North America HVAC System for Bus Market Size and Growth 2031

North America HVAC System for Bus Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Compressors, Controls, Convectors, Heaters, and Others), Type (Coach, Transit Bus, School Bus, and Shuttle Bus), Unit Type [Packaged Unit (AC Roof Mounts and Rear Mounts) and Split Unit], and Drive Type (Engine Driven and Battery Driven), and Country

  • Report Code : TIPRE00039303
  • Category : Electronics and Semiconductor
  • Status : Published
  • No. of Pages : 150
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North America HVAC System for Bus Market Analysis by 2031

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The North America HVAC System for Bus market size is projected to reach US$ 739.51 million by 2031 from US$ 489.64 million in 2023. The market is expected to register a CAGR of 5.3% during 2023–2031. The use of IoT sensors in HVAC systems is likely to bring new trends to the market.

North America HVAC System for Bus Market Analysis

Bus HVAC systems are responsible for filtering, cooling, and dehumidifying the air inside the passenger cabin of a bus. Compressors, condensers, evaporators, and controls make up an air conditioning system. The use of an HVAC system in the coach bus ensures a pleasant coach climate and keeps travelers safe and comfortable when traveling long distances. Further, to ride a bus smoothly and comfortably and have a successful trip, the HVAC system plays a vital role. The HVAC system in the bus maintains a consistent temperature for each passenger. The market is mainly driven by factors such as rise in use of public transport in North America and increase in demand for comfort and luxury. Moreover, factors such as increasing focus on improving efficiency of bus HVAC system is generating lucrative opportunities in the market.

North America HVAC System for Bus Market Overview

The HVAC circulates fresh air; expels bad air from the bus; reduces dust, carbon dioxide, bacteria, and other hazardous elements; and provides passengers with a clean environment. In hot summers, HVAC can keep the temperature inside the bus at a comfortable level for the human body, enhancing the passenger traveling experience. With the development of new electric buses, HVAC systems are designed to be more energy-efficient and ecologically friendly, which may effectively minimize energy consumption and environmental impact.

The North America HVAC system for bus market is driven by the rise in the use of public transport in North America and the increase in demand for comfort and luxury. Increasing focus on improving the efficiency of bus HVAC systems and rising shift toward electric mobility are expected to create lucrative opportunities for the growth of the market. The use of Internet of Things (IoT) sensors in HVAC systems is anticipated to bring new trends in the North America HVAC system for bus market.

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North America HVAC System for Bus Market: Strategic Insights

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North America HVAC System for Bus Market Drivers and Opportunities

Increase in Demand for Comfort and Luxury

Air-conditioned surroundings have become essential in modern lifestyle. While on the road, mobile air-conditioning systems provide comfort and relief from the unpredictable weather outside. Heating, ventilation, and air-conditioning (HVAC) systems are becoming more common on buses in developed regions such as North America to provide an optimal, safe, and comfortable atmosphere for passengers and bus drivers. Air-conditioned buses are no longer viewed as a luxury but rather as an empowering and enriching feature of commuting. Besides delivering a peaceful environment of roughly 22°C regardless of the outside weather, buses with HVAC systems offer a quieter journey experience. This type of value-added transportation remains a critical proposition for bus transportation to preserve its commuter base, as opposed to private vehicles, taxis, metro trains, and even commercial airliners in inter-city travel.

An HVAC system can improve commuting in a variety of ways. It lowers energy usage by allowing the bus to run on less fuel. HVAC systems enable buses to run more effectively and save idling time by providing a comfortable atmosphere for passengers to ride in during traffic congestion or extreme weather. They can improve comfort for both drivers and passengers by minimizing weariness induced by heat exposure. Increased comfort leads both parties to feel calm during their travels, increasing their entire experience on the road, which means less tension and anxiety when they are driving or riding. Thus, the increasing demand for comfort and luxury fuels the growth of the North America HVAC system for bus market.

