Bus Compressor Market: Current Analysis and Forecast (2022-2028)
Emphasis on Compressor Type (Electric Compressor and Air Compressor); Sales Channel (OEM AND Aftermarket); and Bus Type (Diesel Bus, Gasoline Bus, and Electric Bus); and Region/Country
The global bus compressor market has been growing steadily in recent years due to the increasing demand for efficient air conditioning systems in buses. The global bus compressor market was valued at around USD 2.8 billion in 2020 and is expected to reach USD 4.4 billion by 2028, growing at a CAGR of around 6.5% from 2021 to 2028.
One of the key drivers of the bus compressor market is the rising demand for comfortable and convenient bus journeys, particularly in urban areas. With more people using buses as a primary mode of transportation, there is an increasing need for efficient air conditioning systems that can keep passengers cool and comfortable, even in hot and humid conditions. This has led to a surge in demand for high-performance bus compressors that can deliver reliable cooling performance while also being energy-efficient and environmentally friendly.
Another important driver of the bus compressor market is the growing trend towards electrification of buses. As more cities around the world look to reduce their carbon footprint and promote sustainable transportation, electric buses are becoming increasingly popular. Electric buses require powerful and efficient compressors to power their air conditioning systems, which is creating new opportunities for companies operating in the bus compressor market.
In recent years, there have been several notable developments in the field of bus compressor technology. For example, many companies are now focusing on developing new compressor designs that are more energy-efficient and have lower emissions. Some companies are also exploring the use of alternative refrigerants, such as CO2 and propane, which are more environmentally friendly than traditional refrigerants.
Insights Presented in the Report
“Amongst compressor type, the air compressor held a dominating share of the market in 2021”
Based on compressor type, the market is segmented into air compressor and electric compressor. Amongst these the air compressor segment holds a dominating share of the bus compressor market due to its key drivers such as efficient performance, low maintenance costs, and increased lifespan of bus components. Air compressors provide a reliable and consistent source of compressed air, which is essential for various bus systems such as braking, suspension, and air conditioning. They are also highly durable and require less maintenance compared to other types of compressors, making them a cost-effective solution for bus operators.
“Amongst bus type, the diesel bus segment held the significant share of the market in 2021”
By bus type, the market is segmented into diesel bus, gasoline bus and electric bus. Among these, the diesel segment holds a significant share of the bus compressor market primarily due to the high demand for diesel-powered buses in many regions around the world. Diesel engines provide high power and torque, making them ideal for heavy-duty vehicles such as buses. Additionally, diesel engines have a better fuel efficiency compared to gasoline engines, which makes them more cost-effective in the long run. These factors have contributed to the popularity of diesel-powered buses, leading to a higher demand for bus compressors that are compatible with diesel engines.
“North America dominated the smart home market in 2021”
North America has a significant share of the bus compressor market due to several drivers. Firstly, the region has a well-developed transportation system, with a high reliance on buses for public transportation. This has led to a steady demand for bus compressors, which are used to power air brakes, air suspension systems, and other pneumatic components in buses. Additionally, North America is home to several major bus manufacturers, including Blue Bird Corporation, New Flyer Industries, and Prevost Car, which all require high-quality compressors for their buses. Recent developments in the field of bus compressors in North America have also contributed to the region’s strong market position. For example, in 2021, WABCO Holdings Inc., a leading supplier of braking systems and other safety technologies for commercial vehicles, launched its new range of compressors for North American buses. The new compressors are designed to be more efficient and reliable, helping to reduce maintenance costs and improve overall bus performance.
Similarly, in 2020, Parker Hannifin Corporation, a global leader in motion and control technologies, introduced its new line of compressor products for the North American bus market. The new products feature advanced technology that improves energy efficiency and reduces emissions, making them more environmentally friendly.
Overall, the strong demand for bus compressors in North America, coupled with ongoing developments by key players in the industry, have contributed to the region’s significant share of the bus compressor market.
Bus Compressor Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global bus compressor market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Bus Compressor Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global smart home market were the three major steps undertaken to create and analyze the adoption of smart home in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global smart home market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the smart home market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the smart home market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, technology, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the smart home market. Further, we conducted factor analysis using dependent and independent variables such as product, technology, and end-users of the smart home market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the smart home market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global smart home market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the smart home market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global smart home market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global smart home market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, technology, and end-users in the global smart home market.
The main objective of the Global Bus Compressor Market Study
The current & future market trends of the global smart home market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the smart home market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the compressor type, sales channel, and bus type.
- Define and analysis of the regulatory framework for the smart home
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the smart home market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the smart home market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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