Asia-Pacific Bus HVAC Market to Garner $2.3 Billion, by 2031 at 5.7% CAGR: Allied Market Research
Increase in demand for thermal system and automatic climate control features in buses, development of intelligent systems in buses, and increase in demand for electric buses drive the growth of the Asia-Pacific Bus HVAC market.
Wilmington, Delaware, Nov. 14, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Asia-Pacific Bus HVAC Market by Type (Automatic, and Manual), by Vehicle Type (Intercity Buses, Coach Buses, School Buses and Transit Buses), by Sales channel (OEM, and Aftermarket), and by Input (Engine Powered HVAC, and Electric Powered HVAC): Opportunity Analysis and Industry Forecast, 2022-2032”. According to the report, the Asia-Pacific Bus HVAC Industry generated $1.3 billion in 2021, and is anticipated to generate $2.3 billion by 2031, witnessing a CAGR of 5.7% from 2022 to 2031.
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Prime determinants of growth
Increase in demand for thermal system and automatic climate control features in buses, increase in demand for electric buses, and development of intelligent systems in buses boost the growth of the Asia-Pacific Bus HVAC market. However, High installation and maintenance cost, and environmental effects of refrigerants used in HVAC system are anticipated to hinder market growth. On the other hand, development of eco-friendly refrigerants, augmented safety & comfort through the adoption of HVAC systems, and increase in demand for HVAC systems from developing nations provide a remarkable growth opportunity for the market players operating in the market.
Report Coverage & Details:
|Market Size in 2021||$1.32 billion|
|Market Size in 2031||$2.30 billion|
|No. of Pages in Report||246|
|Segments covered||Type, Vehicle Type, Sales Channel, and Input.|
|Drivers|| Increase in demand for thermal system and automatic climate control features in buses
Development of intelligent systems in buses
Increase in demand for electric buses
|Opportunities|| Development of eco-friendly refrigerants
Increase in demand for HVAC systems from developing nations
Augmented safety & comfort through the adoption of HVAC systems
|Restraints|| High installation and maintenance cost
Environmental effects of refrigerants used in HVAC system
COVID-19 Pandemic Impact
- The COVID-19 pandemic created disruptions in social and economic systems across the world. The tragic loss of human life and the emergence of unprecedented challenges to the food systems, and public health, have resulted in significant catastrophic damages to societies and enterprises all over the world.
- Governments implemented trade restrictions, border closures, and confinement measures, to stop the spread of the virus, which resulted in the global abolition of jobs and supply networks. In addition, governments across the world issued guidelines or Standard Operating Procedures (SOPs) to prevent the virus from spreading.
- One of the worst-affected industries by the pandemic is the automotive industry. Import-export operations between countries have been temporarily barred due to a national emergency, resulting in a shortfall of supply, return, and replacement of vehicle components and finished products. Furthermore, the automotive HVAC industry in Asia-Pacific registered a decline in business, due to closure of national & international borders, which has halted the movement of components manufactured in other countries and transported to different manufacturer’s locations.
Manual segment to maintain its leadership status throughout the forecast period
Based on type, the manual segment held the highest market share in 2021, accounting for nearly three- fourths of the Asia-Pacific bus HVAC market revenue and is estimated to maintain its leadership status throughout the forecast period, as manual HVAC systems are reliable and efficient. Owners of bus prefer using cost-effective technology to increase and maintain the comfort of the drivers and passengers travelling by bus. Several bus manufacturers like Tata, Isuzu and others having an operation in Asian-Pacific countries offers buses with manual HVAC systems. However, the Automatic segment is projected to manifest the highest CAGR of 6.6% from 2022 to 2031, owning to rules aimed at improving driver comfort in cabins are boosting the incorporation of HVAC systems in vehicles.
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Coach buses segment to maintain its leadership status throughout the forecast period
Based on vehicle type, the coach buses segment held the highest market share in 2021, accounting for one-third of the Asia-Pacific bus HVAC market revenue and is estimated to maintain its leadership status throughout the forecast period, as There is a growing demand for luxury coach buses that offer comfortable seating, advanced cooling and heating system, high-end entertainment systems, and other amenities with rise in disposable incomes and a growing tourism industry in many Asian countries. However, the school bus segment is projected to manifest the highest CAGR of 9.7% from 2022 to 2031, owning to government regulations on school bus safety, emissions, and fuel efficiency are driving innovation in the industry. As manufacturers are developing school buses that meet the latest regulations and standards.
The OEM segment to maintain its lead position during the forecast period
Based on sales channel, the OEM segment accounted for the largest share in 2021, contributing for more than four-fifth of the Asia-Pacific bus HVAC market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the surge in need for enhanced cabin comfort in the commercial industry has resulted in an increase in HVAC. Furthermore, government initiatives to improve the safety of commercial vehicles are expected to promote the growth of the OEM bus HVAC market during the predicted period. However, the aftermarket segment is expected to portray the largest CAGR of 7.9% from 2022 to 2031 and is projected to maintain its lead position during the forecast period. This is owing to the advanced aftermarket HVAC solutions with reduced power consumption, which is driving the growth of the Asia-Pacific HVAC system aftermarket.
Engine powered HVAC segment to maintain its leadership status throughout the forecast period
Based on input, the engine powered HVAC segment held the highest market share in terms of revenue in 2021, accounting for more than three-fourth of the Asia-Pacific bus HVAC market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to their low cost and ease of installation. However, the electric powered segment is expected to portray the largest CAGR of 6.5% from 2022 to 2031 and is projected to maintain its lead position during the forecast period, owing to adoption of electric-powered HVAC systems in Asia-Pacific has been aided by the electrification of commercial vehicle fleets.
Rest of the Asia-Pacific is to maintain its leadership status throughout the forecast period
Based on country, rest of the Asia-Pacific is expected to held the highest market share in terms of revenue in 2021, accounting for four-fifth of the Asia-Pacific bus HVAC market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the tax regulation and construct fuel economy standard in the countries. However, India is expected to portray the largest CAGR of 14.6% from 2022 to 2031 and is projected to maintain its lead position during the forecast period, owing to the adoption of advanced vehicles and fuel technology which is expected to boost the other demand for the HVAC market in the country.
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Leading Market Players: –
- Denso Corporation
- Eberspacher Gruppe GmbH & Co. KG
- Internacional Hispacold, S.A.
- Konvekta AG
- MAHLE GmbH
- Mobile Climate Control, Inc.
- Trane Technologies Plc
- Webasto Group
- Zhengzhou Guchen Industry Co., Ltd.
The report provides a detailed analysis of these key players of the Asia-Pacific bus HVAC market. These players have adopted different strategies such as partnership, acquisition, expansion, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Similar Reports We Have on Automotive HVAC Industry:
Japan Bus HVAC Market Research Report 2023-2032
India Bus HVAC Market Research Report 2023-2032
Global Bus HVAC Market Research Report 2023-2032
South Korea Bus HVAC Market Research Report 2023-2032
Automotive HVAC System Market Research Report 2023-2032
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