The Charter Bus Services by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Charter Bus Services, The charter bus services market size 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%. The growth in the historic period can be attributed to group travel trends, corporate events and conferences, educational institutions, tourism and sightseeing, entertainment industry demand..
The charter bus services market size 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%. The growth in the forecast period can be attributed to sustainable transportation practices, urbanization trends, customization and flexibility, event management requirements, rising global and domestic tourism.. Major trends in the forecast period include remote work travel packages, collaborations with event planners, hygiene and sanitation measures, integration of electric and low-emission vehicles, multi-modal transportation solutions..
The growing population in corporate sectors is expected to boost the growth of the charter bus services market going forward. The corporate sector refers to the part of an economy that is made up of private enterprises. Charter buses make it simple for businesses to plan schedules and manage travel, ensuring that every staff member arrives at the appropriate location on time, as a result, the growing population in corporate sectors increases the demand for the charter bus services market. For instance, in July 2022, according to United States Department of Labor published data, employment in the private sector was 116244 (in thousands) in June 2020, rising to 129765 (in thousands) in June 2022. Therefore, the growing population in corporate sectors is driving the growth of the charter bus services market.
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The charter bus services market covered in this report is segmented –
1) By Type: Long-Distance Charter Services, Local Charter Services
2) By Distribution Channel: Direct Sales, Distributor
3) By End-User: Business Or Corporates, Individuals
Product innovation is the key trend gaining popularity in the charter bus services market. Major companies operating in the charter bus services market are focusing on developing charter bus services. For instance, in November 2022, CharterUP, a US-based fully-integrated marketplace for charter bus reservations company, launched corporate shuttle service, a new platform for booking and managing staff transportation daily. CharterUP’s technology-enabled white-label mobile app enables Fortune 500 organizations to monitor detailed rider data and live trip tracking. Further, employees can check available shuttle schedules, pickup locations, request rides, and track shuttles in real-time from their mobile devices.
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