Electric Bus Charging Infrastructure Market Size

Electric Bus Charging Infrastructure Market Analysis

The Electric Bus Charging Infrastructure Market size is estimated at USD 2 billion in 2024, and is expected to reach USD 5.68 billion by 2029, growing at a CAGR of 19% during the forecast period (2024-2029).

• At the beginning of 2020, the automotive goods and supply chain market were drastically impacted by COVID-19. Also, travel restrictions and lockdowns resulted in a slowdown in electric vehicle sales. However, the automotive industry is now recovering from the losses and paving the way to introduce quality products to cater to the rising demand from consumers across the region. The automotive industry witnessed significant growth in terms of the production of electric vehicles in 2022, which is likely to increase the demand for electric buses during the forecast period.
• Over the medium term, Growing electric vehicle charging infrastructure across the globe is likely to witness significant demand for electric buses across the major regions. The rapid expansion of electric bus manufacturers across the globe is likely to propel the market during the forecast period.
• The global adoption of stricter pollution regulations is expected to boost electric car sales throughout the projection period. To meet the growing demand for electric vehicles (EVs), manufacturers of automotive power modules have begun investing in expanding their production capacities, primarily in the Asia-Pacific region, which has the world's highest sales and export of vehicles, as well as the lowest tariff on EV parts among ASEAN countries.
• In September 2022, A pilot project through which the Ministry of Road Transport & Highways in India is developing EV charging stations across 5000km of the national highway is presently in its last stages of technical and commercial testing using electric buses on the Delhi-Jaipur line beginning September 9th, 2022. This will add a 278 km length to the previously performed 210 km trial run between Delhi and Agra in 2021, completing technical testing of a total of 500 miles across four states in its pilot phase: UP, Delhi, Haryana, and Rajasthan.
• Electric buses are becoming more financially viable with favorable policies, and they generate fewer maintenance costs with substantially reduced fuel costs. According to electric bus manufacturers, electric buses save USD 400,000 in fuel expenses and nearly USD 125,000 in maintenance costs, more than making up for the higher upfront cost.
• China and the United States registered higher adoption of electric buses. In the coming years, the above countries are expected to continue to deploy more electric buses, owing to strong encouragement from the governments, transit agencies, as well as other green vehicle-supporting communities and organizations.