LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global electric bus charging system market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global electric bus charging system market will grow at a CAGR of above 33% during the forecast period. The rising popularity of electric buses is a major factor driving the market’s growth.
The growth of the global electric bus charging system market directly depends on the sales of electric buses. The rise in the production and sales of electric buses will drive the market during the forecast period. China was the largest market for electric buses in 2017. The government of China is actively encouraging the use of electric cars and electric buses for public transportation. Factors such as the rising pollution levels in the cities and increasing oil imports are driving the sales of electric buses in China. The increase in sale is fueling the demand for additional electric bus charging systems in the country.
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In this report, Technavio highlights the increasing emergence of contactless and wireless charging systems as one of the key emerging trends driving the global electric bus charging system market:
Increasing emergence of contactless and wireless charging systems
Several companies are developing contactless or wireless type of electric bus charging to charge electric bus batteries effectively. For example, one such company developed a wireless charger for electric buses that can charge the vehicle's electric battery using magnetic resonance system. Inductive charging or wireless charging requires the flow of energy between objects using an electromagnetic field. The flow of energy is maintained by two induction coils that take power from the field and convert it to electrical energy.
“Since 2016, several companies have entered into a joint venture in Sweden to develop an entire route with wireless charging systems for electric buses. This joint venture has already developed a wireless charging system for electric buses that fully charge electric buses within seven minutes using inductive charging method,” says a senior analyst at Technavio for research on automotive electronics.
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Global electric bus charging system market segmentation
This market research report segments the global electric bus charging system market into the following products (depot charging system and city and column charging system) and key regions (the Americas, APAC, and EMEA).
The depot charging system segment held the largest market share in 2017, accounting for nearly 66% of the market. The market share for this product is expected to decrease nearly 5% by 2022. The fastest growing product is city and column charging system, which will account for nearly 39% of the total market share by 2022.
APAC was the leading region for the global electric bus charging system market in 2017, accounting for a market share of nearly 67%. By 2022, APAC is expected to witness a decline in market share whereas the Americas will see positive growth in the market.
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