Dublin, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The "Charter Bus Services Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global charter bus services market has grown strongly in recent years. It will grow from $59.12 billion in 2023 to $63.99 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. Europe was the largest region in the charter bus services market in 2023. During the historical period, the growth in the charter bus service industry can be attributed to several factors. These include the increasing trends in group travel, the demand for transportation services for corporate events and conferences, the reliance of educational institutions on such services for field trips and outings, the rise in tourism and sightseeing excursions utilizing charter buses, as well as the demand from the entertainment industry for transportation needs.
The charter bus services market is expected to see strong growth in the next few years. It will grow to $84.52 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. Anticipated growth in the upcoming period within the charter bus service industry is expected to be influenced by several factors, including the emphasis on sustainable transportation practices, ongoing urbanization trends, the need for customization and flexibility in services, requirements from event management sectors, and the continual rise in both global and domestic tourism demands. Key trends projected in the forecast period encompass the introduction of remote work travel packages catering to new work arrangements, collaborations between charter bus services and event planners for seamless transportation logistics, heightened focus on hygiene and sanitation measures within the services offered, integration of electric and low-emission vehicles to align with eco-friendly practices, as well as the implementation of multi-modal transportation solutions to enhance overall travel experiences.
The expanding population within corporate sectors is anticipated to drive the growth of the charter bus services market in the foreseeable future. The corporate sector, constituting the segment of the economy comprised of private enterprises, is increasingly turning to charter buses to facilitate efficient scheduling and travel management for their staff. This ensures timely arrivals at designated locations, contributing to a heightened demand for charter bus services. Illustratively, as of July 2022, data published by the United States Department of Labor revealed a notable increase in private sector employment, surging from 116,244 (in thousands) in June 2020 to 129,765 (in thousands) in June 2022. Consequently, the burgeoning corporate sector population is a significant driver for the growth of the charter bus services market.
The rapidly expanding tourism sector is poised to be a major catalyst for the charter bus services market in the coming years. The tourism sector, encompassing various economic activities related to travel and the movement of people for diverse purposes, stands to benefit from the efficiency, safety, and enhanced enjoyment that charter bus services provide to tourists. Notably, statistics from May 2023, as reported by the World Tourism Organization, a specialized United Nations body based in Spain, indicate that international tourist receipts exceeded USD 1 trillion in 2022, marking a 50% real-term increase from 2021. This substantial growth in the tourism sector significantly contributes to the momentum of the charter bus services market.
A notable trend gaining traction in the charter bus services market is product innovation. Leading companies operating in this market are directing their efforts towards the development of innovative charter bus services. For instance, in November 2022, CharterUP, a US-based fully-integrated marketplace for charter bus reservations, introduced a Corporate Shuttle Service - a novel platform designed for the seamless booking and management of daily staff transportation. Leveraging CharterUP's technology-enabled white-label mobile app, Fortune 500 organizations can monitor detailed rider data and real-time trip tracking. Employees, in turn, can access shuttle schedules, pickup locations, request rides, and track shuttles directly from their mobile devices. This focus on product innovation underscores the dynamism within the charter bus services market.
Prominent companies within the charter bus services market are strategically adopting a partnership-driven approach as part of their expansion strategy. Strategic partnerships involve companies leveraging each other's strengths and resources to achieve mutual benefits and success. An illustrative example is Megabus, a UK-based bus coach manufacturer, which, in March 2022, announced a partnership with Indian Trails Inc. This collaboration aims to broaden service options for 90 communities in Michigan, Wisconsin, Minnesota, and Illinois. The expanded network includes routes connecting major cities such as Ann Arbor, Detroit, Green Bay, Lansing, and Milwaukee, enhancing travel choices for consumers. Megabus stands to extend its reach in established markets such as Detroit and Chicago while also tapping into new cities. Indian Trails, Inc., a US-based charter bus services provider, is a key collaborator in this strategic partnership.
In July 2022, DATTCO, a US-based provider of commercial and school bus transportation services, pursued strategic expansion through the acquisition of Flagship Bus for an undisclosed sum. The acquisition of Flagship Bus, known for its receptive services, custom tours, and charter services, positions DATTCO to augment its service offerings. This strategic move enables DATTCO to welcome the Flagship team and collaborate in providing an expanded range of transportation options to the market in Rhode Island and southeastern Massachusetts. This partnership-driven growth strategy underscores the dynamic landscape within the charter bus services market.
Report Scope
Markets Covered:
- By Type: Long-Distance Charter Services; Local Charter Services
- By Distribution Channel: Direct Sales; Distributor
- By End-user: Business or Corporates; Individuals
Key Companies Mentioned: Chinook Charter Services; Trailways of New York; Golden Touch Transportation; Northwestern Stage Lines Inc.; School Bus Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
A selection of companies mentioned in this report includes:
- Chinook Charter Services
- Trailways of New York
- Golden Touch Transportation
- Northwestern Stage Lines Inc.
- School Bus Inc.
- Transportation Charter Services Inc.
- FirstGroup plc
- Wisconsin Coach Lines Inc.
- Coach USA LLC
- Dousman Transport Co. Inc.
- Gogo Charters LLC
- Durham School Services
- Quality Assurance Travel
- King Charters
- Rukstela Charter Services
- Academy Bus Lines
- Arrow Stage Lines
- Barons Bus Lines
- Burlington Trailways
- Cavalier Coach Trailways
- Dillon's Bus Service Inc.
- El Expreso Bus Company
- Greyhound Lines Inc.
- Martz Group
- Mears Transportation
- Midwest Bus Corporation
- Miller Transportation
- National Express LLC
- Pacific Coachways Charter Services Inc.
- Pacific Western Transportation Ltd.
- Peter Pan Bus Lines Inc.
- Stagecoach Group
- Trans-Bridge Lines Inc.
For more information about this report visit https://www.researchandmarkets.com/r/5c77g0
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