According to a new report published by Allied Market Research, titled, โBus HVAC Market,” The bus hvac market was valued at $968.10 million in 2021, and is estimated to reach $1.83 billion by 2031, growing at a CAGR of 6.8% from 2022 to 2031.
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By input, the bus HVAC market is segmented as engine-powered HVAC and electric-powered HVAC. In 2020, the engine-powered HVAC segment dominated the input segment, owing to low cost and simple installation procedure of the engine powered HVAC systems. The adoption of electric drivetrain by bus manufacturers and the development of high-capacity energy storage solutions provides a lucrative growth opportunity for the electric-powered HVAC systems during the forecast period.
COVID-19 Scenario:
- Lockdowns resulted in the closure of various manufacturing facilities, including those of bus HVAC, which adversely impacted its demand during the COVID-19 pandemic.
- Besides, there was a significant decline in the demand for heavy vehicles during the pandemic, as the transportation of goods and materials was limited due to stringent lockdown restrictions. Thus, people across the globe were required to stay indoors, and hence the demand for large and heavy public busses plummeted exponentially.
- The automotive sector is one of the hardest hit sectors in terms of business, but however, with the relaxation of lockdown measures and the consequent opening of markets across the world, the demand for bus HVAC is anticipated to grow considerably in the near future.
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Presently, Asia-Pacific leads the market, followed by Europe, North America, and LAMEA. The rise in adoption of HVAC systems by transportation companies to augment customer experience is set to propel the growth of the bus HVAC market. HVAC systems are increasingly being used to provide safe and comfortable cabin experience for the drivers. In addition, bus operators are upgrading their vehicles due to increased demand for luxury and safety automotive technologies across the world. The automatic HVAC systems are the most preferred HVAC system type by bus owner and the segment is anticipated to witness growth at a considerable rate, owing to regulations and laws being implemented by governments across the world to increase vehicle safety.
Factors such as growth in demand for thermal system and automatic climate control features in heavy vehicles, development of Intelligent Transport System and increase in demand for electric buses, accelerate the growth of the global bus HVAC market. However, high installation and maintenance cost hamper the growth of the bus HVAC market. Conversely, development of eco-friendly refrigerants, increase in demand for HVAC systems from developing nations, and augmented safety & comfort through the adoption of HVAC systems are expected to provide lucrative opportunities for the growth of the global bus HVAC market. Moreover, fluctuating price of raw materials used in making automotive HVAC systems and adverse effect of HVAC systems on vehicle performance and power output are the challenging factors for the growth of the global bus HVAC market.
KEY FINDINGS OF THE STUDY
- By vehicle type, the intercity buses segment is expected to register a significant growth during the forecast period.
- By type, the automatic segment is anticipated to exhibit significant growth in the near future.
- By sales channel, the Original Equipment Manufacturers segment is anticipated to exhibit significant growth in the near future.
- By input, the electric powered HVAC segment is anticipated to exhibit significant growth in the near future.
- By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
Key players operating in the global bus HVAC market include Coachair Pty Ltd., Denso Corporation, Eberspรคcher Gruppe GmbH & Co. KG, Grayson Thermal Systems, Zhengzhou Guchen Industry Co., Ltd., Internacional Hispacold Sa, Japan Climate Systems Corporation, Konvekta AG, MAHLE GmbH, Mobile Climate Control, Inc., Sanden Holdings Corporation, Subros Limited, SUTRAK Corporation, Trane Technologies PLC, Valeo, and Webasto Group.
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