Global Charter Bus Services Market Soars to $58.99 Billion in 2023, Fueled by Increasing Corporate Sector Population and Innovative Service Offerings

News provided by

Oct 13, 2023, 13:45 ET

DUBLIN, Oct. 13, 2023 /PRNewswire/ -- The "Charter Bus Services Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

The global charter bus services market is on a growth trajectory, with expectations to increase from $54.26 billion in 2022 to $58.99 billion in 2023, reflecting a robust compound annual growth rate (CAGR) of 8.7%. This growth trend is anticipated to continue, with the charter bus services market projected to reach $76.89 billion by 2027, sustaining a CAGR of 6.8%.

Prominent players in the charter bus services market include Barons Bus Inc., Chinook Charter Services, Trailways, Golden Touch Transportation, Northwestern Stage Lines, School Bus Inc., Transportation Charter Services, FirstGroup Plc., Wisconsin Coach Line, Coach USA, Dousman Transport Co. Inc., Gogo Charters LLC, Durham School Services, Quality Assurance Travel, King Charters, and Rukstela Charter Services.

Key Highlights of the Market Report

Global Reach: Gain a comprehensive global perspective with an extensive report covering 50+ geographies.
COVID-19 Impact Analysis: Understand the pandemic's impact on the market and observe how it is responding as the virus's impact diminishes.
Geopolitical Influences: Assess the repercussions of the Russia-Ukraine conflict on agriculture, energy, and mineral commodity supply and its direct and indirect effects on the market.
Inflation Assessment: Measure the impact of elevated global inflation on market growth.
Regional and Country Strategies: Develop tailored strategies based on localized data and analysis.
Identify Growth Segments: Pinpoint high-potential growth segments for strategic investments.
Competitive Edge: Leverage forecast data and insights into market drivers and trends to outperform competitors.
Customer Insights: Understand customer preferences and market dynamics based on the latest market shares.
Performance Benchmarking: Benchmark your performance against key competitors.
Presentation-Ready Data: Access dependable, high-quality data and analysis for internal and external presentations.

Charter bus services provide organizations with the means to transport large groups of people to various destinations, including sporting events, conferences, school outings, weddings, and more. These services cater to a wide range of passenger group needs.

The primary types of charter bus services include long-distance charter services and local charter services. Long-distance travel encompasses journeys via personal automobiles, airplanes, buses, railways, ships, or other modes of transportation for various purposes such as commuting, business, leisure, or personal matters. Charter bus services are distributed through multiple channels, including direct sales and distributors, serving various end-users, including businesses, corporations, and individuals.

This charter bus services market research report is part of a comprehensive series of reports, offering statistics on the charter bus services market, including global market size, regional market shares, competitor insights, detailed market segments, trends, opportunities, and all the necessary data to excel in the charter bus services industry. The report provides an in-depth analysis of the current and future landscape of the industry.

Product innovation is a prominent trend in the charter bus services market, with major companies focusing on developing innovative charter bus services. For instance, in November 2022, CharterUP, a US-based fully-integrated marketplace for charter bus reservations, launched a corporate shuttle service platform. This platform allows Fortune 500 organizations to efficiently manage staff transportation and offers detailed rider data and live trip tracking, enabling employees to access shuttle schedules, request rides, and track shuttles in real-time via a mobile app.

In July 2022, DATTCO, a US-based provider of commercial and school bus transportation services, acquired Flagship Bus, a move that is expected to expand DATTCO's service offerings and strengthen its presence in the Rhode Island and southeastern Massachusetts markets. Flagship Bus specializes in receptive services, custom tours, and charter services.

Europe led the charter bus services market in 2022, with Asia-Pacific expected to demonstrate the highest growth rate in the forecast period. The report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. Additionally, it encompasses countries such as Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, the USA, Canada, Italy, and Spain.

The increasing population in corporate sectors is anticipated to drive the growth of the charter bus services market. The corporate sector comprises privately-owned enterprises and businesses. Charter buses simplify scheduling and travel management for corporations, ensuring timely arrival of staff members at designated locations. The rising population in corporate sectors consequently bolsters the demand for charter bus services. For example, as of July 2022, the United States Department of Labor reported an increase in private sector employment from 116,244 (in thousands) in June 2020 to 129,765 (in thousands) in June 2022. This indicates significant growth in corporate sector employment. Therefore, the growing corporate sector population is propelling the charter bus services market.

The charter bus services market includes revenues generated by entities offering services such as corporate event shuttles, daily employee office shuttles, shuttles for weddings, rentals for religious services and special events, and related services. The market value also encompasses the value of goods sold by service providers or included within the service offering. It exclusively includes goods and services traded between entities or sold to end consumers.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of currency (in USD, unless otherwise specified). Revenues for a specified geography represent consumption values, denoting revenues generated by organizations within that specified geography and market, regardless of production location. Revenues from resales along the supply chain, whether further downstream or as part of other products, are not included.

Key Topics Covered:

1. Executive Summary

2. Charter Bus Services Market Characteristics

3. Charter Bus Services Market Trends And Strategies

4. Charter Bus Services Market - Macro Economic Scenario
4.1. COVID-19 Impact On Charter Bus Services Market
4.2. Ukraine-Russia War Impact On Charter Bus Services Market
4.3. Impact Of High Inflation On Charter Bus Services Market

5. Charter Bus Services Market Size And Growth
5.1. Global Charter Bus Services Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Charter Bus Services Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Charter Bus Services Market Segmentation
6.1. Global Charter Bus Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

Long-Distance Charter Services
Local Charter Services

6.2. Global Charter Bus Services Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

Direct Sales
Distributor

6.3. Global Charter Bus Services Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

Business Or Corporates
Individuals

7. Charter Bus Services Market Regional And Country Analysis
7.1. Global Charter Bus Services Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Charter Bus Services Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/9mz2x0

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets