Asia-Pacific Bus HVAC Market Set to Hit $2.3 Billion by 2031: A Cool Surge in Public Transit Tech

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.

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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The Asia-Pacific bus HVAC market is segmented into type, vehicle type, sales channel, input, and country. By type, it is bifurcated into automatic, and manual. In market the type segment is categorized into automatic and manual. By vehicle type, the market is classified into intercity buses, coach buses, school buses and transit buses. By sales channel, the market is categorized into original equipment manufacturers, and aftermarket.

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.

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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
Valeo
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.

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