Luxury Shuttle Bus Market worth USD 5.62 billion by 2027, registering a CAGR of 8.55% – Report by Market Research Future (MRFR)
New York, July 23, 2021 (GLOBE NEWSWIRE) — Luxury Shuttle Bus Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Luxury Shuttle Bus Market Research Report, Seating Capacity, Propulsion Type, Application and Region – Forecast till 2027” the market is projected to be worth USD 5.62 billion by 2027, registering a CAGR of 8.55% during the forecast period (2021 – 2027).
Global Luxury Shuttle Bus Market to Thrive on Commute from Airports
Luxury shuttle buses are premium modes of transport for alleviating the troubles of passengers traveling from airports and train stations at odd times. The introduction of these vehicles are to facilitate travel for passengers in cosmopolitan cities and towns. The global luxury shuttle bus market report by Market Research Future (MRFR) covers trends in manufacturing and opportunities for the industry for the forecast period (2020-2027). The COVID-19 pandemic and its effects are included for approximating projections on growth and revenue.
COVID-19 Impact
The COVID-19 outbreak will negatively impact the luxury shuttle bus market owing to closure of tourist destinations and suspension of international flights. Establishment of cultural centers and new airports can facilitate the market towards high growth. Efforts by governments to curb the spread of the disease have delivered a blow to the private transport industry. The lack of federal relief packages and non-reopening of tourist sites can be detrimental to the market over the forecast period. It can even affect the regional transportation networks.
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Competitive Analysis
Prominent players of the global luxury shuttle bus market-
- Forest River Inc.
- Proterra Inc.
- Daimler AG
- LGE Coachworks
- ARBOC Specialty Vehicles LLC
- Toyota Motor Corporation
- Isuzu Motors Ltd.
- CNH Industrial N.V.
- REV Group
- Grech Motors
Focus on increasing customer satisfaction levels through integration of new features is the primary objective of players looking to attract new clients.
Industry Update
Transit Support Services Limited, a Nigerian bus manufacturer, has introduced Asiastar luxury bus models to its lineup. It aims to ferry government executives, football clubs, and commercial passengers and contains additional features.
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Use of Public Transport to Drive Market Demand
Adoption of public transportation services for local sightseeing is expected to be the biggest driver of the market. According to the World Tourism Organization, 1.5 billion tourists were recorded to be traveling to international destinations. The Middle East and Europe are strong tourist destinations with tourists willing to spend extra for a comfortable experience. Sustainable development schemes created by governments for attracting tourists and improving air quality index can bode well for the market.
Electrification of Bus Fleets to Lead to Huge Investments
Electrification of bus fleets has gained the attention of bus manufacturers looking to attain additional environmental credits. Luxury bus manufacturers are capitalizing on infrastructural needs of cities and sustainability to deliver electric buses. Recently, Volkswagen received an order from Belgian operator OTW for 64 buses to be delivered in areas of Luxembourg. Rollout of semi-luxury buses on an experimental basis owing to its low service charges can lead to investments into the sector.
Low-floor cutaway shuttle buses are gaining prominence owing to various manufacturers and its popularity for providing comfortable and noise-free experiences. Recently, a collaboration between Optimal EV and Proterra led to the development of S1LF shuttle buses. Use of electric batteries for transit bus fleets can bode well for the market. Awareness among the public and adoption of hybrid and electric buses due to environmental benefits can be a plus for the market.
Huge Manufacturing Costs to Stymie Growth
But huge manufacturing costs of luxury buses coupled with exorbitant maintenance costs for interiors and facilities can stymie the luxury shuttle bus market growth. The high travel charges can lead to dull growth in Asia Pacific and Africa.
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Segmentation
25 to 40 Passenger Capacity Buses to Control Maximum Demand
The 25 to 40 passengers segment is anticipated to grow at a significant CAGR in the coming years. This is attributed owing to large carrying capacity and installation of ramps for physically handicapped and handrails for the visually impaired.
Alternate Fuels Type Buses to Dominate
The alternate fuels segment has captured a significant share and is anticipated to grow at a significant CAGR in the coming years. This is attributed to high awareness levels among passengers of alternate fuels and rise of climate activism against the effects of fossil fuels. Running of government buses on alternate fuels such as CNG is expected to favor the segment growth.
Tourist Coaches to Take the Lead
The tourist coach segment held a sizeable share and set to grow at a significant CAGR over the forecast period. Significant rise in investments by governments to increase the accumulation of revenue from the tourism sector can bode well for the segment.
Regional Analysis
APAC to Lead Global Luxury Shuttle Bus Market
APAC is pegged to dominate the market due to preference of luxury buses and increasing purchasing power of citizens. Establishment of luxury shuttle services by governments for convenience of customers can drive the market demand significantly. High production rate of luxury buses and presence of major manufacturers can facilitate market demand.
Segmentation of Market covered in the research:
Information by Seating Capacity (Below 25 Passengers, 25 to 40 Passengers and Above 40 Passengers), By Propulsion Type (Diesel/Gasoline, Alternate Fuels, Battery Electric Buses and Hybrid Electric Buses), By Application (Corporate, Government, School Coach, Airport Shuttle, Hospital & Medical Coach, Tourist Coach and Others) and Region (North America, Europe, Asia-Pacific and the Rest of the World) and Region (North America, Europe, Asia-Pacific and Rest of the World)
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