Mounting Environmental Concerns and Growing Awareness Related to Benefits of Public Transportation to Aid Market Growth
Public transportation services have garnered considerable attention from governments and local municipalities over the past couple of decades. The considerable growth in the demand for public transport has resulted in new public transport services being launched in the market. While shuttle bus services are extensively available around the world, another segment that has gradually mustered impressive traction is that of the luxury shuttle bus services. The demand for luxury shuttle buses has witnessed consistent growth over the past few years and the trend is set to continue during the forecast period.
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.
At the back of these factors, the global luxury shuttle bus market is expected to surpass US$ 6 Bn mark by the end of 2030.
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Soaring Demand for Electric and Hybrid Luxury Buses to Boost Market Growth
Over the past decade, the demand for luxury travel has witnessed impressive growth around the world. 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.
Due to mounting environmental concerns, the adoption of electric and hybrid luxury shuttle buses around the world has increased by a considerable margin. While China is anticipated to spearhead the growth of the global luxury shuttle bus market, several prominent regions such as Europe and North America are gradually emerging as important markets for players operating in the current luxury shuttle bus market landscape. The number of luxury shuttle bus registered in these regions over the past couple of years has increased at an exponential rate– a trend that indicates the global luxury shuttle bus market is likely to witness consistent growth in the forthcoming years. While Europe and North America are projected to provide considerable business, India has marked as a market with tremendous potential.
Manufacturers Focus on Launching Luxury Shuttle Buses
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. As passenger safety continues to remain an important parameter, market players are integrating advanced security features such as CCTVs, emergency phone services, etc. In recent years, a number of companies have launched luxury shuttle buses around the world. For instance, in August 2018, Electra Greentech launched one of its kind luxury mini electric bus in India. Similarly, the MG Group announced the launch of three luxury shuttle busses at the Bus World India 2018 in Bengaluru.
Demand to Drop amid COVID-19 Pandemic
The outbreak of the novel COVID-19 pandemic is expected to hinder the growth of the global luxury shuttle bus market in 2020 and the first quarter of 2021. As governments around the world continue to enforce stringent measures to contain the transmission of the novel coronavirus, public transport services in several regions worldwide have been compelled to remain shut. In addition, as public transportation services continue to face the heat, the demand for luxury shuttle buses has dropped in 2020 due to the looming uncertainty in the market. The market is expected to show signs of recovery in the last quarter of 2020 and over the first two quarters of 2021, as governments work toward lifting restrictions on public transport and resuming operations in a staggered manner.
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Luxury Shuttle Bus Market: Overview
- The global luxury shuttle bus market is expected to expand at a CAGR of ~9% between 2020 and 2030
- Decline in demand for transportation services across the globe due to the coronavirus pandemic has led to a decline in sales of luxury shuttle buses in the year 2020
- Demand for luxury shuttle buses has been increasing significantly across the globe, owing to an increase in awareness among people about the adoption of public transportation services to avoid traffic congestion and improve air quality index
Drivers of Luxury Shuttle Bus Market
- Demand for luxury shuttle buses is primarily increasing for sightseeing, daily commute to workplace, and interstate travel. Luxury shuttle buses are integrated with amenities and hence, are as comfortable as a personal vehicle.
- Public transport services are anticipated to expand at a notable pace in the near future in order to promote sustainable development, which, in turn, is likely to draw more attention of travelers toward the luxury segment of shuttle buses
- A large number of independent players across the globe provide a customized interior for luxury buses at a reasonable price, owing to the presence of a significant amount of competitors in the market
- Economic expansion and reforms across the globe have fueled the purchasing power of a large group of society in most countries. Consequently, spending on luxury and leisure has been consistently increasing and has been a key reason for higher preference toward luxury shuttle services instead of regular shuttle services.