Market Research Report
U.K. Electric Bus Charging Station Market Research Report: By Type (Overnight Charger, Opportunity Charger), Power (150 kW) - Industry Trends and Growth Forecast to 2025
|Published by||Prescient & Strategic Intelligence Private Limited||Product code||918832|
|Published||Content info||71 Pages
Delivery time: 2-3 business days
|U.K. Electric Bus Charging Station Market Research Report: By Type (Overnight Charger, Opportunity Charger), Power (150 kW) - Industry Trends and Growth Forecast to 2025|
|Published: October 1, 2019||Content info: 71 Pages||
From valuing $13.3 million in 2018, the U.K. electric bus charging station market is expected to garner $95.5 million in revenue by 2025, registering a 30.7% CAGR during the forecast period (2019-2025). The major factors having a positive influence on the market are the inclusion of electric buses in public fleet and the increase in government initiatives in popularizing these buses and providing the required infrastructure. Charging stations, also known as electric recharging points that are used to recharge an electric bus's batteries are termed as electric bus charging stations.
Based on type, the classifications of the U.K. electric bus charging station market are opportunity and overnight chargers. In 2018, with more than 95.0% sales volume, the market was led by overnight chargers due to their popularity among public and private transport agencies for charging buses overnight as these buses have larger batteries to operate over longer distances. Further, the falling prices of batteries have also contributed in their demand as they are now competitively priced with opportunity charging buses.
On the basis of power, the U.K. electric bus charging station market is categorized into <50 kW, 50-150 kW, and >150 kW. The largest market share in 2018 was held by the <50 kW category. The main reason behind the popularity of these chargers was their cost compared to chargers of higher power ranges. In the forecast period, the highest CAGR is projected to be witnessed by the >150 kW category. This can be credited to the rising demand for larger batteries, which would take longer to charge, thereby driving the demand for more powerful chargers.
The U.K. electric bus charging station market is observing the trend of increasing procurement of overnight charging buses. Battery-run electric buses are presently available in two models - buses meant for short range travel with a smaller battery, and an extended-range bus with a larger battery, which gets charged overnight. Buses with larger battery were more in demand as they have similar operational characteristics to diesel buses. Previously, being equipped with larger batteries, overnight charging buses were costlier than opportunity charging buses; the reduction in battery prices in recent years have further contributed to their popularity.
The U.K. electric bus charging station market is witnessing growth due the rising number of electric buses in the public transport fleet, which is mainly being supported by the government. Buses procured by the government are deployed for various purposes, such as military, transit, and public transport. Further, at the local level, electric buses are being integrated into the public transportation system, as the country is strongly committed to curbing vehicular pollution. For instance, in the U.K., approximately 4.0% of newly procured buses in 2018 were engineered to produce no emissions.
The major opportunity for growth for the U.K. electric bus charging station market lies in the surging demand for wireless charging of electric buses. Even though the initial installation cost of wireless charging infrastructure is high, these charging systems are becoming popular among users. A depot charger takes about 4-8 hours for charging the battery of an electric bus, whereas a conductive charger only takes 5-7 minutes to charge the same battery. This particular type of charger uses cordless technique and can effectively decrease the off-road time while traveling.
Therefore, the market for electric bus charging station in the country is headed toward a bright future in the forecast period amidst rising environmental concerns.