Truck and Bus AC Market: Current Analysis and Forecast (2024-2032)

Report Description

Truck and Bus AC Market Size & Forecast

The Truck and Bus AC Market was valued at USD 4.5 Billion in 2023 and is expected to grow at a robust CAGR of around 8.5 % during the forecast period (2024-2032).

Truck and Bus AC Market Analysis

The Truck and Bus AC Market is also being shaped by the rapid pace of technological advancements. Manufacturers are incorporating cutting-edge features, such as advanced controls, energy-efficient compressors, and integrated telematics, to enhance the performance and efficiency of their HVAC systems. Despite the growth prospects, the truck and bus air conditioning market faces several challenges, including high upfront costs, limited infrastructure, and increasing competition from alternative transportation solutions.

However, these challenges also present opportunities for innovation and growth. The development of more efficient and cost-effective air conditioning systems, combined with advancing technology and changing consumer preferences, is expected to drive the market forward in the coming years.

Truck and Bus AC Market Trends

The Global Truck and Bus AC Market is witnessing unprecedented growth, driven by the increasing demand for comfort and increasing demand for e-commerce. Emerging trends are explained below:

Electrification and Sustainability: As electric and hybrid commercial vehicles have been adapted due to increasing environmental concerns, the necessity of HVAC systems that would effectively interconnect to these emergent powertrain systems has also emerged.

Intelligent and Connected HVAC Systems: Acting as an additional degree of freedom, IoT and data analysis allowed introducing the intelligent HVAC systems which improve energy efficiency, and comfort level, and yield important service information for the fleet operators.

Customization and Personalization: Customer demographics have been identified as playing a crucial role in the determination of specific HVAC needs in the Asia-Pacific region such as temperature setting, air quality, and noise levels, thus continuing to fuel the competition and advance of the HVAC system market.

Asia Pacific is expected to Grow with a Significant CAGR During the Forecast Period.

The Asia-Pacific region has witnessed unprecedented growth in its automotive industry, driven by factors such as rising disposable incomes, urbanization, and a growing middle class. This expansion has fueled the demand for commercial vehicles, including trucks and buses, which in turn has driven the demand for advanced HVAC systems to provide optimal comfort and efficiency for drivers and passengers.

Truck and Bus AC Industry Overview

The Truck and Bus AC Market is competitive and fragmented, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are MAHLE GmbH, Guchen Industry, DENSO, JTAC, Valeo Thermal Commercial Vehicles Germany GmbH, TKT HVAC Co., Ltd., Thermo King, Eberspächer Gruppe GmbH & Co. KG, TransACNR, and Wabco.

Truck and Bus AC Market News

• In December 2023, The Ministry of Road Transport and Highways issued a notification mandating that all new trucks manufactured on or after October 1, 2025, must be equipped with air-conditioned cabins for drivers.

Truck and Bus AC Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report briefly reviews 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 Truck and Bus AC 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.

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Research Methodology

Research Methodology for the Truck and Bus AC Market Analysis (2024-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the Global Truck and Bus AC Market were the three major steps undertaken to create and analyze the adoption of truck and bus AC 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 Truck and Bus AC 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. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the Truck and Bus AC Market through company internal sources such as annual reports and financial statements, performance presentations, press releases, etc., and external sources including journals, news and articles, government publications, competitor publications, sector reports, third-party databases, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Truck and Bus AC 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 vehicle type, sales channel, cooling capacity, and installation. 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 Truck and Bus AC Market. Further, we conducted factor analysis using dependent and independent variables such as vehicle type, sales channel, cooling capacity, and installation of the Truck and Bus AC 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 Global Truck and Bus AC Market sector.

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 Truck and Bus AC 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 2032 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 Truck and Bus AC Market across the major markets domestically.
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Global Truck and Bus AC 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 Truck and Bus AC Market. Data was split into several segments & sub-segments after studying various parameters and trends in the vehicle type, sales channel, cooling capacity, and installation of the Global Truck and Bus AC Market.

The main objective of the Global Truck and Bus AC Market Study

The current & future market trends of the Global Truck and Bus AC 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 market’s overall attractiveness 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 Truck and Bus AC Market in terms of value (USD) and the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the vehicle type, sales channel, cooling capacity, and installation.
• Define and analyze the regulatory framework for the truck and bus AC
• 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 Truck and Bus AC 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 Truck and Bus AC 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.

You can also purchase parts of this report. Do you want to check out a section wise
price list?

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