Electric Bus Charging Infrastructure Market Share

Electric Bus Charging Infrastructure Market Share Analysis

According to data released by the US Department of Energy, projections indicate that the United States will see around 15 million electric vehicles (EVs) on its roads by 2030. To accommodate this surge, it is estimated that approximately 27,000 Direct Current Fast Chargers (DCFC) and 600,000 Level 2 public charging outlets will be required. Consequently, a multitude of stakeholders, including government agencies, major EV manufacturers, related system developers, automakers, oil companies, electrical utilities, and charging network firms, are engaged in both competition and collaboration to deploy widespread EV charging infrastructure across the country.

Illustratively, in June 2019, Volkswagen took a substantial step by installing 2,800 electric bus charging infrastructures in 17 of the largest US cities. This effort was part of a broader investment of USD 2 billion in charging infrastructure throughout the nation. Such endeavors underscore the concerted efforts to build a robust charging network to support the growing electric vehicle fleet.

In Europe, several nations are actively formulating incentive policies to encourage electric vehicle adoption. The Netherlands government, for instance, has set ambitious targets, planning to phase out all internal combustion engine (ICE) vehicles by 2035. Meanwhile, Norway, a leader in the European electric vehicle market, has implemented a tax reduction strategy for battery electric vehicles (BEVs). Owners of BEVs benefit from a significantly lower annual road tax of USD 53, compared to the standard USD 370. This approach aims to boost the penetration of electric vehicles in the country.

The private sector is also making significant investments in electric vehicle charging infrastructure. In 2019, Ionity, a European joint venture involving BMW Group, Daimler AG, Ford Motor Company, Volkswagen Group with Audi AG and Porsche AG, announced plans to establish a high-power charging network for EVs along major European highways. By the end of 2020, Ionity had successfully installed 400 charging stations across Europe.

Furthermore, the global focus on increasing awareness and demand for electric vehicles is prompting emerging economies like India to invest in charging infrastructure. Tata AutoComp Systems, a subsidiary of the Tata Group, entered into a Memorandum of Understanding (MoU) with Australia-based Tritium in 2019. Under this agreement, Tata AutoComp Systems committed to purchasing Tritium’s Veefil-RT 50kW DC fast chargers and introducing them to the Indian market. These strategic initiatives by key players are anticipated to propel the growth of the global electric bus charging infrastructure market in the foreseeable future. The collaborative efforts across various sectors and regions underscore the commitment to building a comprehensive and effective charging network to support the accelerating adoption of electric vehicles worldwide.