Increasing Focus on Improving Efficiency of Bus HVAC System

The demand for energy-efficient HVAC systems has been increasing globally. Increasing the range of an electric bus on a single battery charge is a significant challenge for electric bus developers. The HVAC system utilizes the most electricity. The performance of air conditioning needs to be improved while reducing power and energy usage. According to the "Methods for increasing the efficiency of climate control systems for electric buses" research paper published in 2024, the use of an internal heat exchanger in a vapor compression unit, the recovery of heat from the air withdrawn from the interior electric bus in the evaporator of a vapor compression unit, and the utilization of heat from electrical equipment in the climate control system can improve the efficiency of a climate control system. The use of refrigerants R404a, R410a, and R507a in the vapor compression unit provides the highest efficiency in both cooling and heating modes. Using an internal heat exchanger in a vapor compression unit increases the coefficient of performance by 11%. The combination of cabin heat in the evaporator of the vapor compression unit and the internal heat exchanger increases the coefficient of performance by 27%. Moreover, according to the "Performance Enhancement of Electric Bus Air Conditioning System by Heat Pipe Equipment" study published in 2023, including heat pipes in the modular AC system for electric buses boosts cooling capacity by ~15% while decreasing the AC system's power input level by ~28%. This has contributed to a roughly 30% increase in the system's energy efficiency ratio (EER) and a 7.5% increase in the heat pipe's average effectiveness. Thus, increasing the efficiency of the bus HVAC systems improves performance while reducing power, creating a lucrative opportunity for the growth of the North America HVAC system for bus market.

North America HVAC System for Bus Market Report Segmentation Analysis

Key segments that contributed to the derivation of the North America HVAC system for bus market analysis are component, type, unit type, and drive type.

  • Based on component, the market is segmented into controls, convectors, compressors, heaters, and others. The compressors segment held the largest market share in 2023.
  • In terms of type, the market is categorized into transit bus, coach, shuttle bus, and school bus. The coach segment dominated the market in 2023.
  • Based on unit type, the market is divided into split unit and packaged unit. The packaged unit segment is further segmented into AC roof mount and rear mount. The packaged unit segment dominated the market in 2023.
  • Based on drive type, the market is segmented into engine driven and battery driven. The engine driven segment dominated the market in 2023.

North America HVAC System for Bus Market Share Analysis by Country

The geographic scope of the North America HVAC system for bus market report is mainly divided into the US, Canada, and Mexico.

The US is experiencing a rise in the number of buses due to the growing population in the country. The students migrating to the US mostly prefer the local commute transportation system. The bus manufacturers or providers are receiving contracts to deliver buses. For example, in February 2020, the Los Angeles Department of Transportation (LADOT) placed the largest order for electric buses with BYD for 134 buses. This order for buses was mainly focused on providing transportation for city workers. With the growing population in Canada, the people demand an efficient transport system in the country. To meet this demand, the government is focused on supporting sustainable mobility throughout the country. For example, in June 2024, the Government of Canada and the Government of Quebec invested US$ 163.5 million for the planning phase of structuring the electric public transit project between the west of Gatineau and downtown Ottawa. The focus on enhancing mobility in the country drives the demand for buses, which further fuels the requirements for HVAC systems for these buses. Moreover, school buses running on diesel can pollute the environment, causing respiratory illnesses and allergies. Therefore, the government of Canada has introduced electric buses for students, keeping in mind their health.

North America HVAC System for Bus Market Report Scope

North America HVAC System for Bus Market News and Recent Developments

The North America HVAC system for bus market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the North America HVAC system for bus market are listed below:

  • MAHLE Behr GmbH & Co. KG, a subsidiary of MAHLE Group ("MAHLE") and HELLA GmbH & Co. KGaA ("FORVIA HELLA") completed the sale of their respective 50% stake in the joint venture Behr-Hella Thermocontrol ("BHTC") to AUO Corporation. The parties signed an agreement to sell the shares on October 2, 2023; the relevant authorities have approved the transaction. The total purchase price is based on an enterprise value of EUR 600 million. (Source: MAHLE Behr GmbH & Co. KG, Press Release, April 2024)
  • Beijer Ref, the world’s leading wholesaler of refrigeration, heating, ventilation and air conditioning technology, and the refrigeration, air conditioning and heat pump specialist BITZER extended their partnership agreement by another three years. They will continue to focus on supporting their customers in finding sustainable solutions. (Source: Beijer Ref, Press Release, May 2024)

North America HVAC System for Bus Market Report Coverage and Deliverables

The "North America HVAC System for Bus Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:

  • North America HVAC system for bus market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • North America HVAC system for bus market trends, as well as market dynamics such as drivers, restraints, and key opportunities
  • Detailed PEST/Porter's Five Forces and SWOT analysis
  • North America HVAC system for bus market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
  • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the North America HVAC system for bus market
  • Detailed company profiles
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

This text is related
to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions


What are the driving factors impacting the North America HVAC system for bus market?

