a strong commitment to increase the share of electric buses in the transportation system of the country. The Federal Transit Administration (FTA), an agency within the U.S. Department of Transportation (DOT), published a notice of funding opportunity (NOFO) announcing a competitive funding under the Low- or No-Emission Grant program. The program funds will offer financial assistance for the purchase or leasing of low- or zero-emission vehicles that incorporate advanced technologies, including related equipment or facilities which are expected to benefit the U.S. electric bus charging station market.
The U.S. had around 70,000 buses in public fleets in 2017. These old conventional fuel-based buses are expected to be replaced by new electric ones during the forecast period. Large fleet of old conventional buses in the country provides considerable opportunity for the electric bus sales in the country. Such procurement and replacement initiatives are expected to drive the U.S. electric bus market which in turn will benefit the electric bus charging station market in the country.
The U.S. electric bus charging station market is still in its nascent phase, with a few players operating within the country. Some of the major players in the market are ABB Ltd., Siemens Mobility GmbH, Proterra Inc., Advanced Vehicle Manufacturing (AVM) Inc., and APT Controls Ltd.
- Growing Emergence of Wireless Charging Systems
- Government Schemes and Regulations
- Growing Demand for Electric Buses Increases the Deployment of Electric Bus Charging Stations
- Impact Analysis of Drivers On Market Forecast
- High Cost of Equipment and Installation
- Lack of Standardization
- Impact Analysis of Restraints On Market Forecast
- Up Surging Requirement of Electric Bus Charging Stations in Private Establishments
- ABB Ltd.
- APT Controls Ltd.
- Heliox B.V.
- Siemens Mobility GmbH
- Proterra Inc.
- Advanced Vehicle Manufacturing Inc.
For more information about this report visit https://www.researchandmarkets.com/research/64bp8c/u_s_electric_bus?w=4
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Related Topics:Commercial Vehicles,Electric and Hybrid Vehicles
KEYWORD: UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: TRANSPORT PUBLIC TRANSPORT ALTERNATIVE VEHICLES/FUELS AUTOMOTIVE FLEET MANAGEMENT
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 02/26/2019 12:41 PM/DISC: 02/26/2019 12:41 PM