Increasing tourist visits to a country and improved tourist bus service operations has attracted tourists driving the global tourist bus market.
Covid-19 Impact & Market Status
The COVID-19 pandemic enforced state run administrations and specialists to impose mobility restrictions on transport and portability at an uncommon scale. Individuals chose private vehicle for travel over public transport hampering the global tourist bus market at a wider scale. The lockdown restrictions have resulted into drastic impact on tourist transport networks across the world. The restrictions resulted into decrease of farebox revenue and also additional costs to disinfect and implement physical distancing measures. It also resulted into halt of production activities. However, the covid-19 pandemic has also increased the importance of tourist bus as it has shown the vital role tourist bus can play by keeping the continuity of the service and supporting essential services personnel. Moreover, tourist bus services have resumed post-lockdown which is allowing the global tourist bus market regain momentum.
This report includes comprehensive knowledge about global tourist bus market. It provides a brief overview of the industry dynamics.
Electric Tourist Bus Segment Is Opening Up Varied Opportunities For Market Players
The global tourist bus market is classified into electric bus, petrol and diesel on the basis of product type. Among these, the electric bus segment accounted for largest market revenue owing to factors such as investments by governments and private stakeholders in electric transport, growing environmental awareness, increasing transportation demand and growing number of private vehicles. Moreover, electric tourist bus transport offers sustainable mobility as they help in GHG emissions reduction, air and noise pollution, and minimise the dependency on fossil fuels.
20 Seater Tourist Bus Segment Successfully Rode Out The COVID-19 Storm
The global tourist bus market is classified into 32 seater, 20 seater, 40 seater, other on the basis of Seating Capacity. Among these, the 20 seater tourist bus segment successfully rode out the COVID-19 storm. The 20 seater tourist bus is affordable in the context of price and service and offers comfort & convenience. Most importantly, the recent additions of 20 seater tourist bus have increased suspension span for superior ride-comfort. Furthermore, the post-pandemic era, increased outdoor activities, family trips, and growing tourism sector is driving the demand for 20 seater tourist bus segment in global tourist bus market.
Tourism Segment Saw High M&A Activity
The global tourist bus market is classified into scheduled bus transport, intercity, school transport, tourism, private purposes, and others on the basis of Application. Among these, the tourism segment saw high M&A activity. The segment is anticipated to grow rapidly in forecast years with a fastest CAGR.
North America Is A Transcendent Region
North America district followed by Asia-Pacific locale expected to possess critical role in global tourist bus market because of the rising interest and population. The request across these areas to be upheld by expanding need of public transportation like transports, especially two layer and explained transports.
The global tourist bus market in North America has been witnessing a consistent development over since past few years. For instance, the number of tourist buses was 69,961 units in 2019 and is expected to increase by 11.5 percent to 78,032 units by end of 2022. This increment can be credited to a few government initiatives being proposed to the purchasers and significant investments to give a boom to tourism industry.
The increasing need of tourist buses for connecting scenic spots is propelling the progress of global tourist bus market.
Owing to benefits such as, reduced costs, comfort & convenience, reduced pollution and congestion, improved community health, and best mode connecting scenic spots, the tourist bus is experiencing rapid adoption thus fostering remarkable progress of global tourist bus market.
The advantages such as operational efficiency, reduced traffic congestion, better visitor mobility, accessibility to scenic spots, safety, education, health benefits, and protection of natural, cultural, and historical resources encourage further adoption of tourist bus. These factors collectively influence thumping growth of global tourist bus market estimated to reach close to USD 71.27 billion by 2029 with an annualized growth rate of 7.4% through the forecast period 2022-2029.
The inclusion of more electric buses in the current bus fleet has been supported by nations in the medium term due to increased pollution concerns and more severe emission standards is driving the global tourist bus market. During the projection period, it is anticipated that the market will be driven by a rapidly expanding urban population and increased attention to creating an effective bus rapid transit (BRT) system.
However, crowding on buses contributing causing increased waiting times is limiting the tourists avail the tourist bus transport service. Moreover, the covid-19 pandemic, lack of safety due to untrained drivers has had drastic impact the tourists’ attitude towards tourist bus service. These are few key factors hampering the global tourist bus market.
Furthermore, increasing driver safety training programs leading to improved attentiveness and preparedness to emergency situations, growing tourism sector in tourism dependent and other countries, rising inclination towards outdoor activities are lucrative growth opportunities to the global tourist bus market.
The key players in global tourist bus market are Volvo, Tata Motors, Ashok Leyland, Xiamen King Long United, Hengzhou Yutong Bus, Daimler AG, and Traton among others.
Major Development and Innovations in Global Tourist Bus Market: A Snapshot
- Volvo Buses launched its new global electromobility portfolio in September 2021. Accordingly, Volvo Buses delivers a strong platform to dependable and successful public vehicle offices in metropolitan areas all over the world with the launch of the Volvo BZL Electric skeleton.
- The Salt Lake City School District (SLCSD) installed four Micro Bird electric school buses in April 2021 to replace some of its ageing diesel buses. The Volkswagen settlement programme and Utah Clean Diesel Program of the Utah Department of Environmental Quality provided some financial support for the electric school buses. SLCSD received two incentives from the DEQ totaling USD 1.5 Billion to purchase the electric buses.
Tourist Bus Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 71.27 billion|
|Growth Rate||CAGR of 7.4 % during 2021-2028|
|Segment Covered||Fuel Type, Application, Seating Capacity, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Volvo, Tata Motors, Ashok Leyland, Xiamen King Long United, Hengzhou Yutong Bus, Daimler AG, and Traton among others.|
Key Segments of Global Tourist Bus Market
Fuel Type Overview, 2022-2029 (USD Billion)
- Electric bus
Seating Capacity Overview, 2022-2029 (USD Billion)
- 32 seater
- 20 seater
- 40 seater
Application Overview, 2022-2029 (USD Billion)
- Scheduled Bus Transport
- School Transport
- Private Purposes
Regional Overview, 2019-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa