Luxury Shuttle Bus Market 2020 | Size, Latest COVID-19 Impact Analysis, Growth, Demand, Opportunities & Forecast To 2030
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.
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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.
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.
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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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Analysts’ Viewpoint
The global luxury shuttle bus market is expected to grow at an impressive CAGR of ~9%Â during the forecast period. The market growth can be primarily attributed to growing consumer awareness pertaining to the benefits of using public transportation services, increasing focus on improving the aesthetics and performance of luxury shuttle buses, advancements in technology, and entry of a number of manufacturers in the market. Furthermore, the improving economic status of several developing nations is another factor expected to propel the demand for luxury shuttle buses during the assessment period. Â
Luxury Shuttle Bus Market: Overview
- The global luxury shuttle bus market is expected to expand at a CAGR of ~9%Â 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.
- Increase in preference for luxury shuttle services among people has prompted key industry players to invest and manufacture in higher quantity. Additionally, manufacturers have rolled out semi-luxury buses, which has been a rapidly expanding segment due to lower service charges, as compared to that incurred by luxury segments. Moreover, these buses are equipped with similar features.
- Hospitality services have been expanding at a notable pace since 2011 and competition among major players has been increasing. Players in the hotel and hospitality services industry have been a key consumer for luxury buses and coaches.
- Smart moves by bus service providers to rollout premium bus service on popular weekend routes is another key factor fueling the luxury shuttle bus market
Challenges for 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.
- Preference for luxury shuttle buses is high while travelling for longer distances, owing to the availability of amenities and improved comfort. However, railways and flights are considered better alternatives to luxury buses, which are quicker and more cost-effective modes of transport over long distances.
- Launch of various rideshare platforms is a key challenge to the expansion of shuttle bus services, owing to similar ride charges. Furthermore, ride sharing is considered even more comfortable; however, the factor doesn’t apply for large groups travelling together.
- Rideshare competition, low fuel prices, and increased car ownership in North America are primarily hindering premium/luxury shuttle bus services in the region.
Segmentation of Luxury Shuttle Bus Market
- Based on propulsion, the alternate fuels segment held a key share of the global market, as alternate fuels such as CNG, LNG, and LPG are considered clean fuels and hence, are highly popular among conventional fuels for buses. Moreover, buses owned by government authorities and large organizations mostly run on alternate fuels, which lead the segment to hold a high share of the global market.
- Adoption of electric buses across the globe at a significantly high rate and high production capacity of China-based manufacturers are likely to drive the market for electric luxury shuttle buses during the forecast period
- Based on seating capacity, the 36 to 55 passenger segment accounted for a major share of the global market in 2019. The segment is likely to maintain its dominance during the forecast period, owing to an increase in the demand for luxury buses with 36 to 55 passenger capacity. Moreover, these seating capacity buses provide adequate leg room for occupants and are likely to gain higher popularity in tourism and corporate sectors.
- Buses with capacity less than 25 passengers have been popular among small groups for weekend trips and various events; however, an increasing number of consumers are anticipated to fuel the demand for buses with higher passenger capacity.
- In terms of application, the demand for luxury shuttle bus has been significantly high for longer routes, which is generally preferred by tourists. This contributed to the tourism coaches segment to hold a major share of the global market.
- Market for luxury buses and coaches has been volatile; however, increasing focus on expansion of public transportation system and rising investment by government bodies to promote public transport system are likely to propel the global luxury shuttle bus market
Luxury Shuttle Bus Market: Regional Analysis
- 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
- The global luxury shuttle bus market is anticipated to expand during the forecast period, owing to an increase in various regulations for promotion of public transportation services and development of advanced transportation services for smart cities
Luxury Shuttle Bus Market: Competition Landscape
- Key players operating in the global luxury shuttle bus market include -
- ARBOC Buses
- CNH Industrial N.V.
- Daimler AG
- Federal Coach
- Forest River
- Grech Motors
- Isuzu Motors Ltd.
- Kamaz
- Krystal Shuttle Buses
- KSIR Bus
- LGE Coachworks
- Proterra
- Scania AB
- Tata Motors
- Toyota Motor Corporation
- Volkswagen AG
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