Growing Tourism in Developing Countries Propelled the Growth of the Bus Compressor in the APAC Region!
- Himanshu Patni
- August 12, 2023
- AUTOMOTIVE, NEWS
- Bus Compressor Market, Bus Compressor Market Size, Bus Compressor Market trends, Bus Compressor Marketgrowth, Bus Compressor Marketshare
- 0 Comments
Growing tourism in developing countries has the potential to boost the growth of the bus compressor market in the Asia Pacific region. There are several drivers behind this trend, including an increase in the number of tourists visiting the region, the need for efficient and reliable transportation, and a growing demand for eco-friendly technologies.
One recent development in the field of bus compressors in this region is the introduction of new technologies that offer improved efficiency and performance. For example, in November 2021, Japan-based Sanden Holdings Corporation announced that it had developed a new high-efficiency compressor for electric vehicles (EVs) and hybrid electric vehicles (HEVs). The new compressor is designed to reduce energy consumption and improve the range of EVs and HEVs, making them more attractive to tourists and other travelers in the Asia Pacific region.
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Further, the Bus Compressor Market is expected to grow at a strong CAGR of 6.5% during the forecast period (2022-2028). Another driver of growth in the bus compressor market in this region is the increasing demand for eco-friendly technologies. This trend is driven in part by concerns about climate change and air pollution, as well as by government initiatives to promote sustainable transportation. For example, in September 2022, Chinese bus manufacturer Yutong announced that it had delivered 100 electric buses to the city of Islamabad, Pakistan, as part of a project to promote sustainable transportation in the region. The buses are equipped with energy-efficient compressors that reduce energy consumption and emissions, making them a popular choice for eco-conscious travelers.
Overall, the growing tourism industry in developing countries is expected to drive demand for efficient and eco-friendly transportation solutions, including bus compressors. As companies continue to invest in research and development to improve the efficiency and performance of these technologies, the Asia Pacific region is likely to see continued growth in the bus compressor market.
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Based on compressor type, the market is segmented into electric compressor and air compressor. Amongst these, the electric compressor segment has a significant share of the bus compressor market due to several drivers. One of the primary drivers is the increasing demand for electric vehicles and hybrid buses. As the world shifts towards sustainable and eco-friendly transportation options, electric vehicles are gaining popularity. These vehicles require electric compressors to power their air conditioning and cooling systems, which creates a significant demand for electric compressors in the market. Another driver is the increasing focus on energy efficiency and reducing emissions. Additionally, electric compressors have lower maintenance costs compared to traditional compressors, which is another factor driving their popularity in the market.
By sales channel, the market is bifurcated into OEM and Aftermarket. Among these, Original Equipment Manufacturer (OEM) companies have a significant share of the bus compressor market due to several drivers. One key driver is the increasing demand for buses in the public transportation sector. As the number of buses on the road increases, the demand for efficient and reliable air compressors also rises. Another driver is the trend towards outsourcing compressor manufacturing. OEMs have the advantage of economies of scale, with the ability to produce compressors in large quantities at lower costs. Additionally, outsourcing compressor production allows bus manufacturers to focus on their core competencies, such as designing and building buses, rather than investing resources in compressor manufacturing.
Global Bus Compressor Market Segmentation
Market Insight, by Compressor Type
· Air Compressor
· Electric Compressor
Market Insights, by Sales Channel
· OEM
· Aftermarket
Market Insights, by End-Users
· Diesel Bus
· Gasoline Bus
· Electric Bus
Market Insight, by region
· North America
o U.S.
o Canada
o Rest of North America
· Europe
o Germany
o UK
o Italy
o France
o Rest of Europe
· APAC
o China
o Japan
o India
o Rest of APAC
· Rest of the World
Top Company Profiles
· BorgWarner Inc.
· Denso Corporation
· Hanon Systems
· HELLA GmbH & Co. KGaA
· Hitachi Industrial Equipment Systems Co.
· Marelli Holdings Co., Ltd.
· MAHLE GmbH
· MITSUBISHI HEAVY INDUSTRIES, LTD.
· Subros Limited.
· TOYOTA INDUSTRIES CORPORATION
· Valeo SA