India Truck and Bus Air Conditioner Market Size Expands at CAGR of More Than 6% to Surpass Value of USD 656 Million by 2030

Published | 13 March 2024

India Truck and Bus Air Conditioner Market is flourishing due to the rising disposable incomes and living standards, stringent regulations on driver fatigue, growing focus on safety, and rising demand for electric trucks and buses.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India Truck and Bus Air Conditioner Market size by value at USD 434.78 million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the India Truck and Bus Air Conditioner Market size to expand at a CAGR of 6.12% reaching a value of USD 656.33 million by 2030. The Truck and Bus Air Conditioner Market in India is propelled by the increasing advancements in road infrastructure, regulatory measures implemented by the government, and a rising number of private educational institutions. Notably, the rapid expansion of road infrastructure, particularly the construction of state and national highways, has significantly contributed to the growth of the bus and truck industry in the country in recent years. The expeditious implementation of initiatives and investments by both national and state governments to stimulate economic and industrial sectors, such as tourism, trade, and commerce, is a key driver for the positive trajectory of road infrastructure development.

By volume, BlueWeave estimated the India Truck and Bus Air Conditioner Market size at 3.8 thousand units in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the India Truck and Bus Air Conditioner Market size by volume is projected to grow at a CAGR of 3.24% reaching the volume of 4.6 thousand units by 2030. The Government of India has endorsed a draft notification mandating the incorporation of air-conditioning systems in the cabins of N2 and N3 category trucks. This initiative seeks to elevate road safety by ensuring conducive working environments for truck drivers, enhancing their efficiency, and mitigating concerns related to driver fatigue. Consequently, all trucks are required to be fitted with air conditioners by 2025, creating opportunities for retrofitting by truck manufacturers. This directive is anticipated to stimulate the market in the coming years as existing trucks undergo updates and modernization to align with the revised regulations.

Opportunity - Innovations in technology and features

The surge in popularity of CO2-based air conditioner systems signifies a pivotal trend in the bus and truck air conditioner market. Fueled by increasing environmental concerns and consumer preferences for energy-efficient transport, notable innovations have emerged. In 2020, Valeo unveiled an all-electric, roof mounted R744 (CO2) HVAC unit with a heat pump function, tailored for buses with alternative propulsion systems. CO2-based systems, recognized for their eco-friendliness compared to traditional options, are gaining traction. Beyond environmental benefits, these systems contribute to enhanced energy efficiency, aligning with the automotive industry's emphasis on fuel savings. Additionally, India's commitment to phasing down climate-damaging refrigerants, as per the Kigali Amendment, is expected to drive the adoption of lower global warming potential CO2 air conditioners in buses and trucks.

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Impact of Escalating Geopolitical Tensions on India Truck and Bus Air Conditioner Market

The India Truck and Bus Air Conditioner Market growth faces significant challenges due to escalating geopolitical tensions. Heightened uncertainties and geopolitical conflicts may disrupt supply chains, impacting the production and distribution of air conditioning systems for trucks and buses. Fluctuations in global trade relations, sanctions, or geopolitical crises can lead to increased material costs, affecting market dynamics. Furthermore, geopolitical tensions can influence economic stability, potentially impacting the purchasing power of consumers and businesses. Companies in the India Truck and Bus Air Conditioner Market need to closely monitor geopolitical developments to navigate potential challenges and strategize resiliently in response to the evolving geopolitical landscape.

India Truck and Bus Air Conditioner Market

Segmental Information 

India Truck and Bus Air Conditioner Market – By Demand Type

On the basis of demand type, the India Truck and Bus Air Conditioner Market is bifurcated into OEM and Replacement segments. The OEM segment holds a higher share in the India Truck and Bus Air Conditioner Market by demand type. It can be attributed to the increased adoption of premium buses and trucks, particularly in the thriving tourism industry. India has seen a surge in the procurement of high-end trucks, spurred by intensified activities in mining, road construction, and the flourishing e-commerce sector. Notably, in 2022, Daimler India Commercial Vehicles reported a substantial 25% growth in sales, selling approximately 29,470 commercial vehicles compared to the previous year. This heightened demand for premium commercial vehicles has consequently increased the requirement for air conditioners for trucks and buses among OEMs striving to outfit their high-quality commercial fleets.

Competitive Landscape

The India Truck and Bus Air Conditioner Market is fragmented, with numerous players serving the market. The key players dominating the India Truck and Bus Air Conditioner Market include DENSO, JTAC, Valeo Thermal Commercial Vehicles Germany GmbH, TKT, Thermo King, Subros Limited, Marwahindia, Sidwal Refrigeration Industries Ltd, Eberspacher Gruppe GmbH & Co. KG, and TransACNR. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.

Don’t miss the business opportunity of the India Truck and Bus Air Conditioner Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and the India Truck and Bus Air Conditioner Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Truck and Bus Air Conditioner Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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