Asia-Pacific Bus HVAC Market Expected to Reach $2.3 Billion by 2031

According to a recent report published by Allied Market Research, titled, “Asia-Pacific Bus HVAC Market by Type, Vehicle Type, Sales Channel, and Input: Regional Opportunity Analysis and Industry Forecast, 2022–2031,” the Asia-Pacific bus HVAC market was valued at $1,332.1 million in 2021, and is projected to reach $2,308.8 million by 2031, registering a CAGR of 5.7% from 2022 to 2031.

Rest of Asia-Pacific dominates the market in terms of growth, followed by Hongkong, South Korea, India, Japan, and others. Whereas India is expected to witness growth at a highest rate in the market during the forecast period.

The Asia-Pacific bus HVAC (heating, ventilation, and air conditioning) market refers to the market for HVAC systems installed in buses in the Asia-Pacific region. The demand for bus HVAC systems in the Asia-Pacific region is driven by several factors, including the surge in urbanization and increase in need for public transportation, which has led to an increase in the number of buses on the roads. The market is also driven by technological advancements in HVAC systems, which have made them more efficient, cost-effective, and environment friendly. The adoption of advanced materials, such as lightweight materials and advanced refrigerants, has also contributed to the growth of the market.

In addition, increase in demand for thermal system and automatic climate control features in buses, development of intelligent transport system and increase in demand for electric buses accelerate the growth of the Asia-Pacific bus HVAC market. However, high installation and maintenance cost and environmental effects of refrigerants used in HVAC system 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 expansion of the market. 

For instance, in April 2021, Japanese bus manufacturer Hino Motors announced that it developed a new air conditioning system for its hybrid buses that uses a natural refrigerant called R1234ze, which has a very low global warming potential. The system was developed in collaboration with Denso Corporation and Nihon Thermal Consulting Co., Ltd. Moreover, the fluctuating price of raw materials used in making bus HVAC systems and adverse effect of HVAC systems on a range of automobiles are the challenging factors for the growth of the Asia-Pacific bus HVAC market.

By type, the market is categorized into automatic and manual. The manual segment garnered the highest market share in 2021 and is projected to lead the market within the forecast timeframe. By vehicle type, the Asia-Pacific bus HVAC market is categorized as intercity buses, coach buses, school buses, and transit buses. Among these segments coach buses segment captured the significant market share as compared to other segments. By sales channel, the market is categorized as original equipment manufacturer, and aftermarket. The original equipment manufacturer segment dominated in the sales channel segment garnered the highest market share in 2021 and is projected to lead the market within the forecast timeframe. By input, the Asia-Pacific bus HVAC industry is categorized as engine powered HVAC, and electric powered HVAC. Among these segments engine powered HVAC segment captured the significant market share as compared to other segments. The rest of Asia-Pacific countries will have a higher market share across the Asia-Pacific region due to the highest population with high vehicle production which support the growth of the Asia-Pacific region and expected to growth with the substantial growth rate during the forecast period.

KEY FINDINGS OF THE STUDY

• By type, the manual segment leads the market during the forecast period.
• By vehicle type, the school buses segment leads the market during the forecast period.
• By sales channel, the original equipment manufacturer segment is expected to grow at a lucrative growth rate during the forecast period (2022-2031).
• By input, the engine powered HVAC segment leads the market during the forecast period.
• India is anticipated to exhibit the highest CAGR during the forecast period.

The key market players in the Asia-Pacific bus HVAC market are 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 and Zhengzhou Guchen Industry Co., Ltd.