Asia-Pacific Bus Compressor Market: Trends, Challenges, and Opportunities for 2021-2027
The global bus compressor market is projected to experience significant growth from 2021 to 2027. According to a recent report by Market Research Future (MRFR), the market is expected to reach a valuation of USD 2.2 billion by 2027, growing at a CAGR of 5.3% during the forecast period.
The increasing demand for public transportation systems, coupled with the rise in industrialization and urbanization, is driving the growth of the bus compressor market. Bus compressors are essential components in the air brake system of buses and coaches, ensuring that the brake system operates efficiently and reliably.
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Moreover, the implementation of strict regulations by various governments worldwide regarding vehicular emissions has led to the development of advanced bus compressor systems that are eco-friendly and energy-efficient. This has further propelled the growth of the bus compressor market.
Based on type, the market is segmented into reciprocating and rotary compressors. The reciprocating compressor segment is expected to dominate the market during the forecast period owing to its wide usage in heavy-duty applications such as buses, trucks, and other commercial vehicles. On the other hand, the rotary compressor segment is expected to witness significant growth due to its low maintenance and noiseless operation.
The market is also segmented based on application into air conditioning systems, brake systems, and others. The brake system segment is expected to dominate the market during the forecast period, as bus compressors play a crucial role in ensuring the safe operation of the brake system. The air conditioning system segment is also expected to witness significant growth, driven by the increasing demand for comfortable and air-conditioned public transportation systems.
Geographically, the Asia Pacific region is expected to dominate the bus compressor market during the forecast period, owing to the rapid urbanization and industrialization in the region. The increasing demand for public transportation systems in countries such as China, India, and Japan is driving the growth of the bus compressor market in the region.
The key players operating in the bus compressor market include Wabtec Corporation, Knorr-Bremse AG, Haldex AB, ZF Friedrichshafen AG, NUCO2, Valeo SA, Hanon Systems, Sanden Holdings Corporation, Bitzer SE, and Tecumseh Products Company LLC. These players are focusing on expanding their product portfolios, developing eco-friendly and energy-efficient bus compressor systems, and entering into strategic partnerships and collaborations to gain a competitive edge in the market.
In conclusion, the global bus compressor market is expected to witness significant growth during the forecast period, driven by the increasing demand for public transportation systems, strict regulations regarding vehicular emissions, and the development of advanced and eco-friendly bus compressor systems. The market is highly competitive, with key players focusing on expanding their product portfolios and entering into strategic partnerships and collaborations.
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