According to the report published by Facts and Factors, the global electric bus charging station market was valued at approximately USD 529.3 Million in 2019 and is expected to generate revenue of around USD 5,101.5 Million by end of 2026, growing at a CAGR of around 38.22% between 2020 and 2026.
Global Electric Bus Charging Station Market: Growth Factors
The growth of the global electric bus charging station market is mainly driven by favorable government schemes and regulations paired with the growing demand for electric buses increases the deployment of electric buses. In addition, EV charging stations powered by renewable sources are expected to open up new alluring opportunities for the global electric bus charging station market in years to come. The growing advent of wireless charging systems is a key development in the global electric bus charging station industry. These charging systems have become a hot topic among bus manufacturers as a way to reduce the weight of a bus while also shortening the charging time. The wireless charging system uses a cordless technique to transfer power from the supply system to the load. It can also be energized in a variety of ways, both dynamic and static. Furthermore, as compared to traditional plug-in chargers, these systems significantly increase electric vehicle efficiency as well as the driving experience in terms of range.