IMARC Group, a leading market research company, has recently releases report titled “Luxury Shuttle Bus Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global luxury shuttle bus market share, size and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Luxury Shuttle Bus Market?
The global luxury shuttle bus market size reached US$ 3.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.8 Billion by 2028, exhibiting a growth rate (CAGR) of 8.6% during 2023-2028.
What is Luxury Shuttle Bus?
A luxury shuttle bus refers to a public transportation medium equipped with luxurious amenities and travels between two points. It comprises comfortable and reclinable leather seats, air-conditioning, complimentary high-speed wireless fidelity (Wi-Fi), overhead luggage space, onboard toilets, and power outlets for the passengers to charge their mobile devices while traveling. It also consists of television screens to stream movies, songs, and music videos to keep the passengers entertained while traveling distances. It includes a limited number of seats with decorated interiors and ambient lighting and floors made of premium materials. It is also equipped with small storage spaces on the seat, hooks, and cup and bottle holders to prevent passengers from spilling their drinks. A luxury shuttle bus provides personal attendants or chauffeurs to take care of the requirements of passengers and make their journey a comfortable experience. It often delivers complimentary snacks, coffee, and tea to the passengers. Apart from this, it offers fleece blankets and pillows to the passenger for resting and supporting their head and neck in the reclining position. Furthermore, as a luxury shuttle bus provides a smooth and comfortable travel experience, its demand is rising around the world.
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What are the growth prospects and trends in the luxury shuttle bus industry?
At present, the increasing demand for luxury shuttle buses for various corporate events and airport transfers represents one of the primary factors influencing the market positively. Besides this, the rising utilization of luxury shuttle buses, as they are hygienic, well-maintained, and provide premium travel experiences, is propelling the growth of the market. In addition, the growing consumer preference for luxury buses over conventional buses is offering a favorable market outlook and facilitating market growth.
Apart from this, governing agencies of various countries are investing in improving their transportation system and introducing premium vehicles to encourage more individuals to avail public transport for traveling. Additionally, there is an increase in the demand for luxury shuttle buses for guided tours and sightseeing purposes in various travel destinations. This, coupled with the rising development of cultural and entertainment centers around the world to attract tourists, is contributing to the growth of the market.
Moreover, the increasing availability of hybrid and electric luxury shuttle buses to reduce fuel expenditure and minimize the emissions of vehicular exhausts is supporting the growth of the market. Furthermore, key market players are manufacturing better premium shuttle buses with enhanced safety features and a more significant number of seats to accommodate more passengers.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Propulsion Type:
- Diesel and Gasoline
- Alternate Fuels
- Battery Electric Buses
- Hybrid Electric Buses
Breakup by Seating Capacity:
- Below 25 Passengers
- 25 to 40 Passengers
- Above 40 Passengers
Breakup by Application:
- Corporate
- Government
- School Coach
- Airport Shuttle
- Hospital and Medical Coach
- Tourist Coach
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Arboc Specialty Vehicles LLC
- Beiqi Foton Motor Co. Ltd.
- Forest River Inc. (Berkshire Hathaway Inc.)
- Grech Motors
- Isuzu Motors Ltd.
- Iveco
- Kamaz
- King Long United Automotive Industry Co. Ltd
- Lge Coachworks Inc.
- Proterra Inc.
- Zhengzhou Yutong Bus Co. Ltd.
- Zhongtong Bus Holding Co. Ltd.
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