Rise in use of public transport in North America and increase in demand for comfort and luxury are driving factors of North America HVAC system for bus market.

What is the estimated market size for the North America HVAC system for bus market in 2023?

The North America HVAC system for bus market was estimated to be valued at US$ 489.64 million in 2023 and is projected to reach US$ 739.51 billion by 2031; it is expected to grow at a CAGR of 5.3% during the forecast period.

What will be the North America HVAC system for bus market size by 2031?

The North America HVAC system for bus market are expected to reach US$ 739.51 million by 2031.

Which is the leading component segment in the North America HVAC system for bus market?

The compressors segment led the North America HVAC system for bus market with a significant share in 2031 and controls segment is expected to grow with the highest CAGR.

What are the future trends of the North America HVAC system for bus market?

Increasing deployment of AI and ML and growing adoption of self-adaptive traffic signal systems is expected to drive the growth of the North America HVAC system for bus market in the coming years.

Which key players hold the major market share of the North America HVAC system for bus market?

The key players holding majority shares in the North America HVAC system for bus market include Trane Technologies plc, Guchen Industry, MAHLE GmbH, DENSO CORPORATION, and Valeo SE.

1. Introduction

1.1 The Insight Partners Research Report Guidance

1.2 Market Segmentation

2. Executive Summary

2.1 Key Insights

2.2 Market Attractiveness

3. Research Methodology

3.1 Secondary Research

3.2 Primary Research

3.2.1 Hypothesis formulation:

3.2.2 Macro-economic factor analysis:

3.2.3 Developing base number:

3.2.4 Data Triangulation:

3.2.5 Country level data:

4. North America HVAC System for Bus Market Landscape

4.1 Overview

4.2 PEST Analysis

4.3 Ecosystem Analysis

4.3.1 List of Vendors in the Value Chain

4.4 Trade Data for Major Companies

4.5 Pricing Analysis

5. North America HVAC System for Bus Market – Key Market Dynamics

5.1 North America HVAC System for Bus Market – Key Market Dynamics

5.2 Market Drivers

5.2.1 Rise in Use of Public Transport in North America

5.2.2 Increase in Demand for Comfort and Luxury

5.3 Market Restraints

5.3.1 Adverse Effects of Refrigerants used in HVAC Systems

5.4 Market Opportunities

5.4.1 Increasing Focus on Improving Efficiency of Bus HVAC System

5.4.2 Rising Shift Towards Electric Mobility

5.5 Future Trends

5.5.1 Use of IoT Sensors in HVAC Systems

5.6 Impact of Drivers and Restraints:

6. North America HVAC System for Bus Market Analysis

6.1 North America HVAC System for Bus Market Revenue (US$ Million), 2021–2031

6.2 North America HVAC System for Bus Market Forecast and Analysis

7. North America HVAC System for Bus Market Analysis – by Component

7.1 Compressors

7.1.1 Overview

7.1.2 Compressors: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

7.2 Controls

7.2.1 Overview

7.2.2 Controls: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

7.3 Convectors

7.3.1 Overview

7.3.2 Convectors: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

7.4 Heaters

7.4.1 Overview

7.4.2 Heaters: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

7.5 Others

7.5.1 Overview

7.5.2 Others: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

8. North America HVAC System for Bus Market Analysis – by Type

8.1 Coach

8.1.1 Overview

8.1.2 Coach: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

8.2 Transit Bus

8.2.1 Overview

8.2.2 Transit Bus: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

8.3 School Bus

8.3.1 Overview

8.3.2 School Bus: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

8.4 Shuttle Bus

8.4.1 Overview

8.4.2 Shuttle Bus: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

9. North America HVAC System for Bus Market Analysis – by Unit Type

9.1 Packaged Unit

9.1.1 Overview

9.1.2 Packaged Unit: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

9.1.3 AC Roof Mount

9.1.3.1 Overview

9.1.3.2 AC Roof Mount: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

9.1.4 Rear Mount

9.1.4.1 Overview

9.1.4.2 Rear Mount: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

9.2 Split Unit

9.2.1 Overview

9.2.2 Split Unit: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

10. North America HVAC System for Bus Market Analysis – by Drive Type

10.1 Engine Driven

10.1.1 Overview

10.1.2 Engine Driven: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

10.2 Battery Driven

10.2.1 Overview

