New York, US, Oct. 24, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Luxury Shuttle Bus Market Research Report: By Seating Capacity, By Propulsion Type, By Application and Region - Forecast till 2027, the market is anticipated to acquire a valuation of approximately USD 5.62 Billion by the end of 2027. The reports further predict the market to flourish at a robust CAGR of over 8.55% during the assessment timeframe.
Luxury Shuttle Bus Market Key Players
Eminent market players profiled in the global luxury shuttle bus market report include-
- ARBOC Specialty Vehicles
- Daimler AG
- Forest River, Inc.
- Grech Motors
- Isuzu Motors Ltd.
- LGE Coachworks
- Proterra Inc.
- REV Group
- Toyota Motor Corporation
- CNH Industrial N.V.
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Report Scope:
| Report Metric | Details |
| Revenue forecast in 2027 | USD 5.62 Billion |
| Growth Rate | CAGR of 8.55% from 2021 to 2027 |
| Base Year | 2020 |
| Study Period | 2021-2027 |
| Key Market Opportunities | New product launches and R&D Amongst major key Players |
| Key Market Drivers | The growing popularity of the luxury shuttle buses |
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Drivers
Increasing Use of Shuttle Buses in Amusement Parks and Airports to Boost Market Growth
The tourism industry represents a significant opportunity for vendors in the worldwide luxury shuttle buses market. Although the COVID crisis slowed industry growth, various new initiatives aimed at revitalizing tourism have boded well for major regions. The employment of luxury shuttle buses to transport passengers between airport terminals has become a tenacious trend in the aviation sector. Luxury shuttle buses are also available at tourist destinations such as amusement parks and historical sites. The tourism business is trading ease and comfort as its primary differentiator, opening up new potential for vendors already operating in the luxury shuttle bus market.
Opportunities
Rising Production of Electric Buses for Environmental Concern to Boost Market Growth
The increased production of electric buses for environmental concerns is likely to enhance the market for electric luxury shuttle buses in the assessment period, with China leading the market. This will offer robust opportunities for the market over the forecast period.
Restraints
High Manufacturing Cost to act as Market Restraints
Because the manufacturing cost of luxury buses is much higher, railroads and aircraft are considered preferable alternatives to luxury buses, as they are faster and more cost-effective routes of long-distance transportation. This may serve as a market restraint over the forecast period.
Luxury Shuttle Bus Market Segmentation
The global luxury shuttle bus market has been bifurcated based on seating capacity, propulsion type, and application.
By seating capacity, 25 to 40 passengers will lead the market over the forecast period. Because of their dominance in this segment, these buses feature optimal seating capacity and a large variety of supplementary facilities.
By propulsion type, alternate fuels will dominate the market over the forecast period. This is due to increased passenger awareness of alternative fuels and a growth in climate activism against the effects of fossil fuels. The usage of alternative fuels such as compressed natural gas (CNG) in government buses is projected to boost category growth.
By application, tourist coach will spearhead the market over the forecast period. The tourism industry's demand for luxury shuttle buses is projected to be driven by factors such as rising demand for comfortable luxury buses with additional services such as free Wi-Fi and personal power outlets.
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COVID-19 Analysis
The emergence of the innovative COVID-19 pandemic is projected to stymie global luxury shuttle bus market growth in 2020 and the first quarter of 2021. As governments throughout the world continue to impose strict restrictions to prevent the spread of the new coronavirus, public transportation services in various places around the world have been forced to remain closed. Furthermore, as public transportation systems continue to suffer, demand for luxury shuttle buses has fallen in 2020 due to market uncertainties. The market is likely to show indications of recovery in the fourth quarter of 2020 and the first two quarters of 2021, as the government’s attempt to eliminate restrictions on public transportation and resume operations in a timely manner.
Regional Analysis
APAC to Head Luxury Shuttle Bus Market
Due to high production of luxury buses and increasing preference for luxury shuttle buses over conventional buses in the area, Asia Pacific held a significant proportion of the global luxury shuttle bus market in 2019. Furthermore, the presence of prominent manufacturers in both regions has been a key element contributing to increased output. The availability of huge production facilities and a vast consumer base in Asia Pacific has attracted investment from the region's leading manufacturers. The presence of major luxury shuttle bus manufacturers in Asia Pacific and Europe, such as Toyota Motor Corporation, Daimler AG, Volvo AB, and Volkswagen, led to the areas holding a significant proportion of the global market. Because of the inclination for luxury buses and citizens' increased purchasing power, APAC is expected to dominate the industry. Governments establishing luxury shuttle services for the convenience of customers can greatly stimulate market demand. The high production rate of luxury buses, as well as the existence of key manufacturers, might help to facilitate market demand. In 2020, Asia Pacific had the greatest market share. Factors such as the presence of significant manufacturing facilities and a large consumer base in the region are projected to drive market expansion.
North America to Have Admirable Growth in Luxury Shuttle Bus Market
North America is gradually establishing itself as an important market for participants in the current luxury shuttle bus market landscape. The number of luxury shuttle buses registered in these regions has expanded at an exponential rate in recent years, indicating that the worldwide luxury shuttle bus market will likely continue to develop in the coming years. Customers' preference for luxury buses over ordinary buses is likely to drive market expansion in North America over the forecast period.
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Europe to Have Significant Growth in Luxury Shuttle Bus Market
Europe is predicted to hold a sizable market share by the end of the projection period. The presence of key industry participants in the region, as well as consumers' increased discretionary income, are projected to boost market expansion in this region.
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