ID: MRFR/AM/8965-HCR | 132 Pages | Published By Swapnil Palwe on March 2023
Luxury Shuttle Bus Market is projected to be worth USD 5.62 billion by 2027, registering a CAGR of 8.55% during the forecast period (2022-2030)
Luxury Shuttle Bus Market is projected to be worth USD 5.62 billion by 2027, registering a CAGR of 8.55% during the forecast period (2022 - 2030)
A luxury shuttle bus is a form of transportation that may feature many amenities which are not provided by a standard bus or motor coach. These buses offer increased passenger comfort, such as more leg room, or if they have been equipped with facilities and technology, such as kitchens and Internet access, that are not normally present in other types of buses. Luxury shuttle buses typically cost more to charter than a regular bus or coach because the owners usually invest a greater amount of money in them.
Luxury shuttle buses may include an assortment of features to make them more appealing. One of the most common changes is the replacement of some or all of the seats with more comfortable or more stylish seating. Sometimes luxury shuttle buses have much less seating than a regular bus to give passengers more leg room or to make space for other interior amenities. Movement of luxury shuttle buses has become a distinct trend across cosmopolitan cities and towns. The recent uptick in the number of people using public transport facilities for their daily commutes has sent ripples across the global market. The use of luxury shuttles has cascaded into multiple industries including transport, tourism, and aviation. The unprecedented demand for shuttle buses can largely be attributed to the changing propensities of the masses.
The growing popularity of the luxury shuttle buses can be attributed to a host of factors, including rising disposable income especially in developing countries, growing awareness regarding the benefits of using public transport, major improvements in design and interiors of luxury buses, and consistent advancements in technology. In addition, government initiatives and growing private investments are expected to provide a solid foundation for the growth of the global luxury shuttle bus market during the assessment period. In addition, several manufacturers are increasingly focusing on launching new types of luxury shuttle buses with distinguished features and amenities to establish a solid foothold in the market. The demand for luxury travel has witnessed impressive growth around the world in the past decade. Although luxury travel is primarily equated with private yachts, private jets, and luxury sedans, among more, luxury shuttle buses have garnered immense popularity among the masses in recent years– a trend that is expected to continue during the assessment period. In addition, the increasing awareness pertaining to the benefits of using public transportation is one of the primary factors that is set to provide a boost to the luxury shuttle bus market.
Manufacturing cost of luxury buses is significantly high as compared to that of regular travel buses. Moreover, interior building cost and maintenance is significantly high; consequently, higher travelling charges are incurred as compared to that by regular buses. Therefore, the market for luxury shuttle buses is likely to expand at a sluggish pace in price sensitive markets in countries in Africa and the Asian sub-continent.
Sensing the potential of luxury shuttle buses, several manufacturers operating in the current market landscape are increasingly focusing on launching luxury shuttle buses to establish a solid foothold in the market. In addition, market players are also expected to focus on rolling out customized luxury shuttle buses with improved interiors and aesthetics.
Global Luxury Shuttle Bus Market has been segmented By Seating Capacity, Propulsion Type, Application, and Region. Based on Seating Capacity, the global Luxury Shuttle Bus market can be bifurcated into Below 25 Passengers, 25 to 40 Passengers, and Above 40 Passengers. The 25 to 40 Passengers segment is anticipated to grow at a significant CAGR in the coming years. By Propulsion Type, the Luxury Shuttle Bus market has been split into Diesel/Gasoline, Alternate Fuels, Battery Electric Buses, and Hybrid Electric Buses. The Alternate Fuels segment held a sizeable share and is anticipated to grow at a significant CAGR in the coming years. By Application, the Luxury Shuttle Bus market has been split into Corporate, Government, School Coach, Airport Shuttle, Hospital & Medical Coach, Tourist Coach, and Others. The Tourist Coach segment held a sizeable share and is anticipated to grow at a significant CAGR in the coming years.
Key players in the global Luxury Shuttle Bus market are ARBOC Specialty Vehicles, LLC, Daimler AG, Forest River, Inc., Grech Motors, Isuzu Motors Ltd., LGE Coachworks, Proterra Inc., REV Group, Toyota Motor Corporation, and CNH Industrial N.V.
Global Luxury Shuttle Bus Market is expected to witness moderate growth during the forecast period owing to the rising disposable income especially in developing countries and growing awareness regarding the benefits of using public transport. These factors are expected to drive the demand for Luxury Shuttle Bus in the coming years.
Based on region, the global Luxury Shuttle Bus market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. Asia Pacific held a major share of the global luxury shuttle bus market in 2019, followed by Europe, owing to the high production of luxury buses, and increasing preference for luxury shuttle buses over conventional buses in the region. Moreover, presence of leading manufacturers in both regions has been a key factor contributing to the higher production. In Asia Pacific, availability of large production facilities and large consumer base have attracted investment by leading manufacturers in the region. Presence of major luxury shuttle bus manufacturers, such as Toyota Motor Corporation, Volvo AB, Daimler AG, and Volkswagen, in Asia Pacific and Europe led the regions to hold a prominent share of the global market.
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.
|CAGR||8.55% (2022 to 2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Seating Capacity, Propulsion Type, Application, Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ARBOC Specialty Vehicles, LLC, Daimler AG, Forest River, Inc., Grech Motors, Isuzu Motors Ltd., LGE Coachworks, Proterra Inc., REV Group, Toyota Motor Corporation, and CNH Industrial N.V.|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
Luxury Shuttle Bus market is predicted to grow at 8.55% through forecast period of 2022-2030.
The forecast period for Luxury Shuttle Bus market research report is 2022-2030.
Global Luxury Shuttle Bus Market is dominated by Asia Pacific region.
Government initiatives and growing private investments are expected to provide a solid foundation for the growth of the global luxury shuttle bus market during the assessment period.