10.2.2 Battery Driven: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

11. North America HVAC System for Bus Market – Country Analysis

11.1 North America

11.1.1 North America HVAC System for Bus Market Breakdown by Countries

11.1.2 North America HVAC System for Bus Market Revenue and Forecast and Analysis – by Country

11.1.2.1 North America HVAC System for Bus Market Revenue and Forecast and Analysis – by Country

11.1.2.2 United States: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

11.1.2.2.1 United States: North America HVAC System for Bus Market Breakdown by Component

11.1.2.2.2 United States: North America HVAC System for Bus Market Breakdown by Type

11.1.2.2.3 United States: North America HVAC System for Bus Market Breakdown by Unit Type

11.1.2.2.3.1 United States: North America HVAC System for Bus Market Breakdown by Packaged Unit

11.1.2.2.4 United States: North America HVAC System for Bus Market Breakdown by Drive Type

11.1.2.3 Canada: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

11.1.2.3.1 Canada: North America HVAC System for Bus Market Breakdown by Component

11.1.2.3.2 Canada: North America HVAC System for Bus Market Breakdown by Type

11.1.2.3.3 Canada: North America HVAC System for Bus Market Breakdown by Unit Type

11.1.2.3.3.1 Canada: North America HVAC System for Bus Market Breakdown by Packaged Unit

11.1.2.3.4 Canada: North America HVAC System for Bus Market Breakdown by Drive Type

11.1.2.4 Mexico: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

11.1.2.4.1 Mexico: North America HVAC System for Bus Market Breakdown by Component

11.1.2.4.2 Mexico: North America HVAC System for Bus Market Breakdown by Type

11.1.2.4.3 Mexico: North America HVAC System for Bus Market Breakdown by Unit Type

11.1.2.4.3.1 Mexico: North America HVAC System for Bus Market Breakdown by Packaged Unit

11.1.2.4.4 Mexico: North America HVAC System for Bus Market Breakdown by Drive Type

12. Competitive Landscape

12.1 Heat Map Analysis by Key Players

12.2 Company Positioning & Concentration

13. Industry Landscape

13.1 Overview

13.2 Market Initiative

13.3 Product Development

14. Company Profiles

14.1 Arctic Traveler Canada

14.1.1 Key Facts

14.1.2 Business Description

14.1.3 Products and Services

14.1.4 Financial Overview

14.1.5 SWOT Analysis

14.1.6 Key Developments

14.2 Bergstrom Climate Control Systems

14.2.1 Key Facts

14.2.2 Business Description

14.2.3 Products and Services

14.2.4 Financial Overview

14.2.5 SWOT Analysis

14.2.6 Key Developments

14.3 TKT HVAC Co., Ltd.

14.3.1 Key Facts

14.3.2 Business Description

14.3.3 Products and Services

14.3.4 Financial Overview

14.3.5 SWOT Analysis

14.3.6 Key Developments

14.4 Eberspächer Group

14.4.1 Key Facts

14.4.2 Business Description

14.4.3 Products and Services

14.4.4 Financial Overview

14.4.5 SWOT Analysis

14.4.6 Key Developments

14.5 Trane Technologies Plc

14.5.1 Key Facts

14.5.2 Business Description

14.5.3 Products and Services

14.5.4 Financial Overview

14.5.5 SWOT Analysis

14.5.6 Key Developments

14.6 Guchen Industry

14.6.1 Key Facts

14.6.2 Business Description

14.6.3 Products and Services

14.6.4 Financial Overview

14.6.5 SWOT Analysis

14.6.6 Key Developments

14.7 Mahle GmbH

14.7.1 Key Facts

14.7.2 Business Description

14.7.3 Products and Services

14.7.4 Financial Overview

14.7.5 SWOT Analysis

14.7.6 Key Developments

14.8 Denso Corp

14.8.1 Key Facts

14.8.2 Business Description

14.8.3 Products and Services

14.8.4 Financial Overview

14.8.5 SWOT Analysis

14.8.6 Key Developments

14.9 Valeo SE

14.9.1 Key Facts

14.9.2 Business Description

14.9.3 Products and Services

14.9.4 Financial Overview

14.9.5 SWOT Analysis

14.9.6 Key Developments

14.10 ZF Friedrichshafen AG

14.10.1 Key Facts

14.10.2 Business Description

14.10.3 Products and Services

14.10.4 Financial Overview

14.10.5 SWOT Analysis

14.10.6 Key Developments

14.11 SUTRAK Corporation

14.11.1 Key Facts

14.11.2 Business Description

14.11.3 Products and Services

14.11.4 Financial Overview

14.11.5 SWOT Analysis

14.11.6 Key Developments

14.12 BITZER Kuhlmaschinenbau GmbH

14.12.1 Key Facts

14.12.2 Business Description

14.12.3 Products and Services

14.12.4 Financial Overview

14.12.5 SWOT Analysis

14.12.6 Key Developments

14.13 Bus Climate Control

14.13.1 Key Facts

14.13.2 Business Description

14.13.3 Products and Services

14.13.4 Financial Overview

14.13.5 SWOT Analysis

14.13.6 Key Developments

15. Appendix

15.1 About The Insight Partners

15.2 Word Index

List of Tables

Table 1. North America HVAC System for Bus Market Segmentation

Table 2. North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

