Bus Compressor Market:
According to the report, the global bus compressor market is projected to reach US$ 208.21 Mn by 2031, expanding at a CAGR of 3.84% during the forecast period. Currently, global warming is a major issue that is affecting the lives of people. Temperature of the environment is increasing by 1 to 2 degree every year. Transportation in such weather conditions is not easy. Vehicles are equipped with an AC unit in order to make driving comfortable, which keeps the environment of the vehicle interior at a normal temperature. There are two broad segments of compressors: electrical and conventional (mechanical). Conventional compressors directly run through the engine, via a belt, which exerts pressure on the engine, leading to increase in vehicle emission. Increase in vehicle emission leads to a rise in global warming, as vehicular emission has greenhouse gases such as CO2 and methane. Electric vehicles have been introduced in the market in order to deal with the issue of vehicle emission. For electric vehicles, an electrical compressor is used. An electrical compressor is also utilized in premium vehicles. The demand for premium vehicles has increased due to the increase in standard of living and purchasing power capacity. Furthermore, the demand for zero emission vehicles is increasing in order to overcome the issue of deteriorating environmental conditions.
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Expansion of Bus Compressor Market
Fuel conservation is of vital importance, especially in electric compressor integrated buses, in order to extend the range of vehicles. Accordingly, automotive component manufacturers are developing smart technologies that analyze the need for compressed air and accordingly control the operation of e-compressor. In May 2019, WABCO launched its intelligent air management system ‘Fuel Guard’, which governs the e-compressor on the basis of available energy and air demand and shuts off the air-compressor when air is not needed to save energy. Thus, the emergence of advanced energy management and smart control technologies to increase the fuel efficiency of vehicles is anticipated to drive the global bus compressor market during the forecast period.
In terms of compressor type, the air compressor segment accounted for a major share of the global bus compressor market. However, the electric compressor segment is expected to gain market share by the end of the forecast period, owing to increase in the demand for electric buses. In the air compressor segment, the rotary screw compressor sub-segment held a major share of the global bus compressor market, in terms of revenue, in 2020. The rotary screw compressor is more complex and consumes low power, which increased its adoption as compared to that of other types of compressors. The speed of the screw rotors is optimized at a certain level in order to minimize mechanical losses and volumetric losses during compression. This, in turn, is estimated to propel the air compressor segment during the forecast period.
In terms of sales channel, the OEMs segment dominated the global bus compressor market, in terms of value, in 2020. The compressor has a lifespan that is almost equal to the bus, i.e., 10 to 14 years. The compressor is replaced only in case of an issue with the AC unit and air brakes. Otherwise, it is likely to run for the entire life of vehicle. Consequently, the replacement of compressor is less. This is likely to boost the bus compressor market across the globe.
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The manufacture of electric compressor adds extra components to the vehicle, which is a major factor restraining the bus compressor market. Several professionals working at automobile repair shops are not acquainted with the new system. Furthermore, electric compressors require additional heavy-duty electrical wiring. This increases the complexity in repair and maintenance of these systems and overall cost. Automotive e-compressors are less powerful as compared to the conventional I.C engine driven compressors. These concerns related to power and costs are restraining the bus compressor market across the globe.
Regional Analysis of Bus Compressor Market
Based on region, the global bus compressor market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America accounted for a major share of the global bus compressor market. Increase in the number of commercial vehicle users due to huge population, purchasing power, wages, and standard of living is a key factor driving the market in North America. Furthermore, prominent economies in North America are demanding eco-friendly vehicles, and the rise in mass production methods such as assemble line production is likely to boost vehicle production in the region. These are major factors driving the bus compressor market in North America. The emergence of business affairs revised taxes during Brexit is expected to hamper sales and production of vehicles in Europe, which, in turn, is anticipated to hamper the bus compressor market in the region.
Prominent players operating in the global bus compressor market include BorgWarner Inc., Denso Corporation, Hanon Systems, HELLA GmbH & Co. KGaA, Hitachi Automotive Systems, Ltd., MAHLE GmbH, Mitsubishi Electric Corporation, SANDEN HOLDINGS CORPORATION, Subros Limited, T/CCI Manufacturing, Toyota Industries Corporation, Voith GmbH & Co. KGaA, and Valeo SA.
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Global Bus Compressor Market: Segmentation
- Bus Compressor Market, by Compressor Type
- Electric Compressor
- Air Compressor
- Rotary Screw Compressor
- Reciprocating Air Compressor
- Axial Compressor
- Centrifugal Compressor
- Mechanical Compressor
- Swash Plate Compressor
- Wobble Plate Compressor
- Scroll Compressor
- Others
- Bus Compressor Market, by Bus Type
- Diesel Bus
- Gasoline Bus – Petrol/CNG
- Electric Bus
- Hybrid Electric Bus
- Full Electric Bus
- Fuel Cell Bus
- Bus Compressor Market, by Application
- Air Conditioning (AC)
- Air Brakes
- Bus Compressor Market, by Sales Channel
- OEMs
- Aftermarket
- Bus Compressor Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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