Table 3. North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million) – by Component

Table 4. North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million) – by Type

Table 5. North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million) – by Unit Type

Table 6. North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million) – by Drive Type

Table 7. North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million) – by Country

Table 8. United States: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million) – by Component

Table 9. United States: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million) – by Type

Table 10. United States: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million) – by Unit Type

Table 11. United States: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million) – by Packaged Unit

Table 12. United States: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million) – by Drive Type

Table 13. Canada: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million) – by Component

Table 14. Canada: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million) – by Type

Table 15. Canada: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million) – by Unit Type

Table 16. Canada: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million) – by Packaged Unit

Table 17. Canada: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million) – by Drive Type

Table 18. Mexico: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million) – by Component

Table 19. Mexico: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million) – by Type

Table 20. Mexico: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million) – by Unit Type

Table 21. Mexico: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million) – by Packaged Unit

Table 22. Mexico: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million) – by Drive Type

Table 23. List of Abbreviation

List of Figures

Figure 1. North America HVAC System for Bus Market Segmentation, by Country

Figure 2. PEST Analysis

Figure 3. Ecosystem: HVAC system for Bus Market

Figure 4. Impact Analysis of Drivers and Restraints

Figure 5. North America HVAC System for Bus Market Revenue (US$ Million), 2021–2031

Figure 6. North America HVAC System for Bus Market Share (%) – by Component, 2023 and 2031

Figure 7. Compressors: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

Figure 8. Controls: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

Figure 9. Convectors: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

Figure 10. Heaters: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

Figure 11. Others: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

Figure 12. North America HVAC System for Bus Market Share (%) – by Type, 2023 and 2031

Figure 13. Coach: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

Figure 14. Transit Bus: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

Figure 15. School Bus: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

Figure 16. Shuttle Bus: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

Figure 17. North America HVAC System for Bus Market Share (%) – by Unit Type, 2023 and 2031

Figure 18. Packaged Unit: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

Figure 19. AC Roof Mount: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

Figure 20. Rear Mount: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

Figure 21. Split Unit: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

Figure 22. North America HVAC System for Bus Market Share (%) – by Drive Type, 2023 and 2031

Figure 23. Engine Driven: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

Figure 24. Battery Driven: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

Figure 25. North America HVAC System for Bus Market Breakdown by Key Countries, 2023 and 2031 (%)

Figure 26. United States: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

Figure 27. Canada: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

Figure 28. Mexico: North America HVAC System for Bus Market – Revenue and Forecast to 2031 (US$ Million)

Figure 29. Heat Map Analysis by Key Players

Figure 30. Company Positioning & Concentration

The List of Companies - North America HVAC System for Bus Market

  • Arctic Traveler Canada
  • Bergstrom Climate Control Systems
  • Guchen Industry
  • MAHLE GmbH
  • Denso Corp
  • Valeo SE
  • ZF Friedrichshafen AG
  • Eberspächer Group
  • Trane Technologies Plc
  • TKT HVAC Co., Ltd.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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